ATM FEES ARE FOR CHUMPS!
You don’t want to be a chump and pay all those crazy fees when you’re on the road, do you?
Well, luckily for you, I have a work around that will save you from paying hundreds, even thousands of dollars in ATM fees both domestically and internationally!
The method for avoiding ATM fees that I explain in this in-depth video shown below is a method that I’ve been using since 2007.
I have personally saved thousands of dollars in fees through out my travels abroad. That’s not counting how much I’ve saved on ATM fees domestically here in the good ol’ USA!
Nobody likes to pay those bullsh*t ATM Fees and why should you? If you want to rid yourself of ATM fees starting TODAY, be sure to watch the following video.
httpvh://www.youtube.com/watch?v=uFBzGPg8wbU
The inspiration for this video came from Patti, one of my Facebook fans who is heading over to Spain to visit her daughter. Patti had mentioned that she had been running around to a few local banks trying to make sure she got the best exchange rate when exchanging her US Dollars into Euros before taking off on her trip.
It wasn’t until I asked her if she knew that she could take Euros out of the ATM simply by using her ATM card while in Spain that I realized how spoiled I am when it comes to international banking.
I haven’t paid a single ATM fee since 2007!
For that reason, I simply forgot that everyone else out there in the U.S. gets whacked with a fee every time they use a “non-bank” ATM machine.
For example if you’re a Bank of America customer and you stop into a Citizens Bank ATM machine to grab some cash, you’re going to be charged a fee for using an ATM that isn’t associated with your bank.
Now, let’s talk international ATM fees. Did you know that if you’re a Bank of America customer and you use your ATM card abroad you’re going to be charged an astronomical international fee?
Let’s use Spain as an example. I’m a Bank of America customer and I’m in need of some cash while I’m in Barcelona. I stop into an ATM and use my Bank of America ATM/Debit card to withdraw some funds. The money is dispensed and I’m on my way. It’s not until I get home and I log on to view my online banking statement that I see that I’ve been charged anywhere between $5 – $7 USD each and everytime I withdrew cash while abroad. WHOA!
Fees Overview:
- Domestic ATM Fees range from: $1.50-$3.00
- International ATM Fees range from: $5.00 – $7.00
Take a second to think about how many times you visit an ATM while traveling. Since you’re in a foreign country you don’t want to walk around with a wad of cash in your pockets do you? Of course not!
You certainly do not want to leave money lying around your hostel/hotel room either! I don’t care if it’s in an in-room safe or not. Remember, ALL in room safes can be accessed by hostel/hotel employees at any time. Also remember, you’re not in the USA anymore! Don’t think for a second that the hostel/hotel will be responsible for reimbursing you the money that was stolen. They’ll most likely tell you to kick rocks.
If you’re smart and you don’t carry a lot of cash on you, you’re going to need to use those trusty ATM machines quite often during your trip. In that case, those outrageous ATM fees that your bank charges you will certainly add up quick!
The Solution:
The solution to avoiding ATM fees internationally is to sign up for a Charles Schwab High Yield Investor Checking Account. It’s 100% free to sign up and there are absolutely NO fees involved in opening an account.
What are the fees and minimums?
- Monthly service fees: $0
- Account minimum: $0
What do I get with this Investor Checking account?
- Unlimited rebates from any ATM worldwide1
- A 0.15% variable interest rate on any balance2
- Free standard checks and a Visa® Platinum debit card
- FDIC insurance up to $250,0003
- A linked Schwab One® brokerage account with no fees or minimums
What are you waiting for?
Get over to Charles Schwab and sign up for a free High Yield Investor Checking Account and start saving those precious dollars of yours today! Think of it this way, with the money you’ll be saving per ATM transaction, it could buy you a breakfast, lunch or dinner in many destinations around the world.
Say it with me… NO MORE ATM FEES!
P.S. – In case you were wondering, I have no ties to Charles Schwab nor do I make a commission or any sort by referring you to them. I’m simply just a very satisfied customer who loves sharing his tips on how to save money while traveling abroad.
—
If you find this video helpful, please share it with your family and friends! Also, don’t forget to subscribe to my YouTube channel for more future Travel Tuesday Q&A videos!
If you have any travel related questions, feel free to join me on Facebook or simply leave your questions/comments below!
Safe Travels,
Ryan
And I thought I knew all the international banking tricks! Thanks for this one, Ryan!
No problem Barbara! Glad to have helped such an experienced traveler like yourself…
I’ve have now lived in Europe for just over 20 years and travel quite extensively for my job (broadcast journalist). I had to seriously look up what an ATM was.
Never used one and never will.
What fees?
Thanks for the comment Anthony. I’m confused by the fact that you’ve never heard of an ATM machine before? I’m assuming they call it something different in Europe. Although, in saying that, I’ve been all over Europe and whenever I ask for an ATM, everyone seems to know what I’m talking about. You don’t use an ATM, so how do you manage your money? I’m interested in finding out what you use on a daily basis. Looking forward to hearing back from you.
