Charles Schwab Checking Account: How to Avoid High ATM Fees

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Are you tired of paying high ATM fees when you travel? Looking for a cheap way to exchange currency? Here’s the secret…get a Charles Schwab checking account.

It’s one of the easiest, cheapest, and safest ways to get money while traveling.

Brad wanted to know an inexpensive way to get foreign currency so he sent me this email:

Your blog rocks! We’re going to Europe and don’t want to spend a lot of money exchanging currency and getting hit with ATM fees. Do you know any foreign currency hacks?

Well, yes, Brad, I do.

You can exchange currency for free and avoid ATM fees with a Charles Schwab checking account.

Keep reading to learn more and find out how you can get $100.

Free money? Yes, please!!

Charles Schwab Checking account: How to Avoid High ATM Fees

Founded in 1971 Charles Schwab is an online broker that manages $3.39 trillion for their clients.

But don’t let the word broker scare you.

You don’t have to have a trust fund, be a celebrity, or have won the lottery to bank with Charles Schwab.

Anyone can open a Schwab One brokerage account.

There is no minimum balance required. And there are no fees.

Ever.

You pay $0 fees. Zip, zero, zilch.

The Charles Schwab High Yield Investor Checking Account is one of the best no-fee checking accounts.

Charles Schwab Visa Platinum Debit Card

After opening a Schwab checking account you get a Charles Schwab Visa Platinum Debit Card. You can use the Schwab Bank Visa debit card anywhere that accepts Visa. Use your card at your local grocery store or at a hot dog stand in Vienna.

With a Charles Schwab checking account you don’t need to buy currency before your trip.

You can use your Schwab debit card to withdraw money from an ATM when you arrive.

Get Money From an ATM

Photo courtesy: Niels Steeman via Unsplash

ATM withdrawal is one of the easiest and cheapest ways to get foreign currency.

Reduces Counterfeit Currency Risk

There’s less risk of counterfeit currency because you’re getting money from the ATM than using a currency exchange surface.

Pro-tip: Use a bank ATM to reduce the risk of ATM skimming.

No Currency Transaction Fees

There are no currency transaction fees. So you don’t have to worry about getting the best exchange rate.

Save Time

Getting foreign currency from the ATM can save a lot of time. There are more people waiting to get currency from the brokers than people waiting to use the ATM.

Carry Less Cash

With a Schwab Bank Visa debit card, you don’t have to carry a lot of cash. You can make unlimited ATM withdraws and not worry about high ATM fees.

Because when you have a Charles Schwab checking account they reimburse your fees. You’re only limited by how much money you have in your account. 🙂

I love my Schwab debit card. It’s one of several cards in my wallet on every trip:

• Charles Schwab Visa Platinum Debit Card
• Chase Sapphire Reserve® Card: 3x points on travel
• The Platinum Card® from American Express: if flying through an airport with a Centurion Lounge
• The World of Hyatt Business Credit Card: if staying at Hyatt
• Ink Business Cash® Credit Card: if visiting an office supply store
• Chase Freedom Unlimited®: for the 3X points on dining including takeout and eligible delivery service. Use only in the US because it has foreign transaction fees)

Pro-tip: Only use your debit card to get cash. You don’t want to lose out on any points you could earn by using travel rewards cards.

Schwab Mobile Deposit

You can make mobile deposits into your Charles Schwab High Yield Investor Checking account.

Download the Schwab Mobile App and apply for the Schwab Mobile Deposit service.

Mobile deposits can take 1 business day to clear. They clear same business day when you deposit before 4 pm within the US.

Pro-tip: You can mobile deposit money orders. But be careful when buying money orders.

How to Get $100

You can get $100 if you don’t currently have an existing Schwab account.

Leave me a comment below and I’ll email you a referral code

When you add the referral code to your checking account application, you’ll get $100. And I get $0.

Yeah, kinda bites. But hey, at least you’ll get $100. 🙂

How to Open a Charles Schwab Checking Account

1. Open a Schwab Checking Account

Click “Open a Checking Account”

Visit CharlesSchwab.com and click “Open a Checking Account.”
Choose from an “Individual” or “Joint” account. Click “Continue.”

Individual or Joint account?

2. Open a Schwab One Brokerage Account

Click the “Add an offer/referral code (optional) link.

Add the referral code I emailed to you.

Pro-tip: Remember to leave a comment below so I can send you a referral code and you’ll get $100.

Click on “No, I’m new to Schwab.”

3. Provide Your Personal Information

Enter your personal information then click “Next.”

Pro-tip: Charles Schwab will do a credit check and it’s a hard pull on your account.

4. Verify the test deposits

Schwab will transfer a small amount to the bank account you listed on your application. You have to log into your Schwab account to verify the test deposits.

5. Request your Charles Schwab Visa Platinum Debit Card

It’s been a long time since I opened my account. I was able to request my debit card without depositing money into my Charles Schwab checking account. But things might have changed.

Conclusion

With a Charles Schwab checking account, you can get foreign currency for free and avoid ATM fees. The Charles Schwab Visa Platinum Debit Card is one of my favorite travel tricks.

Using the Schwab Bank debit card saves you time, reduces the amount of cash you have to carry, and saves money because you get reimbursed ATM fees.

It’s a win-win and a must for every traveler.

Don’t have a Charles Schwab High Yield Investor Checking Account? Leave a comment below and I’ll send you a referral code. You’ll get $100 when you open an account.

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The Chase Sapphire Preferred® Card is the best card to get started in the world of miles and points. It is the first card you should get to start traveling for free because the welcome offer is 60,000 points after spending $4,000 in the first three months.

 

My favorite perks about this card are earning 5X points on travel when booked through the Chase portal (2X if direct purchase), 3X points on dining, $50 yearly credit on hotels booked through the Chase portal, no foreign transaction fees, and transferring points to 13 airline and hotel partners like Hyatt, United, and Southwest.

 

Learn more about the Chase Sapphire Preferred® Card and how to apply

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Chase Freedom Unlimited®

The Chase Freedom Unlimited® is one of my favorite cards for earning cash back card and travel rewards. It offers a welcome offer of an additional 1.5% cash back on all your purchases up to $20,000 your first year.

 

My favorite perks about this card are earning 5% cash back on travel booked through the Chase Travel Portal, 3% cash back at drugstores and restaurants (including delivery and takeout), 1.5% cash back on all other purchases and no annual fee. When paired with cards like the Chase Sapphire Reserve® Card or Ink Business Cash® Credit Card, you can use your points to travel for free.

 

Learn more about the Chase Freedom Unlimited® and how to apply