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5 Best Banks for International Travel

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Using the right bank can save you money when traveling abroad. When researching the best banks for international travel, features we considered included:

Low wire transfer charges.

Decent currency conversion rates.

International ATM fee reimbursement.

Foreign currency delivery to your home.

Here are our favorite banks for international travel.

Charles Schwab Bank: Best for using ATMs.

Capital One 360: Best on foreign transaction fees.

HSBC Bank: Best for expats with high balances.

Citibank: Best for wiring money.

Revolut: Best for nonbank multicurrency account.

Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to make sure our coverage is fair and accurate, so you can choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions .

Best Banks for International Travel

Our pick for

Schwab Bank

Why We Like It

Schwab Bank customers who use the Investor Checking Account get fees refunded from any ATM in the world. That kind of perk is usually only available for premium checking accounts at other banks.

Plus, the bank doesn't charge foreign transaction fees.

Pros: - Refunds on all ATM fees worldwide. - No foreign transaction fees. - Account earns interest. - No minimum balance requirement and no monthly fee. - Free travel and emergency assistance services, including emergency messaging, medical and legal referrals, emergency translation and lost luggage location.

Cons: - Checking account must be linked to a Schwab One brokerage account (but the account doesn’t have a minimum balance requirement).

Foreign transaction fees

Capital One

Though it’s not the only bank that doesn’t ding you for international purchases, Capital One 360 is a NerdWallet favorite because its fees are low across the board.

Capital One 360 doesn’t charge a foreign transaction fee for using your debit card outside the U.S. or for any transactions made in a foreign currency. If you want to use cash, the bank won’t charge you a fee for taking money out at an ATM (but it also won’t refund you if the ATM owner charges you a fee).

In comparison, many banks charge special fees when you make purchases abroad, or even if you buy something online from a retailer based outside the U.S.

Pros: - No foreign transaction fees. - No ATM fees. - No monthly maintenance fees.

Cons: - No refunds for fees charged by ATM owner.

Expats with high balances

In the U.S., HSBC only offers premium accounts that require a high balance to open. But for those who can swing the balance, this bank can be handy while living abroad. A few features make this bank handy for expats or frequent globetrotters: The bank doesn’t charge foreign transaction fees on debit card purchases; it lets depositors monitor and move money between HSBC accounts in multiple countries; and if you lose your wallet while traveling, you can access up to $10,000 in emergency cash.

Pros: - Can access up to $10,000 in emergency cash in U.S. dollars or local currency if you lose your wallet while traveling. - No foreign transaction fee on debit card purchases. - Account holders can receive international wire transfers for free.

Cons: - In the U.S., HSBC only offers premium accounts with high minimum balance requirements. - Outgoing international wire transfers may come with a fee if the receiving account is not also an HSBC Premier account holder. - Mobile apps are poorly rated.

Wiring money

Citibank, N.A.

While many banks offer customers a way to send remittances directly without going through a third-party wire transfer service, few do it as elegantly as Citibank, which offers free international transfers to other Citi accounts through the Citibank Global Transfers service.

Plus, if you need cash while you’re abroad, Citibank offers free withdrawals at its ATMs in more than 20 countries. And if you often find yourself in a hurry before a trip with too much to do, the bank will deliver foreign currency by the next business day to a Citibank branch, your home or office.

Pros: - Foreign currency delivery before a trip. - Free international transfers to other Citi accounts. - Citibank ATMs available in more than 20 countries.

Cons: - Non-premium accounts are subject to out-of-network ATM fees from the ATM owner. - If you need to wire money internationally to someone who doesn’t have a Citibank account, the fee could be as high as $35.

Nonbank multicurrency account

The Revolut account lets you hold and send money in more than 28 currencies and uses a real-time exchange rate. Exchanges done in the app, exchanges for a transfer and exchanges for a payment use the same rates. One catch is that Revolut will charge an exchange fee for transactions on the weekends.

Pros: - Can withdraw up to $400, $800 or $1,200 fee-free per month at out-of-network ATMs, depending on your plan. - Can hold and send money in more than 28 currencies. - Account earns interest.

Cons: - Foreign currency exchanges made on the weekends incur a fee. - Premium accounts have a monthly fee of about $10-$17, which can’t be waived.

More top choices for best banks for international travel

BECU: No foreign transaction fee ( read full review ).

Axos Bank: ATM foreign currency conversion fee reimbursements with World Checking account ( read full review ).

Navy Federal Credit Union: Branches in just under 10 foreign countries ( read full review ).

Varo: No foreign transaction fee ( read full review ).

Wise (formerly TransferWise): Multicurrency account with a debit card that doesn’t charge foreign transaction fees ( read full review ).

More strategies to keep banking costs down while traveling

Using money abroad can incur costs, but switching banks isn’t your only way to avoid them. Here’s a breakdown of different approaches and accounts to consider:

When spending money abroad:

Try a multicurrency account : Spend and hold different currencies in one account. This option is usually best if you live or work outside the U.S. for extended periods. Two mainstream providers are the financial tech firms Wise and Revolut .

Find a credit card with no foreign transaction fees : For everyday purchases when you can use physical cards or mobile wallets, a travel-friendly credit card can be useful.

When dealing with cash abroad:

Use a debit card with no foreign transaction or ATM fees : This is especially good for cash withdrawals, especially in countries where cash is heavily used. Generally, these debit cards, and the checking accounts they’re connected to, don’t have foreign transaction fees either.

Take advantage of currency exchange services from your bank : For cash you’ll bring on your next trip, see if your bank or credit union has this service since it’s cheaper than using kiosks at the airport.

When sending money abroad:

Consider nonbank money transfers : If you're sending a wire overseas while still in the U.S., companies such as Wise and OFX offer stand-alone transfers internationally that have competitive rates and low to no fees.

When managing wealth abroad:

Look into private banking : Private banking offers a personalized experience for high-net-worth individuals, which can include overseas considerations.

Open an offshore bank account : If you need help managing international business or investments, or if you'll be traveling long term, consider the merits of an offshore bank account.

Last updated on November 15, 2023

Methodology

We took a close look at over 90 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.

Financial institutions and providers surveyed are: Affirm , All America Bank , Alliant Credit Union , Ally Bank , Amalgamated Bank , America First Credit Union , American Express National Bank , Andrews Federal Credit Union , Associated Bank , Axos Bank , Bank of America , Bank5 Connect , Bank7 , Barclays , Bask Bank , Bethpage Federal Credit Union , BMO , BMO Alto , Boeing Employees Credit Union , Bread Savings , BrioDirect , Capital One , Carver Federal Savings Bank , Charles Schwab Bank , Chase , Chime , CIBC U.S. , CIT Bank , Citibank , Citizens , Citizens Bank , City First Bank , Climate First Bank , Commerce Bank , Community First Credit Union of Florida , ConnectOne Bank , Connexus Credit Union , Consumers Credit Union , Current , Delta Community Credit Union , Discover Bank , E*TRADE , EverBank (formerly TIAA Bank) , Fifth Third Bank , First Foundation , First National Bank , First Tech Federal Credit Union , Flagstar Bank , FNBO Direct , Global Credit Union , GO2bank , Golden 1 Credit Union , Greenwood , Hope Credit Union , Huntington Bank , Industrial Bank , Ivy Bank , KeyBank , Lake Michigan Credit Union , LendingClub Bank , Liberty Bank , Live Oak Bank , M&T Bank , Marcus by Goldman Sachs , Navy Federal Credit Union , NBKC , One , OneUnited Bank , Pentagon Federal Credit Union , PNC , Popular Direct , Quontic Bank , Regions Bank , Revolut , Salem Five Direct , Sallie Mae Bank , Santander Bank , SchoolsFirst Federal Credit Union , Security Service Federal Credit Union , Securityplus Federal Credit Union , Self-Help Credit Union , Service Credit Union , SoFi , State Employees’ Credit Union of North Carolina , Suncoast Credit Union , Synchrony Bank , TAB Bank , TD Bank , Truist Bank , U.S. Bank , UFB Direct , Upgrade , USAA Bank , Varo , Vio Bank , Wells Fargo and Zynlo Bank .

How we rate banks and credit unions

To recap our selections...

NerdWallet's Best Banks for International Travel

• Schwab Bank : Best for Using ATMs
• Capital One : Best for Foreign transaction fees
• HSBC : Best for Expats with high balances
• Citibank, N.A. : Best for Wiring money
• Revolut : Best for Nonbank multicurrency account

Frequently asked questions

Banks that don’t make it expensive for you to use your debit card when you’re out of the country are best for international travelers.

Here are NerdWallet’s picks for best banks for international travel :

Some banks offer international bank accounts that U.S. citizens can open. International bank accounts generally require a high minimum balance.

Some banks allow you to make purchases and perform other transactions in other countries without charging a fee. Banks that don’t charge foreign transaction fees include Capital One 360, Discover Bank, HSBC Bank and Schwab Bank.

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Compare Savings Accounts

Here are the best checking accounts for travelers in 2024, these checking accounts help travelers avoid common fees when hitting the road..

Not all checking accounts are made equal, and if you travel regularly you'll want certain features to make your adventures a bit smoother. These include ATM-fee reimbursement, no account fees , accessible customer service and outstanding mobile apps to check your bank accounts on the go.

Keep in mind that this does not mean you need to get rid of your preferred banking institution. In fact, it may be a good idea to have multiple checking accounts to keep your day-to-day finances and travel funds separate.

CNBC Select analyzed dozens of U.S. checking accounts to find the top checking accounts for travelers, and you can apply online today for any of the three options listed below.

The best checking accounts for travelers

• Best for domestic travel : Capital One 360 Checking®
• Best for international travel : Betterment Checking
• Best for traveling and investing : Charles Schwab High Yield Investor Checking®
• Best for solely online banking : Axos Bank® Rewards Checking

Best for domestic travel: Capital One 360 Checking®

Capital one 360 checking®, monthly maintenance fee, minimum deposit to open, minimum balance, annual percentage yield (apy), free atm network.

70,000+ Capital One®, MoneyPass and Allpoint® ATMs

ATM fee reimbursement

Overdraft fee, mobile check deposit.

Terms apply.

Who's this for? The Capital One 360 Checking® account gives consumers the power to withdraw from any ATM in the world, without incurring any additional fees. In addition, the account earns interest on the account balance, and automated customer service is available 24/7 by phone.

With this account, you are able to use Capital One, Allpoint® and MoneyPass® ATMs. However, if you decide to use an out-of-network ATM, your fees will not be reimbursed.

While you are traveling, you will likely find value in using the Capital One app to complete your banking functions. Currently, the app is rated over 4.5 stars in both the App Store and Google Play store.

There is no minimum deposit requirement, but if you need to withdraw cash, you can do so at over 70,000 fee-free Capital One, Allpoint and MoneyPass ATMs.

Best for international travel: Betterment Checking

Betterment checking.

All ATM fees reimbursed

Yes. However, you must meet two requirements. Customer for at least 30 days and receive direct deposits totaling $500 or more within the last month.

Who's this for? Primarily known for its robo-advisor investing products (including an IRA) , the Betterment Checking account is excellent for international travel. The account refunds all ATM fees, both domestic and international, including the fees that out-of-network ATMs charge to use their service.

In addition, you can earn cash back at select retailers, including Walmart and Adidas — similar to a cash-back credit card . And if you pay your cell phone bill with your Betterment debit card, your cell phone is now covered with an insurance policy in case your phone is lost, stolen or damaged, up to $600.

The account has no fees of any kind, and there are no minimum balance requirements to get started. One downside to Betterment is that you can't deposit physical cash into an account via an ATM.

Best for traveling and investing: Schwab Bank High Yield Investor Checking®

Schwab bank high yield investor checking®.

Who's this for? Charles Schwab offers the High Yield Investor Checking® account, which comes with unlimited ATM-fee reimbursements worldwide and earns interest on your balance. The account also comes with no monthly fees or minimum balance requirements.

When opening a checking account with Schwab, you will have to open a Schwab brokerage account at the same time. However, you are not obligated to use it and there no fees to have a brokerage account.

You can also pair this card with the American Express Platinum Card® for Schwab . This card is exclusive to Schwab customers, and you can redeem American Express Membership Rewards points for cash back at a higher rate than other Membership-Rewards-earning cards

One downside to the Schwab Bank High Yield Investor Checking account is that there is no way to deposit cash directly.

Best for solely online banking: Axos Bank Rewards Checking

Axos bank® rewards checking.

Build your own APY with up to 3.30% APY*

No initial deposit to open

Monthly fee

Unlimited domestic ATM fee reimbursements

Who's this for? Axos Bank is an online bank with 24/7 customer service through phone or secured online chat. With the Rewards Checking account , there are unlimited domestic ATM-fee reimbursements, no overdraft fees or no monthly maintenance fees. The account requires no initial minimum deposit to open. In addition, the account will pay you up to two days early if you get paid through direct deposit.

Keep in mind that because this is an online bank, there are no physical branches — but it is FDIC-insured.

Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox.  Sign up here .

Why trust CNBC Select?

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every checking account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best checking accounts.

Our methodology

To determine the best checking account for travelers, CNBC Select analyzed dozens of U.S. checking accounts offered by online and brick-and-mortar banks, including major credit unions. We narrowed down our rankings by only considering checking accounts that charge no ATM fees for domestic or international ATM withdrawals.

While the accounts we chose in this article consistently have no ATM fees, we also compared each checking account on a range of features, including:

• No minimum balance requirement
• Low initial deposit of $0 to $50
• Available nationwide
• Physical branch locations and/or online accessibility
• Large ATM network
• Ease of use and account accessibility
• Customer reviews, when available

All of the accounts included on this list are  Federal Deposit Insurance Corporation (FDIC) insured up to $250,000. This insurance protects and reimburses you up to your balance and the legal limit in the event your bank fails.

The rates and fee structures for checking accounts are subject to change without notice and they often fluctuate in accordance with the  prime rate .

Your earnings depend on any associated fees and the balance you have in your checking account. To open an account, some banks and institutions may require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.

Catch up on CNBC Select's in-depth coverage of  credit cards ,  banking  and  money , and follow us on  TikTok ,  Facebook ,  Instagram  and  Twitter  to stay up to date.

Information about the Capital One 360 Checking® Account have been collected independently by Select and has not been reviewed or provided by the bank prior to publication. Capital One Bank is a Member FDIC.

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Best Bank Accounts for Travelling

The best bank accounts for travelling and what factors are important.

Matt Crabtree

Rachel Wait

If you regularly travel abroad, making sure you don't get hit with hefty foreign transaction fees every time you spend on your bank card is crucial.

With travel being easier than it’s ever been, and continental Europe right on our doorstep, it’s important that you have a bank account that keeps up with your travel plans.

The rise of challenger banks has made international payments simpler and more affordable.

With this in mind, we look at the best bank accounts to use when you’re travelling.

The Best Bank Accounts for Travelling

Now that you’re familiar with what to look out for when choosing your travel bank account, it’s time to look at some of the best options available.

We examine the pros and cons of some of the most competitive bank accounts for travelling:

1. Starling Bank

Starling Bank offers a popular current account that's quick and easy to set up. There are no monthly fees and no fees for spending or withdrawing cash on your card in the UK or overseas. Starling uses the Mastercard exchange rate .

What's more, as Starling has a UK banking licence, your money will be protected up to £85,000 under the Financial Services Compensation Scheme (FSCS).

On top of this, the account pays interest at 3.25% AER on balances up to £5,000 and you will be able to separate money and set savings goals, as well as split bills.

✔️ Easy and free to open an account.

✔️ No ATM fees in UK or abroad.

✔️ Uses Mastercard exchange rate.

✔️ Virtual cards for better money management.

❌ Can only manage the account online or via the app.

The Chase current account offers fee-free spending and cash withdrawals on your debit card in the UK and overseas. Like Starling, it uses the Mastercard exchange rate. On top of this, you'll earn 1% cashback on your spending both at home and abroad for the first 12 months.

The account has no monthly fee and pays 1% AER on your balance. In addition, you'll have access to a savings account that pays 4.1% AER.

There's also a round ups feature that rounds up all your spending to the nearest £1 and transfers the change to a round up account paying 5% AER. All of this could help you save funds towards your next holiday.

✔️ Fee-free cash withdrawals and spending overseas.

✔️ Earn 1% cashback on spending for first year.

✔️ Linked savings accounts.

✔️ Free to set up and maintain.

❌ There's a £500 daily withdrawal limit.

❌ If travelling abroad, there's a £1,500 limit on cash withdrawals from your account in any calendar month.

Revolut is one of our favourite digital-only institutions at the moment. For travellers, there’s so much that’s appealing here. It gives you the flexibility and freedom to keep on top of your finances when you’re abroad.

One of the biggest benefits is that you can convert multiple currencies in the app. This gives you the chance to secure the best rate ahead of your travels. However, if you pay in GBP, Revolut uses its own variable exchange rate to carry out this conversion.

You can also spend on your card and withdraw cash abroad fee-free, so long as you stay within your monthly limit and carry out transactions on a weekday. If you don't, a fee will apply. The free standard plan offers a free currency exchange limit of £1,000 a month Monday to Friday, and a fee-free withdrawal limit of £200 a month (or five withdrawals).

✔️ Simple to set up and get started with.

✔️ Allows you to top-up and hold multiple currencies at once.

✔️ Fee-free spending abroad.

✔️ Withdraw up to £200 per month from ATMs abroad.

❌ Mark up of 0.5% applied on major currencies and 1% on other currencies during weekends.

❌ Fee of 2% (minimum £1) after initial £200 withdrawal limit is reached.

Monese offers three different types of account. The Simple plan is free to set up, although a £4.95 fee is charged for a contactless card.

The Simple plan also has a lower fee-free ATM limit of £100 a month (a fee applies after this) and you can spend up to £2,000 a month fee-free in foreign currencies.

By contrast, the Classic and Premium plans offer higher fee-free ATM withdrawal limits and unlimited fee-free spending abroad. But you do have to pay a monthly fee for these plans. You can hold accounts in GBP, EUR or RON.

✔️ Quick and easy to set up.

✔️ Hold accounts in GBP, EUR and RON.

✔️ Low international transfer fees.

✔️ FSCS protected.

❌ Fee-free limits are low for free plan.

❌ Must manage your account online or via the app.

Monzo consistently scores highly on customer satisfaction ratings, and with good reason. It’s incredibly easy to get started and get your new card sent out to you. Once it arrives, you can start using the app to manage your money at home and abroad.

You get instant notifications when you make a transaction, giving you a breakdown of costs in the local currency as well as in GBP.

You’ll get the same Mastercard exchange rate we’ve seen before, with no costs on top when making transactions. For the free plan, the fee-free cash withdrawal allowance abroad is £200 per month, after which a 3% fee applies. If you're happy to pay a monthly fee for your account, the Plus account offers a withdrawal limit of £400 a month and the Premium plan £600 a month.

✔️ No fees for ATM withdrawals abroad if you stick to your monthly limit.

✔️ Plenty of features for splitting bills, setting budgets.

❌ 3% withdrawal fee if you exceed your monthly limit.

❌ No interest on in-credit balance.

You can link your existing debit and credit cards to your Curve account and use any of them with your single Curve payment card. While the basic Curve card has no monthly fee, there are three upgraded versions (Curve X, Curve Black and Curve Metal) that require a monthly subscription fee. 

There are no fees associated with using your card or withdrawing cash when travelling overseas, although you'll need to stick to your monthly limit (there is no limit with Curve Metal).

There are no fee-free foreign ATM withdrawals with the free plan, but you can withdraw up to £300 per month fee-free with Curve X, £500 per month with Curve Black and £1,000 a month with Curve Metal.

✔️ Link your debit and credit cards to one account.

✔️ No fees for spending or withdrawing cash abroad if you stick to your monthly limit.

✔️ Get comprehensive accounting of all of your transactions.

❌️ Fees apply if you exceed your monthly spending and withdrawal limits abroad.

❌️ Must be managed via the app — no branches.

❌️ It’s a service that facilitates financial transactions, but not a bank account.

7. Virgin Money M Plus Account

There are no fees for using your debit card for spending or cash withdrawals in the UK or abroad with this Virgin Money account . What's more, the account has no monthly fee, you'll get access to a linked savings account . Plus you can earn cashback on your spending.

The Virgin Money app also has a number of helpful functions, such as the ability to create a budget and categorise spending.

✔️ No foreign transaction fees for spending or cash withdrawals.

✔️ Interest paid on credit balance.

✔️ Linked savings account.

❌️ High interest rate on overdraft.

8. HSBC Global Money Account

When you open an HSBC Global Money Account, you'll have access to a multi-currency debit card and the ability to convert, hold and send money in more than 50 currencies to 200 countries.

Using your HSBC card to make purchases or withdraw cash is free of charge around the world. HSBC uses live rates to give you competitive currency exchange rates .

To apply for the account, you must already have an HSBC current account and you must use the HSBC banking app to set up and manage your new account.

✔️ The HSBC mobile banking app allows you to manage your finances on the go.

✔️ Spending and ATM withdrawals are both free of charge.

✔️ Flexible options for currencies.

❌️ Only available on the app.

❌️ You must have an existing HSBC current account.

9. First Direct 1st Account

First Direct's 1st Account won't charge you if you use your debit card for spending overseas or for making cash withdrawals abroad. What's more, the account comes with a £250 interest-free overdraft which could come in handy if you spend a little more than planned on holiday.

You'll also be able to pay into a regular saver account paying 7.00% AER — you can pay in between £25 and £30 per month for 12 months. This could help you to save up for your next holiday!

First Direct is renowned for its excellent customer service and often offers a welcome bonus. Right now, you'll get £175 for switching to the account, as long as you pay in £1,000 within three months of opening the account.

✔️ Fee-free spending and cash withdrawals abroad.

✔️ Access to regular saver account.

✔️ Interest-free overdraft of £250.

❌️ Interest applies on overdrafts of over £250.

Why a Travel Account Matters

It can be hard to budget for a holiday if you don’t know exactly how much you’ll be paying for goods and services while you’re abroad. Sure, you can just take plenty of cash with you, but that’s neither safe nor practical.

Instead, most people rely on their usual current account and debit card to make payments. But this can be a costly way of doing things. High street banks will often charge a premium for such services, whether in fees or exchange rates.

As an example, many banks will charge you a fee of around 2.75% each time you spend on your debit card abroad. You'll typically be charged another fee of around the same amount when you withdraw cash overseas — and that's on top of the foreign transaction charge. This can make spending abroad extremely expensive if you don't choose the right bank account and card.

What to Look for in a Bank Account for Travelling

There are a few considerations you should make when choosing a bank account for travelling.

We’ve highlighted these below:

• The biggest factor is whether the account charges a fee for using your debit card for spending purposes or cash withdrawals abroad — and whether there are any limits.
• Whether the bank provides an overdraft facility or not. This could be a lifesaver if you have to make an unexpected purchase.
• Whether the bank has or relies on a smartphone app and having data to use it. Also look for whether it has Apple & Google Pay integration.
• How easy it is to open. You may already be travelling or need an account as quickly as possible .
• Whether you can make international transfers and how much they cost.
• Whether the bank is FSCS protected .
• Whether the account charges a monthly fee.

By thinking about these different factors, you can choose a bank account that meets your needs. Some may be more or less relevant to you, so it’s important you identify what it is you require from your bank when you’re on the road.

Should I Use Cash or Card When Travelling?

There’s no right or wrong answer here, as each has their merits.

Cash can be incredibly useful as you can exchange it before you travel, allowing you to budget ahead. It’s also convenient if you’ll be in places where card payments are not commonly accepted. However, it’s awkward to carry around, can be confusing, and can be a security risk.

With a card, it really depends on the type of card. A debit card is secure and usually allows you to withdraw local currency from ATMs. It’s easy to carry around with you too. However, it may not work in all destinations and, depending on your bank, you might have to pay a fee for foreign transactions.

Similarly, credit cards can be useful for purchases, but foreign transaction fees can apply, and if you use the card for cash withdrawals, you will usually be charged interest from the moment you get your cash.

Pre-paid travel cards are another option — you simply load the card with cash and then spend what's on the card. However, different cards charge different fees so compare them carefully.

Top Tips for Spending When You Travel

We’ve outlined our top tips for spending money overseas:

Pay in the local currency

If you’re given the option between paying in pounds or the local currency, always choose the latter. Retailers often use their own unfavourable exchange rates, meaning that paying in pounds can work out more expensive.

If you use a credit card, pay it off

Unless your card offers an interest-free period on spending for a number of months, it's important to pay off your balance in full each month to avoid interest charges. Even if you do have an interest-free offer, it's always best to pay off your debts as quickly as possible.

Use a lock-in rate if using prepaid cards

Some methods of payment allow you to lock-in your exchange rate for certain currencies ahead of time. This can save you from market fluctuations when you’re travelling, making it easier to budget.

Check before you go

If you’re going to be using your current bank’s credit or debit card , check the fees and exchange rate before you go, so you know what to expect.

Related Guides:

• Best Current Accounts
• Best Online-Only Bank Accounts
• Best Rewards and Cashback Bank Accounts for You
• Best Bank Accounts for Bad Credit
• How to Use Revolut Abroad

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The World’s Best Bank Accounts for International Travelers and Nomads

Updated: Feb 12, 2024 • by Thomas K. Running

Did you know that every time you swipe your card in a foreign country, your bank is charging you exorbitant fees and giving you a terrible exchange rate? Yet, you can save thousands every year by choosing the right bank.

If you travel abroad for a week or two per year, 3–5% in various foreign transaction fees and bad exchange rates for international card use is not really a big problem. But as a frequent traveler or digital nomad spending most of your time abroad, these fees add up quickly. In fact, you might be donating hundreds or even thousands of dollars yearly to your bank. I’m sure you could think of a better way to spend that money.

Table of Contents ↺ Nomad friendly banks available globally Wise Nomad friendly banks in Europe N26 Tomorrow Bunq Monzo Revolut Nomad friendly banks in North America Charles Schwab Bank Nomad friendly banks in Oceania HSBC Everyday Global Account Citibank ING Orange Everyday Other nomad friendly banks? Transferring money between banks

But what if I told you that there are banks out there that charge no monthly fees, 0% foreign transaction fees, 0% currency exchange markup, 0% ATM withdrawal fees and even refund fees imposed by ATM owners worldwide? Sounds like some sort of black magic right? Well, it’s not. I spent countless hours finding the best banks for nomads in North America, Europe, and Oceania, so you don’t have to. Read on to learn more about these incredible banks and how you can open an account with them today.

Update: In this article you’ll find personal bank accounts. If you’re a freelancer or business owner, don’t miss my article on the best business bank accounts you can open remotely . 🕴

Nomad friendly banks available globally

Wise, formerly Transferwise, is one of the biggest names in global fintech and international banking. Wise allows you to hold money in over 50 different currencies, and is probably the banking product that comes closest to offering a truly global service, earning it this special mention.

There are only about a dozen countries or so where you cannot use Wise at all (e.g. for cheap international money transfers), and only a few more where you cannot get their free borderless multi-currency accounts.

In many countries, you also get access to the Wise debit card which comes with some of the most competitively low fees for international spending.

Personally, the feature I like the most with Wise is that they provide you with local banking details in a range of countries (e.g. in Europe, US, Australia, Singapore and many more) making it easy to receive payments from clients or friends located all across the world without any extra charges or delays.

Another thing I especially like about Wise is that they have always been completely transparent about the low fees they do charge, including how much go to cover their direct costs as well as how much goes to improve their product. Unlike competitors who initially launched with too-good-to-be-true pricing which soon thereafter gets jacked up (classic bait-and-switch), Wise has tirelessly worked on improving their cost structure leading to even lower fees over time.

Wise at a glance

Things to note, nomad friendly banks in europe, n26 (eur — eu/eea: 🇩🇪🇦🇹🇪🇸🇮🇹🇮🇪🇸🇰🇬🇷🇫🇷🇧🇪🇪🇪🇫🇮🇱🇻🇱🇹🇱🇺🇳🇱🇵🇹🇸🇮🇳🇴🇸🇪🇩🇰🇮🇸🇵🇱🇱🇮).

My favorite bank in Europe is definitely N26 . By now it’s one of the most mature of the user-friendly and innovative challenger or neo-banks that have revolutionized the European banking market in the last few years.

Having started out in Germany, N26’s EUR account is now available in most of Europe. Since late 2018, N26’s EUR accounts are also available to residents of Norway, Sweden, Denmark, Poland, Iceland, and Liechtenstein.

But don’t worry if you’re not currently in Europe, dear nomad friends. One of the best things about N26 is that you can open an account from anywhere in about 5 minutes . You just need your smartphone, an internet connection, and your ID.

(If you’re unsure about the process, just read my article on how to open an N26 account remotely )

You’ll still need a delivery address in Europe (specifically in Austria, Belgium, Denmark, Estonia , Finland, France, Germany, Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, the Netherlands, Norway, Poland, Portugal , Slovakia, Slovenia, Spain, Sweden, or Switzerland). If you’re not currently in any of those countries, don’t worry. As a global-minded citizen, I’m sure you can make some European friends that will allow to you use their address as a C/O address to open the account. You can easily change the address after receiving the card.

N26 is now offering a few different plans, but the free Standard plan is probably still the best bet for most—unless you can take advantage of the excellent travel insurance included with the paid plans. That’s the case if you’re mostly based in a European country and often make trips abroad of up to three months at a time.

