I was told by Schwab that their foreign exchange fee for the ATM card is zero. I asked about the 1% VISA fee and the representative told me that Schwab had a 'special arrangement' with VISA for a zero fee. Fidelity, on the other hand, told me that VISA charges a 1% fee for ATM withdrawals, and Fidelity does not refund that fee (although both Fidelity and Schwab do, in principle, refund the fee charged by the ATM itself for the withdrawal). My own experience with this is the following: I made identical withdrawals in Brazil using the Schwab and Fidelity ATM cards (one after the other, at the same Banco do Brasil ATM) and each account was charged exactly the same amount in USD. Both of these identical amounts were LESS than the amount listed by xe.com for the date of posting, so it is impossible to determine if 1% was, or was not, charged by VISA. There was no separate item for a foreign exchange fee listed by either Fidelity or Schwab. So, for now, the temporary conclusion is that these two card issuers have the SAME (unknown) fee policy, despite the differences explicitly stated by their respective representatives. And, whatever those policies may be, the practical results seem equally favorable.