Compare: Best Banking for Expats and Travelers
When traveling internationally, choosing the right financial service can save you money on foreign transactions, ATM fees, and currency conversions. Three of the most popular options for travelers are Wise, Revolut, and Charles Schwab. Each offers unique benefits and drawbacks, depending on your financial needs abroad. Here’s a breakdown of how they compare.
1. Wise: Best for Transparent Currency Exchange Rates
Pros:
Uses the real mid-market exchange rate with low, transparent fees.
Allows you to hold and convert over 40 currencies in a multi-currency account.
Wise debit card offers low-fee ATM withdrawals worldwide.
No monthly fees or hidden costs.
Great for freelancers and digital nomads who need to receive international payments.
Cons:
ATM withdrawals have a monthly limit before fees apply.
No rewards or perks like cashback.
Limited banking features compared to traditional banks.
Best For:Travelers who frequently exchange money and want the best currency conversion rates with minimal fees.
2. Revolut: Best for Frequent Travelers and Budgeting
Pros:
Offers interbank exchange rates during weekdays with no markup.
Free international ATM withdrawals (limits depend on plan).
Budgeting tools and spending analytics help track expenses.
Premium and Metal plans offer airport lounge access, travel insurance, and cashback.
Can hold and exchange multiple currencies instantly in-app.
Cons:
Free plan has low ATM withdrawal limits before fees kick in.
Currency exchange rates include a markup on weekends.
Customer support can be slow, especially for free-tier users.
Best For:Frequent travelers who want budgeting features, optional travel perks, and flexible currency exchanges.
3. Charles Schwab: Best for Unlimited ATM Fee Reimbursements
Pros:
No foreign transaction fees on purchases abroad.
Unlimited ATM fee reimbursements worldwide, making it the best for cash access.
Offers a full U.S. checking account with mobile banking.
Secure and reliable, as it's a traditional bank with FDIC insurance.
Cons:
Requires a U.S. address and Social Security Number to open an account.
Doesn’t offer multi-currency holding or exchange.
Currency conversion rates are set by Visa, which may not always be the best.
Best For:U.S.-based travelers who frequently use ATMs abroad and want unlimited fee reimbursements.
Which One Should You Choose?
Choose Wise if you need the best exchange rates and want to hold multiple currencies. Use my link to get a zero fees on a transfer up to $600
Choose Revolut if you want an all-in-one financial app with travel perks and budgeting tools.
Choose Charles Schwab if you withdraw cash frequently abroad and want unlimited ATM fee reimbursements.
Each service has strengths tailored to different types of travelers. Whether you're a long-term expat, a digital nomad, or a short-term vacationer, picking the right financial tool can help you save money and make international travel more convenient.
Which service do you use for international travel? Let’s discuss in the comments!
