No international fee debit cards guide

If you’re making a payment in a different currency, you may be worried about incurring large foreign transaction fees.

However, there are a few convenient and cost-effective no international fee debit cards that can help you avoid transaction fees abroad, such as currency conversion charges and ATM withdrawal fees.

Read everything you need to know about no foreign transaction fee debit cards, including the top cards to use on your next trip abroad.

Understanding foreign transaction fees

When you spend money in a different currency, your bank often adds a charge to the transaction.

This is a foreign transaction fee — and it can mean you end up spending a lot more than you expected. Also known as an FX fee, most foreign transaction fees involve a 3%-5% markup on your purchase.

This applies to online payments made in local currencies and everyday purchases while you’re traveling.

Can you avoid foreign transaction fees?

There are a few ways to avoid foreign transaction fees. If you’re heading abroad, you could take some cash in local currency with you to make any purchases.

This is also a good way to cover expenses if your debit or credit card stops working for any reason.

You should also avoid using your credit card when withdrawing cash from an ATM abroad. This can often involve cash advance fees and interest — and in some cases, you’ll have to pay any interest back immediately.

Although many debit and credit cards incur fees — this isn’t the case for every card.

No foreign transaction fee debit and credit cards are a simple solution to avoid international fees when spending in multiple currencies across the world.

Why choose a no foreign transaction fee debit card?

A foreign transaction fee-free debit card is a great idea if you’re traveling abroad — or if you need to make an online payment using local currency.

You can pay for your hotel, buy groceries, and withdraw money from ATMs free of charge. Many banks even offer a few added perks for their customers.

Pros and cons of using a no foreign transaction fee debit card

✅ Pros	❌ Cons
Make fee-free everyday purchases abroad Some debit cards reimburse individual ATM charges View your transactions via a digital app	Some debit cards charge a monthly fee Many cards require a minimum deposit Many debit cards don’t reimburse ATM transaction fees

What are some of the best no international fee debit cards?

There are a few no international fee debit cards available if you’re wanting to spend money overseas.

Different banks offer different perks for their customers — and there’s a debit card for all purposes.

Varo Money

Varo Money is an online option, and it lets digital users manage foreign payments from a convenient mobile app.

Varo Money prides itself on never charging for foreign transactions, and its checking account is completely free. However, Varo Money won’t reimburse you if you’re charged an individual ATM withdrawal fee overseas.

Feature	Varo Money
Monthly fee	None
Minimum deposit	0 USD
Minimum monthly balance	0 USD
Foreign transaction fee	None
Foreign ATM fee	None
Conversion fee	None
ATM reimbursement	Varo Money doesn’t offer this option¹

Schwab Bank High Yield Investor Checking

Schwab Bank High Yield Investor Checking lets you spend money in multiple currencies without fees, and this account also offers unlimited ATM fee reimbursement abroad.

There’s no minimum monthly balance, but only if your account is linked to a brokerage account.

Feature	Schwab Bank High Yield Investor Checking
Monthly fee	None
Minimum deposit	0 USD
Minimum monthly balance	0 USD (if linked to a brokerage account)
Foreign transaction fee	None
Foreign ATM fee	None
Conversion fee	None
ATM reimbursement	Unlimited ATM reimbursements²

Capital One 360 Checking

Capital One 360 Chequing offers a range of benefits, including no foreign transaction fees when using your debit card to make payments in other currencies.

This debit card doesn’t charge a foreign currency conversion fee — but you won’t receive an ATM reimbursement when withdrawing money abroad.

You can avoid these charges by withdrawing money from a Capital One ATM.

Feature	Capital One 360 Checking
Monthly fee	None
Minimum deposit	0 USD
Minimum monthly balance	0 USD
Foreign transaction fee	None
Foreign ATM fee	None
Conversion fee	None
ATM reimbursement	This isn’t an option³

Heritage Bank eCENTIVE Checking Account

The Heritage Bank eCENTIVE Checking Account lets you keep money in your account with no monthly fee or minimum balance requirements. You can also access a base interest rate of 0.05% APY.