N26 You (€9.90/mo) and N26 Metal accounts (€16.90/mo) give you medical, trip cancellation, luggage, winter sports, and even car sharing, e-scooter, and e-bikes hires covered for damages. N26 Metal plan also adds car rental insurance and phone insurance (up to €2,000 for theft and damage).

If you don’t need the travel insurance, but want a free physical card and like to use subaccounts for better budgeting and saving—their Smart plan (€4.90/mo) could be best for you.

N26 at a glance

* They add a low 1.7% exchange fee for ATM withdrawals only in non-EUR currencies for the Standard and the Smart plan. That’s still much lower than the competition (typically 2-5% on all foreign spend, including point-of-sale).

Tomorrow (EUR — EU/EEA: 🇩🇪🇦🇹🇮🇹🇪🇸)

Tomorrow is a German banking product focusing on sustainability, so a perfect option for nomads and other travelers who are concerned about their environmental footprint .

Although they are currently only available in Germany, Austria, Italy, and Spain, they make it easy to send, receive and withdraw money all around the world. For every 5 euros that you pay with your Tomorrow Visa card, they will restore one “wheelbarrow” full of healthy habitat.

With any money that you deposit, they will only use it to invest in renewable and sustainable products or resources.

They have three plans all at a monthly fee:

Now – at €3/month, with withdrawals costing €2 (but no additional fees on foreign exchange).

Change - at €7/month, with 5 free monthly withdrawals, optional shared account and no additional foreign exchange fees.

Zero – €15/month, a wooden card with unlimited withdrawals and no additional foreign exchange fees.

From 1st March 2024, the prices for the plans will be €4, €8 and €17, respectively.

Tomorrow at a glance

Dutch bank Bunq is a mobile only bank that offers both personal accounts and business accounts .

They offer many features with their personal accounts, including the option to have a shared account with a partner, an IBAN in either Germany, Netherlands, Spain, France or Ireland (or multiple IBANs in their more premium plans), and the possibility for a Maestro Card (particularly useful in Central Europe and the Netherlands).

While they do have a free version, it is quite limited and doesn’t come with a debit card, so the best option would be €2.99 a month for their “Easy Bank” plan.

To add 22 different currencies and investment features, you can upgrade to “Easy Money” for €8.99 per month, or €17.99 a month for “Easy Green”, which allows you to offset your CO2 emissions, similar to Tomorrow .

Bunq at a glance

Monzo (gbp — uk 🇬🇧).

This fast-growing challenger bank is the closest thing to N26 in the UK. You get a free current account and debit card, a user-friendly app which makes it easy to stay on top of your spending, and just a few, low fees.

A Monzo Plus account costing £5/month adds credit score tracker and fee-free withdrawals abroad up to a certain limit—among other features. Monzo Premium costing £15/month also includes travel insurance, phone insurance, and discounted access to airport lounges.

The account is easily opened through their mobile app (including ID verification), and the debit card can be sent to any UK address.

Monzo at a glance

This is a competitor to Wise that many people have probably already heard about. They got quite famous in nomad circles in the middle of 2010s when they launched with free unlimited currency conversion, free international money transfers, and free instant top-ups from debit and credit cards.

But these perks are no more.

Now you can only exchange up to £1,000 per month for free, all international transfers are paid, even on the Premium and Metal plans, and only non-commercial cards issued in the EU can be used for free top-ups.

While Revolut was initially available worldwide, they had to scale back to just the EU/EEA, though they have now added back support for a handful non-European countries, though usually with limited services.

The thing you’ll notice as you start using Revolut is that pretty much all their features has one or several asterisks attached to them, such as:

• Free currency conversion (including international card spend) not being available for all currencies, nor on the weekends, nor for large amounts.
• Or that their travel insurance you get with their Premium account which advertises cover for your whole family only really includes your kids (under 18), not your spouse.
• Or that the 1% cashback on all your non-EU purchases for those splurging for the Metal plan is capped at what you pay for the plan—so it’s essentially just a discount, not a cashback.

That said, while they are no longer a clear winner on price, their app is probably the most feature-packed of all the big fintechs, including budgeting features, microsavings, investments, etc.

Revolut may also add value if you are a freelancer, sole trader, contractor, and self-employed in some other way, as they now have a Revolut Pro. This is essentially the same as Revolut Business, but can be accessed through their personal account app instead, to make things easier for solo business owners.

Revolut at a glance

Honorable mentions.

• Monese (GBP & EUR — UK 🇬🇧): Free to use globally, but with certain limits. Affordable upgrade in case you’re a big international spender or need more than €/£200 in monthly ATM withdrawals. The EU customers can have EUR (Belgium) and RON accounts, and the UK customers can open these plus GBP accounts.
• DKB (EUR — Germany 🇩🇪): Similar fee structure to N26, but I personally found their support to be quite hard to work with as a non-German speaker (insisting that you email them in German, not English for example, else refusing to respond). Could be a good option for Germans still.

Wise (formerly TransferWise) —the global, multi-currency account 🌍🚀 This isn’t your run-of-the-mill bank account. It’s worthy of a special mention because it’s a fantastic product for those of us that earn and spend in several currencies. You’ll get local bank details in the United Kingdom 🇬🇧 (GBP), the Eurozone 🇪🇺 (Belgium or Germany—EUR), the United States 🇺🇸 (USD), Australia 🇦🇺 (AUD), New Zealand 🇳🇿 (NZD), Canada 🇨🇦 (CAD), Hungary 🇭🇺 (HUF), Romania 🇷🇴 (RON), Singapore 🇸🇬 (SGD), and Turkey 🇹🇷 (TRY), which makes it easy to get paid from all over the world. Pair that with a free debit card that can be used worldwide with very low fees, and the fact that it’s available to residents of most countries, and you have yourself a winner. They offer both personal and business accounts . Open Wise account

Nomad friendly banks in North America

Charles schwab bank (usd — united states 🇺🇸).

By far my favorite bank for nomads in the US, and perhaps even in the world. Pretty much anything is free, from all card usage globally to unlimited free checks (if you still use those). They even refund you unlimited amounts of ATM fees imposed by ATM owners worldwide.

The only thing that leaves me wanting a bit more is their online banking solution and mobile apps. They have improved a lot in since I first started recommending Schwab, but I will still only characterize them as OK. Then again, most US banks suck in this area.

Like most US banks it also requires you to be a US resident. But as long as you keep a US address on file, they assume you are living there. If you don’t have a US address while traveling or living abroad, your account might be subject to closure. A mail scanning and forwarding service that offer street addresses (not P.O. boxes) can take care of this for a low monthly fee.

Charles Schwab at a glance

* You will be charged Visa’s official rate , which is pretty darn close to the mid-market rate.

Capital One 360 (USD — United States 🇺🇸): Quite similar benefits compared with Charles Schwab, but does not refund your ATM fees.

STACK (CAD — Canada 🇨🇦) : While not technically a bank, this prepaid Mastercard is the only Canadian option with no FX fees, no ATM fees, and no monthly fees. Highly recommended for Canadians who travel abroad!

Do you know any nomad friendly banks in Canada? Let me know , so I can add them here!

Nomad friendly banks in Oceania

Hsbc everyday global account (aud + 9 more — australia 🇦🇺).

Launched in the spring of 2018, the HSBC Everyday Global Account is the first Australian multi-currency travel card and bank account without foreign transaction fees or “criminal” exchange rates.

Australian residents can apply to open an account online. Non-residents can try to apply through a branch, but you may not be accepted.

HSBC Global at a glance

Ing orange everyday (aud-australia 🇦🇺).

Another recent contender in Australia, ING now refunds ATM fees (charged by the ATM owner) worldwide with their Orange Everyday account , as long as you meet the following two conditions:

• Receive at least $1,000 in your account every month
• Make at least 5 card purchases per month

The downside is that if you don’t meet the requirements, you don’t only miss out on the refunds, but you’re also charged a $5 international ATM fee, plus a 3% foreign transaction fee for both purchases and withdrawals.

Highlights 🌟

• No monthly/yearly costs
• No set-up cost
• No ATM fees worldwide*
• No foreign transaction fees*
• No currency exchange markup**

* Only if you meet the $1,000 deposit + 5 card transaction requirement in the preceding month. ** You will be charged Visa’s official rate , which is pretty darn close to the mid-market rate.

Special thanks to Chloe R for the tip!

Open ING Orange Everyday account

• Wise (formerly TransferWise Borderless) (NZD, AUD, EUR, GBP, USD + dozens more—Australia 🇦🇺 & New Zealand 🇳🇿): As previously mentioned , this is a fantastic product that give you local bank details in 10 countries (including Australia and New Zealand), and let you hold several dozens more currencies. You can convert between currencies at some of the best rates in the market, and you get a free debit card that makes spending around the world a breeze.
• Air NZ OneSmart (NZD, AUD, SGD, HKD, JPY, GBP, EUR, CAD, USD—New Zealand 🇳🇿): This innovative prepaid card offer 3 free international ATM withdrawals per calendar month, and can hold a variety of different currencies. If you are in a country with one of the supported currencies, this card can be a good option. If you need to use the card for transactions in unsupported currencies, there is a 2.5% fee. There is now also a $1 monthly fee.

Other nomad friendly banks?

I have included all the nomad friendly banks I came across in my research, but if I missed a bank in your country please let me know , so I can update the article!

If you’re not able to open accounts with any of the banks listed in this article, check if there’s a bank in the Global ATM Alliance in your country. These banks usually waive any fees when you use your card in a partner bank’s ATM. Note that they often still charge foreign transaction fees of up to 3%.

Another alternative can be using a bank with a significant global presence, such as HSBC bank , and as much as possible use their ATMs abroad. Yet, tracking down the few ATMs you can use fee-free in a particular city can be quite impractical.

Transferring money between banks

If you successfully open one of the bank accounts that I’ve listed above, you might wonder how you can fund your account if your current account is in a different country. Usually, the fastest and easiest way is to use Wise (formerly TransferWise) and is what I would recommend in most cases. Even if your bank supports international transfers, you’ll most likely get a terrible exchange rate, plus loads of fees—especially if the transfer goes via the SWIFT network.

I hope this article was helpful! If you have any questions, please post them in the comments below. If you know of any other nomad-friendly banks, please send me a tip ! 🙌

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How to open an n26 bank account—from anywhere, the best business bank accounts to open from anywhere, my top resources for nomads, travelers, & expats, portugal golden visa guide: pros & cons in 2024, the world's best travel insurance for long-term travelers, the ultimate retirement savings guide for expats & nomads.

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6 Best Banks for International Travel of 2024

Whether you’re a frequent traveler or about to take that once-in-a-lifetime trip, it’s crucial to have the right bank before you depart.

Unfortunately, many people find that their go-to bank is not very customer-friendly when it comes to traveling. And they may not even know it until they get back and open up their monthly statement.

So, how do you find the best banks for international travel? We’ve broken up our top picks into the following categories:

• International ATM Fees
• Financial Emergencies
• International Wire Transfers
• Foreign Transaction Fees
• Best Travel Credit Card
• Best Overall for Expats

Foreign transaction fees and ATM fees are probably the reason you’re here, but you may encounter other surprises while on your trip. It’s always good to know what your options are well before you even need them.

Safe and happy travels!

Best Bank for Avoiding ATM Fees While Traveling

Charles schwab bank.

As a Charles Schwab customer, you get access to a slew of benefits when you open a Schwab Bank High Yield Investor Checking account. Unlimited ATM fee reimbursements worldwide is one of them.

There are no monthly maintenance fees or minimum balance requirements if you link your account to a Schwab One brokerage account.

Schwab doesn’t charge foreign transaction fees for any transactions that take place abroad when using your debit card.

There are numerous banks that offer ATM fee reimbursement. However, very few are unlimited. Most banks only offer up to $10 or $20 back per month.

Charles Schwab Bank gives you unlimited refunds on all ATM fees worldwide. They even reimburse you for fees the ATM owner charges you.

If you think about it, that’s a big deal.

How many times have you had to convert money at an airport or a small retail center while traveling? How often were you able to convert that money for free?

If you’re like most people, that’s probably never happened. That’s why we like Schwab Bank for frequent international ATM withdrawals.

Best Bank for Financial Emergencies Abroad

Just a heads-up: You’ll see HSBC again on this list. That’s how much we like it.

HSBC offers emergency money for its traveling customers. If you’re a Premier or Advance client, you can get up to $10,000 in either U.S. or foreign currency.

So, if you lose your wallet, are robbed, or require money to cover a medical emergency, HSBC will help you out.

How do you get the cash?

You’ll need to go through customer service and call (716) 841-7212. The amount of funds available to you depends on the amount of money you have in your bank account. Therefore, it’s wise to call before you travel, so you know what’s available in case you need it.

Best Bank for Wiring Money While Traveling Abroad

Citibank is considered by many to be the best for wire transfers .

If you wire money often, you need a bank that doesn’t charge you crazy fees each time—and Citibank does just that.

If both you and the person you are wiring money to have Citibank accounts, the cost to send the wire is $0. It’s not only free to do so nationally but internationally as well.

The downside?

If the recipient doesn’t have a Citibank account, the bank has been known to charge as much as $35 per wire. Of course, you don’t always know when you’ll have to wire money. However, if it’s a routine practice for you, Citibank is the way to go—especially if you both bank with them.

If you aren’t the one traveling but are instead the spouse or parent, then Citibank could also be a perfect fit for you.

If you are new to the world of wire transfers, try to get an idea of what the conversion rates will be. Know what your money is worth before you start sending it out and about!

If the conversion rate is horrible, you might want to consider another option, such as a credit card set aside for emergency use only.

Best Bank for Avoiding Foreign Transaction Fees While Traveling

Capital one 360.

If you make a purchase outside the United States or order something online from another country, most banks will charge you a foreign transaction fee.

Capital One is one of the rare banks that won’t nickel and dime you when you use your debit card abroad.

The Capital One 360 checking account has a few other things worth your consideration, too. For starters, it doesn’t charge monthly fees.

You also won’t be charged an ATM fee when you use your debit card. However, you won’t be reimbursed for fees charged by the ATM.

You can also withdraw cash at over 70,000 fee-free Capital One, Allpoint and MoneyPass ATMs. And if you need to get a wire transfer while abroad, that is also free.

Regardless of how you plan to use your Capital One 360 checking account, know that it is one of the best checking accounts out there — nationally or internationally.

Best Credit Card for Travel Rewards

Chase sapphire preferred.

The Chase Sapphire Preferred card is one of the best travel credit cards available. With Sapphire Preferred, you get two points for travel and dining and one point for all other purchases.

Those points can be redeemed for $1.25 when you are traveling and can be transferred on a 1:1 basis to major airlines and hotel chains. Keep in mind there is a $95 annual fee, but it is waived your first year.

The Chase Sapphire Preferred card currently offers a sign-up bonus of 100,000 rewards points (or $1,250 in travel redemptions) after you spend $4,000.

Additionally, you can earn 5,000 more points if you put an authorized user on the account within the first three months.

Your points never expire as long as you keep the card active and can always be redeemed through the Chase travel portal.

Best Overall Bank for Expats

If you’re a frequent globetrotter or are about to move to another country, you need a bank with an international presence.

HSBC helps make moving abroad easier by having 3,900 offices in 67 countries and territories in Asia, Australia, Europe, the Middle East, North America, and South America.

If you have an HSBC account, it’s quite easy to open an account in another country well before you even arrive there. Plus, if you download their mobile app, you can do it right on your smartphone. It’s safe and secure and enables account holders to check their bank accounts whenever they wish.

So for jetsetters such as yourself, moving from one country to the next, this is a powerful money and time-saving tool to have in your pocket. Sign up for the premier checking account and avoid the foreign transaction fees with debit card purchases.

However, with so many great perks to HSBC, unfortunately, it’s not for everyone. For starters, it charges a $50 monthly maintenance fee.

This isn’t exactly pocket change for many people. And the only way to avoid this fee is if you have a minimum of $100,000 in your account.

Even with the high monthly service fees, HSBC still ranks as the number one bank for globetrotters. This is because it has a strong infrastructure, a massive network, and great features.

Even if you don’t have $100,000 in your accounts, the $50 monthly fee could be well worth the number of features available.

Best Banks for International Travel: Honorable Mentions

No matter the criteria used, there are always going to be strong contenders left out. So, the options below are definitely worth consideration, too:

Chime® offers an online bank account with no foreign transaction fees. You also get a Visa debit card with the checking account. The debit card can be used at 60,000+ fee-free 1 ATMs at stores like Walgreens, 7-Eleven, CVS Pharmacy, and more.

Chime also offers other benefits like getting your paycheck up to two days early with direct deposit 2 .

Bank of America

No fees for using your debit card at ATMs that aren’t Bank of America-owned. Plus, you won’t be charged foreign transaction fees if you use any of their credit cards while traveling.

Alliant Credit Union

Rebates up to $20 a month for ATM fees incurred from using non-Alliant ATMs. If you use their credit card while abroad, there are zero foreign transaction fees.

American Airlines Credit Union

The AACU checking account offers rebates of up to $20 a month for ATM fees incurred while traveling. Additionally, foreign transactions only incur a 1% fee.

Navy Federal Credit Union

Navy Federal offers credit cards with no foreign transaction fees. In addition, there are no ATM fees on military bases, and you get ATM rebates of $10 per monthly statement. Eligibility at NFCU is for members of the United States Armed Forces and their families.

Andrews Federal Credit Union

AFCU offers credit cards without any foreign transaction fees. It also has over 1 million ATMs across the globe. So, it’s unlikely you’ll have to resort to using an ATM that isn’t an Andrews Federal Credit Union ATM.

See also: Best Banks for Digital Nomads in 2024

Financial Tips for Traveling Abroad

So, you’ve chosen all the right banks, but there are still a few things you need to know before becoming a stranger in a strange land.

Get a Credit Card With No Foreign Transaction Fees

When it comes to making purchases, credit cards are generally the safest method of payment. They offer more protection than debit cards.

However, many credit cards charge foreign transaction fees of 1% to 3% for purchases made outside the United States. These fees can add up quickly.

Get a highly rated credit card like the Chase Sapphire Preferred, Chase Sapphire Reserve, or the Capital One Venture Rewards Credit Card. These cards don’t charge foreign transaction fees. They also allow you to earn more travel miles towards your next trip.

Exchange Currency at Your Bank

If you plan to use cash on your next trip, check with your bank or credit union to see if they offer currency exchange services. This will undoubtedly be cheaper than exchanging currency at an airport kiosk.

Don’t Use Traveler’s Checks

Traveler’s checks are antiquated. Most debit cards give a much better exchange rate these days, plus not many places even accept them anymore. So, avoid the hassle and save time by using a bank that offers fee-free ATM usage or zero to low foreign transaction fees.

Notify Banks of Your Travel Plans

Baltimore is a far cry from Bangkok. You know this, we know this, and your bank does, too. Your trip may be common knowledge to your friends and family, but it’s news to your bank.

Whenever you swipe your card in another country, a red alert is sent out, and your card could be declined immediately. Don’t put yourself in this situation by letting the bank think that your card has been stolen!

Before you go, tell your banks and credit card companies that you’re traveling.

Being able to prove your location while traversing foreign subways or getting a taxi to your hotel can be quite an ordeal. So, let your bank know in advance when you’re leaving and when you’re returning.

Allow yourself a few minutes to do this. While some larger banks offer online notifications, you may have to speak to multiple departments on the phone.

Don’t Use Public Wi-Fi

You may not know how to hack people’s computers, but plenty of people do.

Simply put: Public Wi-Fi is dangerous.

Never visit your bank online or make any purchases while you’re logged in to public Wi-Fi. Hackers can log your keystrokes and ascertain your username, password, and credit card numbers.

Note: This holds true for anywhere you are in the world, not just while you’re traveling.

Whether you’re taking a vacation abroad or moving overseas, make sure you have your banking needs in order. You want to avoid setting yourself up to becoming a fraud victim while away or be surprised by exorbitant fees. Just a bit of preparation can ensure a worry-free trip, so you can focus on the things that really matter.

Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.

1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

2. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Chime generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

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Top 6 Best Bank Accounts for Travelers

Every traveler knows the pain of a depleting bank balance. We spend enough money just getting around the world—there’s no reason to spend even more on unnecessary bank fees.

When you use a standard issue debit card abroad, the bank typically charges a foreign transaction fee, usually somewhere in the vicinity of 3%. So, if you want to spend $100, it’ll actually cost you $103 (at least).

The situation is no better if you choose to withdraw cash at an ATM, either. Most banks charge a fee to withdraw from an out-of-network ATM, and the ATM itself might charge you a fee, as well. So when you withdraw cash abroad, you could end up getting double charged for fees, sometimes up to as much as $10 for a single withdrawal (I’m looking at you, Australia)!

While some of the fees might seem small at first glance, they add up quickly and, before you know it, you’ve wasted hundreds of dollars on bank charges (and, okay, yes, also really cool pants and one or two faux leather bracelets and, fine, a bongo).

The solution? Withdraw loads of cash at once, carry it all with you, and make it last as long as possible, right?

However careful you think you are, carrying a lot of cash while you travel is never a good idea. Money can (and will) get lost or stolen no matter how prudent you are—and when you’ve got it on you, you may be more likely to spend it on stuff you don’t need, too.

You see the dilemma?

Unfortunately, the world of international banking is a complex labyrinth for the average Joe (and even the above-average Joe). Most of us just go to our local bank, open up a checking or debit account and call it a day without ever thinking about international charges.

But bank fees can make a pretty big dent in your budget.

However, there are a few banks out there that are serving travelers all over the world well. Finding the right bank account is one of the best travel tips I can offer you. These are the best bank accounts for international travelers from both the US and UK.

The Best Bank Accounts for International Travelers from the United States

Travelers from the United States are lucky because, unlike other countries, American travelers are spoiled for choice when it comes to bank accounts for travel. So I’ve narrowed them down. The three bank accounts outlined below are ideal for American travelers looking to travel internationally.

Charles Schwab High Yield Checking

The Charles Schwab High Yield Checking account is the one bank account every American traveler needs in their arsenal. It’s free to open, has no monthly or annual fees, doesn’t require a minimum balance and charges no foreign transaction fees. Already off to a good start, this account comes with a secret weapon: no ATM fees anywhere in the world.

Whether you’re at home or abroad—literally anywhere in the world—if the ATM charges you a fee, Charles Schwab reimburses you at the end of each month. That means you have access to every single ATM network in the world for free.

There isn’t a single other bank out there that offers this. It’s a one-of-a-kind account and is used—and loved—by American travelers all over the world.

Plus, if you lose your card abroad, they’ll ship you a new one—anywhere in the world—within a matter of days.

If you’re an American traveler, this account is the first and only checking account you will ever need. Plus, if you use this link to sign up, you’ll get a $100 bonus! You can thank me later.

Account Highlights:

• Free to open
• No minimum balance
• No monthly or annual fees
• No ATM fees anywhere in the world, even if the ATM charges a local fee

Capital One 360 Savings

Capital One 360 is an online bank, meaning they don’t have branches anywhere in the world. This lowers their overhead fees, which means they can offer savings and checking accounts with no fees or minimum balance. And because the bank operates strictly online, you can do every aspect of your banking without ever stepping foot inside an actual bank.

Note: You can still get some level of support at the Capital One branches, but 360 operates as a totally separate entity.

Capital One 360 savings accounts offer a 1% APY (interest rate), which—although small—is higher than you’ll find for any other savings account with comparable features.

As with all savings accounts, you can’t withdraw funds from an ATM; that’s not what savings accounts are for. But you can link your Capital One 360 savings to your Charles Schwab account in your online banking portal and transfer money between them from your laptop.

• High interest rate for a savings account

Wise Borderless (Formerly TransferWise Borderless)

The Wise Borderless account is one of the newest to join the banking scene, and it brings with it some cutting edge features unlike anything else on the market. And given its borderless nature, this account is actually available to people all over the world—not just US residents.

Physical cards, however, are only available to European residents at the moment, though this is due to change soon.

This bank account is ideal for travelers who are constantly on the go and, therefore, handling different currencies all the time. It’s also an excellent choice for digital nomads who regularly receive international payments since they can receive multiple currencies free of charge.

Every Borderless account comes with four sub-accounts, one in the US, UK, Australia and the Eurozone. Each account is treated as if it’s a local account in each of the respective countries, which means you get a US routing (ABA) and account number, a UK account number and sort code, an Australian account number and BSB number, and a European SWIFT/BIC and IBAN number. All in one account!

This means you can receive money from more than 30 countries around the world with zero fees.

Within your Borderless account, you can also hold and convert more than 40 different currencies. These are not held in local bank accounts, so to speak, so it will cost a small fee to send and receive payments in those currencies. And while there is a currency conversion fee, the charges are low and Wise is transparent about what they charge—between 0.35% and 2%, depending on the currency.

There are no fees for using your card abroad , provided you have a balance in that currency in your account. You can also withdraw up to £200 (apprx. $275 USD) from the ATM for free every month. Higher withdrawal amounts are charged at a flat rate of 2%.

Plus, just like the original Wise service, if you want to transfer money, you avoid paying exorbitant international transfer fees because Wise treats them as if the funds are being sent domestically (click here for a full Wise review and explanation on how this works).

• No monthly fees, no minimum balance
• Hold accounts in USD, GBP, EUR and AUD
• No transaction fee for currencies held in your account
• Receive money from more than 30 countries around the world with zero fees
• Hold 40+ currencies and convert between them instantly with low fees
• Receive payments in GBP, USD EUR and AUD free of charge
• Withdraw £200 per month for free, and pay only 2% beyond that

Bank Accounts for International Travelers from the UK

The banking system in the UK is unnecessarily complex and obtuse (from this American’s perspective, anyway!). However, the nature of banking in the UK is in major transition right now, and there are some new banks who are disrupting the entire ecosystem and offering debit/current accounts that are perfect for travelers.

Before diving into the below, make sure you read up on the Wise Borderless account , outlined above, which is a fantastic bank account for travelers from the UK as well.

Starling Bank Personal Account

The Starling Personal account is easily the best bank account for travelers from the UK—and they tout themselves as “the ultimate travel buddy” for good reason. Starling offers zero fees abroad—something totally unparalleled for debit accounts in the UK.

This means no foreign transaction fees or ATM fees anywhere in the world (note that local ATMs may still charge a fee).

TIP: To avoid local ATM fees, look for supermarkets that offer fee-free cash back.

The other standout feature that makes this the best bank account for UK travelers is the ability to withdraw up to £300 daily . Every other bank that offers similar features limit cash withdrawals to £200 per month .

You shouldn’t be carrying much cash with you when you travel, but in case of emergency—or extenuating circumstances—Starling gives you the option.

Like many other accounts, Starling offers real exchange rates provided by Mastercard, with no fees on top.

Starling is an mobile-only bank, making it convenient for travelers who need quick and efficient banking from anywhere in the world. They provide real time transaction notifications  on your phone and you can even access their customer service through an in-app chat feature.

You’ll also get daily and monthly spending reports so you can keep an eye on exactly what you’re spending your money on.

The Starling Bank Personal account offers an interest rate of 0.5% on balances up to £2,000, so it also acts like a savings account! They’ll also deliver a lost card to you anywhere in the world.

Lastly, if you’re saving up for a trip, the Starling app has a “Goals” feature that allows you to enter saving targets, deposit money to these targets, and shows you how close you are to reaching them. This visual aid is surprisingly helpful and could be the key to helping you save up money for travel .

• Free international ATM withdrawals up to £300/day
• No foreign transaction fees
• Real exchange rates provided by Mastercard
• Daily/monthly spending reports
• In-app savings goals

Revolut Personal Account

A close second to Starling, the Revolut Personal account is an app-only bank account for UK travelers (US accounts are coming soon!), which gives you both a UK current account and a Euro IBAN account for free . They offer free international money transfers to bank accounts in over 120 countries using the real exchange rate.

They don’t charge foreign transaction fees in 130 different currencies and they use the real exchange rate provided by Visa with no added fees on top.

Revolut also offers free ATM withdrawals at any ATM around the world , though local ATMs may still charge a fee.

Note that Revolut offers a free account and a paid one , each with different limits and features. The most notable difference is that the free account offers £200 in free ATM withdrawals per month whereas the paid account—which costs £6.99/mo—offer £400 in free ATM withdrawals. It also has a number of extras features , including overseas medical insurance , global express card delivery to 180 countries, and more.

Cryptocurrencies are coming to banks now, and the Revolut Personal account lets you buy and exchange Bitcoin, Ether and Litecoin with 25 fiat currencies . No longer do you need to use Coinbase or Binance to buy or hold your cryptocurrencies. You can see your holdings—in regular currency and cryptocurrency—all in one place.

As travelers, we’re particularly prone to losing things, especially money and bank cards (I am, anyway). If you lose your bank card—whether you leave it on the train or it gets stolen from your backpack—you can instantly deactivate it from the Revolut app with the touch of a button .

And if you happen to find your card again (because you hid it in your luggage so well that even you couldn’t find it), unfreeze your card in a tap.

• No foreign transaction fees in 130+ currencies
• Free international ATM withdrawals up to £200/£400 per month
• Send and receive money to and from international bank accounts for free
• Buy and exchange cryptocurrencies in-app
• Freeze and unfreeze your card with the tap of a button

Monzo has been undergoing some major changes lately—all for the better! Though they used to operate like a prepaid credit card, they have recently added a number of new account features and have become a fully licensed UK bank, protected by the FSCS for up to £85,000.

