Avoid ATM Fees With These Debit Cards
We have been there many times: you need cash to make a purchase (especially abroad) but there are no on-net ATMs nearby. Now what? We have some tips on how to save as much as possible the next time you find yourself in this situation.
First, if you don’t already know, find out if your bank charges fees for offline ATM withdrawals. If this is not the case, you only need to worry about the ATM fees, and not all ATMs have their own fees, so in this case you can get away without paying any fees at all.
If your ATM card charges an offline ATM fee, you can still avoid fees if your bank has partners – this can be especially beneficial when traveling abroad. For example, some banks in the US have partnerships with banks in other countries. This means that you can usually avoid fees by using an ATM from one of these partner banks.
If your bank does not have international partners, don’t worry. There are other ways to avoid fees. One way is to find out if your bank has a mobile app that allows you to withdraw cash from ATMs without charging a fee.
Another way to avoid ATM fees is to use a debit card that doesn’t charge fees for ATM withdrawals – some of these cards even refund other ATM fees up to a certain number of times per month. These cards are becoming more and more common, so it’s worth doing a little research to see if one of them is right for you.
Keep in mind that some debit cards also charge international transaction fees. This fee can sometimes be as high as 3%, so depending on the amount of your transaction, paying your ATM withdrawal fee can save you more money in the long run.
Some of the best debit cards that charge no fees and also offset other ATM fees include:
- Charles Schwab Debit Card: This card has no ATM fees and offers unlimited ATM fee refunds. No foreign transaction fees when withdrawing funds abroad.
- Fidelity Debit Card: This card has no ATM fees and offers unlimited ATM fee refunds and charges a 1% foreign transaction fee on withdrawals outside the US.
- Alliant Credit Union Debit Card: This card refunds the first $20 ATM fees per month and charges a 1% foreign transaction fee on withdrawals outside the US.
- USAA Debit Card: This card refunds the first $15 ATM fee for the billing period, has no foreign transaction fees, and charges a 1% foreign transaction fee on withdrawals outside the US.
- Chase Debit Card: Chase may waive ATM fees up to a certain number of times per month for qualifying account customers.
- Wells Fargo Debit Card: Wells Fargo may refund ATM fees up to the maximum amount per transaction for customers with qualifying accounts.
- PNC Debit Card: PNC may refund ATM fees to eligible customers with a minimum average monthly balance of $2,500 or more.
- Citibank Debit Card: Citigold members may be reimbursed for ATM fees.
Charles Schwab is a favorite among those looking to refund ATM fees, but many other banks offer some sort of refund option. Depending on how often you need to use an offline ATM, one of these cards may be right for you and can save you money in the long run.