BEST BANKS FOR INTERNATIONAL TRAVELERS FOR APRIL 2024
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If you're an avid traveler at heart, then your bank account should reflect that.
We looked for the best savings accounts that may help you save for travel and checking accounts that allow you to access your money with ease when you're on the road and overseas.
We picked the top savings, checking, and all-in-one accounts for travel, to help you save or manage your money.
Top Bank Account for International Travel Benefits
- Ally Savings Account
- Bask Bank Mileage Savings Account
- Capital One 360 Checking
- Schwab Bank High Yield Investor Checking® Account
- SoFi Checking and Savings
- Revolut Account
Below, you'll see our top picks for international travel. All of the financial institutions on our list are protected by FDIC or NCUA insurance. Money is safe at a federally insured financial institution. When an institution is federally insured, up to $250,000 per depositor is secure in a bank account.
Compare the Best Bank Accounts for International Travel
Best Bank Accounts for International Travel FAQs
Which banks offer the best international ATM access?
Charles Schwab is our top pick for international ATM access. It offers unlimited refunds for ATM fees worldwide.
How can I minimize fees when using my bank card abroad?
To minimize fees when using a bank card abroad, you want to limit making ATM withdrawals unless you find an ATM that's in your network. Some debit cards also have foreign transaction fees, so it's best to use cash or one of the best credit cards with no foreign transaction fees.
Are there banks that automatically convert currency at favorable rates?
Yes. Many banks and credit unions pay good rates to exchange foreign currency. Most financial institutions will require you to have a bank account with them in order to exchange currency, though.
Can I get travel insurance through my bank?
Yes. Some banks offer travel insurance if you get a credit card with features like travel accident insurance and trip delay reimbursements.
Should I inform my bank before traveling internationally?
Yes. You should call your bank before traveling so you're well prepared. If you forget to contact your bank, your debit card may be denied when you make purchases to protect you from potential fraudulent activity.
Can I open a bank account internationally?
Yes. You may open a bank account in another country. However, make sure that you report your bank account information to the IRS annually.
Best Bank Accounts for International Travel Reviews
Best Savings Accounts for International Travel
The Ally High Yield Savings Account provides easy tools to set savings goals for your next trip, and you'll earn interest without having to take on any risk.
You can also set up a checking account through Ally. When you need access to your savings, just transfer money from the savings account to the checking account through the online portal, and you'll be able to spend the money almost instantly.
Ally also offers an easy-to-use mobile app and 24/7 customer support, making it simple to access your account while you're on the road.
You won't be able to deposit cash directly into your bank account. Instead, you'll have to transfer money from another bank account.
Bask Bank Mileage Savings Account
You might find the Bask Bank Mileage Savings Account appealing if you are a frequent American Airlines flyer. This savings account lets you earn earn 2.5 American Airlines AAdvantage miles for every $1 saved annually on a Bask Bank Mileage Savings Account. You can redeem miles for booking flights or hotels, upgrading flights, renting transportation, or planning vacation activities.
Bask Bank is also offering a savings account bonus for new customers: earn up to 10,000 bonus AAdvantage® miles for new Bask Mileage Savings Account customers who open and fund their account within 15 business days from account opening and maintain a minimum daily balance of $50,000 for 90 consecutive days out of the first 120 days (open account by May 31, 2024)
AAdvantage miles earned through the Bask Bank Mileage Savings Account will not go toward boosting your AAdvantage status.
Bask Bank also doesn't have a checking account, ATM cards, or debit cards, so you'll have limited access to your account. You'll need to link an external bank account and initiate a bank transfer to deposit or withdraw money.
Best Checking Accounts for International Travel
Capital One 360 Checking
Capital One 360 Checking might be a solid choice if you're most comfortable with a well-known retail bank and want no-fee cash withdrawals at home and in select countries abroad.
You can withdraw up to $1,000 a day at any ATM worldwide using your MasterCard and Capital One won't charge a fee, though the ATM operator may. The bank ranks No. 1 on J.D. Power's US National Banking Satisfaction Study, and it made Business Insider's list of the best checking accounts.
Capital One also offers a solid high-yield savings account, which is a good choice if you want to keep your savings at the same bank as your checking.
If you travel to Europe, Asia, or any other place where Capital One and AllPoint don't have ATMs, you may have to pay third-party ATM operator fees to take cash out (Capital One will never charge you an additional fee).
As for branch access, the bank only operates about 280 branches in seven US states, though Capital One Cafés are in some big cities around the US.
Schwab Bank High Yield Investor Checking® Account
Charles Schwab is an investment platform, but it also has banking products. The Schwab Bank High Yield Investor Checking® Account is a great choice if you'd like a fee-free international spending bank account. It notably offers unlimited refunds for ATM fees worldwide, and it doesn't charge foreign transaction fees.
You must open a brokerage account with Charles Schwab before opening a checking account, though.
Best All-in-One Accounts for International Travel
SoFi Checking and Savings offers the best of both worlds. It's a hybrid savings/checking account with a competitive interest rate and a MasterCard debit card for easy access to your cash.