I use this thing, maybe you’ve never heard of it, it’s been around for years.
A wallet.
One of the unique things about these “wallets” is they have a long compartment for carrying note money.
I manage my money by what I have on me.
If I don’t have it on me, I don’t need it or buy it. I spend and stay on budget.
I had to google “ATM” actually – I never use that term. Sorry, but I giggled when you mentioned that you “hadn’t paid a single ATM fee since 2007”.
We have only one credit card, never carried on my person; only used for emergencies.
I have never bought anything by mail-order or by internet.
(As as child, saved up my pennies for two years and sent away for that special toy via the mail – it never arrived – a life-lesson learned)
I never have nor will I ever use internet banking – too easy to get screwed (I have seen and learned from others what can happen).
Here’s a huge secret to managing your life – no GSMs (cell phones).
Taking control of your life and business means just that – take control.
I meet with them colleagues/staff, clients and friends each day over tea.
(All those tables and sunshine – it’s one of the main reasons I moved to Europe.)
Married 12 yrs, my husband works for the “State Dept” for his nation.
Two successful businesses and 2 homes (1 for investment)/1 apartment (Paris).
Manage a successful morning chat/political/music program (#1 for 4 years in our market).
We own no car and use only public transport, tramlines/buses/metro 5 minutes from our home(s). We usually bike everywhere.
We live comfortably and never above our means or wasteful in any sense.
We’re homosexuals, and have no friends that are – most would have a hard time believing we are, a far cry from any stereotype (military Marine Vet)
As mentioned, our careers sometimes keeps us travelling often.
Most holidays are spent in Africa doing volunteer charity work – and our passion is Rock Music Festivals in the UK.
I have lived this way since 1985, out of military and university I learned that your finances, like your life, are completely controlled by you – show me someone walking around with a GSM, ATM, Internet Banking, Facebook account, etc. and I’ll show you someone that has no control, purpose or clear direction to know exactly where they are going and knowing exactly how they are going to get there. It’s not that difficult to figure out – and life really isn’t that hard if you learn to manage it.
Life is not about missing the walk down beautiful Champs-Élysées because you’ve got your nose glued to a tiny machine in your hands busy texting your mates about what your ate for lunch.
That gesture alone – is not managing your life.
I better stop, I said more than my own best mates know about me. (I talk too much – one of the main reasons I don’t use Twitter or Facebook)
Ryan is just helping what many other people have issues with. Many people use ATM’s when traveling. Not everyone works the same way you do. We don’t need your life long story about not following trends or showing off.
Is this guy for real?
Sure, there are a lot of people out there that let technology and social media get out of hand. But I would say there are even more of us who use it in a reasonable, positive manner to enhance our lives.
Internet banking has some risk, yes, but it can be severely mitigated by educating oneself in its proper use.
I can understand if you don’t need a cell phone to enjoy your life and that is fine. But recognize that it is a magnificent advancement in communications that, while it can also be used to post mean comments on youtube, it can be used for good, constructive things as well.
Also, are you amish?
Great article! I’m going to study abroad in the spring for 5 months and I’m definitely going to use this. Do you know if there are fees attached to the use of the debit card overseas?
You know, I’m not sure about the international fees involved. Your best bet would be to make a quick call to Schwab. The customer service is top notch and they’ll be able to answer all of your questions within seconds.
Do you have any other tip to save money on ATM fees while travelling abroad. Actually I live in India and will not be able to open a account in Schwab.
Thanks in advance.
Sorry to hear that you cannot get yourself a Schwab account. I think your best bet would be to do some research about banks in your country that offer worldwide atm fees reimbursement.
I signed up for my account last night! Thanks much for the recommendation, guys.
Excellent! Trust us on this one. You’re going to save a hell of a lot of money by doing so. We’re currently paying 150 THB ($5.10 USD) per ATM withdrawl here in Thailand. Thankfully, all of these ATM fees are being reimbursed to us at the end of the month thanks to good ol’ Charles Schwab! Just imagine using your ATM card 10 times in the span of a month or two. That’s a $50 savings right there.
Ok so you’re not hit with any international ATM fees With using the schwab high yield checking account debit card in another county’s ATM but are there any currency transaction fees for doing so?
I mean currency exchange fees from Schwab?
Hi Ryan, thanks for this tip. I am in Aruba and have been hit with a ten dollar domestic fee and a 2 dollar fee from my bank. I am not sure that the Schwab account will be my silver bullet with these domestic fees, but I have been really happy with schwab and the fact that i can reach them via skype reliably is ridiculously valuable.
I will also use the account to have my paycheck here deposited– and it has bill pay so I can do that too. Next step: getting out of the fees caribbean banks are charging.