Here's Why a Charles Schwab Checking Account Is Perfect for Frequent Travelers

If you're a digital nomad, an expat, or someone who just loves to travel abroad, one of the things to figure out is how you'll get cash in other currencies. The first option many people think of is a currency exchange. But these usually offer lousy exchange rates, so they're not the best option.

The most convenient option is to withdraw money at ATMs. In most places, it's not hard to find an ATM and get cash in the local currency.

However, there are some extra costs involved. There's normally an ATM fee, with about $5 being a common charge. Your bank account may also have a foreign transaction fee of 3% or so. On a $100 withdrawal, you could lose $8 in fees.

You'd probably rather spend your travel budget on fun experiences than silly fees. Fortunately, there's a checking account from Charles Schwab that will let you get cash, free of fees.

Fee-free withdrawals with a Charles Schwab checking account

Charles Schwab is most famous as a stock broker, but it offers a range of financial products. That includes the Schwab Bank High Yield Investor Checking account, a checking account that's perfect for frequent travelers. Here's why:

• It offers unlimited ATM fee rebates on cash withdrawals worldwide: You never have to worry about the fees an ATM is charging again. No matter where you are, you can withdraw cash and get the fees reimbursed.
• It has no foreign transaction fees: You can use it at ATMs and for international purchases without paying extra. I'd recommend using credit cards over a debit card for purchases abroad, as it's safer and you can earn rewards. But in a pinch, you can use your Charles Schwab debit card.

This account also has no monthly services, no overdraft fees, and no account minimum. It doesn't cost you a thing, and you don't need to pay any fees to withdraw your money.

The only downside is the interest rate. This account's APY is decent for a checking account, but it's far below what you could get from top online savings accounts.

For that reason, it wouldn't make sense to keep your savings in this Schwab account. But this issue is easily solved. Keep your savings in a high-yield savings account, and transfer money to your Schwab account when you need to withdraw cash.

How to open a Charles Schwab checking account

You need to have a Charles Schwab brokerage account to open a Schwab Bank High Yield Investor Checking account. There's no cost involved. The Schwab One® Brokerage Account has no account minimum and no monthly service fees. Charles Schwab is also a highly rated broker, so if you've been looking for a place to invest, it's a great choice.

Once you've opened a Schwab brokerage account, you can open its checking account. You can also open both of them simultaneously if you prefer. Here's the information you'll need to open these accounts:

• Your Social Security number or Tax Identification Number (TIN)
• Your employer's name and mailing address (if applicable)
• Your email address and cellphone number

If you travel outside the United States, it's good to have a free way to get cash. The Schwab Bank High Yield Investor Checking account is widely recommended to travelers for this exact reason.