When travelling outside of the country, there is a lengthy list of items that you need to ensure you have taken care of, such as ensuring that you have the ability to spend money. Take a few extra precautions before jetting off to your next major destination to ensure that, should the need arise, you will be able to access your funds without having to pay a significant amount of additional fees. When you use an ATM in another country with certain debit cards, for instance, you are subject to a fee known as a "foreign ATM fee." It is possible that each transaction you make will require you to pay additional fees associated with currency conversion or international transactions. If you use one of the best debit cards for international travel, you might even be able to avoid paying those fees entirely. TIP: The fact that a debit card is connected directly to your bank account confers several advantages over using a credit card. When you use your debit or credit card, the funds are deducted from your checking account. That eliminates the need for you to be concerned about making payments on a credit card balance. When travelling internationally, it can be helpful to have a debit card so that you can withdraw local currency from an ATM. This can be done for expenses such as tipping or paying merchants who do not accept credit or debit cards. If you use a credit card at an automated teller machine, the transaction will be processed as a cash advance, which is a more expensive form of cash withdrawal. The following is a list of the best debit cards for use while travelling internationally. Let's take a look.
Cash Management Account Provided by Fidelity
As a client of the Fidelity Cash Management Account, you will be eligible to receive the Fidelity Visa Gold Check Card, which is widely regarded as one of the most advantageous debit cards for use in foreign countries. On transactions that are completed outside of the United States, you will be subject to a foreign transaction fee of just one per cent. You can also access more than one million ATMs located all over the world, and any fees that you incur while using other ATMs will be reimbursed to you. When you make purchases or withdraw money from an ATM, the use of EMV technology ensures that your information is transmitted securely, thereby safeguarding your account against any future fraudulent activity. Aside from the fact that it will save you money on ATM fees, the card also comes with a few additional perks that you might find useful while you are travelling internationally. You will also receive a 90-day extended warranty, travel and emergency assistance, worldwide travel accident insurance, and an auto rental collision damage waiver if you have the Fidelity Visa Gold Check Card. You won't be required to pay any monthly maintenance fees when you use the Fidelity Cash Management Account. You are not required to keep a certain amount in your account each month. Your deposits will be protected up to a maximum of $1.25 million, which is significantly more than the standard checking and savings accounts offered by other financial institutions.High-Yield Investor Checking Account Provided by Schwab
You won't have to worry about any fees associated with your checking account when you have the Schwab High Yield Investor Checking account. This means that there will be no fees charged to you when you use an ATM in another country, and there will also be no fees charged for the conversion of the foreign currency if you withdraw funds in a different currency. When you use an ATM that is not part of your bank's network, you should be aware that the operator of the ATM may charge you a fee as well. WARNING: You won't be able to avoid the ATM fee, but Charles Schwab will reimburse you for it without setting any limits on how much they will reimburse you. In addition, there are no account minimums or service fees to worry about. You will need to create and link a Schwab One brokerage account, which does not charge any fees to create or maintain and can be done at any time. Trading stocks, mutual funds, and other types of financial products is made possible through the use of a brokerage account.Account 360 for Capital One Checking
If the idea of opening a brokerage account doesn't appeal to you, you might want to think about getting a debit card for international travel through the Capital One 360 Checking Account instead. Because Capital One does not assess a fee for transactions carried out in currencies other than the U.S. dollar, you are free to use your debit card for purchases without being required to pay an additional fee to cover the cost of currency conversion. If you are able to find an ATM that is affiliated with Capital One or Allpoint while you are travelling, you will not be required to pay an ATM fee for any cash withdrawals that you make. Over 55,000 automated teller machines can be found across the globe thanks to the Allpoint network. You can find the closest Allpoint ATM by downloading an app to your smartphone and using it to do the search for you. There are no minimum deposit requirements to open a Capital One 360 Checking Account, and there are also no minimum balance requirements. In addition to that, the annual percentage yield (APY) on your balance is 0.10%.Frequently Asked Questions (FAQs)
When you travel with your debit card, are you required to notify your bank that you will be using it?
Before making use of a debit card while you are away from home, you should always get in touch with your bank first. Banks and credit card issuers will block transactions that appear fishy or that deviate from your typical patterns of behaviour in an effort to protect their customers from being victims of fraud. Your transactions may be declined if you fail to notify your bank that you will be spending money away from home. This will cause you to have unnecessary headaches while you are travelling.Should you bring a debit card with you when you travel?
Yes. When you travel, the access to cash provided by your debit card is invaluable, and it also enables you to reduce the amount of cash you need to carry at any given time. You need to make sure you don't misplace the card, and if you do, you should contact your financial institution as soon as possible so they can put a hold on it.