How to skip out on ATM fees–forever

Why I Never Travel (or Stay Local) Without My Schwab Debit Card

I’m about to visit London to see a friend, and my in-laws are heading to Paris for a mini-vacation, so this topic has been top of mind. I never travel without my Charles Schwab debit card, which I’ve had since 2016. It’s not just a card; it’s peace of mind. Schwab reimburses all ATM fees, even international ones, and waives foreign transaction fees. No matter where I go, I can withdraw cash without worrying about extra charges.

But this card isn’t just for travel—it’s freeing in everyday life, too. In the U.S., I don’t have to think twice about cash-only establishments like diners, dive bars, or, dispensaries. With a Schwab debit card, the location of the nearest ATM doesn’t matter. Any ATM works because Schwab has your back with fee reimbursements.

Another huge perk? I can freely withdraw small amounts of cash, instead of taking out a large amount to avoid ATM fees. For example, when I was traveling in India, I didn’t need to carry around fat wads of rupees just to minimize transaction fees. I could withdraw exactly what I needed, when I needed it, without paying extra.

Now, the savings may not be life-changing. Over two years, I saved $212 in ATM fees—a nice perk, but not groundbreaking. Where the card truly shines, though, is in those edge cases where cash becomes unexpectedly essential. Picture this: you’re in a rural area of a foreign country with low cash withdrawal limits at ATMs and minimal credit card acceptance. That’s exactly what happened to me in Rwanda in January 2023—I had to make no fewer than eight withdrawals just to cover my expenses. In moments like these, having instant, cost-free access to cash is invaluable.

Schwab reimbursed every ATM fee when I was traveling in East Africa in 2023

Ultimately, the Schwab debit card isn’t about making or saving you a fortune. It’s about convenience and flexibility. Whether you’re traveling abroad, grabbing a late-night bite, or tackling an unexpected situation, this card is a must-have in your financial toolkit.

You can get the card through Charles Schwab’s Investor Checking Account. It has no minimum fees, making it a great place to park a little cash for those moments when you need access to an ATM.

As a side note, Fidelity’s Cash Management Account offers the exact same benefits. However, because Fidelity is a brokerage, they park your cash in SPAXX or FZFXX—essentially risk-free money market funds. For all intents and purposes, it works exactly like a checking account, but the setup differs slightly from Schwab, which uses a dedicated banking entity (Schwab Bank). Either way, both accounts are excellent options for anyone looking to save on ATM fees.