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If you’re an avid traveler at heart, then your bank account should reflect that.
We looked for the best savings accounts that may help you save for travel and checking accounts that allow you to access your money with ease when you’re on the road and overseas.
We picked the top savings, checking, and all-in-one accounts for travel, to help you save or manage your money.
Best Bank Accounts for International Travel
Ally High Yield Savings Account – Product Name OnlyBask Bank Mileage Savings Account – Product Name OnlyCapital One 360 Checking – Product Name OnlySchwab Bank High Yield Investor Checking® Account – Product Name OnlySoFi Checking and Savings – Product Name OnlyRevolut Account – Product Name Only
Below, you’ll see our top picks for international travel. All of the financial institutions on our list are protected by FDIC or NCUA insurance. Although First Republic Bank was recently shut down, bear in mind your money is safe at a federally insured financial institution. When an institution is federally insured, up to $250,000 per depositor is secure in a bank account.
Compare the Best Bank Accounts for International Travel
Bank Accounts for International Travel FAQs
Which bank is best for traveling abroad?
The best bank for international travel depends on what you’re looking for, whether it’s branch access, fee-free withdrawals, or no foreign transaction fees. With that said, we think SoFi, Revolut, Ally, Bask Bank, Capital One, and Charles Schwab are some of the best places to keep the money you’re planning to spend on travel.
What banks do not charge foreign transaction fees?
Charles Schwab reimburses all ATM fees worldwide. Others, like Capital One and Citi, have a massive network of ATMs where you can access your money without fees, but if you go out-of-network, you may be charged a fee by the ATM operator.
Is it better to use a debit or credit card abroad?
Credit cards are generally the safest method of payment both in the US and abroad. Protections on credit cards are more extensive than debit cards, and if your credit card gets stolen, you won’t need to worry about a thief draining your bank account. A no-foreign-transaction fee credit card is your best bet — you can keep your money safe and earn rewards on purchases.
Can I open a bank account internationally?
Yes, you may open a bank account in another country. However, make sure that you report your bank account information to the IRS annually.
Best Bank Accounts for International Travel Reviews
Best Savings Accounts for International Travel
Ally High Yield Savings Account – Product Name Only
The Ally High Yield Savings Account provides easy tools to set savings goals for your next trip, and you’ll earn interest without having to take on any risk.
You can also set up a checking account through Ally. When you need access to your savings, just transfer money from the savings account to the checking account through the online portal, and you’ll be able to spend the money almost instantly.
Ally also offers an easy-to-use mobile app and 24/7 customer support, making it simple to access your account while you’re on the road.
You won’t be able to deposit cash directly into your bank account. Instead, you’ll have to transfer money from another bank account.
Bask Bank Mileage Savings Account – Product Name Only
You might find the Bask Bank Mileage Savings Account – Product Name Only appealing if you are a frequent American Airlines flyer. This savings account lets you earn earn 2.5 American Airlines AAdvantage miles for every $1 saved annually on a Bask Bank Mileage Savings Account. You can redeem miles for booking flights or hotels, upgrading flights, renting transportation, or planning vacation activities.
Bask Bank is also offering a bonus for new Bask Mileage Savings Account customers. If you fund your Bask Mileage Savings Account within 15 business days following the initial account opening and maintain a minimum daily account balance of $25,000 for 90 consecutive days out of the first 120 days following the initial account opening, you can earn up to 5,000 Bonus AAdvantage® miles.
AAdvantage miles earned through the Bask Bank Mileage Savings Account – Product Name Only will not go toward boosting your AAdvantage status.
Bask Bank also doesn’t have a checking account, ATM cards, or debit cards, so you’ll have limited access to your account. You’ll need to link an external bank account and initiate a bank transfer to deposit or withdraw money.
Best Checking Accounts for International Travel
Capital One 360 Checking – Product Name Only
Capital One 360 Checking might be a solid choice if you’re most comfortable with a well-known retail bank and want no-fee cash withdrawals at home and in select countries abroad.