Like Revolut, Monzo is an online-only bank , meaning there are no brick-and-mortar banks anywhere in the world. This keeps overhead costs low and allows for unparalleled features like free transactions abroad, both online and in person.

Monzo uses the Mastercard exchange rate for all transactions, which means you don’t lose any money to conversion fees.

Monzo also offers free international ATM withdrawals up to £200 per month.  If you exceed £200, Monzo charges 3% on whatever you withdraw.

Though Monzo offers excellent features for travelers , it’s the app that makes Monzo stand out from the rest.

Once you land in a new country, the Monzo app checks your location and sends you up-to-date information on the current exchange rate. It also sends you tips for traveling with your card in that country and it lets you categorize transactions as travel expenses or home-based expenditures.

The app provides a detailed, real time breakdown of your spending plus a final report at the end of your trip so, once you arrive back home, you know exactly what you spent on your holiday.

You can also freeze and “defrost” your card within the app, should you lose (or find) your card on the road.

If this all sounds too good to be true, unfortunately, at the moment, it is. Due to high demand, there is currently a waiting list to get a Monzo account. If you’re in a rush to find a bank account for travel, this won’t be it. But if you’re not in a rush, get yourself on the waiting list today and you’ll be notified as soon as they have a spot for you.

• Currency conversions using real exchange rates from Mastercard
• Free international ATM withdrawals up to £200 every 30 days
• In-app budgeting and expenditure reports
• Instantly deactivate and reactivate your card

Traveling is fun, and oftentimes we get so caught up in planning and packing that we forget to think about how we’ll be spending our money abroad. But especially when traveling, it’s super important to be responsible with your money.

Avoiding bank fees is by far the easiest way to cut down on costs while traveling. Whether you’re on a two-week vacation or living as a digital nomad, choosing a bank account that lets you do this is key.

Choose your bank accounts wisely and you could end up saving hundreds of dollars a year! That’s, like, another 50 beers or something.

READ NEXT:  Money Management for Expats: Tips For Handling Your Finances Abroad

Bank Accounts for Travelers FAQs

What bank is best for travelers.

Charles Schwab has some of the best accounts for travelers.

Which bank can I open an account as a tourist?

Depending on the country, some banks allow non-residents to open accounts.

Should I have a separate bank account for travel?

You don’t necessarily need a separate bank account for travel, especially if you aren’t traveling frequently.

What is the number 1 bank in America?

JP Morgan Chase is the largest bank in the US.

Can I get a US bank account as a tourist?

Some US banks allow non-residents to get accounts.

Jeremy Scott Foster

Great roundup of services. Based on what you wrote, I am interested in both TransferWise and Revolut (note that I haven’t used either personally, though I already use Schwab and love it). So, I just did a little extra research on both and want to share what I learned.

For TransferWise, since the conversion rate is a fixed percentage, larger transfers will become quite expensive compared to using a bank that offers a maximum free structure. But, for smaller amounts, it does seem to be far better.

The Revolut marketing copy is all kinds of obfuscation. If you read just the main pages, you might think there are no fees, but there are many exceptions. Notably:

1. If transferring to a bank outside the EU or not transferring in euros then the transfer will be sent via SWIFT and you might incur international wire transfer fees. The beneficiary bank could also charge a fee to receive your transfer. And, when your money is in transit, it might be processed by an intermediary bank who might also deduct a handling fee. All these fees can be significant but hidden until too late.

2. If you make a cross-currency transfer, you’ll be charged 0.5% on any amount exceeding your £5000 monthly free foreign exchange allowance.

3. THB and RUB incur a 1.5% markup on the exchange rate.

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Best Checking Accounts for People Living or Traveling Frequently Abroad

Traveling or living abroad can be stressful on its own.

You need to purchase plane tickets, pack everything you could possibly need for your trip, and get by in a foreign country where you may not be familiar with the language or culture.

What makes it even more difficult is the financial considerations. Most countries don’t use the U.S. dollar as their currency of choice.

That means you’ll either need to bring money to convert to the local currency or find a way to use your debit and credit cards in a foreign country.

Because of the costs associated with managing transactions overseas, many banks charge fees for foreign transactions made using their cards.

If you travel overseas on a regular basis or live overseas part or full-time, you’ll want a checking account that doesn’t charge you for foreign transactions.

Thankfully, there are a few options to consider.

Best Checking Accounts for International Travel or Living

Many banks offer account features that can make things easier for people who use their checking account overseas.

These are some of the banks that offer benefits that will appeal to overseas travelers.

Charles Schwab High Yield Investors Checking

The Charles Schwab High Yield Investors Checking account is well-known among travelers because it offers a number of useful account features.

First of all, there are no minimum balance requirements to open the account. You can open the account with as little as a penny and never have to worry about maintaining a certain balance. You also won’t be charged any monthly maintenance fees, no matter how low your account’s balance is.

You’ll also earn interest on the balance of your checking account. The rate is comparable to the rate that many traditional banks’ savings accounts offer. That means you don’t have to worry about keeping too much money in the account.

What makes this a great account for travelers is that there are no foreign transaction fees for debit card transactions. You will also get unlimited ATM fee reimbursement for ATMs anywhere in the world.

You can use any ATM you find and not worry about paying a fee to access your money, even if you use the ATM to withdraw cash in a currency other than U.S. dollars.

Fidelity Investments Cash Management

The Fidelity Investments Cash Management account offers a convenient way to store money that you need access to on short notice. It also provides a convenient way to send money to your Fidelity investment account.

The Fidelity Cash Management account isn’t a traditional bank account.

Instead, Fidelity puts customer deposits at multiple banks on your behalf and manages the movement of money between those accounts as needed.

You don’t interact with the banks that are partnered with Fidelity

One benefit of this is that you get up to $1.25 million in FDIC protection on funds in the account. You also get standardized, low fees for the account’s services.

There are no monthly maintenance fees and no ATM fees in the US or overseas. You will be charged a 1% foreign transaction fee if you use your debit card to make a purchase overseas.

How Different Types of Transactions Work

There are a few common types of transactions that you can make using your checking account while you are overseas.

Foreign debit card transactions

You can use your debit card to make purchases at stores anywhere in the world, just like when you are in the United States. MasterCard and Visa especially are accepted worldwide , so you won’t have any trouble using your card at most merchants that accept cards.

Depending on your bank, you may have to pay a fee for foreign debit transactions.

Usually, this fee will be a small percentage of the transaction or, less commonly, a flat amount.

Foreign ATM transactions

If you’re in the U.S., you can use your debit card to visit an ATM to withdraw cash.

You can visit an ATM that is operated by your bank or by another bank. However, using another bank’s ATM may incur fees.

Similarly, you can visit any ATM overseas and use your debit card to make a withdrawal. The fees that apply will depend on both your bank and the ATM owner.

You’ll have to pay whatever fee is imposed by the owner of the ATM, no matter what. Your bank might also impose a fee to use an overseas ATM unless it is part of its own network.

Some banks don’t charge fees to use another bank's ATM, even if it’s overseas. Your bank might also refund ATM fees charged by ATM owners, paying you back for any fees you incur.

Currency conversion

One thing that’s involved in any overseas card transaction is currency conversion. If you use your card in the UK, you won’t be paying in dollars. You’ll be paying in pounds.

Your bank will have to convert your dollars into pounds when you use your card to make a transaction in pounds.

Currency conversion rates change regularly, so you’ll have to know how your bank will calculate the conversion on your behalf.

Usually, your card issuer will use the conversion rate that they set either the day before or day of the transaction.

Sometimes, you’ll have to pay a fee for this service.

You can also lose out if you make purchases in a currency whose value is fluctuating. You may find that the conversion rate your card offered is worse than expected because it is using yesterday’s rate.

Knowing what to expect can help you avoid expensive currency conversion surprises.

What to Look for in a Checking Account

There are a few things to look for when choosing a checking account, no matter what you plan to use it for.

International travelers will want to look for some specific features in a certain priority.

Foreign ATM fees

Many countries have far fewer credit cards than the U.S., so cards might not be accepted everywhere overseas.

Even highly developed nations may still use cash for the vast majority of transactions.

That means having a way to get cash when you need it is especially important when you’re overseas. You want to choose a checking account that is part of an international ATM network .

At the very least, choose one that won’t charge you fees to use a foreign ATM.

ATM refunds

Ideally, you’ll want to find a checking account that offers ATM fee refunds.

Even if your bank is part of an international ATM network, you’ll inevitably find yourself needing to use an ATM outside that network.

Knowing that you’ll get reimbursed for ATM fees can make reduce the stress of needing to find the right ATM to use.

Monthly fees

Though accounts that cater to international travelers tend to be premium accounts and charge premium fees, there are some no-fee options out there.

At the very least, look for an account with a fee-waiver requirement that you can meet.

Overseas living and traveling are already expensive, and paying a monthly maintenance fee will just make it more expensive.

Foreign transaction fees

If you travel regularly, you don’t want to pay a fee just for making a purchase in a foreign currency.

Look for a card that doesn’t charge any foreign transaction fees or take a cut when converting from U.S. dollars to the currency of your transaction.

Consider a travel credit card

If you’re a frequent traveler consider applying for a no foreign transaction fee credit card.

Many credit cards offer this benefit to entice customers, and credit cards offer much better consumer protections than debit cards.

Another benefit is that credit cards usually offer rewards or cash back, letting you earn some money while you make purchases.

Handling money overseas can be difficult and expensive, but having the right bank account can make it much easier.

If you live overseas or travel a lot, choose a bank account that caters to customers overseas.

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The ULTIMATE Guide To Travel Banking

Introduction

Welcome to the ultimate guide to travel banking! Whether you’re embarking on a once-in-a-lifetime adventure or taking a quick business trip, managing your finances while traveling is a crucial aspect to consider. From choosing the right bank to understanding international transaction fees, exchange rates, and utilizing travel-friendly banking features, this comprehensive guide will provide you with all the information you need to ensure a smooth and hassle-free financial experience during your travels.

When it comes to international travel, having the right banking partner can make a world of difference. A bank that understands the needs of globetrotters can offer benefits such as low transaction fees, favorable exchange rates, and convenient online services to help you manage your finances on the go. With the increasing popularity of travel credit cards and online banking platforms, it’s easier than ever to access your money and make payments while traveling.

One of the key considerations when choosing a bank for travel is the ability to minimize international transaction fees. These fees can quickly add up and eat into your travel budget, so finding a bank that offers low or no fees for foreign transactions can save you a significant amount of money. Additionally, it’s important to consider ATM withdrawal fees, as these can vary widely from bank to bank.

Understanding exchange rates and currency conversion is another crucial aspect of travel banking. Exchange rates can fluctuate daily, and some banks offer more favorable rates than others. By doing your research and choosing a bank that offers competitive rates, you can ensure that you get the most out of your money when converting currencies.

Travel-friendly bank account features are also worth considering. Certain banks offer specific features tailored to travelers, such as worldwide ATM access, emergency cash replacement services, and multi-currency accounts. These features can enhance your travel experience by providing you with the convenience and peace of mind you need.

Traveling can also pose certain safety and security risks, especially when it comes to managing your finances. It’s essential to take the necessary precautions to protect your money and personal information while on the road. We’ll provide you with some valuable safety tips to help you keep your finances secure during your travels.

Online and mobile banking services have revolutionized the way we manage our finances, offering convenience and accessibility from anywhere in the world. We’ll explore the various online and mobile banking features that can simplify your travel banking experience, from checking your account balance to making international transfers.

Furthermore, we’ll delve into the world of travel credit cards and rewards programs. These financial tools can offer perks such as travel insurance, airport lounge access, and cashback or points for every dollar spent. We’ll guide you through the process of choosing the right travel credit card and maximizing its benefits.

Finally, we’ll share some tips for managing your finances while on the road. From keeping track of your expenses to budgeting effectively, we’ll provide you with practical advice to ensure that your financial management remains on track throughout your travels.

So, if you’re ready to embark on a seamless and stress-free travel banking experience, let’s dive into the ultimate guide to travel banking!

Choosing the Right Bank for Travel

When it comes to travel banking, one of the first decisions you’ll need to make is selecting the right bank for your needs. Not all banks are created equal when it comes to catering to the unique needs of travelers. Here are some factors to consider when choosing a bank for travel:

• International Presence: Look for banks that have a wide international presence and a network of partner banks abroad. This will ensure that you have access to ATMs and banking services in your destination country without incurring additional fees.
• Low Transaction Fees: International transaction fees can quickly add up and eat into your travel budget. Research banks that offer low or no fees for foreign transactions to save money on fees.
• ATM Withdrawal Fees: ATM withdrawal fees can vary significantly from bank to bank. Look for banks that offer favorable rates or reimburse ATM fees, especially if you anticipate needing to withdraw cash frequently while traveling.
• Exchange Rates: Exchange rates can significantly impact the value of your money when converting currencies. Choose a bank that offers competitive exchange rates to ensure that you get the most out of your money during your travels.
• Travel-Friendly Features: Some banks offer specific features tailored to travelers, such as multi-currency accounts, emergency cash replacement services, and worldwide ATM access. Consider your specific travel needs and look for a bank that offers these convenient features.
• Customer Support: Reliable customer support, especially for international customers, is crucial. Look for banks that offer 24/7 customer support and have dedicated helplines for travelers in case of any issues or emergencies.
• Online and Mobile Banking: The ability to manage your finances on the go is essential for travelers. Opt for a bank that offers robust online and mobile banking services, allowing you to check your account balance, make transfers, and pay bills from anywhere in the world.
• Reviews and Recommendations: Don’t forget to read reviews and seek recommendations from fellow travelers or reputable sources. Hearing about others’ experiences with a particular bank can provide valuable insights and help you make an informed decision.

Keep in mind that your choice of bank may also depend on the specific country or region you’ll be visiting. Conduct thorough research and compare the offerings of different banks to find the one that aligns with your travel needs and financial goals.

By selecting the right bank for your travel needs, you can ensure that you have access to convenient and affordable banking services throughout your trip, allowing you to focus on enjoying your travels without the worry of financial constraints.

International Transaction Fees and ATM Withdrawals

One of the key considerations when it comes to travel banking is understanding and minimizing international transaction fees and ATM withdrawal fees. These fees can quickly eat into your travel budget if you’re not mindful of them. Here’s what you need to know:

International Transaction Fees: When you use your debit or credit card for purchases or withdrawals abroad, most banks charge a fee for international transactions. These fees are typically a percentage of the transaction amount and can vary from bank to bank. Some banks, however, offer accounts or cards with no foreign transaction fees, so it’s worth exploring these options before your trip. By selecting a bank that offers low or no international transaction fees, you can save a significant amount of money during your travels.

ATM Withdrawal Fees: If you plan to use ATMs to withdraw cash while traveling, it’s important to be aware of the fees associated with these transactions. Banks often charge a flat fee or a percentage of the withdrawal amount for international ATM transactions. Additionally, the ATM you use may also charge its own fee. To minimize these fees, look for banks that have partnerships with international banks, allowing you to withdraw cash without incurring additional charges. Some banks also reimburse ATM fees, which can be a great money-saving feature for frequent travelers.

Before you embark on your trip, it’s a good idea to check with your bank about their specific international transaction fees and ATM withdrawal fees. This will give you a clear understanding of the costs involved and help you plan your budget accordingly. Additionally, consider carrying a mix of cash and cards to ensure you have multiple payment options available, especially in case of any unforeseen circumstances or issues with your bank card.

Another important tip is to notify your bank of your travel plans before you leave. This will help avoid any potential card suspension or inconvenience due to suspicious transactions while you’re overseas. Most banks provide simple online forms or customer service hotlines to notify them of your travel dates and destinations.

By being mindful of international transaction fees and ATM withdrawal fees, and taking proactive steps to minimize these charges, you can ensure that your travel budget stretches further and you can make the most of your financial resources while exploring new destinations.

Exchange Rates and Currency Conversion

Understanding exchange rates and currency conversion is essential for effective travel banking. Exchange rates can significantly impact the value of your money when converting from one currency to another. Here’s what you need to know:

What is an Exchange Rate?

An exchange rate is the rate at which one currency can be exchanged for another. It determines how much of one currency you need to obtain a certain amount of another currency.

How Exchange Rates Work:

Exchange rates are influenced by various factors, including economic conditions, interest rates, inflation, and geopolitical events. They can fluctuate daily and vary between banks and currency exchange providers.

Getting the Best Exchange Rates:

To ensure you get the most out of your money when exchanging currencies, follow these tips:

• Research: Compare exchange rates from different banks and currency exchange providers to find the most favorable rates. Online comparison websites can help you in this process.
• Avoid Airport Exchange Counters: Airport exchange counters often offer less favorable rates due to higher operating costs. It’s better to exchange currency in advance or find reputable exchange offices in the city.
• Understand the Buy and Sell Rates: When exchanging currency, there is usually a buy rate (the rate at which you purchase a foreign currency) and a sell rate (the rate at which you exchange back any unused foreign currency). Understand both rates to make informed decisions.
• Consider Card Payments: Many banks and credit cards offer competitive exchange rates when using your card for purchases abroad. However, be cautious of any additional fees or charges that may apply.
• Use Local Currency: When making purchases abroad, opt to pay in the local currency instead of your home currency. This allows you to take advantage of the exchange rate offered by the local merchant, which can sometimes be more favorable.
• Stay Updated: Keep an eye on exchange rate trends leading up to your trip. If you notice a significant change in rates, you may choose to exchange a portion of your money in advance to take advantage of more favorable rates.

Currency Conversion Tools:

Many banks offer online currency conversion calculators or mobile apps that allow you to easily calculate the current exchange rate and convert currencies. These tools can help you estimate the amount you’ll receive or need to exchange before making any financial transactions.

Remember, exchange rates can impact your budget and purchasing power during your travels. By understanding how they work, researching the best rates, and making informed decisions, you can ensure that your money goes further and that you get the best value when converting currencies.

Travel-Friendly Bank Account Features

When it comes to travel banking, having a bank account that offers travel-friendly features can greatly enhance your financial experience on the road. Here are some key features to look for when choosing a travel-friendly bank account:

• Multi-Currency Accounts: A multi-currency account allows you to hold and manage funds in different currencies. This can be particularly beneficial if you frequently travel to countries with different currencies. With a multi-currency account, you can avoid currency conversion fees and exchange rates when making transactions in the respective currency.
• Worldwide ATM Access: Look for banks that offer worldwide ATM access, either through their own network or partner banks. This ensures that you can access cash conveniently and without incurring additional fees when traveling internationally.
• Emergency Cash Replacement: Traveling comes with its share of unforeseen circumstances. A bank that offers emergency cash replacement services can be a lifesaver if you lose your wallet or have your cards stolen while abroad. This feature allows you to quickly receive replacement cards or emergency cash, ensuring that you’re not stranded without access to funds.
• Low or No Foreign Transaction Fees: Foreign transaction fees can quickly add up, especially if you frequently use your bank card for purchases while traveling. Look for banks that offer low or no foreign transaction fees to minimize these additional charges and save money during your travels.
• Travel Insurance: Some bank accounts offer travel insurance as an added perk. This insurance can cover various aspects of your trip, such as medical emergencies, trip cancellations, lost baggage, and more. Having travel insurance through your bank can provide peace of mind and save you the expense of purchasing separate travel insurance policies.
• Mobile Banking: Access to mobile banking services is essential for travelers. Look for banks that offer feature-rich mobile banking apps, allowing you to manage your accounts, transfer funds, pay bills, and track your expenses conveniently from your smartphone, anywhere in the world.
• Minimal or No Account Maintenance Fees: Keep an eye out for bank accounts that have minimal or no monthly account maintenance fees. This can help you avoid unnecessary charges while you’re away, and ensure that you’re not paying for features or services you don’t need.

These travel-friendly account features can simplify your financial management while traveling, providing you with the flexibility, convenience, and security you need on your adventures. Consider your specific travel needs and priorities when choosing a bank account, and opt for one that offers the features that align with your requirements.

Remember to carefully review the terms and conditions, fees, and any limitations associated with these travel-friendly features to ensure that they meet your expectations and fit well with your travel plans. By selecting a bank account with travel-friendly features, you can enjoy a seamless and hassle-free financial experience while exploring new destinations.

Safety and Security Tips for Travelers

When it comes to travel banking, ensuring the safety and security of your finances is paramount. Here are some essential tips to help you protect your money and personal information while traveling:

• Notify Your Bank: Before you embark on your trip, notify your bank of your travel plans. This will help prevent any potential card suspension due to suspicious transactions while you’re abroad. Most banks provide online forms or customer service hotlines to inform them of your travel dates and destinations.
• Keep Backup Cards: It’s always wise to carry backup bank cards in case your primary card gets lost, stolen, or stops working. Store these backup cards separately from your primary cards, such as in a different wallet or in a secure location. This way, if you encounter any issues with one card, you’ll have an alternative for accessing funds.
• Use ATMs Safely: When using ATMs, be cautious and choose machines located in well-lit, public areas. Inspect the machine for any signs of tampering or skimming devices. Cover your hand while entering your PIN to prevent others from seeing it, and be sure to collect your card and transaction receipt before leaving the ATM.
• Be Mindful of Public Wi-Fi: Public Wi-Fi networks can be insecure and make your personal information vulnerable to hacking. Avoid accessing your online banking or entering sensitive information when connected to public Wi-Fi. If you need to use the internet for banking purposes, consider using a virtual private network (VPN) to secure your connection.
• Secure Personal Information: While traveling, keep your personal and financial information secure. Avoid carrying unnecessary documentation like passports or social security cards unless required. When making payments, be discreet and shield your PIN when entering it. Keep a close eye on your surroundings, especially in crowded areas, to protect against pickpocketing and potential theft.
• Regularly Check Your Accounts: Stay vigilant by monitoring your bank accounts regularly. Check for any unauthorized transactions and report them immediately to your bank. Most banks offer online or mobile banking services that allow you to conveniently keep track of your transactions in real-time.
• Use Hotel Safes: When staying in hotels, utilize the in-room safe to store your valuables, including extra cash, backup cards, and important documents. This adds an extra layer of security and minimizes the risk of theft.
• Be Wary of Scams and Fraud: Be cautious of common travel scams targeting tourists, such as fake charity requests, rigged taxi meters, or unauthorized card charges. Familiarize yourself with common scams in your destination and stay alert to protect yourself from falling victim to fraud.
• Stay Informed: Stay updated on travel advisories and security warnings for your destination. The government websites of your home country can provide valuable information about the safety of your intended destination. Take precautions accordingly and be aware of any specific risks or security concerns.

By following these safety and security tips, you can minimize the risk of financial fraud and ensure the safety of your money and personal information while traveling. Remember, it’s always better to be proactive and take precautions rather than dealing with the aftermath of a financial mishap.

Online and Mobile Banking Services for Travel

In today’s digital age, online and mobile banking services have revolutionized the way we manage our finances, and this holds especially true for travelers. Here’s how online and mobile banking services can enhance your travel banking experience:

Access to Accounts Anytime, Anywhere: Online and mobile banking provide the convenience of accessing your bank accounts from anywhere in the world, as long as you have an internet connection. This means you can check your account balances, review transactions, and manage your finances on the go, without being tied to a physical bank branch.

Transfer Funds on the Go: With online and mobile banking, transferring money between accounts or sending funds to others becomes quick and effortless. Whether you need to transfer funds to pay for travel expenses or send money to a friend or family member, these services allow you to do so with a few taps on your smartphone.

Budgeting and Expense Tracking: Keeping track of expenses while traveling is crucial for effective budgeting. Online and mobile banking platforms often provide tools and features that allow you to categorize transactions, set spending limits, and track your expenses in real-time. This can help you stay within budget and avoid any financial surprises.

Mobile Deposit: Rather than searching for a physical bank branch or ATM to deposit checks, mobile banking apps often offer mobile deposit services. This feature allows you to simply take a photo of the front and back of your check and submit it through the app for processing. It’s a convenient and time-saving way to deposit checks while on the road.

Alerts and Notifications: Online and mobile banking services offer customizable email or push notification alerts, keeping you informed about important account activities, such as large transactions, low balances, or card activity. These alerts can help you monitor your accounts and detect any suspicious activity promptly.

Security Features: Online and mobile banking platforms prioritize security, employing advanced encryption and authentication methods to protect your financial information. Additionally, many apps offer biometric authentication options, such as fingerprint or facial recognition, adding an additional layer of security to accessing your accounts.

Customer Support: While you’re away from home, you may still need assistance from your bank’s customer support. Many online and mobile banking platforms provide 24/7 customer support through live chat or phone, allowing you to resolve any issues or concerns promptly, regardless of your location and time zone.

Before you travel, ensure that you have the necessary online and mobile banking apps downloaded and set up on your smartphone. Familiarize yourself with the features and capabilities of the apps to make the most of their convenience and accessibility while on the road.

However, it’s important to note that when using online and mobile banking services while traveling, it’s crucial to practice safe online habits. Avoid using public Wi-Fi networks for banking transactions and ensure that your mobile devices are protected with secure passwords or biometric authentication.

By taking advantage of online and mobile banking services, you can efficiently manage your finances, stay informed about your accounts, and have peace of mind knowing that you have control over your financial transactions, all from the convenience of your smartphone.

Travel Credit Cards and Rewards Programs

When it comes to travel banking, travel credit cards and rewards programs can offer a range of benefits and perks for globetrotters. Here’s how these financial tools can enhance your travel experience:

Travel Rewards: Travel credit cards often offer rewards programs that allow you to earn points, miles, or cashback for every dollar you spend. These rewards can be redeemed for travel-related expenses such as flights, hotel stays, rental cars, or even statement credits, helping you offset the cost of your travels.

Sign-Up Bonuses: Many travel credit cards offer generous sign-up bonuses, where you can earn a substantial amount of rewards points or miles by meeting a minimum spending requirement within a specified time frame. These sign-up bonuses can give your travel budget a significant boost and help you earn rewards faster.

Travel Insurance Coverage: Some travel credit cards provide travel insurance coverage as a perk. This can include coverage for trip cancellations, flight delays, lost luggage, and even medical emergencies. Having travel insurance through your credit card can save you the expense of purchasing separate travel insurance policies.

Airline and Hotel Benefits: Co-branded travel credit cards offer additional benefits specific to certain airlines or hotel chains. These benefits may include priority boarding, free checked bags, airport lounge access, room upgrades, late check-out, and more. Depending on your travel preferences and loyalty to certain brands, these perks can greatly enhance your travel experience.

Foreign Transaction Fees Waivers: Many travel credit cards waive foreign transaction fees, making them ideal for international travelers. This can save you a considerable amount of money on fees when making purchases abroad or withdrawing cash from foreign ATMs.

Travel Assistance Services: Some travel credit cards offer travel assistance services, which can include 24/7 concierge services, emergency cash and card replacement, and even emergency medical assistance. These services can provide peace of mind and support when you encounter any unforeseen situations during your travels.

Flexible Redemption Options: Travel credit cards often offer flexibility in redeeming your rewards. You may have the choice to transfer your points or miles to partner airlines or hotel loyalty programs or use them to book travel directly through the credit card’s travel portal. Having options gives you the freedom to choose the redemption method that best fits your travel plans.

Before applying for a travel credit card, consider your travel goals, spending habits, and preferences. Research different credit card options, compare sign-up bonuses, annual fees, interest rates, and rewards structures to find the card that aligns with your needs.

It’s important to note that travel credit cards are most beneficial if you pay off your balances in full and avoid carrying a balance month to month. Otherwise, interest charges can quickly diminish the value of the rewards you earn.

By utilizing a travel credit card and maximizing rewards programs, you can earn valuable benefits and perks that enhance your travel experience, save money on travel expenses, and make your trips more enjoyable and rewarding.

Tips for Managing Finances while Traveling

Managing your finances effectively while traveling is essential for a smooth and worry-free trip. Here are some tips to help you stay on top of your finances while exploring new destinations:

• Create a Travel Budget: Before you embark on your trip, create a realistic travel budget. Consider expenses such as accommodation, transportation, meals, activities, and souvenirs. Having a budget will help you prioritize your spending and ensure that you don’t overspend during your travels.
• Track Your Expenses: Keep track of your daily expenses while traveling. Use a travel budget app or simply jot down your expenses in a notebook. This will help you monitor your spending and stay within your budget.
• Use ATM’s Wisely: Avoid excessive ATM withdrawals to minimize fees. Instead, withdraw larger amounts of cash at a time and store it safely. Consider using credit cards or prepaid travel cards for transactions whenever possible to avoid the need for cash.
• Inform Your Bank and Credit Card Companies: Notify your bank and credit card companies about your travel plans. This will help prevent any issues with your cards being flagged for suspicious activity while you’re away. It’s also a good idea to carry their contact information in case you need to reach them during your trip.
• Keep Emergency Funds: Keep some emergency cash or a backup credit card separate from your primary funds. This will provide a safety net in case of unforeseen expenses or emergencies.
• Take Advantage of Free or Low-Cost Activities: Look for free or low-cost activities and attractions in the places you visit. This will help you stay entertained without breaking the bank. Explore local markets, parks, and cultural events for memorable experiences that won’t strain your budget.
• Avoid Dynamic Currency Conversion: When paying with a card, especially in tourist areas, you may be offered the option of dynamic currency conversion (DCC), which allows you to see the transaction amount in your home currency. However, this convenience often comes with high exchange rates and fees. Opt to pay in the local currency to avoid unnecessary charges.
• Save on Accommodation: Consider alternative accommodation options such as hostels, guesthouses, or vacation rentals. These options can be more cost-effective than traditional hotels, allowing you to save money on accommodation and allocate more of your budget to other experiences.
• Review Your Travel Insurance: If you have travel insurance, review the coverage and exclusions carefully. Understand what is included and what is not covered. This will help you avoid any surprises or gaps in coverage during your trip.
• Regularly Check Your Accounts: Stay vigilant by monitoring your bank and credit card accounts regularly, either through online banking or mobile apps. Check for any unauthorized transactions and report them immediately to your financial institution.

