Schwab: Traveling Abroad?

When travelling abroad, it's important to consider how you'll manage your money. Carrying large amounts of cash can be risky, so many people opt for debit or credit cards. If you're a frequent traveller, the Charles Schwab debit card could be a good option for you.

The Charles Schwab debit card is a free checking account that allows you to withdraw money from ATMs worldwide without incurring any fees. It also has no foreign transaction fees and no account minimums or monthly fees. This makes it a convenient and cost-effective option for travellers, as you can avoid the hassle and expense of exchanging currency at the airport or paying international ATM fees.

Additionally, Charles Schwab offers fraud protection and security features, such as card lock/unlock and transaction alerts, giving you peace of mind while travelling.

To get the Charles Schwab debit card, you'll need to open a specific type of checking account, the Schwab Bank Investor Checking™ account, which is linked to a brokerage account.

Overall, the Charles Schwab debit card can be a useful tool for travellers looking to save money and manage their finances effectively while abroad.

How to save money when travelling abroad

Travelling abroad can be expensive, but there are ways to save money. Here are some tips to help you save money when travelling abroad:

Plan and budget

Before your trip, plan your travel budget. Find out the costs of getting to your destination and how much you are likely to spend weekly, taking into account transport, accommodation, food and leisure expenses. Once you know the total cost, you can work out how much you need to save and how long it will take.

Cut down on unnecessary spending

Take a good look at your monthly outgoings and identify areas where you can cut down. For example, do you need Netflix and a TV subscription? Could you cook at home more instead of eating out? Could you walk or cycle instead of taking the bus?

Change your living situation

If you own your home, you could consider renting it out while you are away. Alternatively, you could take on a roommate to help cover the costs of rent and bills.

Make extra money

Take on some extra work to boost your income. This could be a part-time job such as waiting tables or bartending, or you could sell unwanted items online.

Choose the right bank account and credit cards

Some bank accounts and credit cards charge fees for foreign transactions and cash withdrawals. Look for accounts that do not charge these fees, or that will refund you at the end of the month.

Shop around for the best exchange rate

Avoid exchanging currency at the airport, as this is rarely the best rate. It is usually cheaper to withdraw cash from an ATM when you arrive at your destination, but always check for any transaction fees.

Take advantage of free activities

Many cities offer free walking tours, museums often have discounted entry at certain times, and there are usually plenty of free events to enjoy, such as festivals and outdoor performances.

Travel with others

When travelling with others, you can split the costs of accommodation and transport. This can help you save a significant amount, especially if you are willing to share a room.

Be mindful of your phone plan

Check with your phone provider to see if your phone plan will work where you are travelling, and whether there are any additional charges. It may be cheaper to get a local SIM card or a special international roaming package.

Pack wisely

Avoiding checking in luggage can save you a lot of money, so pack light! Also, try to avoid buying things like guidebooks before you go, as you can usually find this information for free online.

Book in advance

The earlier you book your flights and accommodation, the more you will save. Prices tend to go up as the dates get closer, especially during peak travel seasons.

Take food and drinks with you

Instead of buying food and drinks at the airport or on the plane, take your own. This will save you a lot, especially on long-haul flights where meals and drinks tend to be very expensive.

Get travel insurance

Travel insurance will protect you financially if something goes wrong, such as lost luggage or flight cancellations. Although it is an additional cost, it could save you a lot of money in the long run.

By following these tips, you can save money when travelling abroad and make your trip more affordable.

The benefits of the Charles Schwab travel debit card

The Charles Schwab travel debit card is the world's best debit card for travel. Here are the benefits of the card:

No Need to Carry Excessive Amounts of Cash

The potential risks of carrying too much cash while travelling are far too great and are easily avoidable by using alternative payment methods such as debit and credit cards.

Accepted Worldwide

The card is accepted at millions of merchant outlets and ATMs in more than 200 countries and territories worldwide.

No Foreign Exchange Transaction Fees

You incur no foreign-exchange transaction fees for purchases made with your debit card.

Extra Security Features

The card provides extra layers of protection like card lock/unlock, transaction and account alerts, two-way fraud text alerts, and travel notifications.

Unlimited ATM Fee Rebates

Unlimited ATM cash withdrawal fees are rebated on a monthly basis.

Additional Travel Benefits

The card offers additional travel benefits, including Fraud Protection for Unauthorized Transfers or Purchases, Travel Accident Insurance, and Travel and Emergency Assistance Services.

