Ever since hearing about it from Ramit Sethi, I have been using a Schwab Investor Checking account (US only) while travelling in Southeast Asia and it has already saved me over $50 in fees compared to the bank I used to have. There is no foreign exchange fees or ATM fees anywhere in the world. In fact, Schwab will even reimburse you for ATM fees that other banks charge you!

The only catch is that you have to also sign up for a Schwab investment account at the same time, but you aren’t required to use the investment account if you don’t want to.

 

This is an excerpt from Ramit Sethi’s post: My favorite checking account

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Most people think of Charles Schwab as an investment bank. But they also offer what I believe to be the best checking account available. Why?

  • Interest on your deposits
  • No fees
  • No minimums
  • No-fee overdraft protection
  • Free checks
  • Deposit checks via pre-paid envelopes or via iPhone app (snap photos of your check — no need to go into branch)
  • An ATM card
  • BEST BENEFIT: Unlimited reimbursement of any ATM usage

This last point is critical. How often do you go out with friends and have to withdraw money from out-of-network ATMs? How often do you find yourself at a liquor store at 3:30am, needing to withdraw $280, but you hesitate because of onerous ATM fees?

Me too.

Those fees can add up, and Schwab reimburses you for all of them. If you rack up $200 worth of ATM fees in a month, you’ll see a $200 deposit from Schwab before the month ends. This means you can use ANY ATM — corner stores, other banks, whatever — without having to look for some specific bank’s ATM.

When I saw this account, I wanted to marry it.

Schwab Investor Checking account (US only).

 

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