How do you avoid ATM and foreign currency transaction fees while abroad from the US?
Hello dear redditers! I’m in the US and I’m planning to travel for about a year abroad. I’m trying to figure out the best way to access my money in the US while abroad to avoid ATM and foreign currency transaction fees. I’ll mostly reside in one country with occasional travels to nearby countries. There’re so many moving parts so I want to ask how your setup looks like for the following use cases.
I see 3 use cases:
- Spend money for online and offline purchases in local currency from your US account.
- Take cash from ATMs in local currency from your US account.
- Wire transfer money from your US account to local accounts (e.g. landlord).
I want to avoid fees but I also want it to be as simple as possible with less moving parts and I’m ready to pay some fees for that.
So far my research shows these options:
0. Keep all money I have in my BoA account.
For #1 use Revolut account and their card. Standard plan should work. When I need money, I’ll transfer from BoA to Recolut, convert to currencies and spend these.
For #1 use Schwab card (even can be used for #1 as they have no foreign transaction fees) as they offer ATM fees reimbursement. When I need cash, I’ll transfer from BoA to Schwab or just keep cash there.
For #3 use either Revolut or Wise and transfer money there from BoA.
Boa cards will also be nearby in case the above won’t work.
I’d appreciate any feedback or comments on this setup, any hidden risks and challenges, or if anything is unnecessary. Thank you!