No foreign transaction and no annual fee cards

[Open123]

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@longtimelurker wrote:

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@Open123 wrote:

6.  Fid Amex - use for foreign currency at ATMs with all fees reimbursed

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Do you mean Fid Amex (which I think has a 1% FTF and will soon cease to exist) or the Fidelty CMA debit card?

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This!  Really sloppy with my writing today.  

[Open123]

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@Anonymous wrote:

thanks for the clarification.  Im trying to figure which debit card to use in Australia because NFCU, PenFed and USAA all hit you with international transaction fees for atm withdrawals.

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You're going to have a great time!  F on Virgin Atlantic is an incredible experience.  When you're there, try their Peking Duck.  Believe it or not, the best Peking duck I've ever had was in Sydney, not HK, Beijing, or anywhere in Asia.  Though, with no tipping, it may take 2 hours from order to when the duck actually shows up.  But, worth the wait!

Not sure if you have time to set this up, but my here's what I usually do.  The moment I land, I look for any Bank ATM (avoid the forex ones) and withdrawl local currency with my Fidelity CMA (Fid Debit reimburses all ATM fees).  Since my Fidelity brokerage (with all the funds) is separate from the CMA, I transfer funds from brokerage to CMA when necessary.  Need international data or Wifi (should be readily available).

When in town, I'll buy a small item with my Cap One Debit, and request cash over.  There's no forex and no currency conversion.  This cashback (from any grocer) is probably the most efficient, assuming you need to (1) buy a small item, and (2) can live without the 1.5% cashback you'd earn from a non-forex CC.

Have a great trip!

PS - Can't stress this enough, always select local currency.  Even some Bank ATMs will try to trick you by giving you an option for the dynamic currency conversion.  Any time you see the "convenience to be charged in your home currency," sternly refuse.  Always, always pay with local currency.

PS 2 - Never exchange foreign currency stateside and never exchange with anything other than a local Bank ATM (with any Debit that reimburses ATM fees) or the cashback option with a non-forex debit card.  Never, ever use foreign exchange machines or retail forex services.

PS 3 - Exception - if you're a high enough value client, some US Banks will give you near market conversion rates.  However, I don't like to (1) have that much foreign currency (will be earning rewards, not using cash), and (2) having tons of cash going through airports.

[Anonymous]

This is exactly why USAA's 1.5% Visa is my next card. No annual fee and no FTF, plus cash back. Although I will admit that the Capital One Quicksilver is hands down the best card in this scenario. $100 cash bonus, there's a zero APR period, and they have that partnership with Uber.

I think all of the 5% cash back cards have heavy foreign transaction fees. So I think finding cards like the Quicksilver, which only offer 1.5%, is really the best option. I currently have my Delta, but it's AmEx, and I travel to Europe a lot...so I definitely need a Visa/MC. Some annual fee cards can be worth it, but generally the cards I mentioned is a better option if all you're concerned about is saving money on fees.

And aside from credit cards, it helps to have a debit card that has minimal fees. Schwab refunds all ATMs worldwide, as does Fidelity, however Fidelity does have a 1% FTF. I travel a lot and personally use USAA, which refunds me on ATMs worldwide but does have a 1% FTF. But yes, always choose local currency and always use the ATM to get cash.

[Open123]

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@Anonymous wrote:

And aside from credit cards, it helps to have a debit card that has minimal fees. Schwab refunds all ATMs worldwide, as does Fidelity, however Fidelity does have a 1% FTF. I travel a lot and personally use USAA, which refunds me on ATMs worldwide but does have a 1% FTF. But yes, always choose local currency and always use the ATM to get cash.

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Right, likewise, since I don't have the Schwab, I use two cards.  When abroad, Fid Debit for ATMs and Cap One for Debit purchase cashback.  For those with Schwab, they havve an all-in-one option, which is incredibly convenient!

[Anonymous]

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@Open123 wrote:

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@Anonymous wrote:

And aside from credit cards, it helps to have a debit card that has minimal fees. Schwab refunds all ATMs worldwide, as does Fidelity, however Fidelity does have a 1% FTF. I travel a lot and personally use USAA, which refunds me on ATMs worldwide but does have a 1% FTF. But yes, always choose local currency and always use the ATM to get cash.

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Right, likewise, since I don't have the Schwab, I use two cards.  When abroad, Fid Debit for ATMs and Cap One for Debit purchase cashback.  For those with Schwab, they havve an all-in-one option, which is incredibly convenient!

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I have long considered switching to Schwab. When I'm traveling, I actually use cash more than cards. Many of the countries I travel to are behind the times with cards. I was in Hungary recently for example, and almost no places take cards there because of how high the fees are...so it's definitely a cash society. And I find myself eating at small restaurants that only take cash.

But I could do much worse than what I have now...1% FTF isn't THAT bad, I could still be saving some money though if I went over to Schwab.

[Anonymous]

I know a lot of people who are happy with Schwab for ATM fee reimbursements. I use TD Bank, which has a checking account that reimburses all ATM fees and doesn't charge FTF as long as my balance is over $2500. Saved me at least $150 in the past year while traveling, probably more!

