The best banks and alternatives for international travel in 2023

When looking for a new checking account, you’ll need to focus on what’s important to you. If you travel a lot, this is absolutely something to bear in mind when comparing banks.

We’re here to help, with a roundup of the best US banks and alternatives for international travel. We’ll also include a Money Service Business like Wise, which could save you money.

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Before we start, let’s talk about one alternative option.

Wise, although not a bank, but a Money Service Business (MSB), it can be a great alternative to cover many of your banking needs.

Wise is especially useful for international transactions and overseas spending. So you should check it out if you’re someone who travels a lot, lives or works abroad, or has family, property or any other dealings in other countries.

With the Wise Account, you’ll get the following features:

• Bank details in 10 currencies
• The option to hold, send, spend and convert 40+ currencies at once
• Send money overseas with low and transparent fees,
• Order a Wise card for a one time fee of just $9 - for use in 174 countries
• Mid-market exchange rates on all transactions.

It’s quick, easy and free to open a Wise account online. And there’s even a handy Wise app, so you can manage everything from your phone.

Get a Wise Account today

Please see Terms of Use for your region or visit Wise Fees & Pricing: Only Pay for What You Use for the most up-to-date pricing and fee information.

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What are the best banks for international travel? Your options

Many US banks focus firmly on domestic banking. But others have realized that their customers demand more, especially those that love to travel - or who work, run a business or have family overseas.

Below, we’ll run through our pick of the best banks to use for international travel. Look out for a few key features, namely:

• Foreign transaction fees
• ATM withdrawal fees
• Use of your debit card abroad
• Reimbursement of fees from overseas ATM operators.

Some accounts come with a fee in exchange for these kinds of travel benefits, while some are free. We’ve included a mix of both below, so you can be fully informed and compare providers - all to find the best option for your needs.

Capital One¹

You’re likely to have heard of US bank Capital One. Its primary checking account is a digital one, called the 360 Checking Account. It’s managed via mobile banking, comes with a debit card and charges no monthly fees.

It’s a decent everyday checking account, offering features such as direct deposits (so you can get your paycheck up to 2 days earlier) and overdraft options if needed. You can also make Zelle payments through the Capital One app.

The 360 Checking Account also offers perks for travelers, such as :

• Fee-free cash withdrawals at over 70,000 ATMs
• No foreign transaction fees - for using your debit card outside the US, or making any transactions in a foreign currency.

However, it doesn’t refund any fees charged by ATM operators - which can happen in some countries. And you’ll also be charged a fee if you send outgoing international wires, such as to cover bills at an overseas holiday home, for example.

Revolut²

Digital solution Revolut is known as one of the online alternative providers for international travel.

It offers a choice of plans, starting with a free standard account. This comes with tools you need for everyday money management. You’ll get a personalized debit card, fee-free withdrawals at 55,000 ATMs. Your Revolut card can also be used to spend in over 150 currencies.

You can also upgrade to a paid plan, and unlock lots of other features. Many of these are tailor-made for regular travelers. This is one of the reasons that Revolut is considered one of the best options for frequent international travel.

Although, what you get all depends on whether you go for the Premium plan ($9.99 a month) or the Metal plan ($16.99 a month).

The long list of available travel benefits (plan dependent) includes:

• Primary accidental medical insurance
• Trip delay expense coverage
• Trip cancelation and interruption protection
• Delayed baggage expense coverage
• Lost or damaged baggage protection
• Discounted airport lounge access.

Paid plan holders also get more free international transfers, and a higher limit on fee-free currency exchange.

A quick note on currency conversion and exchange rates with Revolut. It offers fee-free currency exchange from Monday to Friday, but a fee of 1-2% (currency dependent) will apply at weekends - which is deemed to be outside of market hours.³

Charles Schwab Bank⁴

The Schwab Bank Investor Checking account doesn’t at first glance seem like an everyday account suitable for travel. It seems more like an option for investing. But it’s actually a little of everything.

The account has no fees and no minimum balance requirements, and also gives you 0.45% APR on your checking account balance.

If you’re heading off overseas, you’ll also benefit from no foreign transaction fees and unlimited ATM fee rebates.

The only thing to note is that when you open a Schwab Bank Investor Checking account, you’ll also need to open a Schwab One brokerage account at the same time. However, there are no fees and no minimum balance requirements, so you don’t necessarily have to use it.

Betterment⁵

Although it’s mainly known for its robo-advisor investment products, Betterment also has a pretty decent checking account.

The Betterment Checking account has no fees, is managed by mobile app and comes with a Visa debit card for daily spending. It’s also FDIC-insured up to $250,000. Plus, you can get cashback rewards at some of your favorite brands, such as Costco.

For travelers and vacationers, there’s an extra feature. You’ll get all ATM and foreign transaction fees automatically reimbursed.

Citibank

Citi offers a range of checking accounts, all of which are useful for everyday management of your finances. Most do come with a monthly fee though, it should be noted.

But to access travel-friendly benefits, you’ll need to go for one of Citibank’s premium account options. For example, if you get the Citi Priority Package, you’ll get:⁶

• Fee-free ATM withdrawals worldwide
• No foreign exchange fees when using your debit card abroad.

There’s a fee of $30 a month for this account. However, this can be waived if you can maintain an average monthly balance of $30,000+ (this can be across several Citi accounts and products). ⁶

Bottom line

So, which are the best American banks & alternatives for international travel? There are a decent number to choose from, although many charge a monthly fee to access premium travel perks.

If you’re simply looking for a checking account with no or low fees for spending and withdrawing abroad, the Capital One 360 Checking Account possibly has the edge on the rest. It charges no monthly or foreign transaction fees, and is great for use as an everyday account, too.

If you travel regularly, you could consider Revolut and its Premium or Metal plan. These do come with monthly fees, but there’s a huge list of travel benefits on offer. This includes travel insurance and medical cover, which you’d need to buy separately before a trip. Do your sums, and the monthly fee could be good value.

But don’t forget that you can also make use of specialist online solutions like Wise, either instead of or alongside your bank’s checking account.

The Wise Account is tailor-made for travel. It lets you send, spend, convert and receive money in 40+ currencies, all for low fees and mid-market exchange rates. You can do everything online, or on the Wise app.

And there’s even a Wise debit card for convenient, low-cost spending in 174 countries.

Learn more about Wise

Please see Terms of Use for your region or visit Wise Fees & Pricing: Only Pay for What You Use for the most up-to-date pricing and fee information.

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FAQs

Which bank is best for traveling abroad?

All of the options we’ve looked at above are suitable for use overseas. Capital One’s 360 Checking Account is possibly the best everyday option. However, you’ll always get a better deal on travel spending with an international specialist like Wise (although it’s not a bank).

Is Bank of America an international bank?

Bank of America does have a global presence, operating in countries outside of the US. However, it does charge fees for international transactions, such as withdrawing cash at an ATM not owned by Bank of America or one of its international partners.⁷

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Sources used for this article:

1. Capital One - Online checking account
2. Revolut - Our pricing plans
3. Revolut - Standard fees
4. Schwab - Checking
5. Betterment - Checking
6. Citi - Priority Checking
7. Bank of America - International

Sources checked on 12-May-2023.