All of my meager money (SS) comes to me via my debit card. My bank has decided to charge a 3% foreign transaction fee. Previously it was 1%.
The local bank charges a $2 fee per transaction. That is acceptable.
Are there banks (with debit cards) that don’t charge a foreign transaction fee? I realize that banks need to cover their expenses, and when it was 1% I was okay with it. But at 3% it is putting a strain on my budget.
Thank you for your replies.
Capital One.
As far as I know all Capital One credit and debit cards do not have foreign transaction fees. Specifically the debit card that comes with Capital One 360 checking does not.
What transaction are you making? PIN purchase? Signature/online purchase? ATM withdrawal?
The best answer to your question is the Charles Schwab debit card. Opening a Charles Schwab will be a hard inquiry.
It is better to use a credit card with no foreign transaction fee.
These credit cards with no foreign transaction fees are among the highest in cashback:
BankAmericard Travel Rewards: 1.5% - 2.625% cashback
Citizens Bank Cash Back Plus: 1.5% - 1.8% cashback
Capital One Quicksilver: 1.5% cashback
Don’t forget that these credit cards have cash signup bonuses from $100 to $200.
No, it is used only for ATM withdrawals. So, I think it needs to be a debit card.
Thank you for the replies. I am going to apply.
Second Schwab. You can open an investor checking or savings account without a deposit to a brokerage account. I think they automatically open the brokerage account, but there are no requirements to use it.
No foreign transaction fees and ATM fees are refunded monthly. Also no branches, internet only. You can deposit via direct deposit, phone app (image of check, front and back) or mail. No cash deposit.
Is your home account in New Mexico, South Carolina, Illinois, Montana, Mississippi, Alabama, Idaho, Oregon, Georgia, Florida or Arizona?
If so you can use Pangea and send up to 2k USD per month to yourself. $3.95 per transaction, no fees on the receiving end.
The one I have is not chip and PIN though. I guess they’ll update it when it’s near expiration?