Charles Schwab debit card review: Fee, rates, ATMs & more

Shopping around for a new debit card? There are a lot to choose from, so it can be difficult to know where to start.

In this guide, we’ll give you the lowdown on the Charles Schwab Platinum Debit Card. This includes details of ATMs, transaction limits, fees and how it works abroad. It’s all to help you work out if it’s the right choice for you.

We’ll also throw an alternative into the mix - the Wise debit card. It’s tailor-made for international travel, letting you spend and withdraw cash for low fees in 174 countries.

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The Charles Schwab debit card - an overview

The Charles Schwab Platinum Debit Card is a contactless Visa card designed for everyday spending and ATM withdrawals. You can use it anywhere that Visa and Mastercard are accepted, and it works with mobile wallets too.

The debit card comes automatically with the Schwab Bank Investor Checking account. Key features of this account include:¹

• No monthly fees or account minimums
• No foreign transaction fees
• Unlimited ATM fee rebates worldwide
• A linked Schwab One brokerage account (this is automatically opened at the same time as the checking account)
• Access to Zelle, for sending money and paying bills.

Try the Wise card today – a great alternative with low fees

If you’re looking for a card for convenient, low-cost spending worldwide, check out the Wise debit card. Open a Wise Account online, and you can get your own card for a one-time fee of just $9. You can use the Wise card to:

• Hold and manage money in 40+ currencies from your phone
• Send and receive money internationally to 80+ countries with low fees from 0.41%
• Spend in 170+ countries with the Wise card, with transparent and competitive fees
• Robust security measures and encryption to protect your funds and personal information.

There’s even a handy Wise app, so you can manage your card and account 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.

How to get and activate a Charles Schwab debit card

Once you’ve opened your new Schwab Bank Investor Checking account, you’ll automatically get a debit card. It’ll be mailed to the residential address you used to sign up for the account.²

Ready to use it for the first time? You don’t need to contact Charles Schwab to activate your debit card, as instructions will be provided along with the card and your new PIN.

What ATMs can I use with a Charles Schwab debit card?

It’s free to use Charles Schwab Bank ATMs within the US, but you can use your Charles Schwab Platinum Debit Card pretty much anywhere.

This is because the account automatically reimburses any ATM fees you’re charged for using another operator’s ATM.

And there’s no upper limit on rebates, so you can withdraw to your heart’s content. Just don’t forget to check your transaction limits - we’ll look at what these are next.

What is the debit card limit for Charles Schwab?

There are some limits to be aware of with the Charles Schwab travel debit card. The good news though is that the spending and transaction limits are pretty generous, especially compared to some other banks.

Let’s take a look:³

Transaction limits	Maximum amount
Daily cash withdrawal limit from ATMs - in the US or worldwide	$1,000 a day
Daily purchases limit	$15,000 a day

If you need to spend or withdraw more, you can apply for a higher limit, although the bank doesn’t guarantee that your application will be successful.

Can I use my Schwab debit card internationally?

One of the main benefits of the Charles Schwab debit card is international usage. You can use it anywhere in the world that Visa and Mastercard are accepted, including overseas ATMs.

The Charles Schwab debit card has no foreign transaction fees to shop, spend and withdraw cash.

What’s more, the bank will automatically reimburse any surcharges from global ATMs. Some foreign ATM operators will charge fees, and you’ll usually have to pay fees for using an ATM outside of your bank’s network.

There’s no limit to these reimbursements, so you’ll never be left out of pocket when you withdraw cash abroad with your Schwab debit card.

Schwab Bank exchange rates

While it’s great that there aren’t any foreign transaction fees for using your Charles Schwab debit card internationally, there’s another crucial thing to consider.

One of the most important is the exchange rate used to convert currency when you spend in another country.

Your Schwab Bank checking account is in USD. So when you spend overseas on your linked debit card, those dollars will need to be converted to the local currency.

When this happens, the bank or ATM operator conducting the transaction will set the exchange rate. Alternatively, the Visa exchange rate will apply.¹ You can check this at any time using the Visa exchange rate calculator.

💡 But is this the best rate you can get? It’s always smart to compare it to the mid-market exchange rate, which is a margin-free rate offered by providers such as Wise.

Charles Schwab debit card fees

When you open a Schwab Bank checking account and get the linked debit card, you’ll pay:

• No monthly fees
• No fees for everyday purchases or cash withdrawals at a Charles Schwab ATM in the US
• No foreign transaction fees.

ATM operators outside of the bank’s network and outside the US may charge fees. But remember that Schwab Bank offers unlimited reimbursement for these fees for checking account holders.

So in short, there aren’t any fees to worry about at all. This is one of the reasons that Schwab Bank is such a popular option for people looking for affordable banking and a travel-friendly debit card.

Security with the Charles Schwab debit card

Now, how safe is the Schwab Bank debit card?

For starters, you’ll be protected by the Schwab Security Guarantee.² This is a guarantee that you won’t be responsible for unauthorized charges made with your Visa debit card. If you report any suspicious transactions, the bank will cover 100% of your losses.

Schwab Bank also has its own security features for your peace of mind. These include the following:

• Card lock and unlock in the mobile banking app
• Transaction alerts
• Travel notices
• Multi-layered technology, for both Schwab Bank online banking and the mobile app.
• FDIC cover of up to $250,000 for money held in your checking account.

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Bottom line

As you’ll be able to tell after reading this guide, the Charles Schwab debit card is a pretty good offer. It’s fee-free in every way that matters, and is ideal for use abroad. The linked checking account does everything you need it to for everyday banking, again without fees or any minimum deposit requirements.

To find out more about banking with Charles Schwab, check out our guide to international transfers with the bank.

Just don’t forget about that exchange rate when using your Charles Schwab debit card for travel. It can be beaten by alternatives such as the Wise debit card, which sticks to the mid-market exchange rate. This means no margins or markups, only a fair rate and low, transparent fees for currency conversion.

Learn more about Wise

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FAQs

Does Charles Schwab give you a debit card?

Yes, you’ll get a debit card automatically in the mail when you open a Schwab Bank Investor Checking account.

How do I get a new Charles Schwab debit card?

If you lose your Schwab debit card, you can order a replacement by signing in to online banking. If your current card has expired, you’ll automatically be issued with a new one.¹

Worried your card has been stolen? Get in touch with the bank right away - you’ll find full contact details here.

Does Charles Schwab debit card have international fees?

No, the Schwab debit card doesn’t have any foreign transaction fees for spending or withdrawing cash from an ATM. Other ATM operators may charge fees, but Schwab Bank will refund these.

How do I use my Charles Schwab debit card abroad?

You can use your Charles Schwab debit card internationally in just the same way as at home in the US. As long as major card providers like Visa and Mastercard are accepted, you should be able to use your Schwab card.

It’s a contactless card, so you can simply tap to spend in a store or restaurant. Alternatively, you can enter your PIN to authorize a transfer at the checkout or payment terminal.

You can also use overseas ATMs in just the same way as at home.

One tip to remember is that if you’re asked whether you want to pay in USD or the local currency - choose the local currency. Otherwise, extra fees could apply.

Does Charles Schwab work internationally?

Yes, it’s one of a growing number of banks with debit cards that work outside the US. You can use your Charles Schwab card all over the world, wherever Visa is accepted.

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Sources used for this article:

1. Schwab - Checking
2. Schwab - Checking - FAQs
3. Schwab - Visa debit card agreement

Sources checked on 02-Jun-2023.