I asked a whole group of travelers this question on a trip to Turkey. We were on a Gate 1 tour — experienced travelers, people who'd been to dozens of countries between them. Not one of them knew the answer.
The question was simple: how do you get cash abroad without losing money to fees?
Most people in that group either carried a stack of dollars they'd exchanged at the airport (one of the worst exchange rates you can get), or they used their regular bank card, where the cost stacks up three ways: a 3% foreign transaction fee from their own bank, a flat $5 out-of-network fee for using a non-network ATM abroad (both Chase and Wells Fargo charge exactly that), and whatever the ATM's owner surcharges on top. On a $300 withdrawal that's about 5%. On a $100 withdrawal it can be 13%, because two of the three fees are flat — which is why small, frequent withdrawals are the worst way to do it.
"Not one person in that group of experienced travelers knew about this. That's why I'm writing it down."
The Charles Schwab Investor Checking Account
There is one account that fixes this completely: the Charles Schwab Bank Investor Checking account, linked to a Schwab brokerage account.
Here is what it actually does:
What the Schwab Debit Card Does
Unlimited ATM fee rebates worldwide. Any fee charged for a cash withdrawal in local currency at any ATM in the world gets refunded — automatically, at the end of that same month, as a lump sum back into your account. Schwab's terms exclude balance inquiries, point-of-sale fees and dynamic currency conversion, which is the “convert for me?” prompt you should always decline anyway.
Zero foreign transaction fees. Most debit cards charge 1–3% on every purchase made in a foreign currency. Schwab charges nothing.
The real interbank exchange rate. Not the marked-up rate the airport kiosk charges. The actual rate.
No monthly fees. No minimum balance required.
How I Actually Use It
I carry almost no cash when I land anywhere. Maybe $20 in local currency for a tip or a small purchase while I find an ATM. Then I find any ATM — the most convenient one, not the cheapest one, because the fee doesn't matter — and I pull out however much local currency I need.
The ATM charges me a fee. Schwab refunds it at the end of the month. I do this as many times as I need to throughout the trip. The math always comes out the same: zero net fees.
The one nuance worth knowing: the refund covers the ATM operator's flat fee, not any markup a foreign bank might build into the exchange rate itself. In most countries this distinction doesn't matter — the major bank ATMs use clean interbank rates. In some tourist-trap locations you'll see ATMs that offer to "convert for you" in your home currency — always decline that option and let it convert in local currency instead. That's where the exchange rate padding hides.
How to Get It
You need to open both a Schwab brokerage account and a Schwab Bank checking account — they're linked. Neither requires a minimum balance and there's no monthly fee on either. The debit card comes with the checking account. The whole setup takes about 15 minutes online at schwab.com.
I'm not affiliated with Schwab in any way. They don't know I'm writing this. I just use it on every international trip and it's one of those things that once you know, you can't understand why everyone doesn't do it.
"One account. Zero fees. Best rate you'll get. That's the whole tip."
The Bigger Principle
This is the kind of thing that falls under what I think of as the Prime Chapter playbook — small, specific, verifiable pieces of knowledge that the people around you don't know yet. Not aspirational travel content. Not a destination guide. Just: here's the thing that actually works, and why.
There are dozens more where this came from. The Playbook is where I document them.
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- Free Cash Flow Independence →Small leaks matter. So does where the money sits the rest of the year.