SoFi is part of the Allpoint ATM network, so you have free access to 50,000 ATMs worldwide, and SoFi doesn't charge a foreign transaction fee when you make a purchase with your debit card abroad.
Again, SoFi is completely online — you'll need to call customer service when you want help with your account rather than walking into a physical location.
While SoFi doesn't charge any foreign transaction fees when you withdraw cash at an international bank or ATM, MasterCard will charge 0.20%, and SoFi won't reimburse you.
SoFi Checking and Savings Review
You might like the Revolut Account if you're looking for an alternative to traditional banking.
Revolut is a British fintech company with an international finance and investing app. You can open accounts from anywhere in the US.
The Revolut Account is a prepaid debit card linked to a bank account. You can easily spend money internationally in over 150 types of currency. The account also allows you to make one fee-free international or domestic wire transfer per month with the Standard plan, three with the Premium plan, and five with the Metal plan.
The account also has budgeting features that let you round up prepaid debit card purchases or set up individual savings goals through Vaults. The Revolut Account and Savings Vault are FDIC-insured by Metropolitan Commercial Bank and Sutton Bank.
Revolut has three plans: Standard (Free), Premium ($9.99 per month), or Metal ($16.99 per month). Access to certain app features will depend on your monthly plan.
Bank Account Alternatives for Travelers
- Chase Total Checking®: This account appeared on our best checking accounts list, but it charges $3 fee per withdrawal at a non-Chase ATM in the U.S., Puerto Rico and the U.S. Virgin Islands. Surcharge Fees from the ATM owner/network still apply. $5 fee per withdrawal at a non-Chase ATM outside of the U.S., Puerto Rico and the U.S. Virgin Islands. Surcharge Fees from the ATM owner/network still apply.
- Discover® Cashback Debit Account: Discover's checking account has no monthly service fees and allows you to earn 1% cash back on up to $3,000 in debit card purchases every month (see website for details), but its use is limited to the US, Canada, Mexico, and the Caribbean.
- Citi Regular Checking: A fine checking account with options to waive the $15 monthly service fee and branch locations abroad, but customer satisfaction is below average, according to J.D. Power's US National Banking Satisfaction Study.
- HSBC Premier Checking: HSBC (Member FDIC) offers a good variety of checking accounts, although only those with high minimum balance or deposit requirements get ATM fees reimbursed.
- Wealthfront Cash Account: Although this account operates similarly to a high-yield savings account, it's technically a cash management account. You might like this option if you already invest with Wealthfront and want to earn a high interest rate on your savings. However, keep in mind Wealthfront doesn't offer other types of accounts like CDs or checking accounts.
- Betterment Checking Account: Betterment reimburses all foreign transaction fees and ATM fees worldwide, and the app is easy to use. However, our top picks for checking accounts may also offer more banking options, such as CDs or brokered CDs.
- Marcus High Yield Online Savings Account: Marcus has a good high-yield savings account; Marcus savings rates current pays 4.50% APY. However, the high-yield savings account doesn't have as many goal-setting features as Ally, if that's important to you.
- American Express® High Yield Savings Account (Member FDIC): With a solid savings rate, this high-yield savings account is a good option if you don't mind not having mobile access.
Introduction to Banking for International Travel
When you're traveling abroad, bear in mind many financial institutions have fees for using a debit card internationally.
For example, if you use an ATM provider to withdraw money that isn't in your network, you may have to pay out-of-network ATM fees from the provider and your financial institution.
Many banks also have foreign transaction fees. A foreign transaction fee is a debit or credit card charge that can happen when you buy something internationally and it needs to be processed through a foreign financial institution.
There are many financial institutions that can help you avoid common international bank fees, though.
Key Features of Ideal Banks for International Travel
The right bank can make saving for travel goals easier. It can also help you avoid common bank fees, like out-of-network ATM and foreign transaction fees. Below, we've highlighted key features among the top banks for multi-country travel.
Competitive Savings Rates
One key feature to look for in a bank is a competitive savings rate. High-yield savings accounts, in particular, can be strong banking options because they offer better rates than traditional savings accounts. These bank accounts might also be a good choice if you want to set savings goals for specific travel trips. Money in a high-yield savings account can deposited at any time, so you can contribute to a travel goal in stages. If you open a high-yield savings account at an online bank, you also usually won't have to worry about dealing with monthly service fees.
Exchange Rates
If you want to have cash on hand during a trip, it may be beneficial to bank with a financial institution or platform that offers straightforward foreign exchange services. Banking institutions usually offer better exchange rates than airport exchange services or on-site travel spots.
Low Foreign Transaction Fees
If you plan on using a debit card or credit card frequently, make sure to look for a bank that has low foreign transaction fees. That way, you won't have to worry about fees piling up when you use your card to buy things abroad.
Some financial institutions on our list, like SoFi, do not charge foreign transaction fees.