By implementing these tips, you can effectively manage your finances while traveling, maintain control over your expenses, and ensure that you make the most of your travel budget. Remember, it’s important to strike a balance between enjoying your trip and being mindful of your financial responsibilities.

Managing your finances while traveling is an essential aspect of ensuring a stress-free and enjoyable trip. By choosing the right bank for your travel needs, understanding international transaction fees and exchange rates, and utilizing travel-friendly bank account features, you can optimize your travel banking experience.

It’s crucial to prioritize the safety and security of your finances while on the road. By following safety tips, notifying your bank of your travel plans, and being vigilant with your personal information, you can protect yourself from potential fraud or theft.

Online and mobile banking services offer convenience and accessibility, allowing you to manage your accounts, track expenses, and transfer funds from anywhere in the world. Utilize these services to stay on top of your finances and make informed financial decisions while traveling.

Travel credit cards and rewards programs can provide numerous benefits for frequent travelers, including travel rewards, travel insurance coverage, and additional airline or hotel perks. Consider your travel and spending habits to find the right credit card that aligns with your needs and maximizes your travel benefits.

Lastly, implement tips for managing finances while traveling, such as creating a travel budget, tracking expenses, and being mindful of ATM usage. These practices will help you stay within your budget, avoid unnecessary fees, and make the most of your financial resources.

In conclusion, by taking a proactive and informed approach to travel banking, you can ensure that your financial management remains seamless and efficient, allowing you to focus on exploring new destinations, immersing yourself in different cultures, and creating unforgettable travel memories without any financial worries.

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Home » Budget Travel » travel banking

The ULTIMATE Guide to Travel Banking for 2024

When I returned from my first backpacking trip in South America, I was flat broke. When I went through my bank statements from the 6 months I had spent traveling, I saw that I had racked up over £300 in banking fees simply for withdrawing cash and using my card!!! At the time, that £300 would have come in very handy but instead it was inflating the profit margins at HSBC. I learned a very valuable lesson that day…

If you are traveling the world on a budget, the last thing you need is hefty ATM and conversion fees from your local bank. This is where clever travel banking comes into play. By properly organising your online travel banking you can save money, cut your spending AND also make sure you don’t get a nasty surprise like a blocked debit card!

In this post, we are going to take a look at travel banking issues such as foreign card fees and propose some awesome hacks and solutions. We’ll also touch on exchange rates, money security and share a few secret insights.

Let’s get banking!

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Righty ahoy, let’s get cracking take a look at the essential travel banking hacks that every broke backpacker should know.

Changing Cash

How to avoid atm fees, get a travel bank card, travel banking & money tips, final thoughts on travel banking.

Personally, I always bring some hard cash with me when I am off on a long trip . It’s not ideal, it does pose a risk of theft and it isn’t something I can really recommend to you.

That said, for whatever reason you may one day need to bring cash and then change your home currency into local currency once you arrive. Money Changers inside airports usually offers the worst rates in town. They are basically playing on your naivety and your desperation to get your cab fare sorted ASAP. Only ever change a small amount of cash in the airport as you will nearly always find a much better deal once you hit town.

When looking to change cash, always shop around and always familiarise yourself with the up to date exchange rate. We use the Currency XE app which provides up to date rates in real time.

Once you find a money changer, do not be afraid to haggle for a better rate – you can usually bag a better rate if you are changing a large amount. Haggling for a better rate doesn’t really work at places like Western Union, but works really well at the boutique changers common in India, Bali, Nepal and Southeast Asia.

There is nothing more frustrating when it comes to travel banking than being charged unnecessary ATM bank fees every time you make a transaction from a foreign ATM. These transaction fees are usually substantial and can easily be the cost of your transport or the price of a beer.

For example, my bank charges me a fixed fee of £2.75 ($4) every time I use an overseas ATM. This is often in ADDITION to any local ATM fees which can be another $4. That means that if you withdraw $10, you can wrack up another $8 in fees. Madness right?

So what to do?

ATM Shopping To Avoid Local Fees

First up, try to find ATM’s that don’t charge a local fee. Usually, you can find one even if it means doing a bit of “ATM shopping” and making withdrawal enquiries from multiple different machines. The best way to do this is to find a banking plaza or shopping mall where local banks ATM’s are usually lined up next to each other or near to one another. When you find one, make a note of the bank’s name and seek them out in future.

Do remember that even if the local bank is not charging you a fee to use the machine, your home bank almost certainly is.

The next one may seem a little counterintuitive, but I suggest withdrawing large amounts of cash at once rather than extracting money each day. This is because ATM fee’s are usually fixed amounts, rather than percentage based commissions. Paying $8 in fees on $10 is outright obscene whereas paying the same $8 on $100 is far more palatable.

I know that in certain countries it can leave you feeling a little wary if you are carrying large wads of cash on you, so investing in a money belt with a hidden security pocket is a good move.

Stash your cash safely with this money belt. It will keep your valuables safely concealed, no matter where you go.

It looks exactly like a normal belt  except for a SECRET interior pocket perfectly designed to hide a wad of cash, a passport photocopy or anything else you may wish to hide. Never get caught with your pants down again! (Unless you want to…)

Avoiding Your Own Bank’s Fees

Once you’ve found a nice friendly local ATM that is not charing you to use it, there is still likely to be the problem of your bank charging you to use your card abroad.

As a rule, your bank will always charge you for using your card outside of your home country. This applies to both ATM withdrawals and card payments and exceptions are few and far between.

The answer is to simply not use your bank card when travelling. Happily there are a few workarounds you can employ to facilitate this;

• Some Credit Cards offer good deals on international use and will often waive card payment fees . It is however, less common for credit cards to waive international cash withdrawal fees. If you do use your Credit Card overseas, remember to pay your balance immediately or within a month otherwise you start accruing interest (that’s the trap they are setting for you) .
• Get a dedicated travel banking card . This leads very nicely to our next section.

Travel bank cards fundamentally work in the same way as your regular bank card. The difference is that you pre-load it with an amount (usually via a Smartphone/iOS app) and then use it when you go traveling.

Let’s look at the benefits;

• Travel bank cards allow you to manage your expenditure and not over-spend on your bank account.

2. They also offer some protection against theft – if a thief steals or clone’s the card, then they can get the amount pre-loaded onto the card but can’t clean your entire bank account out.

3. Best of all though , any travel banking card worth its salt will offer some kind of deal on ATM withdrawal fees and oversea’s card payments. For example, on my travel bank card I can withdraw £200 per month FEE FREE. I can also make fee free unlimited card payments.

A word on currencies – when you load a travel card you load it with a chosen currency (USD, GBP, EUR etc) . When you use it on the ground at your destination, a currency conversion will be applied using you card issuers rates. Therefore you will generally see some slight discrepancies here and there. These will sometimes work in your favour and sometimes against you.

Want to know more? Check out our in-depth explanation of how travel foreign exchange works here.

Which Travel Bank Card Is The Best?

The travel banking card market is now in full bloom and there are quite a few different ones vying for your attention. Knowing where to start can be seriously bloody overwhelming and you may well be struggling to decide which travel bank card is the best or what the best intentional bank account is.

Well, the answer is that it doesn’t really matter which is the best because you can have as many as you like! Furthermore, we suggest that you take full advantage and obtain multiple cards. Still, we do have a few personal recommendations for you so get ready to meet the future of your personal travel banking.

Wise (formerly Transferwise) initially existed as online antidote to Western Union and the primary model was facilitating low fee, money transfers between countries.

However, the Transferwise star is in the ascent and Wise have now launched a Debit card which connects to your Wise account. You can use the card to withdraw cash, or pay for dinner just like with any other bank card.

For travellers, the Transferwise benefits vary quite a bit depending on where in the world your card was issued (ie, your home country) . Typically though, you are entitled to 2 separate foreign withdrawals a month of between £100 – £200. As a UK resident, I can withdraw 2 x lots of £200 meaning it’s as goos as Monzo & Revolut.

A real market leader is Revolut, an online bank which operates via your smartphone.

For travellers, Revolut offer free ATM withdrawals of up to £200 ($275) per month. After the initial £200 limit has been reached, they charge a 2% withdrawal fee which can still work out cheaper than a standard bank withdrawal fee. However, if you add a few other travel cards to your collection, then you probably won’t need to go over the zero-fee limit at all.

You manage your Revolut account via your phone from where you can make instant transfers and top-ups, change your pin, and even make bank payments.

Payoneer is much like Transferwise. It started out a low fee international money transfer facility which is gradually morphing into a proper bank.

Their debit card is not quite as appealing as the Transferwise one as ATM withdrawals are charged at $2.75. However, they do offer fee free card payments.

Top Tip: The greatest hack is to obtain multiple travel cards in order to make the most of the fee-free withdrawal amounts. Personally, I have both Monzo and Revolut so I can withdraw £400 per month without paying fees which does me.

Pro Tip: If you are traveling as a couple, then open 1 account each, and then open a 3rd, joint account for an extra ATM free fee limit.

Monzo is another fin-tech start up which may one day rival the worlds big banks.

When Monzo launched, they tempted travellers (like me) by offering unlimited ATM withdrawals with zero fees. They have now substantially reduced this to £200 ($275) per month. That said, used in conjunction with Revolut, that’s £400 ($550) per month you can withdraw from foreign ATM’s without paying a single penny-cent in fees.

Monzo also offer unlimited, free card transactions outside of your home country.

Much like Revolut, Monzo is managed by an app and offers many of the same functions as Revolut. You can also open a joint Monzo account with another person and you can use Monzo to pay Direct Debits and Standard Orders meaning its good for both travel and domestic use.

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Finally, it recently came to our attention that citizens of the US can open a bank account with Charles Schwab who will refund 100% of overseas ATM fees. Very Noyce!!

Now that we’ve dealt with the fundamentals, let’s take a look at some other important aspects of travel banking that will save and protect your money whilst travelling .

Getting Excellent Exchange Rates

For this step of travel banking, you need to familiarise yourself with the exchange rate of the country you are going to.  There are a tonne of currency exchange apps you can download onto your phone but my favorite is XE Currency Pro which is completely free! There are also some great online tools available. Knowledge is power and knowing the rate stops you been unduly ripped off.

My next piece of advice is to avoid currency exchange booths . Usually, people flock to these at airports but this is the most likely place to get stung with high fees and poor rates. On the other hand, if you find a local money changer you can usually negotiate a bit especially if you are changing a large amount.

On the road, you will be bumping into fellow travelers constantly. If they happen to be traveling in the opposite direction to you, exchange your cash with them. I have used this trick quite a few times and swapped cash with plenty of travelers I’ve met on the road.

International Money Transfers

Personally, I often have to move money around when traveling. I’ve found Transferwise to be the fastest and cheapest way to internationally transfer money between bank accounts.

These days, I have a Thai bank account which I use for most of my day to day living expenses, since I’m currently based in South East Asia.

Transferwise, now also issue a lovely green Debit card which you can use to withdraw cash and pay for things. The new app also allows you to manage your balances and expenditure easily.

Tell Your Bank You’re Hitting The Road

We said earlier on that you should try not to use your bank card when travelling. Still, at some point you may have no choice. Therefore, before you set off you should call your bank and let them know what your plans are.

Why is this you say?

Because if your bank notices “unusual activity” on your card (making transactions abroad!) it may suspend your account to prevent fraudulent activity. However, when it’s you making those transactions, a suspended bank card is a major pain in the ass.

Prevent an unwelcome surprise by informing your bank of your travel plans before you go . They will often put a note on your account to ensure your card is not frozen when you use it in the country you are traveling to.

If you are heading overseas for a longer time there will be a whole host of different aspects you will need to consider,  not only banking and access to funds alone. Check out Western Union’s post How to Become an Expat  for some top tips on getting yourself set up in your new home!

You should also sign up for Online Banking before you leave. It can often be easier to contact your bank online rather than trying to phone them from the other side of the globe.

Always Have a Spare Bank Card

Losing your bank or debit card when traveling is a monumental pain in the arse. Getting a replacement sent out to you can either prove difficult and slow, if not totally impossible. Therefore do not ever leave home without at least 2 cards in hand. This can be 2 different bank accounts, a bank account plus a credit or multiple pre-paid travel card.

But whatever you do, do something.

Also remember make sure NOT to ever leave them all tucked in your wallet – if you lose it, you lose them all! Take one out with you and leave the others safely stored with your bags and passport.

Stop Any Unneeded Direct Debits

So you’re all set to go backpacking around Southeast Asia. See you in 6 months home! You’ve packed your bag, sorted your Visa and even got a Yellow Fever jab. But have you remembered to review your direct debits? If you’re going to be in Thailand for the foreseeable, then do you really need to be paying $20 per month for PureGym in Brighton?! How about that US Sim card which isn’t going to work overseas?

I always review my Direct Debits before beginning a trip to see if there is anything I can cancel and usually save myself a few bucks per month. Obviously, check the Direct Debit cancelation terms before you do this to avoid late payment fees.

Hide Your Cash

Whether you are carrying $50 in your wallet, or $5000 in your backpack, you absolutely need to take care to hide your money when traveling. Sadly, travellers are often a target for street thieves and even hostel dorms are not as safe as we would like to think.

Protect whatever cash you have by hiding it. For tips and tricks, check out this post on the best ways to hide your money when traveling.

I strongly recommend keeping your cards in an RFID blocking wallet.

That’s pretty much it! I’m hoping you got at least one money or hassle-saving tip from this article.

Travel banking, although often overlooked, is very important when you’re trying to save money on the road — heck, it’s one of the top things I wish I knew before I started travelling ! But learning and improving is part of what the beautiful roads of life have to offer us.

Do you have any suggestions that we might have missed? If so, let us know down in the comments.

Happy banking, amigos!

Aiden Freeborn

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Yea, I found this really helpful, too. Nothing worst than getting stuck in a strange new country without cash.

It was really really helpful !! merciiiiii

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Top U.S. Travel Bank Accounts For Travelers

ATM fees and foreign exchange fees are a financial burden for travelers. In 2016, ATM fees cost a record high of $4.57 per transaction. On average, banks charge 3% for foreign transaction fees but some charge up to 6%. Before I found travel bank accounts that worked in my favor, I had less money to use for travel with each swipe. Essentially, banks were charging me to use my funds, totally counterproductive. Banks should help travelers save, not penalize them for spending their hard-earned money.

While I understand that ATM fees and maintenance fees are a source of income, these fees unnecessarily chip at our travel budget and negatively impact our finances. Only a handful of banks in the U.S. propose better banking solutions for travelers. Here are the best banks for travelers in the U.S. that either waive fees or allow easy access to funds abroad.

What to look for in a travel bank account?

Generally, you want to look for a bank with low fees, high earning potential, a robust mobile app, and good customer service support.

Best U.S. Travel Bank Accounts

Table of Contents

What’s the catch?

Charles schwab benefits, capital one benefits, ally bank benefits, charles schwab – best bank for no foreign atm fees.

Charles Schwab offers one of the best online bank accounts for travelers in the country. Marketed to individual investors, the Schwab Bank High Yield Investor Checking is an excellent option for travelers because everything is free.

There are no service fees, no foreign transaction fees, and unlimited ATM fee rebates worldwide. Manage your account with a sleek mobile app and pay securely with a contactless debit card.

Have a question? Call customer service or use the 24/7 live chat.

Your High Yield Investor Checking Account has to be linked to a Schwab One brokerage account. Don’t worry; the brokerage account is free, and there are no maintenance fees. For that reason, this bank account may not be the right fit for you. Also, only U.S. residents can open an account.

• No monthly service charge.
• Minimum opening balance not required.
• $0 account minimums.
• Unlimited ATM fee rebates worldwide – reimbursed at the end of the month .
• Mobile check deposit.
• Unlimited free checks .
• No foreign transaction fees .

Helpful Tip : Keep all of your ATM receipts. Reconcile your records at the end of the month.

Capital One – Best Bank For Massive Network

Capital One is another good banking option for travelers. Like Schwab, Capital One 360 checking account doesn’t have a physical storefront. Everything is online. However, unlike Charles Schwab, Capital One’s fee-free ATMs are available in 40,000+ locations nationwide. Withdraw up to $1,000 per day.

Capital One does not reimburse out-of-network ATM fees throughout the country or abroad. Unfortunately, you may be subject to fees by third-party ATM owners.

• Mobile check deposit .
• No monthly service charge .
• No foreign exchange fees .
• A variety of overdraft protection options.
• Visit select branches and cafes.

Read Next: How To Become A Financially Savvy Traveler

[interact id=”5e87852ace39a3001432bcf8″ type=”quiz” mobile=”false”]

Ally Bank – Best Bank For Earning Interest

If you are looking for a bank that will help you grow your money, I recommend Ally Bank.

I’ve been using Ally Bank for years, and I have several travel bank accounts, including a money market, online savings, and interest checking account.

With an Ally savings account, you can create buckets to organize your money better. Divvy up your savings into at least ten savings buckets. Give each bucket a name and earn interest on your total balance.

Lastly, I love that with Ally, you can earn a higher interest rate than most checking and savings accounts. Currently, my travel fund earns 0.50%, but when I first opened the account, I was earning 0.85% interest a year. Ally’s interest is variable, so it’s subject to change.

• Grow your money faster with daily compounded interest, paid monthly.
• Unlimited free checks.

Ally Bank charges a standard foreign transaction fee of up to 1% for any currency conversion and international transaction. Although Ally Bank doesn’t waive foreign transaction fees, it offers a lower rate than many other banks. Also, Ally Bank only reimburses ATM fees up to $10 per statement cycle. ATMs have to be in the U.S.

Overall, it’s no coincidence that the best U.S. travel bank accounts are from online banks. With less overhead from having to have physical locations across the country, these online banks offer a more robust service where everyone wins. Consider opening accounts with Charles Schwab, Ally Bank, or Capital One 360. Spend your hard-earned money on more travel and less on bank fees.

In summary, when searching for travel-friendly banks, avoid these fees:

• Foreign transaction fees.
• Out-of-network ATM fees.
• Maintenance fees.
• Account minimums.

What travel bank accounts do you use to stash your travel fund?

Next, listen to this episode, which details why you need a travel fund .

Listen to on Apple Podcasts , Spotify , or Google Podcasts .

Grab copies of my books!

Danielle Desir Corbett paid off $63,000 of student loan debt in 4 years, bought a house at 27, and has traveled to 27 countries, including her favorites, Iceland, China, and Bermuda. Go here to learn Danielle’s incredible story, from struggling financially and in debt to finding creative ways to earn more and live on her terms. Listen to The Thought Card Podcast , where Danielle shares how you can creatively travel more and build wealth regardless of your current financial situation. Reach out to Danielle by contacting: thethoughtcard (at) gmail (dot) com.

Thank you very much for writing such an article

One of the best articles which I red in recent times. I regularly visit all the websites for new content. I will only get quality content from your website. Special thanks from my side keep sharing.

I have a Transferwise (now called ‘Wise’) account, but because it is not protected by any government deposit protection scheme I also have a Monzo (UK-based bank) account, which charges no fees for using their debit card abroad and uses the MasterCard exchange rate. Wise charges a small currency conversion fee when you use their debit card but their exchange rate is better than the MasterCard rate so there is little or no difference when using both debits cards in most currencies. Neither are good for taking out cash from ATMs (both have limits on free withdrawals), but have never found this to be an issue so far, especially as everywhere is going cashless due to Covid-19. If you are a long-term traveller or digital nomad, imo, you should have a Transferwise account backed up by another account that has some type of deposit protection.

Wow, very interesting. I was not interested in this topic before, but the story really fascinated me

The main condition is “linking an account to a brokerage account?” How much should be in the account? But if a person does not use brokerage accounts, what to do? And it makes no sense to create a brokerage account, because the stock market is overheated, and it is very dangerous to invest there.

I would also suggest checking your local bank on what their policy is on ATM fees and international transaction fees. My hometown bank reimburses me from any ATM. Sometimes it pays to support local if you don’t live in a big city.

Thanks for the add! So true – when looking for banking solutions, it’s worth mentioning to shop local to see if they offer any important features that you need. Fantastic point!

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Not as simple as it seems: How to use JetBlue Travel Bank

Whenever you cancel a JetBlue flight, the refund — if you're eligible — is credited to your Travel Bank account. This is essentially a holding account that keeps the value of canceled flights for one year. You can use these credits to book a new flight within a year.

On paper, this is pretty simple: The funds accumulate, and you can redeem them for flights when the time comes. In practice, though, the process is a bit more complicated. TPG readers have reached out to the Points and Miles team to discuss mishaps they've had finding Travel Bank funds and using them to book flights.

Since 2020, many travelers have racked up Travel Bank funds from flights canceled due to the coronavirus pandemic . Because of this, we want to give you the lowdown on using them so you know what to expect when redeeming your funds.

Things to know about the JetBlue Travel Bank

Before we dive into using the JetBlue Travel Bank, let's discuss a few of the program's nuances. We'll cover how Travel Bank funds are allocated, their validity and other bits of "good to know" information.

Related: How to earn points in the JetBlue TrueBlue program

Travel Bank funds are distributed per flyer

The biggest annoyance with JetBlue Travel Bank is how funds are distributed. After you cancel a paid flight , refunds are issued to each traveler individually, even if they're all on the same record locator.

This causes a massive headache for families that travel together . In 2020, TPG's Nick Ewen canceled a JetBlue reservation that included flights for himself, his wife and his daughter. When rebooking, each family member was given a refund to their respective Travel Bank accounts despite being on the same reservation.

You can only use one Travel Bank per reservation. So when it came time to rebook, Nick had to rebook each family member separately and combine all reservations into a single record locator over the phone.

Things get even more confusing when it comes to canceling flights on a combined record locator. Nick had to cancel the rebooked flight due to the coronavirus pandemic. He couldn't do this online as the JetBlue website gave him an error stating that the ticket didn't match his Travel Bank balance. Again, he had to call in to cancel the flights.

This can be incredibly inconvenient if you're booking travel for a friend or even a co-worker. The traveler gets the Travel Bank credit, making it challenging for the person that booked the ticket to get a refund.

Related: 10 things families should know when flying JetBlue

Funds are valid for 1 year from the date of issuance

Typically, Travel Bank funds can be used within one year from the date of issuance. So if you cancel a flight on Dec. 1, you must use the credit by Dec. 1 of the following year. Unfortunately, there is no way to extend this credit.

Related: What to do if you can't use your airline credit by its expiration date

You can only use Travel Bank funds for flights

Unfortunately, you can only use your Travel Bank funds for a new flight's fare and taxes. You cannot use it to redeem for assigned seating, priority boarding , checked bags or other ancillary fees. This is likely because these add-ons are refunded to your original form of payment when you cancel a flight.

You can, however, use your Travel Bank credit to book a flight for someone else.

Accessing your Travel Bank funds

You can view your JetBlue Travel Bank funds on the airline's dedicated Travel Bank website . This is automatically linked to your TrueBlue account when you cancel a ticket associated with your frequent flyer number. JetBlue will email you instructions on how to sign in to your account.

If you cancel a ticket for someone who isn't a TrueBlue member, they will receive an email with credentials to log in to their Travel Bank. Remember, even if all travelers are on the same record locator, they will receive their own Travel Bank refund.

Related: TPG Lemonade session: JetBlue TrueBlue

Once signed in, you can view your Travel Bank balance and when your funds expire. You can also click the "Account Statement" link to view a list of recent Travel Bank transactions.

Related: What is JetBlue elite status worth in 2022?

Booking flights with Travel Bank funds

Once you have access to your JetBlue Travel Bank account, using available funds is relatively simple. Head to the JetBlue website and sign in before booking a flight. Search for a flight as you usually would and enter your passenger information.

On the payment screen, select the "Travel Bank" option located above the credit card entry field. You'll be prompted to sign in to your Travel Bank account if you're not a TrueBlue member.

Once signed in, you'll get the option to use as much or as little of your credit as you'd like. Note that you can only use credits to cover the fare and its associated taxes and fees (as discussed). Seat selection fees and other add-ons are not eligible. Click the "Apply Travel Bank Credits" button to apply the funds to your purchase.

And that's all there is to it: You've successfully used your JetBlue Travel Bank funds. It's easy enough once you have the hang of it, but bookmark this page just in case you need a refresher.

Related: Why you should wait to change or cancel your flight if you want your money back

Bottom line

JetBlue's Travel Bank program is a little tricky to use, but hopefully, this guide helps you navigate it better.

Keep in mind that these funds are accessible under a separate login from your JetBlue account. And that even if multiple travelers are under the same record locator, each traveler is allocated refunds to their own Travel Bank account.

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The three best bank accounts with travel insurance bolted on: We pick our favourites and whether they're worth paying for

• Some bank accounts include annual worldwide travel insurance
• They often also include car breakdown cover and mobile phone insurance 
• Although there is a monthly cost, having such an account may make sense

By Ed Magnus For Thisismoney.co.uk

Updated: 03:28 EDT, 9 August 2022

View comments

Many Britons will feel a bank account isn't something they're prepared to pay for - after all, most current accounts are 'free'.

However, some packaged bank accounts offer a host of benefits that added together could justify their monthly cost.

The typical perks include free annual worldwide travel insurance, car breakdown cover and mobile phone insurance, often with family members included. 

There is also the convenience factor of having three insurance policies taken care of saving both time and effort in having to organise it separately. 

Some bank accounts charge a monthly fee, but throw in perks such as annual worldwide travel insurance.

Michelle Stevens, banking expert at comparison site Finder, says: 'If you and your family are frequent travellers, then a current account with packaged travel insurance could be well worth the monthly fee, especially given the rising cost of travel insurance premiums in the last two years. 

'But before signing up to any premium current account, it’s important you check that the terms of the travel insurance policy - as well as the other account features and perks - suit your needs.' 

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She adds: 'Another benefit of getting free travel insurance with a current account is that a lot of people usually forgo it - up to 8.6million in 2019 - which is not an advisable move. 

'If you get seriously injured abroad then the bill can reach hundreds of thousands of pounds, so having travel insurance included with a current account may result in a lot of people getting covered who may not have done so otherwise.'

We pick our three favourite current account deals for travel insurance, taking into account the monthly cost and the additional perks on offer.

1.  Nationwide Flex Plus  

This account offers worldwide travel insurance as well as mobile phone and European breakdown cover.

It does come with a £13 monthly charge, which, compared to other packaged bank accounts looks relatively cheap.

Its worldwide family travel insurance, includes winter sports, golf, weddings and business cover.

Nationwide offers worldwide travel, mobile phone and European breakdown cover and charges £13 a month for maintaining the account.

Cover for travel essentials includes luggage, documents and cash as well as protecting against travel-specific problems like delays, cancellations and medical expenses.

Then cancellation cover is up to £5,000, the medical expenses cover up to £10 million, whilst cover for travel disruption will be eligible when caused by natural disasters, or airline or travel end supplier failure.

The policy doesn't cover medical conditions unless they have been declared to Nationwide and accepted. In some instances, you can pay for a medical upgrade to your insurance policy.

Two other clauses to be aware of is that the longest trip length allowed is 31 consecutive days. 

For any person to be insured who is aged 70 or over, they must buy an age upgrade to cover them.

Although the monthly cost will add up to £156 a year, it's possible to offset much of this during the the first year, thanks to Nationwide's current account switching incentive.

Non-Nationwide members can currently get £100 for switching, whilst members who switch to the Flex Plus account could get £125.  

Saves the extra admin: Nationwide's annual travel insurance policy is worldwide, and covers a whole family for multiple trips, not just the individual account holder.

On top of travel insurance, account holders get vehicle breakdown cover both in the UK and the rest of Europe and mobile phone insurance for the whole family.

The car insurance is valid whether someone is a driver or a passenger in a vehicle, and comes with no excess to pay and unlimited callouts.

The mobile insurance covers mobiles belonging to the account holder and those belonging to their partner and dependent children. It covers for loss, theft, damage and faults.

2.  Virgin Money's Club M Account

Virgin's Club M Account comes with a £14.50 monthly charge.

Similar to Nationwide, it offers 31 days' worldwide cover per trip. It will cover the account holder and a partner living with them if there're both under 75, so it's a little more generous on that front.

Virgin's worldwide family multi-trip travel insurance - includes winter sports, golf and weddings. Plus, 24 hour access to a doctor at home or abroad.

There's also cover for up to four dependents under 18 - either in full time education or living with the account holder.

Emergency medical treatment, includes falling ill with coronavirus while away, and cover for the journey home, if it's medically necessary.

It also covers lost, damaged or stolen items, and if the baggage is delayed, any essentials will be paid for in the interim period. It also includes cover for delays or missed departures and winter sports as standard.

Account holders are also covered when cancelling or cutting short a trip if they fall ill with coronavirus as long as they didn't know they had it and weren't being tested for it when they booked their trip. 

The cover includes emergency medical, surgical, hospital, treatment and ambulance costs, as well as any additional accommodation and travel expenses if someone cannot return to the United Kingdom.

There is a maximum allowance of 31 days of worldwide cover per trip.

