The cheapest way to withdraw money abroad is using a debit card with no foreign transaction fees from a bank that reimburses international ATM fees, such as Charles Schwab or similar fintech options like Wise. Always use local bank ATMs, decline ATM currency conversion (choose to pay in local currency), and withdraw larger amounts to minimize flat fees.
To avoid high fees when withdrawing cash abroad, try to use ATMs from well-known banks, as they usually offer better rates and lower fees. Limit how often you withdraw cash to save on fees. You should also check if your bank has partnerships with international banks, as some offer cheaper or free withdrawals.
Discover® Bank
Discover doesn't charge foreign ATM network or foreign transaction fees. But Discover card acceptance can be limited outside of the U.S., Canada, Mexico and some Caribbean nations. With an HSBC Premier Checking account, customers pay no foreign transaction fees. HSBC also has a worldwide network of ATMs.
Spending abroad using your debit card linked to a Travel account or a packaged bank account could be a good option. We can also get you some travel money before you go for your trip. If you are looking to spend fee-free* on purchases anywhere in the world - a packaged account might suit you.
✔ Better Exchange Rates – ATMs usually offer rates close to the interbank rate (the best available). ✔ Convenience – ATMs are widely available in most tourist destinations.
Overview: Debit cards can be used for international ATM withdrawals, often with the benefit of no additional fees.
Airport ATMs and currency exchange counters typically offer less favorable rates and higher fees, though airport ATMs may be necessary for immediate cash needs. Regional differences exist in ATM availability, currency acceptance and payment methods, making advance planning essential.
Always carry cash in your hand luggage, never in checked bags. Keep your bag in sight, especially at security checks. Use a money belt. A concealed money belt or pouch under your clothes helps protect against pickpockets.
Favorable Exchange Rates: ATMs often provide rates close to the interbank rate, which is more competitive than those at currency exchange counters.
Generally speaking, a debit card or prepaid travel card is the best way to withdraw cash abroad, as long as you choose one that doesn't charge fees for doing so. However, you should also watch out for other fees on prepaid cards, such as loading fees.
Use the following tips to help you reduce or avoid ATM fees while overseas:
The 2/3/4 rule is a guideline, primarily used by Bank of America, that limits how many new credit cards you can get: no more than 2 in 30 days, 3 in 12 months, and 4 in 24 months, helping to prevent over-application and manage hard inquiries on your credit report. While not universal, it's a useful benchmark for responsible card application, though other banks have different rules (like Chase's 5/24 rule).
For debit cards with no foreign transaction fees, top choices include Charles Schwab Investor Checking (reimburses ATM fees), Capital One 360 Checking (no fees, but local ATM fees may apply), SoFi Checking, Fidelity Cash Management, and digital options like Revolut or Wise, which offer good currency exchange rates and low costs abroad, though some may have limits or weekend currency exchange charges. Always check for potential ATM fees from the local bank owning the machine, even with a no-fee debit card.
Schwab Bank does not assess foreign transaction fees (i.e., a fee to convert US dollars to local currency) to debit card holders.
It's not essential, but it helps our fraud detection systems to know in advance that you're travelling abroad.
The top banks accepting foreign cards at their ATMs are Citibank India, HDFC Bank, ICICI Bank, HSBC Bank, and IDBI Bank. SBI is one of the most readily available ATMs in India and does not charge a fee.
Global Acceptance
Your SBI Platinum Corporate card is accepted at over 38 million outlets across the globe including 03 million outlets in India and is recognized for its highest international authorization approval rate.
What is ATM card AMC and why SBI charged me ₹236? ATM card AMC is a yearly maintenance fee for your debit card. The ₹236 charge could include the AMC itself, GST or additional SBI ATM charges if you've exceeded transaction limits.