You can withdraw up to $1,000 a day at any ATM worldwide using your MasterCard and Capital One won’t charge a fee, though the ATM operator may. The bank ranks No. 1 on J.D. Power’s US National Banking Satisfaction Study, and it made Insider’s list of the best checking accounts.
Capital One also offers a solid high-yield savings account, which is a good choice if you want to keep your savings at the same bank as your checking.
If you travel to Europe, Asia, or any other place where Capital One and AllPoint don’t have ATMs, you may have to pay third-party ATM operator fees to take cash out (Capital One will never charge you an additional fee).
As for branch access, the bank only operates about 280 branches in seven US states, though Capital One Cafés are in some big cities around the US.
Schwab Bank High Yield Investor Checking® Account – Product Name Only
The Schwab Bank High Yield Investor Checking® Account – Product Name Only notably offers unlimited refunds for ATM fees worldwide, and it doesn’t charge foreign transaction fees. Charles Schwab is an investment platform, but it also has banking products.
Keep an eye out for: You must open a brokerage account with Charles Schwab before opening a checking account.
Best All-in-One Accounts for International Travel
SoFi Checking and Savings – Product Name Only
SoFi Checking and Savings offers the best of both worlds. It’s a hybrid savings/checking account with a competitive interest rate and a MasterCard debit card for easy access to your cash.
SoFi is part of the Allpoint ATM network, so you have free access to 50,000 ATMs worldwide, and SoFi doesn’t charge a foreign transaction fee when you make a purchase with your debit card abroad.
Again, SoFi is completely online — you’ll need to call customer service when you want help with your account rather than walking into a physical location.
While SoFi doesn’t charge any foreign transaction fees when you withdraw cash at an international bank or ATM, MasterCard will charge 0.20%, and SoFi won’t reimburse you.
SoFi Checking and Savings Review
Revolut Account – Product Name Only
You might like the Revolut Account – Product Name Only if you’re looking for an alternative to traditional banking.
Revolut is a British fintech company with an international finance and investing app. You can open accounts from anywhere in the US.
The Revolut Account is a prepaid debit card linked to a bank account. You can easily spend money internationally in over 150 types of currency. The account also allows you to make one fee-free international or domestic wire transfer per month with the Standard plan, three with the Premium plan, and five with the Metal plan.
The account also has budgeting features that let you round up prepaid debit card purchases or set up individual savings goals through Vaults. The Revolut Account and Savings Vault are FDIC-insured by Metropolitan Commercial Bank and Sutton Bank.
Revolut has three plans: Standard (Free), Premium ($9.99 per month), or Metal ($16.99 per month). Access to certain app features will depend on your monthly plan.
Bank Account Alternatives for Travelers
Chase Total Checking®: This account appeared on our best checking accounts list, but it charges $5 per withdrawal and $3.00 for any transfers or inquiries at ATMs outside the U.S., Puerto Rico and the U.S. Virgin Islands. Fees from the ATM owner still apply.Discover Cashback Debit Account: Discover’s checking account has no monthly service fees and allows you to earn 1% cash back on up to $3,000 in debit card purchases every month, but its use is limited to the US, Canada, Mexico, and the Caribbean.The Citi Account Package Checking Account: A fine checking account with options to waive the Citi Regular Checking – Fees Display and branch locations abroad, but customer satisfaction is below average, according to J.D. Power’s US National Banking Satisfaction Study.HSBC Premier Checking (Member FDIC) : HSBC (Member FDIC) offers a good variety of checking accounts, although only those with high minimum balance or deposit requirements get ATM fees reimbursed.Wealthfront Cash Account: Although this account operates similarly to a high-yield savings account, it’s technically a cash management account. You might like this option if you already invest with Wealthfront and want to earn a high interest rate on your savings. However, keep in mind Wealthfront doesn’t offer other types of accounts like CDs or checking accounts.Betterment Checking Account: Betterment reimburses all foreign transaction fees and ATM fees worldwide, and the app is easy to use. However, our top picks for checking accounts may also offer more banking options, such as CDs or brokered CDs.Marcus by Goldman Sachs High Yield Online Savings Account: Marcus has a good high-yield savings account; Marcus savings rates current pays Marcus High Yield Online Savings Account – APY APY. However, the high-yield savings account doesn’t have as many goal-setting features as Ally, if that’s important to you. American Express® High Yield Savings Account – Product Name Only (Member FDIC): With a solid APY, this high-yield savings account is a good option if you don’t mind not having mobile access.
