6 Top International Travel Bank Accounts – August 2023

6 Top International Travel Bank Accounts - August 2023

Best Bank Accounts for International Travel

Our experts have compiled a list of the best bank accounts for international travel, ensuring that your banking needs are met when you’re on the road and overseas. Whether you’re looking for a savings account to help you save for your next trip or a checking account that offers easy access to your money, we’ve got you covered. In this article, we’ll provide in-depth insights into the top bank accounts for international travel, offering background information and expert advice to help you make the best choice for your needs.

Best Bank Accounts for International Travel

  1. Ally Savings Account
  2. Bask Bank Mileage Savings Account
  3. Capital One 360 Checking®
  4. Schwab Bank High Yield Investor Checking® Account
  5. SoFi Checking and Savings
  6. Revolut Account

All of these financial institutions are protected by FDIC or NCUA insurance, ensuring the safety of your money. Even though First Republic Bank has recently shut down, rest assured that your money is secure in a federally insured financial institution, with up to $250,000 per depositor protected in a bank account.

Expert Advice: Choosing the Right Bank for Travel

We consulted banking and financial planning experts to get their insights on how to choose the right bank for your travel needs. Here are some of their valuable tips:

Tania Brown, certified financial planner at SaverLife:

  • Consider FDIC insurance and think about your banking experience. Do you prefer interacting with a local bank or are you comfortable with online banking? Do you write checks or prefer digital transactions? These factors should influence your decision.

Sophia Acevedo, certified educator in personal finance, banking reporter:

  • Prioritize what matters to you in a bank account. Look for accounts with low or no monthly fees, consider the requirements to waive these fees, and pay attention to interest rates if you want to earn on your savings.

Roger Ma, certified financial planner with lifelaidout®:

  • When choosing an online bank, assess how easy it is to transfer money in and out of the account. Consider the transfer speed and whether you can link a brick-and-mortar checking account for easy access to funds.

Mykail James, MBA, certified financial education instructor:

  • For online banks, focus on their interest rates, which are typically higher due to lower overhead costs. Also, ensure the bank provides adequate security measures such as two-factor authentication and easy password management.

Sophia Acevedo, CEPF:

  • Frequent travelers should be mindful of bank account limits and fees. Check if your bank refunds out-of-network ATM fees and what the withdrawal limits are.

Best Savings Accounts for International Travel

Ally Savings Account

Why we like it: Ally provides easy tools to set savings goals for your next trip, offers competitive interest rates, and allows easy access to your savings through their online portal. They also have a user-friendly mobile app and 24/7 customer support.

Things to consider: Unable to deposit cash directly into the account; you’ll need to transfer funds from another bank account.

Bask Bank Mileage Savings Account

Why we like it: American Airlines frequent flyers can earn AAdvantage miles with this account, which can be redeemed for various travel-related benefits like flight upgrades and hotel bookings. They also offer a bonus for new and existing customers who meet certain deposit requirements.

Things to consider: AAdvantage miles earned through this account don’t contribute towards boosting your AAdvantage status. Limited access to the account, as there are no checking account, ATM cards, or debit cards available.

Best Checking Accounts for International Travel

Capital One 360 Checking®

Why we like it: Capital One has a robust online banking platform and physical branches across the US. They offer fee-free cash withdrawals at ATMs worldwide and have highly rated customer satisfaction. They also have a high-yield savings account option for customers looking to keep their savings and checking in one place.

Things to consider: In some countries where Capital One and AllPoint don’t have ATMs, you may have to pay third-party ATM operator fees. Limited branch access.

Schwab Bank High Yield Investor Checking® Account

Why we like it: Schwab Bank provides unlimited refunds for ATM fees worldwide and doesn’t charge foreign transaction fees. They also offer investment services, making it a great option for those who want banking and investment in one place.

Things to consider: You need to open a brokerage account with Charles Schwab before opening this checking account.

Best All-in-One Accounts for International Travel

SoFi Checking and Savings

Why we like it: SoFi offers a hybrid checking and savings account with a competitive interest rate. They provide a MasterCard debit card for easy access to your cash, and their partnership with the Allpoint ATM network offers free access to 50,000 ATMs worldwide. SoFi also doesn’t charge foreign transaction fees on debit card purchases abroad.

Things to consider: SoFi is completely online, so customer service is available through phone support rather than physical locations. They don’t reimburse the 0.20% foreign transaction fee charged by MasterCard.

Revolut Account

Why we like it: Revolut is a fintech company that offers an alternative to traditional banking. They provide a prepaid debit card linked to a bank account, allowing easy spending in over 150 currencies. Their account also offers budgeting features and minimal fees for international wire transfers.

Things to consider: Revolut has different pricing plans that offer various features, so choose accordingly. Revolut has received some customer complaints filed with the BBB.

Bank Account Alternatives for Travelers

If the above options don’t meet your needs, there are alternative bank accounts to consider:

  • Chase Total Checking®: Offers fee-free cash withdrawals at home and in select countries abroad, but charges fees for use at non-partner ATMs.
  • Discover Cashback Debit Account: Provides 1% cashback on debit card purchases, but limited to the US, Canada, Mexico, and the Caribbean.
  • Citi Checking Account: Offers branch locations abroad, but has below-average customer satisfaction ratings.
  • HSBC Premier Checking: Offers ATM fee reimbursement for accounts with high minimum balance or deposit requirements.
  • Wealthfront Cash Account: A cash management account with a high-interest rate, but lacks other banking options.
  • Betterment Checking Account: Reimburses all foreign transaction and ATM fees, but may have limited banking options compared to other accounts.
  • Marcus High Yield Online Savings Account: Offers a high-yield savings account, but fewer features compared to Ally.
  • American Express® High Yield Savings Account: Provides solid APY, but lacks mobile access.

Bank Trustworthiness and BBB Ratings

When choosing a bank, it’s important to consider their trustworthiness and customer satisfaction. Here are the BBB ratings for some of our recommended accounts:

  • Revolut: F rating due to customer complaints.
  • Bask Bank: C+ rating due to customer complaints.
  • Capital One: Involved in a data breach controversy in 2019 but generally well-regarded.
  • Remember to read customer reviews and speak to current customers to gather more information.

In conclusion, finding the best bank account for international travel depends on your specific needs and preferences. Consider factors such as fees, interest rates, online or brick-and-mortar banking, and access to ATMs abroad. By carefully considering these factors and expert advice, you can select the bank account that suits your travel requirements and financial goals.

Compare Today’s Banking Offers