No ATM Fees: Ever!

The Washington Post just published an article stating the average ATM fee is $4.52.

That’s a lot of money, especially if you’re pulling only $20 from the machine. It’s 22.6% extra, actually.

Now, imagine you’re in a foreign country. Foreign transaction fees for cash withdrawals can be either a percentage of the transaction or a set amount, like $5, in addition to the ATM fee. Over a week or two, these fees can really add up.

Well, Charles Schwab has a better way.

Most notably known for stocks and retirement plans, Chuck also has a checking account service.

Here are the big points:

  1. No ATM fees worldwide
  2. No monthly service fees
  3. FDIC-insured
  4. No fee to open

The account is online-only. There are no branches from which to withdraw or deposit money, which may be a negative.

Still, the benefits outweigh the negative, for me. Plus, with the ATM fees waived, there’s no need to take out a large amount of cash, which can be dangerous in certain countries.

I don’t yet have this account, but I’m going to open one, soon, and use it as my primary travel account. Consider saving money and doing the same.

(FYI – In no way am I compensated for this post. I just think this is a good deal.)

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