It covers the account holder and their partner living with them if they're both under 75. There's also cover for up to four dependents under 18. 

A claim will be void if it relates to any medical treatment received because of a medical condition or an illness related to a medical condition which a person knew about at the time of opening the account. 

What else? 

On top of the travel insurance it also offers UK breakdown cover with no call out charges, whether as the driver or the passenger and offers help at the roadside and at home.

It also offers worldwide mobile phone and gadget insurance covering against loss theft, damage, and breakdown

Just make sure you've declared any pre-existing medical conditions and don't leave your valuables unattended to be fully covered.

Its Worldwide family multi-trip travel insurance - including winter sports, golf and weddings. Plus, 24 hour access to a doctor at home or abroad.

Virgin current account holders also benefit from various other perks.

It offers access to an easy-access linked savings account paying 1.71 per cent on balances up to £25,000. C ustomers can also benefit from 2.02 per cent on balances up to £1,000 in their bank account.

New customers switching to the Virgin Money Club M Account can also receive a bonus of 20,000 Virgin Points to spend with Virgin Red, thanks to Virgin Money's latest current account switching offer.

Virgin Red is a rewards club that turns everyday spending into points. Once you are a member, you can earn and spend Virgin Points across almost 200 different rewards.

The 20,000 Virgin Points boost means travellers could get a return flight to Barbados, the Bahamas or St Lucia, while bakery enthusiasts could turn their points into 100 sausage or vegan sausage rolls, 61 coffees or teas or 100 doughnuts or muffins.

3.  Halifax Ultimate Reward Current Account  

Halifax Ultimate Reward current account costs £17 per month, the equivalent of £204 per year. However, there are ways to dramatically reduce this via its cashback and switching offers.

The account includes a family travel insurance policy for the account holder, their spouse or partner and children aged 18 or under, or up to 24 if they're in full time education. 

It includes cover for personal belongings, certain sports and activities such as winter sports golf trips.

At £17 a month Halifax is the most expensive of our three top picks. However, its £150 cash incentive and £5 monthly cashback could help account holders to significantly reduce the cost.

Its cover includes, up to £10million for hospital fees, repatriation, medical confinement, funeral and dental costs incurred if taken ill or injured on your trip. 

Up to £5,000 in total for loss of pre-paid travel and accommodation expenses in the case of cancellation or curtailment. 

It covers personal baggage up to £2,500 if it is lost, damaged or stolen. This includes up to £500 for valuables, and up to £500 for a single item or pair or set of items.

It also covers personal money up to £750 for loss, or theft. This includes up to £300 cover for cash. This is limited to £50 for under 16s.

Watch out: 

Existing medical conditions are not covered, unless these are agreed with the insurer first, and an additional premium may be payable.

The longest trip length is 31 consecutive days. For winter sports, a maximum of 31 days cover in a calendar year.

Halifax's travel insurance covers personal Baggage up to £2,500 if it is lost, damaged or stolen.

It's also worth noting that a £75 excess per adult per incident may apply and to be covered trips must start and end in the UK.

All cover ends when the account holder turns 71. As long as the account holder is less than 71, their spouse or partner will also be covered until they reach 71. 

Eligible children can also be covered so long as they are travelling with the spouse, partner or civil partner of the policyholder. 

What else: 

It also offers car breakdown cover with the AA. This covers any vehicle the account holder is travelling in, at the roadside or at home. But only in the UK. 

For mobile insurance, it covers breakdown, accidental damage, loss and theft up to £2,000. 

However, it only Covers one phone per account holder or two in the case of a joint account. An excess of £100 is payable on all successful claims.

The £17 fee makes it a little more expensive than a few others but there are ways to reduce the cost.

Halifax is currently offering a £150 switching incentive for those who switch from another current account.

On top of the £150 bribe there are other perks to take advantage of. There is a choice of £5 a month paid into the account, two film rentals or three magazine rentals, or a free cinema ticket each month.

In order to benefit from this account holders must choose to either Spend £500 on their debit card each month or Keep at least £5,000 in the account at all times.

They must also pay in £1,500 or more into your account each month and stay in credit - keeping your balance at £0 or above.

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Chase Bank will pay £1% cashback on spending for the first 12 months . Customers also get access to an easy-access linked savings account paying 3.8% on balances up to £250,000. The account is completely free to set up and is entirely app based. Also no charges when using the card abroad.

Nationwide's FlexDirect Account offers 5% in-credit interest to new joiners when they switch on balances up to £1,500. This rate only lasts for one year. The account is fee free.

Halifax Reward Account pays £150 when you switch. Also earn up to an extra £75 cashback when you spend £750 each month for 3 months. There is a £3 monthly account fee, but that’s stopped by paying in at least £1,500 each month.

First Direct will give newcomers £175 when they switch their account . It also offers a £250 interest-free overdraft. Customers must pay in at least £1,000 within three months of opening the account.

NatWest's Select Account account pays £200 when you switch. The account has no monthly charges, but to be elligible for the £200, you'll need to deposit £1,250 into the account and log into mobile banking app within 60 days.

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5 Best Debit Cards for Australians Travelling Overseas - 2024

Here is a list of the 5 best travel debit cards you can take with you on your travels and the positives and negatives for each one:

• Wise - our pick for travel debit cards

Revolut - low fees

• HSBC - good for cashback
• Macquarie Platinum - no bank withdrawal fees
• ING Orange Everyday - cash back option

Wise - our pick for travel debit card for international travel

• No annual fee, hidden transaction fees, exchange rate markups
• No minimum balance requirements
• Allows you to make payments and withdrawals wherever you are in the world in over 40 currencies
• Local bank account details in Australia (AUD), the UK (GBP), the USA (USD), Europe (EUR), Canada (CAD) and New Zealand (NZD)
• Available in the US, UK, Europe, Australia, Singapore, Japan and New Zealand

Find out more about the Wise card .

More about the Wise card

With this card:

• It's very easy to set up and order
• You can receive foreign currency into a multi-currency account linked to the card
• Pay with your Wise card in most places overseas where debit cards are accepted
• You can transfer money to a bank account overseas
• Currency conversion using the mid-market exchange rate

It's not all good news though

• There is a 2% ATM withdrawal fee when you withdraw over $350 during a month
• It takes 7-14 days for delivery

Go to Wise or read our review .

• Very easy to use app
• Free to set up
• No hidden fees or exchange rate mark-ups (except on weekends)
• You can use it to transfer money to a bank account overseas

Read the full review

More about the Revolut card

• No purchase fee, load fee, reload fee, exchange rate margin or minimum balance requirements
• Unlike other Travel Cards, its free and easy to use the balance of your currency or convert it back to AUD
• The exchange rates are unbeatable. They use the same rate you see on XE or Google with no hidden mark-up
• For the free Standard account, there is a 2% ATM withdrawal fee when you withdraw over $350 during a month
• The premium account costs $10.99 a month, which can really add up if you are not using it often
• Additional fees for using the card on a weekend
• 2% ATM fee once you withdraw more than $350 in any 30 day period
• 3-4 business days before you receive your card

Click here to see the full list of cards and how Revolut compares

Macquarie Platinum Transaction Account

• Day to day transaction account, which comes with a linked Platinum Debit Mastercard
• No annual fee and no foreign transaction fee to pay when spending
• Macquarie doesn’t charge ATM fees, and will rebate fees charged by ATM operators in Australia
• Available to Australian residents - business accounts are not available

More about the Macquarie Platinum card

With this card you can:

• Spend globally with your debit card, with no foreign transaction fee
• Make withdrawals internationally with no Macquarie fee to pay
• Earn variable interest rates based on your account balance
• Send payments to others locally directly from your account
• International ATM fees may be applied by the ATM operator
• If you want to send money overseas you’ll need to register with a third party provider
• Interest rates are variable and get lower for higher balance amounts
• No foreign currency holding or exchange option

The HSBC Everyday Global Debit Card - good for cash back

• Earn up to $50/month cash back on eligible tap and pay purchases
• No monthly fees and no HSBC transaction fees
• Easy to use everyday account for a range of foreign currencies
• No foreign transaction fees applied

More about the HSBC card

• Buy, hold and spend in 10 currencies
• Earn up to $50/month cash back
• Make ATM withdrawals overseas with no HSBC charges
• Spend on the go using Visa payWave, Google Pay and Apple Pay
• Exchange between currencies in your account instantly with the HSBC banking app

It’s not all good news though:

• Currency exchange may incur a fee in the form of a marked up exchange rate
• Not the broadest range of currencies available
• Eligibility restrictions may apply to unlock some features - you’ll have to deposit your salary to the account to get cash back
• $8 international transfer fee can work out quite steep for lower value payments
• You’ll need to deposit at least $2,000 a month to get cash back
• Limitations apply to the ways you can use CNY currency within the account

Citibank Saver Plus -  not available anymore

• No international ATM or transaction fees
• Fee-free international money transfers to any account worldwide
• SMS notifications through Citi Alert

More info here

More about the Citibank card

• withdraw money for free at over 3000 ATMs Australia-wide and overseas
• take advantage of no foreign transaction fees, monthly fees, or minimum opening balance
• transfer money to friends and family anywhere in the world for free
• Cash deposits available within 24-48 hours
• Can’t have two cards active at the same time
• $5 account closure

ING Orange Everyday - earn interest

• Everyday transaction account with linked Visa debit card
• No annual fee and no maintenance fee
• Deposit 1,000 AUD a month , or complete 5 transactions monthly with your card to have foreign transaction fees waived
• Earn interest on your account balance 
• Available to Australian tax residents, with a valid Australian phone number and email

More about the ING Orange card

• Spend with no foreign transaction fee as long as you meet eligibility criteria
• Qualify for some local ATM rebates
• Get 1% cash back, to an annual maximum of 100 AUD on your utility spending
• Earn interest on your account balance
• You’ll need to deposit 1,000 AUD a month, or meet other eligibility criteria to access full benefits
• 5 AUD international ATM fee
• Only 5 domestic ATM withdrawals qualify for fee rebates - eligibility criteria apply
• 3% foreign transaction fee if you don’t hit eligibility criteria to have the fee waived
• No multi-currency holding or exchange options

What are Travel Debit Cards?

As Australians, we love to travel. Almost 10 million of us took to the skies last year, mostly to our neighbours in New Zealand and Indonesia, but also further away to the US and Europe.

While we travel, we also need safe access to cash. It's not the most glamorous part of our travel plans, but it's equally important to decide on the best travel money option for us, so we're not left worried at any stage of our trip.

Travel debit cards are a good alternative to carrying cash. They also offer the convenience of a credit card, but work differently.

When you use your debit card overseas, you're drawing money directly from your bank account when you make a purchase. It's designed for everyday money transactions and means you're not accumulating debt.

Debit cards are a great option if you've saved money specially for your trip and if you want to budget your overseas spending. Some debit card providers offer virtual cards , which allow you to spend on your phone while you travel and stay protected from fraud.

We also suggest bringing a back-up debit card and a separate credit card  for peace of mind and greater flexibility on your trip.

Pros and cons of travel debit cards

For many people, holding a specific travel debit card alongside one or more regular credit or debit cards can make spending on holiday easier and cheaper. With multi-currency accounts you’ll be able to top up in dollars and switch to the currency you need online or via an app. That gives you total control of your budget and lets you see exactly how much you have available for spending at any one time.

• Currency exchange may include a margin or markup

Should you use a debit card for overseas travel?

Spending with a card when you travel overseas can be a very convenient option. It also means you don’t need to carry a lot of cash with you - which can be safer too. 

Choosing a debit card over a credit card might mean you pay fewer fees when you’re overseas, as you’ll avoid cash advance charges and interest costs. However, you may find your debit card has its own charges which you’ll need to know about before you get started. Look out in particular for foreign transaction fees which are often around 3%, and are added every time you make a purchase or withdrawal in a foreign currency.

Which is the best debit card for overseas travel?

There’s no single best travel debit card. However, there are a few important things to look out for when you’re picking the right debit card for your trip. 

Firstly, it’s worth picking a card on a popular global payment network like Visa or Mastercard. These networks are accepted in most countries around the world, so it’s likely you’ll be able to use them wherever you’re headed.  

Secondly, check your card’s foreign transaction fees. This charge is often a percentage added to every dollar you spend or withdraw in a foreign currency. It may not look like a large amount - often around 3% or so - but it can quickly mount up when you’re away from home.

And finally, one last check - take a look at the fees your bank will charge you for overseas ATM withdrawals. Some accounts from providers like Wise and Revolut have low or no fees for overseas withdrawals - but others can crank up the costs so using your card abroad is far more expensive than using it at home.

Which international debit card has no fees?

Some providers offer travel debit cards with no foreign transaction fees, although it’s often impossible to completely avoid extra costs when you’re spending in foreign currencies. To get the best available deal you might want to pick a card with no foreign transaction fee such as the Wise card , the Revolut card , or the Macquarie Platinum Mastercard. 

Providers like Wise and Revolut, which offer multi-currency account options, can also be handy as you’ll be able to switch your dollars to the currency you need before you travel if you’d like to, so you can see exactly what your budget is in the local currency wherever you’re headed. Then just link the travel debit card they provide and spend as normal with it, with no foreign transaction fee to worry about.

What is the difference between travel debit cards and credit cards?

Travel debit cards and credit cards work in different ways - which might make them better suited to specific customer needs. With a credit card you can spread the costs of your spending over a few months - but you’ll need to pay interest if you choose to do this, pushing up the cost overall. Credit cards optimised for travel may also offer rewards, cash back or benefits such as free airport lounge access, but there may be an annual fee to pay to get these perks.

With a travel debit card you’ll need to have the funds in your account already before you head off - but in return, the overall costs may be a little lower. Travel debit cards from specialist services like Wise and Revolut are also handy as they are attached to multi-currency holding accounts you can use to keep your funds in a foreign currency conveniently. That can ultimately mean you save money, and can access better exchange rates compared to using your normal bank.

FAQ on best debit cards for overseas travel

What is a travel debit card.

A travel debit card is intended to make travel spending more convenient and often cheaper. You’ll be able to add funds to your account in AUD and switch to different currencies supported by your travel debit card, to spend when you travel more easily.

How to choose a debit card for overseas travel?

Before you decide which travel debit card suits you, think about how you’ll use the card, and compare the features and fees on offer from different providers. Picking a card with no ongoing fees and no minimum balance will be important if you don’t expect to travel so frequently. However, upgrading to a card which comes with a monthly fee might be worthwhile if the fees unlock features you value. Take your time to decide - the perfect travel debit card for you is out there somewhere.

Which debit card is best for travel?

The right travel debit card for you depends on your specific needs and preferences. Some cards offer a really broad range of currencies with easy, low fee conversion. Others have travel friendly perks like free insurance or cash back. By considering the types of transactions you’ll make, and comparing a few options like those picked out above, you’ll be able to find the best travel debit card for your needs.

How do I make my debit card international?

Debit cards issued on major payment networks like Visa and Mastercard are accepted internationally. Your own bank might require you to inform them of your travel plans, so that payments made overseas don’t flag as suspicious on their anti-fraud monitoring. Double check with your card issuer to see if there’s any need to notify them of your travel plans - and don’t forget to also look out for the foreign transaction fees applied to overseas spending, to check you’re not charged more to use your card overseas. If you are, you may be better off with a specialist card from a provider like Wise or Revolut. 

What is the best way to pay when travelling abroad?

Carrying cash when you travel isn’t always convenient - and it can also be risky. For many people, paying for their travel with a small amount of cash, backed up with a good travel debit card and one or two additional credit or debit cards can work well. Use your cards to make payments and withdrawals whenever you need to, with the knowledge you can instantly cancel or freeze the card if you’re ever concerned about their security.

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Best travel credit cards of June 2024

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Travel credit cards help you earn valuable points and miles on your purchases. For maximum value, some cards earn rewards not only on travel, but also everyday purchases like dining, groceries and gas. You can redeem these rewards for free or discounted flights, hotel stays or to cover other travel-related expenses.

The best travel cards also come with additional features. Even no-annual-fee travel cards are likely to offer perks like sign-up bonuses, intro APR offers and travel insurance. But for top-of-the-line benefits like airport lounge access, elite status and travel credits, expect to pay an annual fee.

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Bankrate's Best Travel Credit Cards of June 2024

• Best starter travel card:  Chase Sapphire Preferred® Card
• Best for flat-rate rewards:  Capital One Venture Rewards Credit Card
• Best for luxury travel:  The Platinum Card® from American Express
• Best for no annual fee:  Capital One VentureOne Rewards Credit Card  ( See Rates & Fees )
• Best for foodies:  American Express® Gold Card
• Best for everyday spending: Citi Strata Premier℠ Card
• Best for intro APR:  Bank of America® Travel Rewards credit card
• Best for point values:  Chase Sapphire Reserve®
• Best for practical perks:  Capital One Venture X Rewards Credit Card
• Best for pairing:  Chase Freedom Unlimited®
• Best for hotel bookings: Wells Fargo Autograph Journey℠ Card
• Best no-annual-fee hotel card:  Hilton Honors American Express Card
• Best luxury hotel card:  Marriott Bonvoy Brilliant® American Express® Card
• Best for transfer partners:  Bilt Mastercard®
• Best for gas:  Wells Fargo Autograph℠ Card
• Best for companion tickets:  Delta SkyMiles® Platinum American Express Card
• Best starter airline card:  Southwest Rapid Rewards® Plus Credit Card
• Best for expedited security screening:  Bank of America® Premium Rewards® credit card
• Best for first-year value:  Discover it® Miles
• Best for fair credit:  Credit One Bank Wander® Card
• What to know about travel credit cards
• Tips for choosing the best travel card

Travel credit card perks

How do credit card points and miles work.

• Expert advice on travel cards

How we assess the best travel credit cards

• Frequently asked questions
• Ask the experts

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Best starter travel card

Chase Sapphire Preferred® Card

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Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.

Intro offer

Earn 75,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's over $900 when you redeem through Chase Travel℠.

We calculate this number by multiplying the card's intro offer by Bankrate's valuation of this issuer's rewards program , showing you how much your points or miles are worth in dollars.

Rewards rate

5x on travel purchased through Chase Travel℠. 3x on dining, select streaming services and online groceries. 2x on all other travel purchases. 1x on all other purchases.

Regular APR

• 5x 5x on travel purchased through Chase Travel℠.
• 3x 3x on dining, select streaming services and online groceries.
• 2x 2x on all other travel purchases.
• 1x 1x on all other purchases.

What we love: This popular card comes loaded with features that can make it easy even for occasional travelers to offset the modest $95 annual fee without eating into hard-earned rewards. Plus, its rewards program is one of the best, giving you some of the most valuable travel redemptions — through both Chase and transfer partners — and Chase card pairing opportunities if you want to build your card portfolio eventually. Learn more: Why expert Margaret Weck loves using the Chase Sapphire Preferred Alternatives:   If you’re looking for an even simpler travel card, the Capital One Venture Rewards Credit Card is a terrific option. Its flat rewards rate makes it easy to know exactly how much you’ll earn with every purchase and though it can’t match the Sapphire Preferred’s redemption flexibility, it offers more redemption options than the typical travel rewards card. 

• You earn Ultimate Rewards points with this card — some of the most valuable and flexible rewards around, especially if you pair it with Chase’s cash back cards in the future.
• The card touts significant long-term benefits like anniversary bonus points and travel credits, as well as travel protections like trip cancellation insurance and a car rental collision damage waiver.
• Doesn’t offer airline- or hotel-specific perks like free checked bags, elite status or free night stays.
• The sign-up bonus is decent, but the card has previously offered higher, chart-topping bonus points.
• Earn 75,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's over $900 when you redeem through Chase Travel℠.
• Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more.
• Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Travel℠. For example, 75,000 points are worth $937.50 toward travel.
• Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
• Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2024.
• Member FDIC

Best for flat-rate rewards

Capital One Venture Rewards Credit Card

New Venture cardholders can earn 75,000 miles once they spend $4,000 on purchases within 3 months from account opening

5 Miles per dollar on hotels and rental cars booked through Capital One Travel 2 Miles per dollar on every purchase, every day

2 Miles - 5 Miles

• 5 Miles 5 Miles per dollar on hotels and rental cars booked through Capital One Travel
• 2 Miles 2 Miles per dollar on every purchase, every day

What we love: It’s a great option for travelers looking for a straightforward rewards program and flexible redemption options. You'll earn unlimited miles on all eligible spending and can redeem not only for travel bookings, but also as a statement credit to cover travel purchases made in the past 90 days. Learn more: Why expert Jacqueline DeMarco loves the Capital One Venture Rewards Credit Card Alternatives: The Chase Sapphire Preferred® Card offers a higher rewards rate in some everyday spending categories and potentially more valuable points. Chase points are worth 1.25 cents each if you redeem for travel through Chase, while Capital One miles are only worth 1 cent each when you redeem for travel. Plus, Chase rewards are more helpful for occasional travelers since you can redeem as cash back at 1-cent-per-point value.

• Carries solid perks given its low annual fee, including expedited airport purchase security and hotel experience credits, lost luggage reimbursement and more.
• Zero foreign transaction fees make this an excellent choice for international travelers.
• You can’t offset the annual fee with annual travel credits or bonuses alone as you can with some rival cards.
• The card’s sign-up bonus carries a high spending requirement, so it may be tough to earn if you don’t have large purchases on the horizon.
• Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel
• Earn unlimited 2X miles on every purchase, every day
• Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options
• Miles won't expire for the life of the account and there's no limit to how many you can earn
• Receive up to a $100 credit for Global Entry or TSA PreCheck®
• Use your miles to get reimbursed for any travel purchase—or redeem by booking a trip through Capital One Travel
• Enrich every hotel stay from the Lifestyle Collection with a suite of cardholder benefits, like a $50 experience credit, room upgrades, and more
• Transfer your miles to your choice of 15+ travel loyalty programs

Best for luxury travel

The Platinum Card® from American Express

Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.

Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year. Earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.

• 5X Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year.
• 5X Earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.

What we love: Luxury travelers and big spenders will appreciate the bevy of travel benefits, including annual statement credits worth around $1,700, elite hotel loyalty status and access to perhaps the most comprehensive airport lounge access available with a credit card. Learn more: Why expert Holly Johnson loves the Platinum Card® from American Express Alternatives: The Capital One Venture X Rewards Credit Card offers a taste of luxury at a lower cost than many premium travel cards. You can unlock a generous rewards rate on both travel and general purchases, complimentary access to popular airport lounge memberships and valuable annual travel credits and anniversary miles.

• Comes with a generous welcome offer and a longer time period to earn it compared to most rewards cards.
• A robust line-up of airline and hotel partners and related perks make this card truly valuable for travelers.
• The $695 annual fee may not be worth it if you don’t spend much on travel frequently or can’t take full advantage of the card’s luxury — and often niche — perks.
• Redeeming and maximizing the card’s credit and benefits requires some legwork and can be a bit confusing.
• Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Apply and select your preferred metal Card design: classic Platinum, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu.
• Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
• $200 Hotel Credit: Get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings with American Express Travel when you pay with your Platinum Card®. The Hotel Collection requires a minimum two-night stay.
• $240 Digital Entertainment Credit: Get up to $20 back in statement credits each month on eligible purchases made with your Platinum Card® on one or more of the following: Disney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Enrollment required.
• The American Express Global Lounge Collection® can provide an escape at the airport. With complimentary access to more than 1,400 airport lounges across 140 countries and counting, you have more airport lounge options than any other credit card issuer on the market. As of 03/2023.
• $155 Walmart+ Credit: Save on eligible delivery fees, shipping, and more with a Walmart+ membership. Use your Platinum Card® to pay for a monthly Walmart+ membership and get up to $12.95 plus applicable taxes back on one membership (excluding Plus Ups) each month.
• $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Platinum Card®.
• $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status is available to Basic Card Member only. Terms Apply.
• $189 CLEAR® Plus Credit: CLEAR® Plus helps to get you to your gate faster at 50+ airports nationwide and get up to $189 back per calendar year on your Membership (subject to auto-renewal) when you use your Card. CLEARLanes are available at 100+ airports, stadiums, and entertainment venues.
• Receive either a $100 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 year period for TSA PreCheck® application fee for a 5-year plan only (through a TSA PreCheck® official enrollment provider), when charged to your Platinum Card®. Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.
• Shop Saks with Platinum: Get up to $100 in statement credits annually for purchases in Saks Fifth Avenue stores or at saks.com on your Platinum Card®. That's up to $50 in statement credits semi-annually. Enrollment required.
• Unlock access to exclusive reservations and special dining experiences with Global Dining Access by Resy when you add your Platinum Card® to your Resy profile.
• $695 annual fee.
• Terms Apply.

Best for no annual fee

Capital One VentureOne Rewards Credit Card

• Earn a bonus of 20,000 miles once you spend $500 on purchases within 3 months from account opening, equal to $200 in travel

5 Miles per dollar on hotels and rental cars booked through Capital One Travel 1.25 Miles per dollar on every purchase, every day

1.25 Miles - 5 Miles

• 1.25 Miles 1.25 Miles per dollar on every purchase, every day

What we love: This card offers some of the same advantages as the Capital One Venture, without the burden of an annual fee. It gives you the chance to earn flat-rate miles on your everyday spending and the option to transfer miles to over 15 loyalty program partners to even cover travel purchases outside Capital One — a unique level of redemption flexibility for a starter travel card. Learn more: Reasons to get the VentureOne Rewards Card Alternatives: A general-purpose flat-rate credit card that offers 2X points or 2 percent cash back on all purchases may bring more value if you don’t travel often and aren’t ready to upgrade to a travel rewards credit card with an annual fee. However, the Discover it® Miles earns a flat-rate 1.5X miles that can also be redeemed for cash back at 1-cent per mile, which is unusual for travel rewards.

• The welcome offer is generous for a no-annual-fee travel credit card.
• Booking hotel stays and rental cars through Capital One Travel nets you an impressive 5X miles.
• Unlike several no-annual-fee travel cards, redeeming for non-travel purchases waters down your rewards’ value.
• Capital One has no major U.S. carrier in its line-up of travel partners.
• $0 annual fee and no foreign transaction fees
• Earn unlimited 1.25X miles on every purchase, every day
• Enjoy 0% intro APR on purchases and balance transfers for 15 months; 19.99% - 29.99% variable APR after that; balance transfer fee applies

Best for foodies

American Express® Gold Card

Earn 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases with your new Card within the first 6 months of Card Membership.

Earn 4X Membership Rewards® Points at Restaurants, plus takeout and delivery in the U.S. Earn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X). Earn 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com.

• 4X Earn 4X Membership Rewards® Points at Restaurants, plus takeout and delivery in the U.S.
• 4X Earn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X).
• 3X Earn 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com.

What we love: Few credit cards are more rewarding for traveling foodies than the American Express Gold Card. Both the food-related annual credits and the rewards rates at restaurants, U.S. supermarkets and on flights booked directly with airlines or via the Amex travel portal are some of the best on the market. In fact, the up to $240 in credits each year alone nearly make up for the annual fee. Learn more: Why the Amex Gold is worth the annual fee Alternatives: If the Amex Gold Card’s annual fee sounds high, consider the Chase Sapphire Preferred® Card . It carries key travel perks, high travel and dining rewards rates, and a much lower annual fee.

• This card features one of the best rewards return rates available on dining, groceries and food deliveries.
• There is no preset spending limit, so you can enjoy extended purchasing power, and you also have the option to pay off purchases with Pay Over Time if necessary.
• Although the card touts a solid collection of travel perks, it doesn’t include popular premium card perks like airport lounge access or trip cancellation/interruption insurance.
• Only eligible airfare earns more than 1X points, while rival cards often earn similar (or higher) reward rates on hotel stays and other travel purchases as well.
• Earn 60,000 Membership Rewards® points after you spend $6,000 on eligible purchases with your new Card within the first 6 months of Card Membership.
• Earn 4X Membership Rewards® Points at Restaurants, plus takeout and delivery in the U.S., and earn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X).
• Earn 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com.
• $120 Uber Cash on Gold: Add your Gold Card to your Uber account and each month automatically get $10 in Uber Cash for Uber Eats orders or Uber rides in the U.S., totaling up to $120 per year.
• $120 Dining Credit: Satisfy your cravings and earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, Milk Bar and select Shake Shack locations. Enrollment required.
• Get a $100 experience credit with a minimum two-night stay when you book The Hotel Collection through American Express Travel. Experience credit varies by property.
• Choose the color that suits your style. Gold or Rose Gold.
• No Foreign Transaction Fees.
• Annual Fee is $250.

Best for everyday spending

Citi Strata Premier℠ Card

• Earn 70,000 bonus ThankYou® Points after spending $4,000 in the first 3 months of account opening, redeemable for $700 in gift cards or travel rewards at thankyou.com

Earn 10 points per $1 spent on Hotels, Car Rentals, and Attractions booked on CitiTravel.com. Earn 3 points per $1 on Air Travel and Other Hotel Purchases, at Restaurants, Supermarkets, Gas and EV Charging Stations. Earn 1 Point per $1 spent on all other purchases

• 10X Earn 10 points per $1 spent on Hotels, Car Rentals, and Attractions booked on CitiTravel.com.
• 3X Earn 3 points per $1 on Air Travel and Other Hotel Purchases, at Restaurants, Supermarkets, Gas and EV Charging Stations.
• 1X Earn 1 Point per $1 spent on all other purchases

What we love: This card’s high rewards rate in everyday bonus categories makes it an especially good choice for occasional travelers and people looking for a standalone rewards card. Its practical bonus categories mean you can earn rewards quickly, even if you don’t actually spend a ton on travel. Alternatives:   As long as you don’t mind buying groceries online, the Chase Sapphire Preferred® Card could be an even more lucrative everyday rewards card. That’s thanks mostly to its high point redemption value (1.25 cents per point when you use points to book travel with Chase, versus just 1 cent per point when you book with Citi using the Strata Premier).

