Are you a frequent traveler and are looking for benefits when you do so? Some bank offers are worth looking into as they can make your travel a smooth one. After all, having travel benefits from your bank is a great way to enjoy your holiday.
Here are some banks that would work well if you are a frequent traveler. You can check the bank’s fees and currency conversion rates in the World Bank’s remittance database. Always look for:
- Less wire transfer charges.
- Reasonable currency conversion rates.
- Low-cost international bank ATM fees.
HSBC Bank
For people leaving the United States or having financial ties with other countries, a bank account with an international bank would be the right move.
HSBC bank offers several options for people moving to other countries by opening an account for them before they reach the country. People can also use the mobile app to monitor transactions and transfer money between HSBC accounts in various countries.
Premier checking account holders would be permitted to receive international wire transfers without any charges. You will be charged a fee if the account you are transferring to is not an HSBC Premier account. If you don’t have a Premier checking account, you will be charged a foreign transaction fee for debit card spending.
Citibank
Suppose you have relatives or need to regularly send money to anyone in another country. In that case, you need a service with fewer fees.
As part of their travel benefits, Citibank offers free international transfers to other Citi accounts directly without going through a third-party wire transfer service through Citibank Global Transfers service. However, If you want to wire money to someone without a Citibank account internationally, the fee would be at least $35.
Capital One 360
If you buy something abroad or even place an online order from a retailer from a different country, you would usually be charged a special fee on the transaction. However, Capital One 360 doesn’t charge any fee. Moreover, they don’t charge monthly maintenance or ATM fees either.
Charles Schwab Bank
Although some banks offer free ATM use along with the reimbursement of fees (usually charged by a specific international ATM), it’s only available for premium checking accounts with high minimum balances. But Charles Schwab Bank customers who have the High Yield Investor Checking Account would be reimbursed with every ATM fee.
This is important because withdrawing money from ATM without a fee is cheaper than converting cash at an airport (or any retail center) because you would be charged expensive exchange fees. Charles Schwab Bank doesn’t have a minimum balance, monthly fee, and foreign transaction fee as well. However, the checking account will need to be linked to a Schwab One brokerage account.