However, you need a 100 USD minimum deposit in your account, and ATM refunds abroad only cover up to 25 USD.

Feature	Heritage Bank eCENTIVE Chequing Account
Monthly fee	None
Minimum deposit	100 USD
Minimum monthly balance	None
Foreign transaction fee	None
Foreign ATM fee	None up to 25 USD
Conversion fee	None
ATM reimbursement	Up to 25 USD⁴

How to get a no international fee debit card

There are a few important steps to getting your first no international fee debit card.

Step 1. First of all, it’s important to compare the top-ranking no fee debit cards. You want to make sure you get the best deal for you

Step 2. As with any bank application, it’s also a good idea to check eligibility requirements for a no international fee debit card. There are often certain criteria, such as age, credit score, and region

Step 3. Once you’ve confirmed that you’re eligible, you can apply for a no foreign transaction fee debit card online or visit a local bank branch

Step 4. Activate your new card to enjoy fee-free international transactions across the world!

The world's most international account at the tip of your fingers: Meet Wise

The Wise card is a simple solution for spending money abroad!

Wise only charges the mid-market rate — meaning you always know exactly how much your transaction will cost.

Avoid hidden fees when spending, sending, and receiving your money across the globe.

The Wise Account includes:
No foreign transaction fees Hold money in over 50 currencies Send money to 80 countries No monthly or annual charges

Enjoy making speedy purchases in multiple currencies with your Wise Account — all available via a handy mobile app.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

Factors to Consider When Choosing a No Fee International Debit Card

There are a few factors to consider when choosing a no international fee debit card for your next holiday.

ATM network and accessibility

Many no international fee debit cards let you take out money in a foreign currency without charging a fee — and some accounts even reimburse individual ATM fees.

If you think you’ll be taking out a lot of cash abroad, this is an important factor to consider.

Customer support

Sometimes things don’t go to plan! Make sure to choose a no foreign fee debit card that offers great customer service, just in case you need help with your account while traveling.

Exchange rates and currency conversion fees

Every bank offers different exchange rates and currency conversion fees, letting you make purchases in many local currencies without incurring large charges.

In particular, it’s important to look out for words such as “mid-market rate”. This is the standard exchange rate — and it means you’re not paying more than necessary for any foreign transactions.

Security features and fraud protection

As with any bank account, it’s important to look into the security features available with your no foreign fee debit card.

Some banks may offer full protection if your money gets stolen, and it’s a good idea to double-check fraud protection policies before you sign up.

Additional perks and benefits

Many banks may give you additional perks and benefits along with your debit card. For example, you may receive rewards such as cashback and interest.

Some modern debit cards will also let you manage your money using a mobile app, meaning you can easily track your spending while off on your travels.

Tips for using your no foreign fee debit card abroad

There are a few things to remember when using a debit card abroad.

When you make a purchase, you’re often asked if you’d like to pay in USD using a service called dynamic currency conversion (DDC), or if you’d like to pay in local currency. Choosing USD can often work out as more expensive.

This is because local currency exchange rates are set by your card network, whereas DDC rates are set by the place you’re buying from. This means the rates could be inflated — and you never really know how much you’re going to end up paying.

Make sure to choose local currency whenever you can, even when using a no foreign fee debit card.

If you’re spending money online, it’s also important to check if an online retailer is based abroad or if they route their payments through an overseas bank. If this is the case, you may still be charged a fee, even if you’re paying in USD.

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A no international fee debit card is a great way to avoid high foreign transaction fees in local currencies — whether you’re ordering online or heading abroad.

To find out how you can start spending like a local, check out Wise.

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Sources:

1. Varo Money
2. Charles Schwab
3. Capital One
4. Heritage Bank

Sources checked on 04.27.2023