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Traveling can be a fun and fulfilling experience, but it can also come with its challenges, especially when it comes to the financial aspects of travel. You need to avoid wasting funds on fees, save as much as you can, and keep your money safe while traveling.
Whether you’re a frequent flyer or planning your first international trip, the right bank account features can make a big difference in your travel experience. Here are some of the best bank account features travelers should look out for, including widespread ATM access, no foreign transaction fees, and earning travel rewards.
Best Bank Account Features for Travelers
Wide range of ATM access, no fees, ATM withdrawals
Travelers often prefer credit cards over debit cards because they offer no-liability protection, the ability to quickly dispute charges, and other consumer protections. However, if you use a debit card to access ATMs, you should ensure access and minimize fees.
Whether you’re traveling domestically or internationally, finding an ATM that accepts your debit card is one of your biggest concerns. With banks that have wide access to ATMs internationally, you don’t need to worry. Some banks offer free ATM use worldwide, and some even reimburse you for any ATM fees you may incur.
Even if you can find an ATM that accepts your debit card, you’ll want to avoid paying ATM fees, especially while traveling internationally: The average ATM fee is $4.77, according to Bankrate’s 2024 Checking Account Survey.
Banks like Betterment, Charles Schwab, Capital One, Alliant Credit Union, and USAA have a strong track record when it comes to minimizing the costs associated with using ATMs. These financial institutions either don’t charge ATM fees or will reimburse you for any fees incurred during a transaction up to a certain amount, making them ideal choices for travelers.
There are no foreign transaction fees on debit card purchases
Foreign transaction fees are additional fees charged to your credit or debit card when you make a transaction in a currency other than U.S. dollars or make a purchase through a foreign bank. Like ATM fees, paying these additional fees more than necessary can add to your travel expenses. Foreign transaction fees are typically 1-3 percent of the purchase price. While it may seem like a small percentage, it can quickly add up while traveling and cost you more than you expected.
Some banks, including Betterment, Charles Schwab, Capital One, and Discover Bank, offer debit cards that don’t charge foreign transaction fees under certain circumstances. This feature is extremely convenient for travelers, as it means you can make purchases abroad without worrying about additional charges.
Free international and domestic transfers
If you need to send or receive money quickly while traveling, consider a wire transfer. Considering that traditional wire transfers can cost up to $50 per transaction, free wire transfers can offer significant savings. Banks such as Citibank, Chase, and CIT Bank offer free international and/or domestic wire transfers under certain conditions, providing significant cost savings and the convenience of moving funds between accounts quickly and securely.
Great rates for foreign currency exchange
Finding a good foreign currency exchange rate is crucial because it directly affects the cost of goods and services you buy abroad. A favorable exchange rate means you get more foreign currency for your money, which means less expenses when traveling and shopping abroad. Getting a good exchange rate can therefore translate into significant savings and better financial outcomes for travelers.
Travelers looking for good rates on foreign currency exchange should consider local banks, credit unions and major banks like Chase and Bank of America. These institutions often offer the best rates and lowest fees, and offer the convenience of ATMs overseas, as well as the option to transact online or have currency mailed to you.
Travel Benefits
When it comes to earning points, miles, and cash back on travel, credit cards are probably the most well-known financial product. But there are also checking and savings accounts that can earn you these rewards. So if you plan on using your debit card to pay for your airfare, meals, and lodging, it’s important to find an account with rewards that can help you get more out of your spending. These rewards can help offset travel costs, making your next trip even more affordable.
Checking accounts that offer points, miles, and cash back for travel include Discover, Quontic Bank, and American Express.
Great customer support, easy online banking, and intuitive mobile apps
Accessible, responsive customer service is essential while traveling, especially if you run into problems with your account. Banks and credit unions with 24/7 customer support, online chat and toll-free service numbers can be extremely helpful.
Banks that offer 24/7 customer support include Ally, Discover, and American Express.
In addition to good customer support, an easily accessible online banking platform and mobile app that lets you check your account on the go are essential for travelers, especially those that can send alerts to your phone about suspected fraud or low balances.
Being alert to suspected fraud is essential, especially when traveling internationally, as bad actors can commit fraud without necessarily having your physical card.
“I received an alert from Chase that someone had tried to use my credit card while I was traveling,” says Karen Bennett, senior writer at Bankrate. “While my credit card was safely tucked away in my wallet, this person attempted to charge me thousands of dollars at a resort a few hours away from where I was actually vacationing. Thankfully, fraud protection prevented the charge and Chase canceled the card and sent me a new one.”
Other helpful features include the ability to easily lock and unlock your debit card if it’s lost, the ability to quickly dispute charges, and the ability to easily notify your bank of upcoming travel plans.
When searching for a bank or credit union with great customer support and easy online banking, it may be helpful to check out the various JD Power studies outlining customer satisfaction on these topics for banks. Additionally, user reviews within the Apple App Store and Google Play Store can help you distinguish between good and bad mobile apps.
Easy ways to save for your next trip
Saving for your next adventure is easy with the right bank account. Look for accounts with competitive Annual Percentage Yields (APYs), minimal fees, and features like automatic savings to help grow your travel fund.
Some bank accounts, like Ally’s savings account, have a system that lets you create multiple savings buckets based on your goals. This allows you to separate your savings into different categories, like travel, and even automate how much you deposit into each bucket each pay period.
Conclusion
Traveling can be expensive, but don’t let financial barriers stop you from exploring the world. With the right bank account features, like virtually no ATM or foreign exchange fees, you can save money and make your trip more enjoyable. Plus, features like 24/7 customer support, easy online banking, and automatic savings make saving for your next trip even easier.