Wide Global ATM Network Accessibility
If you want to use an ATM abroad, the best option is to find a national bank with a global ATM network or one that provides reimbursements for out-of-network ATM fees. Charles Schwab, for example, offers unlimited worldwide ATM fee reimbursements.
Additional Services and Tips for International Banking
If you're planning on traveling abroad soon, it's best to be prepared beforehand so you can avoid unnecessary stress. Sometimes, credit or debit cards may not work if you don't give your bank notice that you're traveling. This is done as a measure to protect you against fraudulent activity. To avoid having your card declined internationally, make sure to call your financial institution before traveling so you can make sure it works during the time you're abroad.
It's also helpful to have cash on hand when traveling in case you need it for an emergency situation. Experts recommend getting foreign currency before you begin travel because airports and on-site currency exchange locations tend to involve more costly service fees and unsatisfactory exchange rates.
Bank Trustworthiness and BBB Ratings
The Better Business Bureau assesses companies based on responses to customer complaints, honesty in advertising, and transparency about business practices. Here are the BBB grades for our favorite travel accounts:
| Institution | BBB grade |
| Ally | A |
| Bask Bank | B (A+ for parent bank, Texas Capital Bank) |
| Capital One 360 | A+ |
| Charles Schwab | A+ |
| SoFi | A+ |
| Revolut | F |
Revolut has an F rating from the BBB due to a high volume of customer complaints filed against the business, and Revolut hasn't responded to or resolved some of the complaints.
Bask Bank received a B grade from the BBB because of its volume of customer complaints. However, its parent company, Texas Capital Bank, has an A+ rating from the BBB.
A great BBB score doesn't guarantee your relationship with a company will be perfect. You'll also want to speak with current customers or read online customer reviews.
Capital One is the only bank on our list that has been involved in a recent public controversy. Capital One used to have an account called 360 Savings. In 2019, the bank launched the new 360 Performance Savings Account, which paid a much a higher interest rate. Many customers thought their old savings accounts would transition into this new one, but in reality, they had to manually open a new 360 Performance Savings Account to earn the higher rate. So some customers have been earning a significantly lower savings rate for years.
In the lawsuit, the plaintiffs' lawyers allege that Capital One didn't inform 360 Savings customers that these were two distinct accounts, or that 360 Performance Savings paid a higher rate. However, Capital One wants this case dismissed because it claims people had every opportunity to learn these facts on their own. This case is still ongoing.
Why You Should Trust Us: Our Expert Panel for the Best Banks for International Travel
We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best accounts for your needs.
Here's what they had to say about banking for travel. (Some text may be lightly edited for clarity.)
How can someone determine whether a bank is the right fit for them?
Tania Brown, certified financial planner and vice president of coaching strategy at OfColor:
"Obviously, you want to make sure it's FDIC insured. Also, your banking experience — do you like walking into a bank? Well, then you need someone local. Do you just not care if you ever see your bank? Then you're okay online. Do you write checks? Do you not write checks? So it's thinking through how your experience with it is going to be before you make that decision."
Sophia Acevedo, banking editor, Business Insider:
"I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. If I'm searching for an interest-earning bank account I'll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account."
What should someone look for in an online bank?
Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life":
"How onerous the transfer process is, transferring money in and transferring money out. Is it same day, next day? Is it pretty easy to sync a brick-and-mortar checking account to this particular high-yield savings account?"
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
"When it comes to online banks, you want to be a little bit more strict about what type of interest rates they're providing. That's the biggest thing, because online banks are supposed to have the higher interest rate because they don't have the overhead of the brick-and-mortar. You want to make sure that it's well above the national average.
"What types of securities do they provide? Do they have two-factor identification? If it's an online bank, they should definitely have — at the bare minimum — two-factor authentication in how easy it is to change your passwords and things like that, because you want to be a little more hypersensitive about the cyber security for a strictly online bank."
What should someone look for in a bank account if they travel frequently?
Sophia Acevedo:
"You'll want to be mindful of bank account limits and fees. You might be charged fees if you use an ATM from another bank. Banks and credit unions also have limits on how much you can withdraw from your ATM each day. When you're looking for a bank account, see if your bank provides refunds for out-of-network ATMs and what the ATM withdrawal limits are."
Methodology: How Did We Choose the Best Bank Accounts for International Travel?
At Business Insider, we strive to help smart people make the best decisions with their money. We spent hours comparing and contrasting the features and fine print of savings accounts and checking accounts so you don't have to. You can read more about how we review and rate product on our editorial standards page.
We understand that "best" is often subjective, however, so in addition to highlighting the clear benefits of an account — a high APY, for example — we outline the limitations, too.
Generally, bank accounts are designated either savings or checking. When you're saving up for a big trip, a high-yield savings account is appropriate because you'll be able to earn some interest on your money, but still be able to access it when you need to.
A checking account may be more appropriate to use while traveling, as you'll be provided with a debit card to use at shops, restaurants, and ATMs. You may also consider using a credit card, which could provide rewards and other travel-related benefits.
That said, the best bank accounts to use for international travel expenses should be appropriate for your everyday life too, with low fees, good earning potential, and easy access.
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