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:
- No ATM fees worldwide
- No monthly service fees
- 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.)