The Best Fee-Free Debit Cards for International Travel

We’ll always default to using a credit card (and earning more points) whenever possible, and you should too … but even in 2024, there are some things that you can’t buy with plastic. That’s especially true when traveling abroad, where credit cards might not be accepted. 

There’s an easy solution – and it doesn’t involve taking out a ton of foreign currency at home or paying a ransom to exchange money at the airport. Several banks and fintech companies now offer debit cards that reimburse both ATM and foreign conversion fees when making cash withdrawals at ATM machines anywhere in the world. That’s the best way to get money abroad, ensuring you get a fair exchange rate when turning your own U.S. dollars into whatever local currency you need.

But picking the right debit card for your international travels might be easier said than done, so we’ve rounded up the three best options to help you decide which is the right choice for you.

Let me be clear: We don’t make a dime promoting these debit cards and checking products. We just believe they’re the best options for withdrawing your money (without nasty fees) while traveling abroad.

Debit Cards vs Credit Cards

This might seem kind of elementary, but it’s important to clarify exactly what a debit card is – and how that compares to a credit card. Considering most people probably have one of these in their wallet already, it’s not a brand-new concept, but it may not be something you think about very often.

We spend a lot of time talking about cards on this site, and how they can help you travel more for less – but most of the time the cards we’re referring to are credit cards. You make a purchase on credit, or borrowing money from the issuing bank, with the promise to pay it back. In return, you’re oftentimes rewarded with points, miles, or cash back as a way to incentivize your use of the card.

With a debit card, you’re using your own money for purchases. Debit cards are linked directly to a checking account – instead of writing a paper check for your purchase, you use your debit card as a form of payment. When doing so, you’re electronically transferring funds from your bank account to the account of whichever merchant you made your purchase from.

Critically, you can also use debit cards to withdraw cash from your attached checking account. This feature is what makes them such a necessary travel tool for anyone heading abroad.

But outside of that, you really shouldn’t be swiping your debit card to make purchases abroad. If your card is compromised, you’ll assume the liability of any lost cash in your checking account until the bank can investigate the situation and reimburse you, which could take weeks.

With credit cards, you won’t assume any liability in the event your card is compromised. Just make sure you have a card that waives foreign transaction fees.

Charles Schwab Investor Checking

For years, we have declared the Charles Schwab debit card as the best for international travel. That hasn’t changed.

There are other contenders out there that might be better for some travelers, but it’s impossible to beat the Schwab debit card’s lack of fees, account minimums, and overall customer experience.

With the Schwab debit card, you can take out cash from any ATM anywhere in the world and you’ll get refunded 100% of any withdrawal or ATM fees you pay. It’s a foolproof way to avoid international ATM fees and get the best currency exchange rate possible.

To get the debit card, you’ll need to open a Charles Schwab Investor checking account as well as a linked brokerage account – typically used for investing money. This brokerage account is opened automatically when you open a Schwab checking account, but don’t worry: The brokerage account is also free and has no minimum deposit or fees. Really, you don’t even have to use it.

Here’s what you need to know about the Schwab debit card:

• Unlimited fee rebates from any ATM worldwide
• No minimum balance or monthly fees
• No foreign transaction fees on debit card purchases or ATM withdrawals
• Free Standard Checks and Visa debit card
• Charles Schwab’s mobile app allows you to deposit checks with your phone

Read our full review of the Charles Schwab debit card

Learn more about the Charles Schwab High Yield Investor Checking Account & Debit Card (for full disclosure, this is not an affiliate link).

Nearly everyone on the Thrifty Traveler team uses the Charles Schwab debit card for our international travels and we all swear by it. After years, we’ve never run into issues. Many of us treat our Schwab checking accounts as dedicated travel accounts, simply depositing some cash ahead of each international trip to withdraw while abroad.

Betterment Checking

Betterment is a relative newcomer in the financial services industry, offering digital investing, retirement, and cash management services including a mobile-first checking account, which includes a Visa debit card.

Similar to the Charles Schwab Investor checking account, Betterment also reimburses an unlimited amount of ATM fees and doesn’t pass along any foreign currency conversion fees, making it an excellent choice for travelers. The lack of a minimum balance requirement also makes it a perfect option for a dedicated travel account. Simply deposit funds before your trip and you’re all set to withdraw when you get to your destination!

Here’s what you need to know about the Betterment debit card:

• Unlimited fee rebates from any ATM worldwide
• No minimum balance or monthly fees
• No foreign transaction fees on debit card purchases or ATM withdrawals
• No overdraft fees
• Cash back rewards at top retailers like Costco, Sam’s Club, Adidas, and more

But unlike the checking account from Charles Schwab, you don’t need to have a linked brokerage account with Betterment. For those that invest elsewhere or don’t ever plan to use the Schwab brokerage account, opening a checking account with Betterment may be a better option.

The only real downside with Betterment is that it’s a relatively young company compared to its competitors so it’s tough to say whether they’ll be able to provide these same features and benefits for years to come.

Learn more about the Betterment checking account (for full disclosure, this is not an affiliate link).

Fidelity Cash Management

Fidelity is another long-standing financial institution with a variety of financial service products, ranging from cryptocurrency trading to life insurance. One of the products they offer is a cash management account with an accompanying Visa debit card.

Unlike the Betterment checking account or Schwab Investor checking account, the Fidelity Cash Management account is solely a brokerage account. So while you won’t be getting two separate accounts as you would with Schwab, you’ll be opening a brokerage account in order to have a Fidelity Visa debit card.

Fidelity reimburses you for all ATM fees anywhere in the world, which makes it a great option for international travel. And while Charles Schwab reimburses ATM fees at the end of each statement period, Fidelity will reimburse you on the same day the fee is debited. If getting your money back as soon as possible is a priority, it’s worth looking into opening a Fidelity Cash Management account.

That said, there is a major drawback

Here’s what you need to know about the Fidelity debit card:

• Unlimited fee rebates from any ATM worldwide
• No account fees or minimum balance requirements
• Competitive Annual Percentage Yield (APY) on cash balances
• 1% foreign conversion fee on debit card purchases and some cash withdrawals

Fidelity is a sort of middle ground between what you get with Charles Schwab or Betterment accounts. Fidelity doesn’t waive the cash conversion fees for ATM withdrawals or purchases, which puts it at a disadvantage compared to the others. Still, if you already have investment accounts with Fidelity or just want to go with a financial institution that has decades’ worth of experience, this can be a great option for a lot of travelers.

Learn more about the Fidelity Cash Management account (for full disclosure, this is not an affiliate link).

Bottom Line

Whether you’re paying for a taxi, tipping the bellhop, buying a snack, or something else, having some local currency on hand is often critical when traveling abroad. To do that wisely, you need the right international travel debit card.

While most debit cards will work for withdrawing cash abroad, only a select few will reimburse you for any third-party ATM fees and waive foreign conversion fees as well. Having one of these debit cards in your wallet before your next trip will save you time getting access to your cash, and more importantly, can help save you from any unnecessary fees along the way.