• It’s one of the only travel cards that offers a high rewards rate on groceries, dining and gas, so it should work well whether it’s your standalone card or just one part of your card stack.
• Its annual hotel benefit carries enough value to potentially offset the annual fee on its own.
• The annual hotel benefit, though generous, isn’t very flexible: You’ll only get the $100 discount if you book a single hotel stay of $500 or more (excluding taxes and fees) through CitiTravel.com.
• Based on Bankrate’s latest point and mile valuations, Citi ThankYou rewards carry a lower average redemption value than Chase, Amex and Capital One rewards.
• Earn 10 points per $1 spent on Hotels, Car Rentals, and Attractions booked on CitiTravel.com.
• Earn 3 points per $1 on Air Travel and Other Hotel Purchases, at Restaurants, Supermarkets, Gas and EV Charging Stations.
• Earn 1 Point per $1 spent on all other purchases
• $100 Annual Hotel Benefit: Once per calendar year, enjoy $100 off a single hotel stay of $500 or more (excluding taxes and fees) when booked through CitiTravel.com. Benefit applied instantly at time of booking.
• No expiration and no limit to the amount of points you can earn with this card
• No Foreign Transaction Fees on purchases

Best for intro APR

Bank of America® Travel Rewards credit card

• 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases.
• Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire as long as your account remains open.
• 1.5X Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire as long as your account remains open.

What we love: This entry-level travel card keeps things simple for occasional travelers. It offers simple flat-rate rewards and lets you redeem for a broad mix of travel options not typically available on many travel cards, such as cash back toward purchases with travel agencies,  zoos, art galleries and more. It’s even more valuable if you’re a Bank of America customer and can qualify for a rewards boost through the Bank of America Preferred Rewards® program. Learn more: Is the Bank of America Travel Rewards card worth it? Alternatives: The Capital One VentureOne Rewards Credit Card is another great starter travel card, but, unlike many cards in this category, it lets you transfer your miles to airline and hotel partners, potentially for a higher redemption value.

• Its easy-to-earn sign-up bonus and intro APR offers give this card good short-term value.
• No annual fees or foreign transaction fees sweeten this offer.
• It only offers 1.5X points on purchases, and you can’t transfer points can’t to airline partners for more rewards value, so it may not be as lucrative as competing cards.
• The top tiers of the Bank of America Preferred Rewards® program may be out of reach for many cardholders.
• Use your card to book your trip how and where you want - you're not limited to specific websites with blackout dates or restrictions.
• Redeem points for a statement credit to pay for travel or dining purchases, such as flights, hotel stays, car and vacation rentals, baggage fees, and also at restaurants including takeout.
• 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 19.24% - 29.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
• If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more points on every purchase. That means instead of earning an unlimited 1.5 points for every $1, you could earn 1.87-2.62 points for every $1 you spend on purchases.
• Contactless Cards - The security of a chip card, with the convenience of a tap.
• This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.

Best for point values

Chase Sapphire Reserve®

Earn 75,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,125 toward travel when you redeem through Chase Travel℠.

Earn 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠. Earn 5x total points on flights through Chase Travel℠. Earn 3x points on other travel and dining. Earn 1 point per $1 spent on all other purchases.

• 10x Earn 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠.
• 5x Earn 5x total points on flights through Chase Travel℠.
• 3x Earn 3x points on other travel and dining.
• 1x Earn 1 point per $1 spent on all other purchases.

What we love: Rewards-savvy travelers will be hard-pressed to find a card with better rewards potential than the Sapphire Reserve. Points are worth 50 percent more through Chase Travel, and potentially more with the right transfer partner. It’s a stellar partner for Chase’s cash back cards and stacks on even more value with enough perks to recoup the annual fee without relying on hard-earned rewards. Learn more: Why expert Holly Johnson loves the Chase Sapphire Reserve Card Alternatives: The Capital One Venture X Rewards Credit Card offers some of the same key perks as the Sapphire Reserve at a much lower cost. Along with a generous rewards rate on both Capital One Travel and general purchases, the card boasts valuable, practical benefits like competitive airport lounge access , up to $300 in annual Capital One Travel credits and 10,000 bonus miles every year on your account anniversary.

• You can kickstart your rewards bank with one of the most valuable sign-up bonuses on the market.
• Its top-tier benefits include up to $300 in annual travel statement credits, Priority Pass airport lounge access, exhaustive travel protections and stand-out partner perks.
• The card’s cost could be a deterrent for some new cardholders, especially if they plan on encountering adding multiple authorized users.
• You won’t get as many luxury hotel and airport lounge perks with this card as you would with some of its rivals.
• Earn 75,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,125 toward travel when you redeem through Chase Travel℠.
• $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year.
• Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases
• Get 50% more value when you redeem your points for travel through Chase Travel℠. For example, 75,000 points are worth $1125 toward travel.
• 1:1 point transfer to leading airline and hotel loyalty programs
• Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select and up to $100 application fee credit every four years for Global Entry, NEXUS, or TSA PreCheck®

Best for practical perks

Capital One Venture X Rewards Credit Card

• Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel

10 Miles per dollar on hotels and rental cars booked through Capital One Travel 5 Miles per dollar on flights booked through Capital One Travel 2 Miles per dollar on every purchase, every day

2 Miles - 10 Miles

• 10 Miles 10 Miles per dollar on hotels and rental cars booked through Capital One Travel
• 5 Miles 5 Miles per dollar on flights booked through Capital One Travel

What we love: This is the perfect middleground for travelers who want the practical benefits from luxury travel cards without dealing with bloated features and an annual fee upwards of $500. It offers complimentary lounge access, high-earning bonus rewards categories, anniversary credits and bonus miles, which can easily make the card worth it for frequent travelers. Learn more: Capital One Venture X Benefits Guide Alternatives: If a higher annual fee is no issue, consider The Platinum Card® from American Express. It’s a top choice for frequent travelers thanks to its impressive welcome offer and luxury perks like annual travel credits, lounge access and hotel elite status. However, the Chase Sapphire Reserve® may be better if your luxury travel experience calls for racking up more rewards.

• Offers anniversary bonus miles and a chance to earn credits worth hundreds of dollars starting at your first account anniversary.
• Comes with complimentary lounge access at over 1,300 lounges for you and two guests per visit.
• To earn the anniversary credit, travel must be booked through the Capital One Travel portal. That’s not as flexible as some other cards, which offer credits that cover any travel purchases, regardless of how you book.
• Lacks some perks found on other premium travel cards like airline or hotel elite status, which can get you benefits like free checked bags or room upgrades.
• Receive a $300 annual credit for bookings through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options
• Get 10,000 bonus miles (equal to $100 towards travel) every year, starting on your first anniversary
• Earn unlimited 10X miles on hotels and rental cars booked through Capital One Travel and 5X miles on flights booked through Capital One Travel
• Earn unlimited 2X miles on all other purchases
• Unlimited complimentary access for you and two guests to 1,300+ lounges, including Capital One Lounges and the Partner Lounge Network
• Use your Venture X miles to easily cover travel expenses, including flights, hotels, rental cars and more—you can even transfer your miles to your choice of 15+ travel loyalty programs
• Elevate every hotel stay from the Premier or Lifestyle Collections with a suite of cardholder benefits, like an experience credit, room upgrades, and more

Best for pairing

Chase Freedom Unlimited®

Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases.

Enjoy 5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service 1.5% on all other purchases

• 5% Enjoy 5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more
• 3% 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service
• 1.5% 1.5% on all other purchases

What we love: Not only does it earn 1.5 percent cash back on general spending, but it also has a bonus cash back rate for drugstores and dining at restaurants. And if you pair it with one or two premium Chase travel cards, you could pool your rewards for better travel redemption value.  Learn more: Why I love the Chase Freedom Unlimited Alternatives: If you want to take advantage of even more rewarding cash back categories and remain in the Chase family, consider the Chase Freedom Flex℠ .

• You can pool rewards with other Chase cards to maximize your earnings.
• The additional rewards rate offer can add even more cash back to your pocket for the first year.
• The welcome offer isn’t as competitive as other cards’ offers.
• Maximizing rewards with this and other Chase cards can get complicated for people who like simple rewards programs.
• Intro Offer: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
• Enjoy 6.5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
• After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase Travel, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
• No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
• Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 20.49% - 29.24%.
• No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
• Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.

Best for hotel bookings

Wells Fargo Autograph Journey℠ Card

• Earn 60,000 bonus points when you spend $4,000 in purchases in the first 3 months – that’s $600 toward your next trip.

Earn unlimited 5X points on hotels Earn unlimited 4X points on airlines Earn unlimited 3X points on other travel and restaurants Earn 1X points on other purchases

• 5X Earn unlimited 5X points on hotels
• 4X Earn unlimited 4X points on airlines
• 3X Earn unlimited 3X points on other travel and restaurants
• 1X Earn 1X points on other purchases

What we love: It offers a great rewards rate on hotel bookings and gives you a chance to earn a $50 annual statement credit with a $50 minimum airline purchase. Add in a solid rate on airline purchases, other travel and restaurants and this card carries great value as a standalone mid-tier card for occasional travelers. Alternatives: If you want to earn travel rewards but don’t actually spend much on hotels and airfare, the lower-tier Wells Fargo Autograph℠ Card is also worth a look. Though it earns also rewards on travel, it boasts a great mix of other practical everyday categories (including gas stations).

• You can transfer points to Wells Fargo’s new list of airline and hotel partners, including popular programs like British Airways Executive Club, Choice Privileges and more, which could boost the redemption value of your rewards.
• The $50 annual statement credit offsets more than half the card’s $95 annual fee and should be a cinch to earn if you fly at least once per year.
• Wells Fargo only offers one other card that earns travel rewards (the Autograph), and there is some category overlap between the two, so they may not be as lucrative as some competing card stacks.
• The card doesn’t carry some popular travel perks available on other mid-tier travel cards, such as credits for expedited airport security screening or rideshares.
• Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
• Earn unlimited 5X points on hotels, 4X points on airlines, 3X points on other travel and restaurants, and 1X points on other purchases.
• $95 annual fee.
• Book your travel with the Autograph Journey Card and enjoy Travel Accident Insurance, Lost Baggage Reimbursement, Trip Cancellation and Interruption Protection and Auto Rental Collision Damage Waiver.
• Earn a $50 annual statement credit with $50 minimum airline purchase.
• Up to $1,000 of cell phone protection against damage or theft. Subject to a $25 deductible.
• Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.

Best no-annual-fee hotel card

Hilton Honors American Express Card

• Earn 70,000 Hilton Honors Bonus Points plus a Free Night Reward after you spend $2,000 in purchases on the Hilton Honors American Express Card in the first 6 months of Card Membership. Offer Ends 7/31/2024.

Earn 7X Hilton Honors Bonus Points for each dollar of eligible purchases charged on your Card directly with hotels and resorts within the Hilton portfolio. Earn 5X Points per dollar on purchases at U.S. restaurants, at U.S. supermarkets, and at U.S. gas stations. Earn 3X Points for all other eligible purchases on your Card.

• 7X Earn 7X Hilton Honors Bonus Points for each dollar of eligible purchases charged on your Card directly with hotels and resorts within the Hilton portfolio.
• 5X Earn 5X Points per dollar on purchases at U.S. restaurants, at U.S. supermarkets, and at U.S. gas stations.
• 3X Earn 3X Points for all other eligible purchases on your Card.

What we love: This card earns rewards in a terrific mix of everyday bonus categories, so it should be easy to rack up Hilton points even if you don’t spend a ton on hotel bookings. Since it charges no annual fee and provides a few Hilton Honors benefits like Silver status, it’s also a great fit if you’re new to hotel cards and want a single no-annual-fee option instead of juggling multiple rewards cards. Learn more: Why expert Holly Johnson loves the Hilton Honors American Express Card Alternatives: The American Express® Green Card could be more flexible since it lets you earn and redeem rewards on a much wider variety of travel purchases, including airfare and bookings with several hotel brands, not just Hilton. You can transfer points to the Hilton Honors program as well, but the Hilton Honors American Express Surpass® Card may be better if you prefer upgraded Hilton-specific rewards, loyalty status and other perks.

• Comes with automatic Silver Elite status, which includes a free fifth award night when you book at least four consecutive nights with points.
• Earns rewards in three of the average person’s biggest spending categories, making it a terrific standalone option for earning Hilton points.
• A higher-tier Hilton card would earn more on Hilton bookings and could be more lucrative for frequent guests, even with an annual fee.
• You can only redeem points with Hilton and its partners, which limits the rewards value you earn on the everyday categories compared to a general-purpose cards’ rewards.
• Earn 7X Hilton Honors Bonus Points for each dollar of eligible purchases charged on your Card directly with hotels and resorts within the Hilton portfolio.
• Earn 5X Points per dollar on purchases at U.S. restaurants, at U.S. supermarkets, and at U.S. gas stations.
• Earn 3X Points for all other eligible purchases on your Card.
• Enjoy complimentary Hilton Honors™ Silver status with your Card. Plus, spend $20,000 on eligible purchases on your Card in a calendar year and you can earn an upgrade to Hilton Honors™ Gold status through the end of the next calendar year.
• No Foreign Transaction Fees. Enjoy international travel without additional fees on purchases made abroad.
• No Annual Fee.

Best luxury hotel card

Marriott Bonvoy Brilliant® American Express® Card

• Earn 95,000 Marriott Bonvoy bonus points after you use your new Card to make $6,000 in purchases within the first 6 months of Card Membership.

Earn 6X Marriott Bonvoy points for each dollar of eligible purchases at hotels participating in Marriott Bonvoy® 3X points at restaurants worldwide and on flights booked directly with airlines 2X points on all other eligible purchases

• 6X Earn 6X Marriott Bonvoy points for each dollar of eligible purchases at hotels participating in Marriott Bonvoy®
• 3X 3X points at restaurants worldwide and on flights booked directly with airlines
• 2X 2X points on all other eligible purchases

What we love: Frequent Marriott guests looking for luxury card-level perks and elite status should be able to justify this premium card. Along with a terrific rewards rate on Marriott bookings and an annual free night award, you could enjoy generous annual credits for restaurant purchases and Marriott property stays, airport lounge access, elite night credits and more. Learn more: Best Marriott credit cards Alternatives: If you’re looking for top-tier travel perks but want the flexibility to earn and redeem rewards for stays at any hotel chain, consider an elite travel card from Chase or Amex, which can come with generous travel benefits, airport lounge access and the ability to transfer points to Marriott. The Capital One Venture X Rewards Credit Card is another lucrative alternative.

• Outperforms other Marriott cards with its boosted rewards on travel-related categories and 21X points at Marriott Bonvoy hotels, thanks to the automatic Platinum Elite status.
• It’s one of the only hotel cards that includes complimentary Priority Pass lounge access, top travel protections and credits for expedited airport security screening.
• Unlocking some of the card’s best perks — like Five Suite Night Awards — requires a $60,000 annual spend, which may be tough to reach even for frequent Marriott guests.
• Unless luxury perks are at the top of your wishlist, the annual fee may not be worth it and a lower-tier hotel card may offer more value overall.
• $300 Brilliant Dining Credit: Each calendar year, get up to $300 (up to $25 per month) in statement credits for eligible purchases made on the Marriott Bonvoy Brilliant® American Express® Card at restaurants worldwide.
• With Marriott Bonvoy Platinum Elite status, you can receive room upgrades, including enhanced views or suites, when available at select properties and booked with a Qualifying Rate.
• Earn 6X Marriott Bonvoy points for each dollar of eligible purchases at hotels participating in Marriott Bonvoy®. 3X points at restaurants worldwide and on flights booked directly with airlines. 2X points on all other eligible purchases.
• Free Night Award: Receive 1 Free Night Award every year after your Card renewal month. Award can be used for one night (redemption level at or under 85,000 Marriott Bonvoy points) at hotels participating in Marriott Bonvoy®. Certain hotels have resort fees.
• Each calendar year after spending $60,000 on eligible purchases on your Marriott Bonvoy Brilliant® American Express® Card, you will be eligible to select a Brilliant Earned Choice Award benefit. You can only earn one Earned Choice Award per calendar year. See https://www.choice-benefit.marriott.com/brilliant for Award options.
• $100 Marriott Bonvoy Property Credit: Enjoy your stay. Receive up to a $100 property credit for qualifying charges at The Ritz-Carlton® or St. Regis® when you book direct using a special rate for a two-night minimum stay using your Card.
• Fee Credit for Global Entry or TSA PreCheck®: Receive either a statement credit every 4 years after you apply for Global Entry ($100) or a statement credit every 4.5 years after you apply for a five-year membership for TSA PreCheck® (up to $85 through a TSA PreCheck official enrollment provider) and pay the application fee with your Marriott Bonvoy Brilliant® American Express® Card. If approved for Global Entry, at no additional charge, you will receive access to TSA PreCheck.
• Each calendar year with your Marriott Bonvoy Brilliant® American Express® Card you can receive 25 Elite Night Credits toward the next level of Marriott Bonvoy® Elite status. Limitations apply per Marriott Bonvoy member account. Benefit is not exclusive to Cards offered by American Express. Terms apply.
• Enroll in Priority Pass™ Select, which offers unlimited airport lounge visits to over 1,200 lounges in over 130 countries, regardless of which carrier or class you are flying. This allows you to relax before or between flights. You can enjoy snacks, drinks, and internet access in a quiet, comfortable location.
• No Foreign Transaction Fees on international purchases.
• With Cell Phone Protection, you can be reimbursed, the lesser of, your repair or replacement costs following damage, such as a cracked screen, or theft for a maximum of $800 per claim when your cell phone line is listed on a wireless bill and the prior month's wireless bill was paid by an Eligible Card Account. A $50 deductible will apply to each approved claim with a limit of 2 approved claims per 12-month period. Additional terms and conditions apply. Coverage is provided by New Hampshire Insurance Company, an AIG Company.
• $650 Annual Fee.

Best for transfer partners

Bilt Mastercard®

Intro offer is not available for this Wells Fargo credit card.

3x points on dining 2x points on travel 1x points on other purchases Earn up to 1x points on rent payments without the transaction fee, up to 100,000 points each calendar year. When you make at least 5 posted transactions in a statement period using your Bilt Mastercard, you'll earn points on rent and qualifying net purchases.

1X Points - 3X Points

• 3X Points 3x points on dining
• 2X Points 2x points on travel
• 1X Points 1x points on other purchases
• 1X Points Earn up to 1x points on rent payments without the transaction fee, up to 100,000 points each calendar year. When you make at least 5 posted transactions in a statement period using your Bilt Mastercard, you'll earn points on rent and qualifying net purchases.

What we love: Not only is this card is a terrific choice for renters since it earns rewards and waives transaction fees when using it to pay rent, it’s also great for rewards strategists considering the extremely robust travel rewards program. You can earn rewards on travel and dining and your points carry a high value whether you redeem through the Bilt travel portal or one of the many airline and hotel transfer partners. Alternatives: If you like the Bilt card’s travel rewards program but don’t see yourself renting long term, consider the Chase Sapphire Preferred® Card. It earns generously on both travel and dining and also boasts high-value points and transfer partners. If the way you pay rent doesn’t incur credit card payment fees, a flat-rate card may also be worth weighing. 

• It’s the only card that helps you avoid the fees typically associated with paying rent with a credit card.
• Offers a solid collection of travel perks for a no-annual-fee card, including trip cancellation and interruption protection, trip delay reimbursement and other high-level travel protections.
• You can only use rewards to cover rent, toward a future home down payment or for travel and shopping. Cash back isn’t an option.
• There is no sign-up bonus. Most competing travel cards — even those with no annual fee — offer at least a $200 bonus.
• $0 Annual Fee.
• Earn up to 1x points on rent payments without the transaction fee, up to 100,000 points each calendar year.
• 2x points on travel.
• 3x points on dining.
• 1x points on other purchases.
• Earn points when you make 5 transactions that post each statement period.
• When renting at a Bilt Alliance property, you can choose to have your rent payments automatically reported by Bilt to the three major credit bureaus each month; Experian™, TransUnion™, and Equifax™.

Best for gas

Wells Fargo Autograph℠ Card

• Earn 20,000 bonus points when you spend $1,000 in purchases in the first 3 months - that's a $200 cash redemption value.

Earn unlimited 3X points on restaurants, travel, gas stations, transit, popular streaming services and phone plans. Earn 1X points on other purchases

• 3X Earn unlimited 3X points on restaurants, travel, gas stations, transit, popular streaming services and phone plans.

What we love: The Wells Fargo Autograph card is a great option for occasional travelers and households on the go looking to earn rewards while avoiding an annual fee and reduced redemption value for cash rewards. It’s one of a few entry-level travel cards to offer high, year-round bonus rewards for gas, dining, transit and other key travel needs. Learn more: Is the Wells Fargo Autograph worth it? Alternatives: If you’re looking for ways to maximize the value of your rewards, you should consider a travel card that lets you transfer your points to airlines or hotels, like the Bilt Mastercard® or Chase Sapphire Preferred® Card.

• While some issuers only reward travel purchases made directly with airlines or through issuer portals, this card lets you shop around for the best deal on third-party travel sites and still earn extra rewards.
• Carries decent perks such as rental car collision damage waiver coverage, roadside assistance and Visa Signature® Concierge benefits, like access to Visa’s Luxury Hotel Collection (terms apply).
• Unlike with traditional travel cards, you cannot transfer your points to airlines or hotels
• The travel perks and intro APR are weak compared to competing travel-oriented cards’ offers.
• Select "Apply Now" to take advantage of this specific offer and learn more about product features, terms and conditions.
• Earn unlimited 3X points on the things that really add up - like restaurants, travel, gas stations, transit, popular streaming services, and phone plans. Plus, earn 1X points on other purchases.
• $0 annual fee.
• 0% intro APR for 12 months from account opening on purchases. 20.24%, 25.24%, or 29.99% variable APR thereafter.
• Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
• Redeem your rewards points for travel, gift cards, or statement credits. Or shop at millions of online stores and redeem your rewards when you check out with PayPal.

Best for companion tickets

Delta SkyMiles® Platinum American Express Card

• Earn 85,000 Bonus Miles after you spend $4,000 in purchases on your new Card in your first 6 months of Card Membership.

Earn 3X Miles on Delta purchases and purchases made directly with hotels. Earn 2X Miles at restaurants worldwide including takeout and delivery in the U.S., and at U.S. supermarkets. Earn 1X Miles on all other eligible purchases.

• 3X Earn 3X Miles on Delta purchases and purchases made directly with hotels.
• 2X Earn 2X Miles at restaurants worldwide including takeout and delivery in the U.S., and at U.S. supermarkets.
• 1X Earn 1X Miles on all other eligible purchases.

What we love: The annual companion certificate on Main Cabin domestic flights (taxes and fees apply) comes with this card after the first year is valuable enough to justify the annual fee even if you’re just looking for great Delta perks to make travel smoother with a partner. Plus, the companion certificate is easier to obtain than other airline cards’ since it carries no spending requirement that must be met beyond the card’s annual fee. Alternatives: The American Express® Green Card could be a great alternative since it charges a lower $150 annual fee, lets you earn and redeem rewards on travel with any eligible airline (not just Delta) and offers credits for Loungebuddy lounge access and Clear Plus. You can even transfer points to Delta at a 1:1 ratio.

• Boasts several valuable travel perks, including priority boarding, a free first checked bag and specialized annual credits for select rideshare services and reservations with Delta Stays and Resy.
• Gets you closer to Medallion Status and discounts on in-flight purchases, complimentary upgrades, and more.
• Its rewards rate on non-travel purchases is lacking — a general-purpose travel card could potentially offer better rewards value and flexibility for rewards travel outside Delta.
• No longer offers complimentary Delta Sky Club lounge access as of this year, although airport lounge access is a staple perk for premium travel cards.
• Receive a Companion Certificate on Main Cabin domestic, Caribbean, or Central American roundtrip flights each year after renewal of your Card. The Companion Ticket requires payment of government-imposed taxes and fees of no more than $80 for roundtrip domestic flights and no more than $250 for roundtrip international flights (both for itineraries with up to four flight segments). Baggage charges and other restrictions apply. See terms and conditions for details.
• Receive $2,500 Medallion® Qualification Dollars each Medallion Qualification Year and get closer to Status with MQD Headstart.
• Delta SkyMiles® Platinum American Express Card Members get 15% off when using miles to book Award Travel on Delta flights through delta.com and the Fly Delta app. Discount not applicable to partner-operated flights or to taxes and fees.
• Earn $1 Medallion® Qualification Dollar for each $20 of purchases made on your Delta SkyMiles® Platinum American Express Card in a calendar year and get a boost toward achieving Medallion Status for next Medallion Year.
• Earn 3X Miles on Delta purchases and purchases made directly with hotels.
• Earn 2X Miles at restaurants worldwide including takeout and delivery in the U.S., and at U.S. supermarkets and earn 1X Miles on all other eligible purchases.
• Enjoy your first checked bag free on Delta flights.
• Receive Zone 5 Priority Boarding on Delta flights; board early, stow your carry-on bag and settle in sooner.
• Receive either a statement credit every 4 years after you apply for Global Entry ($100) or a statement credit every 4.5 years after you apply for a five-year membership for TSA PreCheck® (up to $85 through a TSA PreCheck official enrollment provider) and pay the application fee with your Delta SkyMiles® Platinum American Express Card. If approved for Global Entry, at no additional charge, you will receive access to TSA PreCheck.
• Delta SkyMiles® Platinum American Express Card Members with an eligible ticket will be added to the Complimentary Upgrade list, after Delta SkyMiles Medallion Members and Reserve Card Members.
• $350 Annual Fee.

Best starter airline card

Southwest Rapid Rewards® Plus Credit Card

• Earn 85,000 bonus points after spending $3,000 on purchases in the first 3 months from account opening.

Earn 2X points on Southwest® purchases. Earn 2X points on local transit and commuting, including rideshare. Earn 2X points on internet, cable, and phone services; select streaming. Earn 2X points on Rapid Rewards® hotel and car rental partners. Earn 1X points on all other purchases.

• 2X Earn 2X points on Southwest® purchases.
• 2X Earn 2X points on local transit and commuting, including rideshare.
• 2X Earn 2X points on internet, cable, and phone services; select streaming.
• 2X Earn 2X points on Rapid Rewards® hotel and car rental partners.
• 1X Earn 1X points on all other purchases.

What we love: This card’s anniversary bonus offers enough value to nearly offset the annual fee on its own, so it should be a terrific low-stakes option whether you’re new to airline cards or a regular Southwest flyer looking for a low-maintenance card. Plus, its sign-up bonus value is on par with the value you’ll get with much pricier airline and travel cards. Learn more: Southwest Rapid Rewards Plus benefits guide Alternatives: The Southwest Rapid Rewards® Priority Credit Card could offer better value overall, despite its $149 annual fee. It carries an annual $75 Southwest travel credit and 7,500 bonus points each year on your account anniversary — more than enough value to justify the higher fee.

• You’ll automatically earn 3,000 Rapid Rewards points each year after your account anniversary, which could offset much of the card’s already-low annual fee.
• Delivers the same hefty sign-up bonus as higher-tier Southwest cards.
• Unlike several travel cards, it doesn’t carry rewards categories for popular everyday purchases like gas or dining.
• It may not be the best Southwest value for frequent flyers since it poses a 3 percent foreign transaction fee and doesn’t offer perks like upgraded boardings or elite status benefits.
• 3,000 anniversary points each year.
• Earn 2X points on Southwest® purchases.
• Earn 2X points on local transit and commuting, including rideshare.
• Earn 2X points on internet, cable, and phone services; select streaming.
• 2 EarlyBird Check-In® each year.
• Earn 1 point for every $1 spent on all other purchases.

Best for savers

Bank of America® Premium Rewards® credit card

• Receive 60,000 online bonus points - a $600 value - after you make at least $4,000 in purchases in the first 90 days of account opening.

Earn unlimited 2 points for every $1 spent on travel and dining purchases. Earn unlimited 1.5 points for every $1 spent on all other purchases.

• 2X Earn unlimited 2 points for every $1 spent on travel and dining purchases.
• 1.5X Earn unlimited 1.5 points for every $1 spent on all other purchases.

What we love: If you do your banking with Bank of America and qualify for Preferred Rewards status, this card could provide an exclusive 25 percent to 75 percent rewards rate boost. The  rewards rates — 2X points on dining and travel, with 1.5X points on all other purchases — could increase to an incredible 3.5X on travel and dining with an unrivaled flat 2.62X points rate. Learn more: Why expert Sara Coleman loves the Bank of America Premium Rewards Card Alternatives: The similarly-priced Chase Sapphire Preferred® Card is one of the best alternatives thanks to its stellar travel protections, yearly bonus rewards and stronger rewards program. However, flat-rate cards like the Capital One VentureOne Rewards Credit Card or the Discover it® Miles card could be lucrative if you don’t think the $95 annual fee is worth it.