[Closingracer99]

The JetBlue card? They have an AF free version which gets you points and has no FTF...

[csryang]

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@Anonymous wrote:

Well, I just got back from overseas travel.  So, here are my thoughts:

I took four cards with me (five, if you count Discover,  which has no FTF, but also not widely accepted outside of the US, but I did use it at airport restaurants coming and going)

AAdvantage

Southwest

Quicksilver

Sams Club

Both QS and Sams have no AF.

However, sometimes the AF is worthwhile.  AAdvantage is waived the first year.  But it also pays for Global Entry ($100), which includes TSA PreCheck, and trust me, it is WELL WORTH IT.  (How soon are you travelling?  Make sure you have enough time to apply before going).  Also, AAdvantage has really nice worldwide car rental coverage.  To me, it has a lot of benefits and will have a place in my wallet for a long time.

OP, what airline are you flying? One big reason for my liking the AAdvantage card, is the airlines it gives me access to (Qantas, especially), so if you have a preferred airline or one that you are specifically flying for this trip, even more than the AAdvantage card, look at that airline's card.  Many if not most of them have these same benefits.

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I think Sams does charge FTF? 

I definitely understand that there are AF cards that offer tons of benefits but down the road, I might need one with no AF. I do have CSP and Amex plat that offer great coverage for CDW worldwide.

I do not really have a specific airline that I fly though... and I have tons of miles already. I just need to use them wisely 

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@Open123 wrote:

No fee options for use abroad:

1.  QS - 1.5%.

2.  BofA Travel rewards - best in class when used in conjunctin with Preferred rewards.

3.  CU options - I'm sure there are some, but my knowledge on CU options are limited.

4.  Discover - limited acceptance

5.  Cap One Debit to use with cash back option for foreign currency.

6.  Fid Amex - use for foreign currency at ATMs with all fees reimbursed

A few tips.  Always insist on local currency and refuse home currency (dynamic exchange rubbish).  Never buy currency, but exchange at airport from a Bank ATM, and NOT one of those forex ticket machines.  Always, ALWAYS use a no fee ATM Bank option or cash back after a purchase with a no FTF debit card.

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Awesome suggestions and great information for all travelers. Thank you! 

Fid Amex debit has a 1% FTF I think?

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@Anonymous wrote:

This is exactly why USAA's 1.5% Visa is my next card. No annual fee and no FTF, plus cash back. Although I will admit that the Capital One Quicksilver is hands down the best card in this scenario. $100 cash bonus, there's a zero APR period, and they have that partnership with Uber.

I think all of the 5% cash back cards have heavy foreign transaction fees. So I think finding cards like the Quicksilver, which only offer 1.5%, is really the best option. I currently have my Delta, but it's AmEx, and I travel to Europe a lot...so I definitely need a Visa/MC. Some annual fee cards can be worth it, but generally the cards I mentioned is a better option if all you're concerned about is saving money on fees.

And aside from credit cards, it helps to have a debit card that has minimal fees. Schwab refunds all ATMs worldwide, as does Fidelity, however Fidelity does have a 1% FTF. I travel a lot and personally use USAA, which refunds me on ATMs worldwide but does have a 1% FTF. But yes, always choose local currency and always use the ATM to get cash.

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I agree with your point and updated my first post. 

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@Anonymous wrote:
I know a lot of people who are happy with Schwab for ATM fee reimbursements. I use TD Bank, which has a checking account that reimburses all ATM fees and doesn't charge FTF as long as my balance is over $2500. Saved me at least $150 in the past year while traveling, probably more!

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Great suggestion. I updated my first post.

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@Closingracer99 wrote:

The JetBlue card? They have an AF free version which gets you points and has no FTF...

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I did not know about this card at all. Nice suggestion. First post updated.

[creditfan]

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@Open123 wrote:

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@Anonymous wrote:

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@Open123 wrote:

No fee options for use abroad:

1.  QS - 1.5%.

2.  BofA Travel rewards - best in class when used in conjunctin with Preferred rewards.

3.  CU options - I'm sure there are some, but my knowledge on CU options are limited.

4.  Discover - limited acceptance

5.  Cap One Debit to use with cash back option for foreign currency.

6.  Fid Amex - use for foreign currency at ATMs with all fees reimbursed

A few tips.  Always insist on local currency and refuse home currency (dynamic exchange rubbish).  Never buy currency, but exchange at airport from a Bank ATM, and NOT one of those forex ticket machines.  Always, ALWAYS use a no fee ATM Bank option or cash back after a purchase with a no FTF debit card.

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Ive always read that its far better to take out local currency at a bank's ATM once you arrive at your travel destination.  You're saying its better to do an exchange at the airport?

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Yes, I should have been more clear.  Use the ATM at the arriving airport (the local currency you want to use), not departing one (USA for me).

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give schwab bank a thought, their debit card reimburse all fee worldwide. It's good to withdraw currency at foreign countries

[UncleB]

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@csryang wrote:

I think Sams does charge FTF? 

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Sam's did away with the FTF on 3/1/2016.