After advice from friends, hours talking on the phone, and days scouring the web, I set up what I consider two extremely valuable accounts for traveling (at least to Europe). Save yourself the trouble and take my advice on this one.
1) Bank of America Checking Account (type will vary from state to state)
For the state of California the deal I got is still going on (aren’t there always “deals”) where the monthly fee is waived if you open the account online and no minimum balance is required. That’s only the beginning, here’s the kicker: You can avoid the ATM fees if you use your ATM card or check card within their Global ATM Alliance. Normally, like almost all banks, you’re charged for using a random ATM. For Bank of America that’s a $2 charge domestically and $5 internationally, kind of ridiculous. These are the banks and the countries they’re primarily located in:
- Barclays (United Kingdom)
- BNP Paribas (France)
- China Construction Bank (China)
- Deutsche Bank (Germany)
- Santander Serfin (Mexico)
- Scotiabank (Canada)
- Westpac (Australia and New Zealand)
There is, unfortunately, a currency conversion fee. Luckily it’s a meager 1% of the U.S. Dollar amount for each converted ATM cash withdrawal. Not bad relative to Wells Fargo which is 3%… every bit counts when you’re on a budget.
2) Charles Schwab Invest First Visa Credit Card
This was a tough find. I almost default to Capitol One because that was the only bank I could find at first that didn’t charge a currency conversion fee. All I was hearing from the reviews was how horrible the customer service was and how they kept freezing their card for foreign transactions after they had called to inform Capitol One of their trip. Then I stumbled upon this gem from Chuck and couldn’t be happier.
- No currency conversion fee
- 2% cash back on all purchases that gets automatically deposited into a brokerage account you can choose to open with your card (if you don’t the money is essentially frozen until you do open it)
- Great customer service (so far).
Apply for your Chuck Visa Card
One last website for you to check out, it gives you the current exchange rates for major countries and the currency they use.
Currency Types and Exchange Rates
I hope these tips help save you a little cash on your trip.
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