• The $95 annual fee is relatively affordable for this card category thanks to the up to $100 in yearly airline incidental statement credits.
• You can smooth out your travel experience with great benefits like credits toward TSA PreCheck or Global Entry and comprehensive travel insurance.
• Attaining the highest rewards rate is not an easy feat, since you’ll need to hold significant funds in Bank of America accounts.
• This card does not offer a few popular premium travel perks like lounge access.
• Low $95 annual fee.
• Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points for every $1 spent on all other purchases. No limit to the points you can earn and your points don't expire as long as your account remains open.
• If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more points on every purchase. That means you could earn 2.5-3.5 points on travel and dining purchases and 1.87 - 2.62 points on all other purchases, for every $1 you spend.
• Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill® accounts, or gift cards or purchases at the Bank of America Travel Center.
• Get up to $100 in Airline Incidental Statement Credits annually and TSA PreCheck®/Global Entry Statement Credits of up to $100, every four years.
• Travel Insurance protections to assist with trip delays, cancellations and interruptions, baggage delays and lost luggage.
• No foreign transaction fees.

Best for first-year value

Discover it® Miles

• Unlimited Bonus: Unlimited Mile-for-Mile match for all new cardmembers—only from Discover. Discover gives you an unlimited match of all the Miles you’ve earned at the end of your first year. You could turn 35,000 Miles to 70,000 Miles. There’s no signing up, no minimum spending or maximum rewards. Just a Miles-for-Miles match.

Automatically earn unlimited 1.5x Miles on every dollar of every purchase.

• 1.5X Automatically earn unlimited 1.5x Miles on every dollar of every purchase.

What we love: In addition to the exceptionally valuable Discover Match® , this card combines solid flat-rate rewards with consumer-friendly terms, like minimal fees and an equal value for both travel and cash back redemptions. Travelers who value simplicity will appreciate this card’s straightforward rewards and adaptability — even when you aren’t traveling. Learn more: Why expert Holly Johnson loves the Discover it® Miles Alternatives: The Capital One VentureOne Rewards Credit Card carries a more straightforward and still easy-to-reach welcome bonus. The VentureOne card also gives you the option of transferring miles to more than a dozen airline and hotel partners, which could increase the redemption value of your rewards.

• All miles earned in your first year will be matched at the end of the year, which could make it one of the most valuable first-year offers for no annual fee.
• Miles don’t lose value when they’re redeemed for cash back, which gives it a leg up over many travel rewards programs for occasional travelers.
• You’ll miss out on pretty standard travel perks like travel insurance, and car rental damage protection.
• The rewards structure lacks flexibility; you won’t be able to transfer your miles or use them to book travel.
• Automatically earn unlimited 1.5x Miles on every dollar of every purchase
• No annual fee
• Turn Miles into cash. Or redeem as a statement credit for your travel purchases like airfare, hotels, rideshares, gas stations, restaurants and more.
• 0% intro APR for 15 months on purchases. Then 18.24% - 28.24% Standard Variable Purchase APR will apply.
• Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
• Discover is accepted nationwide by 99% of the places that take credit cards.
• Terms and conditions apply.

Best for fair credit

Credit One Bank Wander® Card

Intro offer is not available for this Credit One Bank credit card.

Earn 10x points on eligible hotels and car rentals booked through the Credit One Bank travel partner site Earn 5x points on eligible travel, dining, and gas Earn 1x points on all other purchases

• 10X Earn 10x points on eligible hotels and car rentals booked through the Credit One Bank travel partner site
• 5X Earn 5x points on eligible travel, dining, and gas
• 1X Earn 1x points on all other purchases

What we love: The Credit One Bank Wander® Card is a solid option if you want to earn points on travel but have trouble qualifying for mainstream travel cards. Not only is this card accessible with only fair credit, but its rewards program boasts generously high rewards rates in key travel categories. Learn more: Best travel cards for people with bad or fair credit Alternatives: If you don’t mind putting down a refundable security deposit, consider a no-annual-fee secured card like the Bank of America® Customized Cash Rewards Secured Credit Card *. It’s a unique secured card that lets you build credit while earning rewards in a category of your choice (with travel just one of many popular options) as well as grocery stores and wholesale clubs.

• It’s one of the only travel rewards cards available with a fair credit score, making it a decent option if you want to earn travel rewards as you work on your score.
• Provides 5X points in travel, dining and gas, plus 10X points on eligible hotel and rental car bookings through Credit One Bank — rare and impressive rates with only fair credit.
• Its annual fee is high compared to other cards you can get with a fair credit score , so it may not be the best fit if you prioritize building credit over earning rewards.
• Other travel cards may offer better perks, fewer redemption restrictions and more value, so it may be worth working on your score with a lower-cost card before committing to the costly annual fee.
• Earn 10x points on eligible hotels and car rentals booked through the Credit One Bank travel partner site
• Earn 5x points on eligible travel, dining, and gas
• Earn 1x points on all other purchases
• Redeem your reward points for statement credits, gift cards, merchandise, flights, hotels, and more
• With $0 Fraud Liability, you won’t be responsible for unauthorized charges
• Free Online Credit Score and Credit Report summary, terms apply
• If you are a Covered Borrower under the Military Lending Act, you may get a different offer
• See Rates & Fees

Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Please visit  AmericanExpress.com/benefitsguide  for more details. Underwritten by Amex assurance company.

The information about the American Express® Green Card and Bank of America® Customized Cash Rewards Secured card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuers.

Compare Bankrate's best travel credit cards of 2024

What are travel credit cards.

Travel credit cards allow cardholders to earn points or miles on a variety of purchases (typically travel-related), which are redeemable for travel bookings, statement credits, gift cards and more.

The best travel credit cards do more than help you foot the bill for your next flight — travel cards also offer perks to upgrade your entire travel experience. Trip insurance , annual travel credits, concierge services and lounge access are all common benefits. Airline and hotel co-branded credit cards sometimes offer specific discounts and perks for loyalty program members.

Pros and cons of travel credit cards

Although a well-chosen travel card can pay huge dividends, it might not be the right move for every traveler. Before you apply, take time to weigh the benefits versus the drawbacks of travel credit cards .

Tips on choosing the best travel credit card for you

The right travel credit card for you will carry features and benefits that give you the best value. To help you narrow down your choices, here are the steps to choosing the best travel card.

How to choose a travel credit card

1. know how you prefer to travel.

Knowing whether your travel expenses lean toward airfare, hotel stays or a mix of other travel will help you decide whether you should get an airline card, hotel card or general-purpose travel card. A co-branded airline or hotel credit card may be a good fit if you mostly travel with a certain brand and want exclusive privileges to enhance your experience. A general-purpose travel card is better if you prefer to keep your travel options open.

2. Prioritize redemption value

You may have to pick between simplicity and maximum value when comparing cards and rewards programs. Many travel cards offer a standard point or mile redemption value of 1 cent when you redeem toward travel through the issuer portal, but some cards can get you a higher redemption value when you transfer rewards to airline or hotel partners. However, it's common for many travel reward programs to reduce the redemption value toward non-travel options or limit these redemption options altogether. If you prefer simplicity over maximizing rewards, you may want to consider cards that allow you to redeem points or miles at an equal 1-cent value toward general travel purchase credits, cash back or other non-travel options.

3. Match your card to your spending habits

Take a look at your typical spending and find which travel categories and non-travel categories you spend the most in to help you choose a card that offers a high rewards rate for your regular spending. Just make sure you factor in rewards spending caps.

4. Note what's worth the extra money

High rewards rates and valuable travel perks are the biggest reasons to get a travel card, but many of the best cards carry a high annual fee. You could stick with a no-annual-fee travel card (or at least one with around a $99 fee) if you're mainly focused on earning rewards, but you may have to pay up to $500 or more for luxurious perks like airport lounge access, comprehensive travel insurance and hundreds of dollars in annual travel credits .

5. Look toward your next trip abroad

If you travel overseas, check to see if the card you're considering charges a foreign transaction fee. And since some credit cards aren't as widely accepted as others, you'll also want to make sure your credit card will work when traveling overseas . For example, merchants may not accept Discover and American Express cards as widely as Visa and Mastercard. If a trip is coming up in the next three to six months, keep an eye out for the big sign-up bonuses travel cards are known for. As a rule of thumb, the higher the annual fee, the higher the sign-up bonus should be.

Co-branded travel cards vs. general travel cards

Experts typically divide travel credit cards into two categories: co-branded travel cards and general travel cards. Co-branded cards are linked to a particular airline or hotel, while general travel cards offer more flexible reward opportunities. Here’s why and when you might want one or the other.

• Co-branded cards
• General travel cards

Co-branded travel cards tend to offer higher rewards rates on eligible travel purchases in exchange for limiting your reward redemption options to just one airline or hotel program . These cards may also feature more specific perks associated with the respective hotel or airline, such as free award nights, complimentary airline elite status or priority boarding — which general-purpose travel cards don’t often carry).

However, you won’t be able to use your rewards with a wide variety of different hotels and airlines like general-purpose cards allow. Plus, despite co-branded travel cards’ typically higher rewards rates, many brand-specific rewards tend to be worth less than the potential value of general-purpose cards’ points and miles.

When to get a co-branded travel card : When you often fly or stay with a specific airline or hotel and want to maximize your benefits with that brand.

General travel cards earn rewards on various travel categories and aren’t limited to a particular airline or hotel. Such cards may lack some of the dedicated perks you’ll find on a co-branded travel card, such as in-flight discounts, but make up for it with rewards flexibility and broader perks like general travel credits, expedited security screening and wider airport lounge access. 

The top travel cards even let you transfer your points or miles to airline and hotel loyalty programs, often at a 1:1 rate. Redeeming with some airlines and hotels can even make your rewards more valuable than they would be if you redeemed with the card issuer.

When to get a general travel card : When you have no preferred airline or hotel and want the additional flexibility a general travel card offers. 

Who should get a travel credit card?

A travel credit card is almost always worth it for frequent travelers or anyone who wants to earn rewards toward their next vacation.

If you can save up airline miles, rack up points for free nights at hotels or get discounted travel through your credit card issuer, you’re on your way to significant travel savings. However, the right travel card for you will depend on your travel habits.

Frequent travelers

Naturally, the ideal candidate for a travel card is someone who travels a lot or plans to book several flights and hotel stays per year. However, in some cases, you don’t have to be a frequent traveler to reap the benefits of a travel rewards card. A number of cards offer good rewards rates on general purchases.

Travel beginners

If you’re new to travel rewards, a good place to start is with a travel card that makes it easy to earn and redeem points, without requiring you to navigate a complex rewards program or worry about tiered rewards rates or varying point redemption values. 

Brand loyalists

If you tend to book travel with the same brands frequently or already belong to an airline or hotel loyalty program, a co-branded travel card can offer terrific value.  Airline- and hotel-specific rewards cards often earn a top rate on bookings with the brand as well as exclusive perks like lounge access and automatic elite status. 

Business travelers

Some of the most valuable travel credit cards are business cards . Whether you're a freelancer on the go or the CEO of a Fortune 500, the right travel credit card can help you earn high rewards rates on everyday business purchases. 

International travelers

If you frequently travel abroad, a card with no foreign transaction fees is a great way to help you avoid extra costs on overseas purchases. Plus, if you hate waiting in line at airport security or customs, a lot of travel cards offer statement credits to reimburse you for Global Entry or TSA PreCheck application fees.

Luxury travelers

Luxury travel cards often charge a pretty penny but also offer a ton of value via perks like lounge access and annual travel credits. These perks not only make travel more comfortable, but also often carry enough value to offset the card’s cost on their own.

Still unsure if a travel credit card is right for you? Check out our Credit Card Spender Type Tool where you can get personalized credit card recommendations based on your credit score, spending habits and daily needs.

Here’s how a Bankrate editor chose his travel card

Here’s how a bankrate editor chose his travel card.

With all of this advice in mind, let’s see how a credit card expert made their pick. Here’s Bankrate editor Nouri Zarrugh on how he chose his travel card:

When it comes to earning rewards, I’ve always stuck with cash back cards, preferring the simplicity of knowing exactly how much my rewards are worth and the ease of redeeming for statement credits. Recently, though, I decided I wanted to travel a bit more frequently, and I figured a new travel rewards card could be a great tool to help me earn free trips. When choosing the right card for me, a few major points of consideration stood out: Cost: I didn’t feel like I traveled enough to justify a huge annual fee. Simplicity : I wanted to stick with a single, streamlined travel card and not worry about juggling multiple rewards programs or rewards rates. Perks : While I didn’t need anything too fancy, I thought it might be nice to have a perk like TSA Precheck included, since I hate waiting in long airport security lines. To my surprise, the card that stood out most was the Capital One Venture X Rewards Credit Card. Though it carried an intimidating annual fee of $395 ( See Rates & Fees ), I found this cost was more than worth it once I dug into the details. In fact, its benefits were so valuable, I barely needed to worry about offsetting the cost.  Two of its annual perks — a $300 Capital One travel credit and 10,000 bonus miles every year on my account anniversary — are valuable enough to offset the fee on their own. This means as long as I take one flight a year, I can basically break even on the card. Any rewards or perks I get beyond that feel like pure upside. It’s a huge bonus, then, that the card also includes practical benefits like Priority Pass lounge access and a credit of up to $100 toward the cost of Global Entry or TSA PreCheck. While I’ve never frequented airport lounges, I see these privileges as essentially free considering the value of the annual travel credit and bonus miles. So, I figure, why not take advantage?  For me, the Venture X strikes the perfect balance: A flat rewards rate that makes it easy to earn miles on everything I buy; flexible redemption through Capital One or via transfer to airlines and hotels, and practical perks I know I’ll use when I travel. I never imagined I’d have a $395 travel card in my wallet, but for me, it’s at worst a coupon for a flight every year, which can nudge me to take that next trip. — Nouri Zarrugh, Editor, Bankrate

Travel benefits may differ from card to card, but some of the most popular travel cards available often feature a few key perks. 

Travel insurance

Travel cards may offer various travel insurances , such as trip delay protection, trip cancellation insurance, lost baggage insurance or car rental insurance. These benefits aren’t worth anything until you need them, but you’ll be glad you have them when your flight is canceled or your luggage gets lost.

Travel credits

Credits toward TSA PreCheck or Global Entry are a popular and common benefit on many travel cards. You can typically use this credit once every four years, which roughly corresponds to how long a TSA PreCheck or Global Entry membership lasts. Some cards may also provide an annual credit toward Clear Plus — another expedited security membership. Higher-end travel cards often offer annual statement credits toward travel purchases, and many of these credits nearly offset these cards’ annual fees. 

In-flight perks

Co-branded airline cards typically offer some airport and in-flight benefits on top of their reward-earning capabilities. These can include discounts on in-flight purchases (usually 25 percent back on refreshments and WiFi), free checked bags, flight seating upgrades or priority boarding. 

Free hotel award nights

Co-branded hotel cards may include free hotel award nights annually as part of their benefits. Some cards also add an extra complimentary awards night to your stay if you’ve booked a certain number of consecutive nights. These nights are typically capped at a certain value (sometimes based on the card or your elite status), and may be valuable enough to make up for some cards’ annual fees.

Airport lounge access

One of the most popular (and valuable) travel benefits featured on high-end and luxury travel cards is complimentary access to airport lounges. The lounges you gain access to depend on the card, though co-branded cards will often grant access to the lounge corresponding to the card’s airline. The Amex Platinum card currently offers the best airport lounge access .

If you want to add a credit card to your portfolio for your travel needs, knowing what cards are popular and why people like them can help steer your decision. We regularly stay abreast of these conversations online and noticed two travel cards come up regularly: the Chase Sapphire Reserve and The Platinum Card from American Express .

These cards shine because they offer some of the best rates on travel purchases and the most comprehensive set of benefits and perks . Despite their annual fees, what you get in return can far outweigh your costs. And the conversation around these two cards isn’t new: Is the effort of maximizing their perks worth it?

What people say about travel credit cards perks

The Sapphire Reserve is often referred to as the gold standard in travel benefits and protections, and the value of its trip insurance is a big part of that. A member of the Rick Steves Forum remarks on the value of the insurance: “It has pretty extensive coverage wherever I travel … my entire trip is covered as long as I charged any portion of the trip to my card.” This feature is unique to the Sapphire Reserve and sets it apart from other premium cards, which require you to charge your entire trip purchase to the card to have active coverage.

But using trip insurance isn’t always a simple process. As a user in the r/CreditCards forum on Reddit cautions: “Credit card travel insurance in general is very specific on what it covers, and people tend to overestimate just how useful the coverage actually is,” they write. “These are named peril policies, so unless you see your exact situation as a covered hazard the policies won't pay out.”

The Platinum Card from American Express gets a lot of buzz for reasons similar to the Sapphire Reserve. The card gives so many benefits, credits and additional perks that it’s often called a coupon book for luxury travel. But for many people, the value comes down to whether they’re willing to do the work to maximize its features. Another r/CreditCards member says they use the card’s Hilton and Marriott status boosters, rental car company loyalty program automatic status features, Centurion lounge access, hotel and airline incidental credits, membership credits and more. Using all these features helps them offset the annual fee.

While some people love maximizing the card’s features to extract  as much value as possible, others, like this Redditor, think it’s too much work:

“The only benefit the Platinum card really adds is Centurion but only to the [cardholder] … I believe the Platinum is worth [it] at least the first year for the [sign-up] bonus but then it doesn't get much use after that. Trust me the credits are really annoying to use.” — r/CreditCards user

These two premium cards stand out from the rest because they offer the most comprehensive features available to suit your travel needs and protect you from any issues that arise. The Chase Sapphire Reserve is an exceptional option to protect you from travel issues, but make sure you know the fine print. While the Amex Platinum may not be as ideal for travel protections, the credits offered more than offset its annual fee if you can put in the effort to fully maximize them.

Whether you’re a beginner or seasoned cardholder, your travel card should always work in your favor by offering the features and benefits you’ll actually use and that make your travels more enjoyable. But whether you’re willing to put in the effort to maximize a card’s value is something you’ll need to decide for yourself.

*The quotes and citations included on this page have been verified by our editorial team and are accurate as of the posting date. Be sure to check the issuer's website/terms and conditions for all up to date content. Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate.

Credit card points and miles are two of the key types of credit card rewards , along with cash back. You’ll earn points and miles by making purchases with your credit card, but you can typically redeem these rewards for travel, gift cards and more — not just statement credits.

Points and miles tend to be more flexible than cash back, but since their value depends on how you redeem them — and, in the case of travel redemptions, where you’re going, when you book, your fare class and more — it may take a bit more effort to make the most of them.

What are your points and miles worth?

Since many airlines and hotels use dynamic pricing models that continually optimize airfare and room prices, it can be hard to know exactly how much your rewards are worth without doing a little math.

Luckily, you don’t need to be a travel hacker to get a sense of this idea. Before you redeem, you can check your reward redemption value by dividing the cost of a plane or hotel booking in cash by its cost in points or miles. This calculation will result in the cash value of your points or miles.

You can also compare this value to Bankrate’s latest points and miles valuations to determine if you’re getting a good deal on your redemptions. Bankrate collected data on hundreds of bookings across dozens of airline, hotel and credit card rewards programs and estimated how much each program’s rewards are worth on average .

• Airline rewards values
• Hotel rewards values
• Credit card program rewards values

The table below shows Bankrate’s estimated reward redemption value for a variety of popular airline loyalty programs. You’ll notice how widely the value varies between airlines, with some offering close to 3 cents per point in average redemption value and others struggling to meet a 1-cent-per-point value.

Keep in mind, however, that these values are averages based on a variety of fare classes, destinations, booking periods and more. For example, while Bankrate estimates Delta SkyMiles carry an average redemption value of around 1.2 cents per mile, they could be worth more or less depending on the details of your booking. 

*Based on weighted average of median point/mile values across economy and first/business class fares.

Like airline miles, hotel points fluctuate in value. The table below shows Bankrate’s estimated point values for some of the most popular hotel brands. 

As you can see, hotel points tend to be worth less than airline and credit card rewards on average, often carrying less than 1 cent per point in redemption value. That said, hotel loyalty programs sometimes offer more favorable exchange rates when you transfer rewards from a credit card rewards program. For example, you may be able to turn 1,000 credit card points into 2,000 hotel points (a 2:1 transfer ratio). 

*Based on median point values across budget, mid-tier and luxury hotel bookings.

Unlike hotel and airline rewards programs, credit card reward programs typically earn points or miles that offer a consistent redemption value when you use them with the issuer. Though the redemption value of your rewards may vary based on how you redeem, each redemption method should offer a consistent baseline value. 

Some credit card rewards programs may also allow you to transfer your points or miles to airline and hotel loyalty programs, which could boost their value considerably. For each major credit card rewards program, we estimate a baseline redemption value (assuming you book for travel with the issuer) and a Bankrate’s Value, which averages the program’s best-value transfer partners.

*Based on an average of the issuer’s five highest-value transfer partners (if available).

When to use rewards vs. cash

To demonstrate when it’s best to use your reward miles versus paying in cash, we set up this example:

We estimate American Airlines AAdvantage miles are worth 1.0 cents. If you book a seat in the main cabin on a one-way flight from Boston to Miami, and it costs either $139 or 21,500 miles, your miles are only worth $0.006 ($139 / 21,500 miles = $0.006). Since your miles for this flight are worth less than 1.0 cents, you may want to save your miles and pay cash for this flight.

But if you book a first-class seat on the same flight for $433 or 31,500 miles, your miles are now worth $0.013 ($433 / 31,500 = $0.013). Since 1.3 cents is higher than our latest valuation, you’re coming out ahead if you use your miles to pay for this flight.

Bankrate experts share their advice on using travel credit cards

It’s important to know how to maximize your rewards and perks. Otherwise, a travel card could end up being a money pit. Here are a few pointers from our experts for making the most of your travel card: 

Combine cards to maximize rewards

Knowing how much you spend in different categories and which merchants are eligible for rewards will help you earn more and build an optimized stack of rewards cards. A flat-rate card is often a great starting point to earn the same rate on every purchase you make. As you build out a rewards strategy, you can incorporate a card with bonus categories to earn even more in your highest spending areas.

Expert Insight:

“For a long time, I’ve used a combination of Chase credit cards known as the Chase trifecta for all my family’s spending…. [I] don’t typically use my Sapphire Reserve for everyday spending and bills. Since it only offers 1X points on non-bonus category spending, I use my Freedom Unlimited to make sure I earn a minimum of 1.5 percent cash back on everything I buy.” “I use each card strategically to earn as much in rewards as possible, then I pool them in my Sapphire Reserve account to redeem them for airfare, excursions, hotels and more.” — Holly D. Johnson — Award-winning personal finance writer and Bankrate contributor: Why I love the Chase Sapphire Reserve

Maximize your rewards value with transfer partners and issuer travel

Save your rewards for the most valuable redemption options. Travel points and miles often lose value toward non-travel options like cash back, so you’ll want to redeem your rewards for travel through the issuer portal for at least 1 cent per point or mile. However, transferring your rewards to the right airline or hotel partner program is usually worth the extra effort since it could net you even more value.

Expert Insight

“When I redeem my points through the Chase Ultimate Rewards program, the most I can get is 1.25 cents apiece, which is pretty good. However, if I transfer them to a partner airline’s loyalty program, I will often get much more. For example, I can transfer my points to United Airlines MileagePlus and use them to pay for flights. When I do, I generally get a value of 2 or more cents per point — in line with Bankrate estimates that Chase Ultimate Rewards points are worth around 2 cents apiece on average when used with the right transfer partner.” — Margaret Wack — Personal finance expert and Bankrate contributor: Why I love the Chase Sapphire Preferred Card

Make the most of your travel perks

Travel benefits are one of the main reasons to get a travel card, and are often key to making up a card’s annual fee. Be sure to read the fine print to make sure you can take full advantage of these offers . For example, one card’s travel credit may apply to any travel purchase, including airfare, while another card’s may only cover costs like baggage fees or in-flight purchases. 

“This is the year to take inventory of your credit cards and make sure they’re serving you well. If you’re paying an annual fee, look for a card with recurring benefits. Whether it’s annual award nights, waived luggage fees or elite status benefits, these perks can offset your annual fee and make your travels more pleasant … Despite putting minimal spending on my Hilton Honors Amex Aspire card, I keep renewing it every year. That’s because the card provides automatic Hilton Diamond elite status, which can easily offset the $550 annual fee. Recurring card benefits like [these] can save you a lot on travel and are worth considering when shopping for a new credit card.” — Ariana Arghandewal — Travel rewards expert and Bankrate contributor: Five benefits you need from a travel credit card

Plan for the sign-up bonus

The best travel cards come with generous welcome offers, but these bonuses may require a high spend in a short timeframe. That’s why it’s important to consider whether the spending requirement fits with your typical spending habits or whether you need to plan purchases to meet the requirement. Just be sure not to overextend yourself or take on debt you can’t pay back just to earn a bonus — interest and fees can easily eat through any value you’d get.

“Keep in mind that credit card sign-up offers change often. So if you’re interested in a particular card but not blown away by its current offer (there are some for 100,000 points or more that aren’t always worth the trouble), it could be worth your while to wait for a better one.” — Ariana Arghandewal — Travel rewards expert and Bankrate contributor: 6 ways to get bigger credit card bonuses

Look out for limited-time offers, partner perks and other benefits

Keeping an eye out for limited-time offers like extraordinarily high sign-up bonuses, perks with partner services (like rideshares or delivery services) and other reward-earning opportunities is a great way to squeeze the most value from your travel card. Issuers sometimes provide shopping and travel portals and card-linked reward programs for select purchases (like for pre-paid dining or participating merchant spending), which can help you bank extra rewards.

“Keep an eye on your email inbox and rewards portal for any limited-time promotions your issuer may be offering. Many American Express cards feature Amex Offers, which lets you access perks like statement credits for spending a certain amount on specific hotels and other retailers.  Other cards, like the Capital One Venture X, also have occasional promotional offers, such as a credit for 5 percent back on VRBO rentals.” — Lori Zaino — Travel expert and Bankrate contributor: How to maximize credit cards for cheaper accommodations this holiday season

Track your spending and rewards each account statement

Track your favorite stores’ and services’ merchant category codes (MCCs) to fine-tune your spending habits for maximum rewards. If you notice your expenses changing, this practice may also help you notice whether you need to change which rewards cards you carry.

“The first step to optimizing your spending is to take the time to collect the MCCs of stores you frequently shop at. During the process, you might find that some stores in the same chain may have different MCCs, depending on their primary inventory. Even different counters or sections in the same department store may carry different MCCs. You can use this to your advantage if you know one location near you will provide a better cash back rate than the other. These “loopholes” can provide great opportunities to reap cash back on purchases that typically wouldn’t earn rewards.” — Garrett Yarbrough — Writer and credit cards expert at Bankrate: Merchant category codes: How to earn more cash back

Our data: What credit score do you need for the best travel cards?

It’s no secret that your credit score heavily influences which cards you’re likely to get approval for. But how good does your credit need to be to get the best credit cards for travel? We analyzed our data of Bankrate readers who applied for credit cards on our pages in 2023 and compared the approval rates of readers’ different credit tiers.

We found that, on average, 61.9 percent of users with excellent credit were approved for travel cards on our site. Then, an average of 39.5 percent and 19.5 percent of users with good and fair credit, respectively, got approval for travel credit cards they applied to.

If you have fair or bad credit, you still have options for travel credit cards. For example, the Credit One Bank Wander Card caters to people with fair credit — 57 percent of people with fair credit who applied on our site in 2023 were approved for this card , according to our data.

Obviously, the better your credit, the more likely you are to get the card you apply for , but other factors can affect your application. Issuers may also consider your income, recent credit applications, homeownership status and monthly rental or mortgage payment. Keep these other factors in mind with your credit score when you apply for credit cards.

Have more questions for our credit cards editors? Feel free to send us an email , find us on Facebook , or Tweet us @Bankrate .

When evaluating the best travel cards, we consider a mix of factors, including how cards score in our proprietary card rating system and whether cards offer features that fit the priorities of a diverse group of cardholders, from earning rewards in popular categories to scoring a large sign-up bonus or high-value perks. Whenever possible, we also feature cards that are available at various credit levels and price points. 

We analyzed over 150 of the most popular cards and scored each based on its rewards rate, estimated annual earnings, welcome bonus value, APR, fees, perks and more to determine whether it belonged in this month’s roundup of the best travel cards.

Here’s a quick breakdown of the key factors in our rewards card scoring methodology — our primary scoring category for travel cards — and details we considered when putting together our list of the best travel cards.  

• Flexibility 15%
• Customer experience 5%

Great rewards value

The primary criteria for a rewards-earning card’s rating is its rewards value. This includes the card’s average rewards rate, estimated annual rewards earnings, sign-up bonus value and reward redemption value.

To estimate a card’s average annual rewards earnings, we first calculate its average rewards rate based on how much it earns in different bonus categories and how closely its categories align with the average person’s spending habits. In other words, we assess whether the card earns rewards at a high rate in the most popular spending categories. 

We use consumer spending data from the Bureau of Labor Statistics (BLS) to get a reliable third-party measure of people’s spending habits. The most recent BLS data estimates average total spending in 2022 was $72,967 per consumer. We then narrow our focus to which purchases are likely to be put on a credit card and earn rewards, subtracting expenditures like housing, vehicle purchases and education. This gives us a total “chargeable” annual spend of around $25,500.  

This includes the following spending by category:

• Groceries: $5,700
• Dining out: $3,600
• Entertainment: $2,400
• Gas: $3,100
• Apparel and services: $1,900

Using this data, we assign a weighting to each of a card’s bonus categories. For example, a card’s grocery rewards rate receives a 22 percent weighting based on how much of the average person’s budget is spent on groceries.