No Service Fees or Account Minimums

The Schwab Bank Investor Checking™ account has no monthly fees, no minimum balance requirements, and no direct deposit requirements.

No Paying for Unauthorized Charges or Withdrawals

With the Schwab Security Guarantee, Charles Schwab will cover 100% of any losses in your account due to unauthorized activity.

Easy to Apply

It's quick and easy to apply online once you've gathered the required information. You can also call for assistance or download a paper application.

How to get the Charles Schwab travel debit card

The Charles Schwab travel debit card is a great option for those who travel abroad frequently. The card works through a rebate structure, where initially, you pay the full cost for your ATM withdrawal (withdrawal amount + ATM fee). Then, at the end of the month, Schwab refunds you the total amount of all ATM fees charged.

To get the Charles Schwab travel debit card, you'll need to open a specific type of checking account called the Schwab Bank Investor Checking™ account. When you open up your checking account, Schwab will automatically open up a brokerage account for you. It is completely free, and you aren't expected to put any money into it.

• Open a checking account with Charles Schwab.
• You will also be required to open a Schwab brokerage account if you don't already have one.
• Your card will be mailed to the address you provided within 3-5 business days.

The entire process can take up to 3 weeks, so make sure to plan ahead before your trip.

How to notify Charles Schwab of your travel plans

If you're a Charles Schwab customer, it's a good idea to notify the company of your travel plans, especially if you're travelling internationally. This is because international travel can increase the risk of fraud and unauthorised transactions on your accounts. By notifying Charles Schwab of your travel plans, the company can monitor your accounts and take appropriate action if necessary.

Online Account:

• Log in to your Charles Schwab online account.
• Navigate to the "Travel Notifications" section.
• Enter your travel dates and destinations, as well as your contact information.

Mobile App:

• Log in to your Schwab Mobile App on your cell phone.
• Click on "More".
• Click on "Client Services".
• Go to "Travel Notice" and input your travel details, including dates and destinations.
• If you're travelling for less than 14 days, save this information and you're done. For longer trips, you will need to call Schwab.

Customer Service:

• Call the Charles Schwab customer service line.
• Provide your account information and travel dates and destinations.

It's recommended that you notify Charles Schwab of your travel plans as soon as possible, preferably at least a week before your departure date. This will ensure that your accounts are monitored effectively while you're away, giving you peace of mind during your trip.

How to avoid fraud and secure your information

When travelling abroad, it is important to take steps to avoid fraud and secure your information. Here are some ways to do this:

Before Your Trip:

• Notify Charles Schwab of your travel plans: This can be done through your online account or by contacting customer service. Provide your travel dates, destinations, and contact information. This helps them monitor your accounts for any suspicious activity and ensures uninterrupted access to your accounts while abroad.
• Understand your card's fees and benefits: Check your card's terms and conditions to know exactly what fees you may be responsible for. Also, review your card's benefit terms to see if they offer any travel-related perks, such as travel insurance, hotel and restaurant reservation assistance, or free Wi-Fi access on eligible flights.
• Set up security alerts: Enroll in Charles Schwab's security alerts to receive notifications of any activity in your accounts. You can also set up two-step verification for added protection.
• Be cautious of phishing attempts: Be wary of emails, phone calls, or texts from unfamiliar sources. Do not open or respond to these communications. Instead, contact the company using the information provided on their official website.
• Don't share personal information on social media: Avoid posting personal or sensitive information online, as it can be accessed by scammers.
• Take pictures of important documents: Take photos of the contents of your wallet, including credit, debit, and insurance cards. Also, take pictures of your passport and other essential documentation. Store these photos securely on your phone or in cloud storage.
• Contact your cell phone provider: Inform them about your travel plans to discuss phone and data packages while overseas.

During Your Trip:

• Monitor your accounts regularly: Keep a close eye on your accounts to look out for any suspicious or unauthorized transactions.
• Verify payment requests: Be cautious of requests for payments using gift cards or prepaid debit cards, as these are often associated with scams.
• Avoid using public Wi-Fi: Do not use public or "open" wireless networks, as they may not be secure. Consider using a personal Wi-Fi hotspot or a secure connection to access sensitive information.
• Be vigilant about scams: Be aware of common scams in the area you are visiting. Follow local guidance and best practices to protect yourself.
• Report any issues immediately: If you suspect fraud or unauthorized activity, report it to Charles Schwab and the relevant authorities as soon as possible.

By following these steps, you can help protect yourself from fraud and secure your information when using Charles Schwab while travelling abroad.

Frequently asked questions