gm9928

If you're in the DC/Northern Virginia Area, check out First Virginia Community Bank's "Free Personal Checking." Have used their debit card in both Canada & Europe. No ATM fees (from either side), no Foreign Transaction Fees. With no minimum balance requirement, I wait 'til a few days before I travel, do a mobile deposit, then use their debit/ATM card exclusively on my trip.

Con: Locations only in Northern Virginia (6 branches) and their customer service is basically 9-5, M-F.

84fiero

Charles Schwab has no ATM fees worldwide, no debit card usage fees, no international transaction or foreign exchange fees, no monthly account fees. There isn't any minimum account balance required.

Reimbursement of any ATM fees (from any ATM worldwide) charged by other banks occurs at the close of each monthly statement cycle.

DesertNomad

What's the catch? This might work well for me to have a backup ATM card as I will be in Asia for 2 months this winter.

samquinn

Yup. Tried that.

kayanco

I can share some research I did, for others who might be interested.

Both Charles Schwab and TD Bank look to be the only banks that offer the fee features from my OP.

Follow up question for those who use the Charles Schwab or TD Bank debit card, due to no international fees, is that the same as having a debit card from a local bank?

Since you can withdraw local currency using these cards (with no additional fees), I'm thinking that would be the same as having a local debit card in that country?

Thoughts?

tmiw

Not quite. Some countries use Maestro/V PAY instead of Visa/MC for their debit cards, so those two could still have acceptance problems.

eyeballer

Yes, you can run into this issue in particular with unattended payments like parking meters or vending machines.

Also, I do wonder if the bank may have an issue if you have a much higher ratio of international vs domestic use when they are picking up the tab.

kayanco

That's a good point.

I was thinking more in terms of cash withdrawals from ATMs (for local cash purchases), and also regular purchases at stores/restaurants where Visa/MC would be accepted. In those two cases, would it be the same as a local bank cards?

I'm asking because I'm wondering if besides the no-fee (e.g no FTF, no ATM fee), is there any other catch in using a US debit cards overseas?

So far it sounds like, barring any acceptance issue, using a Schwab or TD debit card would be no different than a local bank card. In terms of not costing you any extra (just because you are using a US debit card).

Agree? Disagree?

Thanks.

eyeballer

I suppose so.

FYI I typically use my debit card only for ATM withdrawals when traveling but use a no foreign transaction fee credit card for purchases. Mainly for the extra benefits/points but also if your debit card info gets stolen/copied at a restaurant or something it's a generally more hassle to resolve it - and you may then be locked out from withdrawing cash if needed.

kayanco

That's an excellent point to keep in mind. Good that you mentioned this. ^

kayanco

Some follow ups:

1. I looked at the Google document linked to the thread (https://docs.google.com/spreadsheet/...nc&usp=sharing)

It has something confusing about Charles Schwab, Column C (Point of Sale (vs ATM) Fee) is blank. And notes say:

"Reimburses: ONLY cash withdrawal fees." I also read elsewhere, "refunds fees for ATM cash withdrawals only. Other fees associated with the use of the debit card are not refunded (e.g., balance inquiry, POS transactions, etc.)."

What does this even mean? What fee would be charged at international POS? (their website doesn't list any). I called their customer support, and they confirmed that they won't charge any special POS fee internationally.

Then I checked with their chat support about int. POS:

CS: "Schwab does not charge a fee for those types of transactions.
But, the vendor may charge a fee, so you will want to check with them.
If they do charge a fee, that fee would not be reimbursed by Schwab."

Me: "Vendor would charge a fee for what?"

CS: "For processing an international point of sale transaction."

Me: "I thought if the vendor accepts VIsa, it would process like any other Visa card, whether local or international."

CS: "If dealing with foreign currency conversion, it is possible that a fee be charged."

Can anyone comment on this please?
Do we have any confirmation whether there is any additional fee at foreign POS (compared to domestic)?
Do vendors like restaurants, shops, charge an additional fee for foreign debit cards?

2. For TD bank, Column C (POS) has NO. Is it really the case the Schwab would charge a POS fee but not TD?

And column G (Reimburse international ATM fees?) says No. I thought TD premier (min balance $2500) did reimburse international ATM? Can someone confirm or deny this please?

3. Do either charge the 1% VISA fee? I see it called by different names ... exchange fee, etc.

Thanks all.

kayanco

Was there ever an update on this?

i.e. Schwab not reimbursing non-withdrawl related fees like balance inquiry, POS?

tmiw

I remember trying a while ago and I don't think I was reimbursed. I haven't tried again since.

They're referring to places that charge extra for using cards. I wouldn't expect any card to cover those.

kayanco

Thanks. Do you remember what kind of a fee was it and how much? What's this fee called? Would a credit card be charged the same fee?

I haven't used a debit card overseas before (at POV), but I don't remember being charged any special fee for using a foreign credit card.

Dovster

There are some stores outside of the US which charge more if you use a credit card -- even one from their own country. They have to pay fees and they pass them on to you.