Bank Trustworthiness and BBB Ratings
The Better Business Bureau assesses companies based on responses to customer complaints, honesty in advertising, and transparency about business practices. Here are the BBB grades for our favorite travel accounts:
InstitutionBBB gradeAllyABask BankB (A+ for parent bank, Texas Capital Bank)Capital One 360A+Charles SchwabA+SoFiA+RevolutF
Revolut has an F rating from the BBB due to a high volume of customer complaints filed against the business, and Revolut hasn’t responded to or resolved some of the complaints.
Bask Bank received a B grade from the BBB because of its volume of customer complaints. However, its parent company, Texas Capital Bank, has an A+ rating from the BBB.
A great BBB score doesn’t guarantee your relationship with a company will be perfect. You’ll also want to speak with current customers or read online customer reviews.
Capital One is the only bank on our list that has been involved in a recent public controversy.
In 2020, Capital One paid $80 million after the Office of the Comptroller of the Currency stated that the bank was partially responsible for a 2019 data breach in which a hacker accessed over 100 million credit card applications. The OCC said Capital One’s security was inefficient at the time.
Why You Should Trust Us: Our Expert Panel for the Best Banks for International Travel
We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best accounts for your needs.
Insider
Here’s what they had to say about banking for travel. (Some text may be lightly edited for clarity.)
How can someone determine whether a bank is the right fit for them?
Tania Brown, certified financial planner at SaverLife:
“Obviously, you want to make sure it’s FDIC insured. Also, your banking experience — do you like walking into a bank? Well, then you need someone local. Do you just not care if you ever see your bank? Then you’re okay online. Do you write checks? Do you not write checks? So it’s thinking through how your experience with it is going to be before you make that decision.”
Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:
“I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. If I’m searching for an interest-earning bank account I’ll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account.”
What should someone look for in an online bank?
Roger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life”:
“How onerous the transfer process is, transferring money in and transferring money out. Is it same day, next day? Is it pretty easy to sync a brick-and-mortar checking account to this particular high-yield savings account?”
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
“When it comes to online banks, you want to be a little bit more strict about what type of interest rates they’re providing. That’s the biggest thing, because online banks are supposed to have the higher interest rate because they don’t have the overhead of the brick-and-mortar. You want to make sure that it’s well above the national average.
“What types of securities do they provide? Do they have two-factor identification? If it’s an online bank, they should definitely have — at the bare minimum — two-factor authentication in how easy it is to change your passwords and things like that, because you want to be a little more hypersensitive about the cyber security for a strictly online bank.”
What should someone look for in a bank account if they travel frequently?
Sophia Acevedo, CEPF:
“You’ll want to be mindful of bank account limits and fees. You might be charged fees if you use an ATM from another bank. Banks and credit unions also have limits on how much you can withdraw from your ATM each day. When you’re looking for a bank account, see if your bank provides refunds for out-of-network ATMs and what the ATM withdrawal limits are.”
Methodology: How Did We Choose the Best Bank Accounts for International Travel?
At Personal Finance Insider, we strive to help smart people make the best decisions with their money. We spent hours comparing and contrasting the features and fine print of savings accounts and checking accounts so you don’t have to. You can read more about how we review and rate product on our editorial standards page.
We understand that “best” is often subjective, however, so in addition to highlighting the clear benefits of an account — a high APY, for example — we outline the limitations, too.
Generally, bank accounts are designated either savings or checking. When you’re saving up for a big trip, a high-yield savings account is appropriate because you’ll be able to earn some interest on your money, but still be able to access it when you need to.
A checking account may be more appropriate to use while traveling, as you’ll be provided with a debit card to use at shops, restaurants, and ATMs. You may also consider using a credit card, which could provide rewards and other travel-related benefits.
That said, the best bank accounts to use for international travel expenses should be appropriate for your everyday life too, with low fees, good earning potential, and easy access.
