ATM Card With No Foreign Transaction Fee

An ATM card with no foreign transaction fee is a debit card that allows you to make purchases or withdraw cash from ATMs abroad without incurring additional costs for currency conversion or international transactions.

This means you can use the card internationally without worrying about paying extra fees on top of your regular banking transactions. It’s a convenient option for travelers or individuals who frequently purchase from foreign merchants.

When travelling abroad, you may encounter foreign transaction fees while making purchases or withdrawing cash from an ATM.

However, the easiest way to avoid these fees is to use a debit or credit card that waives foreign transaction fees.

Luckily, there are plenty of credit and debit card options available that offer this perk for those who are crossing borders.

What Is a Foreign Transaction Fee

A foreign transaction fee is a credit card issuer or bank charge for every transaction completed on with ATM card or debit card in any country outside of the United States.

The fee amount varies depending on the terms and conditions of the credit card or bank but generally ranges between 1% and 5% of the purchase amount.

It is important to verify a card’s terms and conditions before making any assumptions, particularly when it comes to fees.

Payment processing networks like Visa, Discover, Mastercard and American Express may also impose additional international fees. Card issuers can choose to exclude this fee from their terms, but if not, the network’s fee will be added to any fee charged by the issuer. Foreign transaction fees will usually appear as separate charges on your billing statement.

Different ATM Card With No Foreign Transaction Fee

Here are different ATM cards with no foreign transaction fee that you can use.

Capital One

A Capital One 360 Checking Account offers a debit card with no fees for international transactions. This contactless Mastercard can be used at any location that accepts Visa and Mastercard.

Additionally, you can add it to your mobile wallet and pay through your phone while travelling.

The account has no monthly fees or minimum deposit requirements. You will also get:

24/7 mobile banking
Fee-free cash withdrawals at 70,000 ATMs in the US
Access to Zelle payments
Overdraft options
Add cash in-store at CVS locations
Early Paycheck – get paid up to 2 days early
FDIC insurance and fraud coverage

Charles Schwab

Charles Schwab offers ATM cards with no foreign transaction fees, the Schwab Bank Investor Checking account is a great option.

This account comes with a Visa Platinum debit card that is contactless and compatible with mobile wallets.

Also, you won’t have to worry about monthly maintenance fees or account minimums. If you use your Schwab debit card at an overseas ATM, you may be charged a fee.

However, the account offers unlimited ATM fee rebates, so you won’t have to pay for using overseas ATMs.

The account also offers:

45% APY interest on your checking account balance
Enhanced debit card security features, such as in-app card lock/unlock and travel alerts.
A user-friendly mobile banking app.

Revolut

Revolut is a popular digital bank that can be a great option for spending money abroad. With their debit card, you won’t have to pay any fees for spending abroad in over 150 currencies.

Additionally, you can enjoy fee-free currency exchange from Monday to Friday. However, a 1% fee will apply on weekends.

Revolut has different plans that include:

Standard – free
Premium – $9.99 a month
Metal – $16.99 a month.

With these plans, you don’t need to get a paid plan to get the travel perks, although you will face some limits. The free Standard plan offers:

Fee-free withdrawals at 55,000 ATMs in the US
One free international transfer a month
$1,000 a month limit on currency exchange (including card spending)
Fee-free withdrawals at out-of-network ATMs up to $1,200 a month – a 2% fee applies after that.

HSBC

The HSBC Premier checking account is accompanied by an HSBC Premier Debit World Mastercard that allows you to make purchases without incurring foreign transaction fees.

In addition, this account offers various other benefits, such as global support, the option to open other international accounts, and access to wealth products and guidance from finance professionals.

However, there is a significant catch – to avoid a hefty $50 monthly maintenance fee, you must meet one of the following criteria:

Have at least $75,000 to deposit
Make at least $5,000 in deposits each month
Have a mortgage loan of at least $500,000.

Betterment

Betterment, a popular robo investment platform, not only provides investment products but also offers a checking account and card that can be useful for travelers.

The account, which is designed with a mobile-first approach, has no minimum balance requirements or monthly fees and comes with a contactless Visa debit card.

You can use the card with mobile wallets and make purchases or withdrawals wherever Visa and Mastercard are accepted. What’s more, Betterment reimburses ATM and foreign transaction fees automatically.

The account also offers:

No overdraft fees
Cashback at US retailers and brands
FDIC insured up to $250,000.

Citibank

Citibank offers premium accounts such as the Citi Priority Package that come with a range of travel benefits. These benefits include a debit card that allows you to make ATM withdrawals overseas without incurring any Citibank fees.

Additionally, there are no foreign exchange fees charged when using your debit card in countries outside the US.

You’ll also get other features with the Citi Priority Package, such as:

Investment benefits, including on-demand financial advisor services
Commission-free ETF trades
Everyday banking fees waived
Higher limits on debit card purchases and ATM withdrawals.

Frequently Asked Questions

How Much Does Foreign Transaction Fee Cost?

Foreign transaction fee cost varies. Some cards do not charge a fee, while others may charge fees ranging from one to three per cent. Cards that charge more than 3% should be viewed with scepticism, as fees this high are rare.

How To Calculate Foreign Transaction Fees

A foreign transaction fee is an extra charge that is added to the cost of a purchase made with a foreign merchant by your credit card issuer.

This fee is usually a predetermined percentage that is added to the original purchase price. For example, if you purchase in another country that costs the equivalent of $100 with a credit card that has a 3% foreign transaction fee, your total cost will be $103.

It’s important to note that foreign transaction fees are charged in addition to any currency conversion fees and are not the same thing.

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