We also estimate the redemption value of points or miles from various issuer, airline and hotel rewards programs.

This weighting and rewards valuation allows us to estimate a card’s average annual rewards earnings — how many points or miles you’d earn with a given card if your spending was about average and you used the card for all of your purchases — as well as what those points are worth. We also use point valuations to determine a card’s sign-up bonus value

With these calculations complete, we assign each card a score based on how its average rewards earnings, sign-up bonus value, rewards rate and redemption value stack up against other rewards cards.

The better these values, the higher its score will be, making it more worthy of inclusion in our list and increasing its potential ranking.

Reasonable rates and fees

We also score cards based on how much it costs to keep them in your wallet or carry a balance. 

To start, each card is scored based on whether it offers an intro APR and how its ongoing APR compares to the rates available on other rewards cards. However, the latter rating only has a slight influence on the card’s score and whether the card is included in our list, since rewards card users generally try to avoid carrying a balance.

More important to both a card’s score and its inclusion in our list is how its annual fee influences its overall value. We consider a card’s annual fee in two ways — how it ranks relative to the fees you’ll find on other cards in the category and how it impacts a card’s overall rewards value. 

Cards with an annual fee will always be at a slight disadvantage in our scoring system since annual fees inherently cut into your rewards value. However, if a card offers terrific value via its ongoing rewards and perks, it can earn a high score and a spot in our list even if it carries a high annual fee. After all, the highest rewards rates and most valuable perks are often found on cards with annual fees. 

With this in mind, we rate a card based primarily on how its ongoing rewards value and ongoing perk value (such as annual credits or bonuses) stack up against those of other cards in the category when you subtract annual fees.

That said, we strive to include as many no-annual-fee options in our list as possible since many people would rather not worry about offsetting fees, even if a card carries impressive rewards and perks.

Redemption flexibility

Rewards cards may make it easy to earn a lot of points, miles or cash back, but how easy is it to use those rewards? After all, if it takes a ton of effort to redeem rewards or you can only redeem rewards in a couple of ways, a card may be more trouble than it’s worth. 

As such, we rate each card’s flexibility based on the restrictions it imposes on earning and redeeming rewards. We factor this rating into a card’s overall score and consider it when deciding on a card’s inclusion in our list. 

Flexibility factors include whether a card only allows you to earn a high rewards rate on only a small amount of spending or requires you to meet a certain earning threshold before you can redeem rewards. We also examine whether your points are worth less when you opt for some redemption options over others and whether a card gives you the flexibility to transfer rewards to travel partners.

Valuable perks

We also score each card’s set of features – its perks and benefits — against five tiers of features to provide a rating. 

We break down these tiers as follows:

• Tier 1 includes fewer features than even standard credit cards (for example, an ultra-streamlined card that offers basic utility and next to nothing in the way of ancillary benefits). 
• Tier 2 includes the benefits you’d expect on standard Visa or Mastercard credit cards, such as free access to your credit score, car rental insurance and $0 liability for fraudulent charges. 
• Tier 3 includes “prime card” or better-than-average card features like cellphone insurance, lost luggage insurance, concierge services and purchase protection. 
• Tier 4 includes luxury features such as airport lounge access, elite status with an airline or hotel and credits for expedited security screening membership programs. 
• Tier 5 includes the sort of exemplary benefits you’ll find on top-tier luxury cards, such as high-value travel credits, cardholder memberships and other unique and valuable perks.

In evaluating the best cards, we tend to favor cards that offer at least Tier 3 benefits, unless they include other unique features that could make up for less-impressive perks.

And since this list focuses on travel cards, we tend to favor cards that carry travel-centric features like travel insurance, airport lounge access and credits for expedited security screening, instead of more general perks like food delivery credits or shopping discounts.

More information on travel credit cards

Frequently asked questions about travel credit cards, are travel credit cards worth it.

Travel cards can be well worth it since they often have exclusive travel perks like credits for airfare, hotel stays, expedited airport security services and more, as well as complimentary airport lounge access and airline or hotel privileges. However, many of the best travel credit cards come with annual fees. It’s important to at least offset the cost of these cards by taking advantage of the various travel perks and features included on the card. 

What credit score do you need for a travel credit card?

It’s possible to get a travel credit card with bad or fair credit, but most travel rewards cards are geared toward people with good or excellent credit (a FICO score of at least 670, or a VantageScore of at least 661).

Do travel miles or points expire?

Even though many major credit cards earn rewards that don’t expire, you may lose your points and miles if your account closes or isn’t in good standing. However, some co-branded cards’ rewards may expire if you don’t earn or redeem rewards within a certain timeframe (typically 12 to 36 months after the rewards are earned).

Check out our guide to credit card rewards expiration for a thorough breakdown of several popular issuers’ policies.

Are points or miles better on a credit card?

Whether points or miles offer better value will depend on the specific rewards program and how you redeem rewards. One airline loyalty program may earn miles that offer less than 1 cent each in average redemption value while another program’s points may offer close to 3 cents each on average. Similarly, a hotel card’s points may be worth less than half of a credit card issuer’s rewards points. Some programs offer points with only average baseline redemption value but high value when transferred to a partner airline or hotel. 

Ask the experts: Is it a good idea to have multiple travel credit cards?

Thomas Nitzsche

Stephanie Zito

Erica Sandberg

Financial Educator, Debt and Credit

Whether you should have multiple travel credit cards depends on several factors, including your brand affinity, frequency of travel and ability to pay off your cards in full each month. As a credit counselor, I see many people carrying credit card debt at high interest rates while continuing to make charges to the account for the sake of earning rewards. They lose far more than they earn each month. Having more than one travel credit card could make sense for you if you’re able to maximize your earnings by strategizing spending across each card. Just take into account annual fees and actual interest paid.

Contributor, Personal Finance

If you’re up for managing multiple cards and their benefits, then there are definitely big reward payouts to be had. But if the thought of multiple cards is overwhelming, it’s also a good strategy to have one or two more flexible cards and focus on maximizing your earnings and redemptions until it becomes second nature.

Contributor, Credit Cards

Definitely! I currently have two travel credit cards. In addition to the Chase card that I use for my United Airlines purchases, I have the Capital One Venture card for all other airlines. I earn a solid amount of miles on everything I buy with it, so it's an easy go-to for non-travel related expenses.

Article sources

We use primary sources to support our work. Bankrate’s authors, reporters and editors are subject-matter experts who thoroughly fact-check editorial content to ensure the information you’re reading is accurate, timely and relevant.

Global entry: Trusted traveler enrollment program . U.S. Customs and Border Protection. Accessed on Feb. 21, 2024

Discover International acceptance . Discover. Accessed on Feb. 21, 2024.

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Editorial Disclosure: Opinions expressed here are the author’s alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.

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The Best No-Fee Bank Accounts for Newcomers to Canada

As a newcomer to Canada, one of the things that might surprise you about ‌banking in this country is that you often have to pay a monthly fee just to hold a bank account.

This can be a shock given that in other countries bank accounts don’t necessarily come with a monthly fee, and in fact, they sometimes even pay interest on standard deposits.

According to a recent report by the Alberta-based think tank, North Economics, Canadian retail banking customers incur higher fees compared to their peers in Australia and the UK.

After all, in addition to a monthly maintenance fee, Canadians often have to pay additional fees for electronic transfers, accessing ATMs, excessive debit charges, and other transactions.

Despite this abundance of potential fees, the good news is that there’s a way to circumvent these charges, especially as a newcomer to the country: no-fee bank accounts.

In This Post

Choosing a no-fee bank account.

When it comes to opening a new bank account, there are lots of things to consider.

When looking exclusively at no-fee bank accounts, your options will be more limited, but there are certainly some excellent options to choose from. We’ll go over these below.

The first step when choosing a bank and bank account is to decide whether you prefer a more conventional bank with physical locations or whether you prefer a digital-only banking option.

Canada’s five biggest banks are Bank of Montreal (BMO), Scotiabank, Canadian Imperial Bank of Commerce (CIBC), Royal Bank of Canada (RBC), and Toronto-Dominion Bank (TD) , collectively known as the “Big Five.”

These conventional banks have the advantage of a physical brick-and-mortar presence that makes it easy to request bank drafts, stamped bank statements, or other important documents.

None of the Big Five banks offer a no-fee chequing account; however, most of them offer a fee waiver on your first year through their newcomer programs and packages.

Generally speaking, a basic bank account with a conventional bank, offering a limited number of transactions, will cost you about $5 (all figures in CAD) a month.

Alternatively, there are mid-range account options for around $10–15 a month, and there are “all-inclusive” packages with unlimited transactions and additional perks that cost $20–30 a month.

If you don’t feel the need to bank in person, then an alternative to these conventional banks is digital banks, which usually don’t charge a monthly fee on their chequing accounts. By not having physical bank buildings, the digital banks save money and pass those savings along to you.

Some of the digital banks in Canada are subsidiaries of one of the Big Five banks, as is the case with CIBC’s Simplii Financial and Scotiabank’s Tangerine, while some digital banks are entirely autonomous organizations, like EQ Bank.

Since digital banks don’t have a physical presence, they generally don’t offer branded ATM access; however, some of the subsidiary digital banks allow clients to access the parent bank’s ATMs.

For example, if you have a bank account with Tangerine, you’ll be able to access Scotiabank’s ATMs for deposits and withdrawals.

You may find that it’s difficult to bank exclusively with a digital-only bank given the limited access to ATMs; however, this will depend on your specific banking requirements.

Once you’ve chosen what type of bank you prefer (digital or physical), you need to then decide which bank account(s) you’d like to open based on your unique banking needs and priorities.

In the context of this article, we’re looking exclusively at the best no-fee bank accounts for newcomers to Canada, so let’s dive in!

Scotiabank Preferred Package

Scotiabank, also known as the Bank of Nova Scotia, is one of Canada’s Big Five banks and has around 900 branches scattered across Canada.

Scotiabank is a good choice if you’re new to Canada, since it’s developed a program specifically for newcomers called StartRight. The program offers incentives on bank accounts, investments, money transfers, and credit cards.

As part of the StartRight program, you can receive a monthly fee waiver on the Preferred Package for one year. As detailed below, the Preferred Package comes with a host of features that you need as a newcomer, chief among them unlimited Interac e-transfers.

Scotiabank’s Preferred Package offers the following benefits:

• Unlimited debit card and Interac e-transfers
• Fee waived on one non-Scotiabank ATM withdrawal per month in Canada
• First-year annual fee waiver (up to $150) on select credit cards
• Send money globally for $1.99 with Scotia International Money Transfer
• Enrolment to the Scene+ rewards program

In addition, as a new Scotiabank client, you can receive a welcome bonus of up to $350 in cash. To qualify for the bonus, you must fulfill two of the following:

• Set up an eligible automated direct deposit, such as payroll, that recurs for a minimum of six consecutive months
• Set up at least two separate eligible pre-authorized transactions with a minimum value of at least $50 each that will recur monthly for a minimum of six months
• Make an eligible online bill payment of at least $50 through the Scotiabank Mobile App or through Scotia OnLine

To get your monthly fees waived, your account must already be open and in good standing. Then, you must visit a Scotiabank branch to enroll in the StartRight program.

In all, the Scotiabank Preferred Package is a good choice for newcomers, since it offers a fee waiver, unlimited transactions, and a juicy cash welcome bonus.

BMO Performance Chequing Account

BMO, or the Bank of Montreal, is another one of Canada’s big five banks, with almost 900 branches nationwide.

BMO prides itself on being an ideal choice for newcomers and this is showcased through its NewStart program that caters to permanent residents, foreign workers, and international students.

The NewStart program aims to set up newcomers with banking products they might need.

One of BMO’s flagship products is the Performance Chequing Account. As a newcomer, you’ll pay no monthly plan fees on this type of account for one year.

BMO’s Performance Chequing Account also comes with the following features:

• Unlimited debit and Interac e-transfers
• Fee waived on one non-BMO ATM withdrawal per month in Canada
• Up to a $40 rebate on the annual fee for select BMO credit cards
• Send unlimited BMO Global Money Transfers for no fee

In addition, you can earn up to $350 in cash as a welcome bonus when you open your new account. To be eligible for the bonus, you must fulfill two of the following:

• Set up a recurring direct deposit, such as your payroll
• Make two eligible online bill payments of at least $50 to different billers
• Set up two eligible pre-authorized debits of at least $50 to different billers

If you open a BMO Savings Amplifier Account at the same time, you can earn a further $200 by making a deposit of $10,000 or more. But keep in mind, you must maintain this balance for a predetermined period of time as stated in the terms and conditions.

The BMO Performance Chequing Account is a great choice for newcomers thanks to it offers a fee waiver and a lucrative welcome bonus.

Tangerine No-Fee Daily Chequing Account

Moving on to digital banks, Tangerine is a subsidiary of Scotiabank; though, unlike its parent company, it doesn’t have any branches of its own.

While Tangerine doesn’t have a specific newcomer program, we think it’s suitable for foreign workers, international students, and permanent residents nonetheless since its No-Fee Chequing Account offers free and unlimited transactions.

Plus, should you want to make a cash deposit or withdrawal, you can use your Tangerine Visa debit card at any Scotiabank ATM thanks to the relationship between the two banks.

Additionally, when abroad, you can withdraw cash with no access fees through the Global ATM Alliance, which includes Bank of America (US), Deutsche Bank (Germany), and Barclays (UK). However, your withdrawals are still subject to foreign conversion fees.

Despite the fact that Tangerine offers everyone a no-fee account, it still lets you earn up to a $500 bonus as a new client.

When you open both a no-fee chequing account and savings account at the same time, you’ll be eligible for the following offers:

• 20% cash back on eligible online Visa Debit transactions when you shop online or in-app for 60 days (up to $400 cash back)
• $100 cash bonus when you set up automatic transfers between your chequing and savings account within 60 days of becoming a new client (at least $50 two months in a row)
• 5.75% savings rate for five months on up to $1,000,000 in deposits

Once again, the Tangerine No-Fee Chequing Account offers free and unlimited transactions, plus a sizable cash back bonus as a welcome offer, making this a great choice for a no-fee newcomer bank account.

EQ Bank Personal Account

The next digital bank we’ll look at is EQ Bank.

EQ Bank markets its Personal Account as an account that “acts like chequing, earns like savings,” since it uniquely offers 4% interest on chequing account deposits.

EQ Bank, like Tangerine, doesn’t have a newcomer program; however, with its Personal Account, you’ll get unlimited transactions and a free EQ bank card, plus, there are no monthly fees or minimum balance requirements.

As a wholly digital bank, EQ Bank has some potential drawbacks that are important to be aware of.

Perhaps the biggest drawback is that since it’s wholly a digital bank you can’t do in-person banking at all. This can particularly be an issue if you need to deposit cash.

Additionally, EQ Bank doesn’t operate its own ATMs. In Canada, you can withdraw at any ATM and get reimbursed for the fees; however, when you use international ATMs, EQ Bank won’t reimburse you if the ATM you’re using abroad charges an access fee.

Based on the pros and cons we’ve explored, consider EQ Bank if you’re comfortable with a digital-only bank, and you’re looking for the simplicity of unlimited transactions and no-fee banking with the added bonus of a 4% interest rate.

Simplii Financial No Fee Chequing Account

Simplii Financial is the digital banking arm of CIBC, another of Canada’s Big Five banks.

Simplii wants to be the bank of choice for newcomers, so it has been launching initiatives to be top-of-mind among this demographic. For example, they recently tapped Indian music and film star Diljit Dosanjh to be their brand ambassador.

Like Tangerine and EQ Bank, Simplii offers a chequing account that charges zero fees for account maintenance, transactions, and the use of CIBC ATMs.

Simplii also currently offers a welcome bonus of $400 cash when you open a No Fee Chequing Account. To earn this welcome bonus, all you need to do is add an eligible direct deposit (such as your payroll) amounting to at least $100 a month for three straight months.

Additionally, if you choose to open a no-fee High Interest Savings Account at the same time, your deposits will earn a special 6% interest rate for five months.

One of the most notable features of banking with Simplii is that as a newcomer, you can open a No Fee Chequing Account even if you don’t yet hold Canadian-issued identification.

You can even apply for a bank account online before you arrive in Canada. To do this, you’ll need your port of entry letter stating that you’re coming to Canada as a worker, student, or permanent resident.

We think Simplii is a good choice for newcomers given its no-fee banking, strong welcome bonus, its relationship with CIBC, and the fact that you can apply for an account prior to receiving Canadian ID.

The cost of banking in Canada can come as quite a shock for many newcomers, with banks often charging a monthly fee to cover account maintenance and various transactions and services.

Fortunately, as we’ve explored above, there are ways to avoid paying account fees as a newcomer.

Whether you take advantage of newcomer bank accounts and products or you choose a no-fee account with a digital bank, we hope that the information we’ve provided is helpful in your efforts to set up your new bank account.

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DCU Primary Savings Account

My banking direct high-yield savings account, western alliance bank high-yield savings premier account, briodirect high-yield savings account, forbright growth savings, ivy bank high yield savings account, tab bank high-yield savings account, nexbank high yield savings account.

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Best Online High-Yield Savings Accounts

Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.

High-yield savings accounts are like traditional brick-and-mortar savings accounts, but they generally offer much higher rates. This means you'll be able to build towards savings goals more efficiently with a high-yield savings account.

We report on the strongest high-yield savings account rates currently available. We've listed the top interest rates that financial institutions offer, as well as two high-yield accounts from popular national brands. All of the banks and credit unions listed offer at least 4.25% APY (Annual Percentage Yield), significantly higher than the national average.

Featured Nationally Available Deposit Rates

Best High-Yield Savings Accounts Today

The best high-yield savings accounts will have a strong interest rate, good perks, and national accessibility. The top options also offer no monthly maintenance fees and low minimum opening deposits.

Many of the best banks and credit unions for high-yield savings accounts are online. Our top picks for savings accounts are federally insured by the FDIC or NCUA. Federal insurance protects up to $250,000 per depositor in the event of a bank failure.

Here are the best high-yield savings accounts as picked by Business Insider editors in 2024.

The DCU Primary Savings Account is the only savings account that offers 6% APY. You can earn 6.17% APY on balances up to $1,000. If you have an account balance above $1,000, the interest  rate drops to 0.15% APY. This account doesn't charge monthly service fees.

To open the Digital Federal Credit Union Primary Savings Account, you'll have to meet certain membership eligibility requirements. You must live in select areas of Massachusetts, live in a New Hampshire participating condominium community, work for a Select Employer Group, or belong to a local participating organization. 

Digital Federal Credit Union currently has an A+ rating from the BBB. The credit union hasn't been involved in any recent public controversies. 

The My Banking Direct High Yield Savings Account may be a solid option if you have at least $500 to open a savings account . The My Banking Direct High-Yield Savings Account pays 5.55% APY on balances of $1 or more. It also doesn't charge any monthly services.

Keep in mind that a $500 minimum opening deposit is pretty steep compared to other financial institutions. You might consider one of our other top picks if you don't have that much money to deposit upfront. 

My Banking Direct is an online bank and part of Flagstar Bank. Flagstar Bank has received an A+ ranking from the BBB. It hasn't been involved in any recent public settlements.

The Western Alliance Bank High-Yield Savings Premier account offers 5.36% APY on the entire account balance. It has no account activity or maintenance fees. This account might be a good choice if you're looking for an account that does not require a certain amount of money to stay in the account to earn a high interest rate.

This account does require a $500 minimum deposit when opening the account, which is pretty high when compared to many other savings accounts. Additionally, Western Alliance Bank (Member FDIC) is primarily a business bank and doesn't offer many other personal banking services. If you don't have $500 to open the account, or if you'd prefer to do all your banking in one place, this might not be the account for you.

Western Alliance Bank does not currently have a rating from the BBB. It has not had any recent controversies.

Western Alliance Bank High-Yield Savings Premier Review

The BrioDirect High-Yield Savings Account offers a competitive rate of 5.30% APY and doesn't charge monthly maintenance fees. You also might like BrioDirect if you're looking for a 1-year CD that pays more than the national average. 

You might consider another bank if you'd like to open a high-yield savings account with a low minimum opening deposit. The BrioDirect High-Yield Savings Account requires $5,000 to open an account. 

The BBB also gave BrioDirect's parent company, Webster Bank, a  B- rating because it received numerous customer complaints and hasn't resolved one of the complaints.

Webster Bank has also been involved in a recent controversy. In January 2024, Webster paid $1.4 million in a settlement over a class action lawsuit. The lawsuit was over a ransomware attack on Webster Bank that resulted in some customers of the bank having their personal information stolen.

BrioDirect Review

Forbright Growth Savings is a high-yield savings account available for anyone online. It offers a high  5.30% APY. It also has no minimum opening deposit and no monthly service fee. If you're interested in banking with an environmentally friendly bank  while still earning a high interest rate, this account might be a good choice for you.

Forbright only offers its high-yield savings account and its certificates of deposit to online users. If you're interested in also opening a checking account, money market account, or credit card with Forbright to keep all of your accounts in one bank, you'll have to go into one of its branches. It only has branches in Maryland and Virginia, so if you don't live in one of those states, you'll have to go elsewhere.

Forbright Bank has an A+ rating from the BBB. But it has been involved in a recent controversy.

In 2022, Forbright Bank entered into a consent order with the Federal Deposit Insurance Corporation and the state of Maryland's Office of the Commissioner of Financial Regulation. The consent order required Forbright to improve its anti-money laundering/countering the financing of terrorism program. Forbright Bank does not admit wrongdoing by entering into the consent order.

Forbright Bank Review

The Ivy Bank High-Yield Savings Account might be a good choice if you have at least $2,500 to open an account. You'll also need to maintain an account balance between $2,500 and $1 million to earn 5.30% APY. Otherwise, you'll only earn 0.05% APY on account balances under $2,500. 

Ivy Bank is an online-only division of Cambridge Savings Bank. Anyone in the United States is eligible to open an Ivy Bank account except for California residents. 

Ivy Bank hasn't been rated yet by the Better Business Bureau. However, Cambridge Savings Bank has received an A- rating because it has failed to respond to a few customer complaints. 

The TAB High-Yield Savings Account pays a high interest rate with no monthly maintenance fee. This account also might be a good choice if you'd like to open a savings account with $0 upfront.

TAB Bank does not have an ATM network. If you'd like to withdraw money from an ATM, TAB charges a $2 ATM fee.

The BBB gave TAB Bank an  A rating  because government action has been taken against the bank.

In 2022, the bank entered an  Assurance of Discontinuance with the State of Iowa. According to the settlement, the State of Iowa accused TAB Bank of charging Iowa residents more than the permitted maximum APR for consumer installment loans. The bank has stopped making consumer installment loans to Iowa residents and can resume if it provides a 30-day notice to the state and follow the state code.

TAB Bank Review

The NexBank High Yield Savings Account is a top high-yield savings account on Raisin. Through Raisin, you can use one platform to find, fund, and manage multiple high-yield savings accounts and CDs from a variety of banks and credit unions. There are also other savings accounts and CDs available on Raisin that pay 5.00% APY or more, though.

Raisin doesn't have checking accounts , so it's not ideal if you want to do all your banking with the same institution. Also, you'll need to be comfortable with a completely digital experience.

Raisin received a B+ rating from the BBB because there are numerous complaints against the company on the BBB website.

Raisin Review

UFB Secure   Savings

UFB Secure Savings might be worth considering if you want easy access to your account. It comes with a complimentary ATM card, so you'll have easy access to your bank account.

The Better Business Bureau gave UFB Direct an A+ rating . The BBB looks at a company's responses to customer complaints, honesty in advertising, and transparency about business practices to determine ratings.

Customers with existing savings accounts may have to call customer service to get upgraded to the newest rate.

It also may not be easy to deposit cash at UFB Direct. You'll have to see if there are cash-accepting ATMs in your area.

UFB Direct Review

The BMO Alto Online Savings Account is a good choice if you want to open a savings account with a $0 minimum opening deposit and get a competitive savings rate.

BMO Alto is an online-only division of BMO Financial Group, and it has a high-yield savings account and CDs. You won't be able to visit BMO branches for customer support. That said, customer service is still available 24/7 by phone.

You might consider another financial institution if you prioritize mobile banking. BMO Alto doesn't have a mobile banking app .

BMO has received an A+ grade from the Better Business Bureau. However, the bank has been involved in one recent public controversy.

In 2022, a Minnesota jury ordered the bank to pay $564 million in damages  in a lawsuit involving a Ponzi scheme operated by a Minnesota businessman. That said, the Ponzi scheme was uncovered in 2008 at M&I Bank, and BMO Harris didn't buy M&I Bank until 2011. 

BMO Alto Accounts  

The Betterment Cash Reserve Account is offering a promotional APY boost to new customers. With the APY boost, you can earn 5.50% APY for three months. After the 3-month period, you'll earn the standard rate.

To earn the promotional rate, you'll open it through the signup link and make a deposit from an external bank account in the first 14 days. Once you make the deposit, the rate on your Cash Reserve Account will be raised by 0.50% APY for 92 days. You cannot have an existing Betterment account. Existing customers will earn the standard rate.

If you're looking for a place where you can save and invest, Betterment may be a strong choice.

You may also prefer another institution if you'd like to open CDs or money market accounts. Betterment only offers a checking account and cash reserve account, which is similar to a high-yield savings account.

The Better Business Bureau gave Betterment an F rating because it has a high volume of customer complaints on the BBB website and several unresolved complaints.

It has also been involved in a recent public controversy. In 2023, the Securities and Exchange Commission required Betterment to pay $9 million in a settlement that accused the investment advisory firm of omitting information regarding automated tax loss harvesting, which the SEC claimed affected clients. 

Betterment Cash Reserve Review

The Synchrony High Yield Savings Account is one of the best online savings accounts because it has no minimum opening deposit, and it charges zero monthly fees. It also comes with an ATM card so you can access your savings quickly. Synchrony high-yield savings rates  and CD rates also make this bank an appealing option.

Synchrony has an NR rating from the BBB because it is currently responding to previously closed complaints.

Synchrony doesn't have a checking account, so it might not be the best option if you want to do all your banking with one institution.

Synchrony has also been involved in a couple of recent public controversies. In 2023, Synchrony was required to pay $2.6 million in a settlement  when accused of calling customers about bank accounts they didn't have.

In 2021, the bank also was required to pay  $3.5 million in a settlement  when accused of making unreasonable phone calls to debtors living in California.

Synchrony Bank Review

Our Top Picks for the Best High-Yield Savings Account Rates

• DCU Primary Savings Account : 0.15% to 6.17% APY
• My Banking Direct High Yield Savings Account: 5.55% APY
• Western Alliance Bank High-Yield Savings Premier : 5.36% APY
• BrioDirect High-Yield Savings Account : 5.30% APY
• Forbright Growth Savings : 5.30% APY
• Ivy Bank High-Yield Savings Account : up to 5.30% APY
• TAB High-Yield Savings Account : 5.27% APY
• NexBank High Yield Savings Account : 5.26% APY
• UFB Secure Savings: 5.25% APY
• BMO Alto Online Savings Account : 5.10% APY
• Betterment Cash Reserve Account : 5.50% APY for new customers' first three months, then 5.00%
• Synchrony High Yield Savings Account : 4.75% APY

What Is a High-Yield Savings Account?

Higher interest rates than traditional savings accounts.

High-yield savings accounts generally offer higher rates than traditional, brick-and-mortar savings accounts do. That's because they're generally offered by online banks and credit unions, so these financial institutions don't generally have to pay for all of the expenses that brick-and-mortar banks and credit unions do.

Safe and Secure

Like other bank accounts, almost all high-yield savings accounts are either FDIC-insured or NCUA-insured, depending on whether you're banking with a bank or a credit union, respectively. This means your money will be ensured up to $250,000 for an individual bank account or up to $500,000 for a joint bank account .

Ideal for Growing Your Money

High-yield savings accounts can be great for when you want to earn some money on your savings without risk and while still having easy access to it. This makes it ideal for emergency funds ; you don't want to risk your emergency funds on investing, and you want to be able to access your emergency funds if something major happens. With high-yield savings accounts, you'll still be able to make money off your money without sacrificing safety and access.

How to Choose the Best High-Yield Savings Account for Your Needs 

The interest rate isn't the only thing that matters in a high-yield savings account. When choosing an account, make sure you can afford the minimum deposit. You should also check whether there is a monthly service fee — and if so, find out if you qualify to waive it — or any requirements to earn the highest interest rate. Some institutions also limit the number of monthly withdrawals/transfers you can make from your high-yield savings account before charging you a fee. You want an account that will result in a high interest rate and few to no fees so you can earn as much as possible. You'll also want to consider accounts tailored to your specific circumstances; for example, if you're in the military, you might want a savings account from one of the best military banks .

High Interest Savings Account Interest Rate Facts

Generally, you'll find the best nationwide savings interest rates at online banks. That said, a local credit union currently offers the highest interest rate on a savings account overall. You may get 6.17% APY on up to $1,000 in your savings if you join Digital Federal Credit Union. Membership, however, is limited to people who live in select areas of Massachusetts, live in a New Hampshire participating condominium community, work for a Select Employer Group, or belong to a local participating organization. 

How Savings Accounts Work

A savings account is a type of interest-earning bank account. A savings account rate is variable, which means it can fluctuate after it is opened. Your bank will usually email you to tell you the rate will go up or down soon.

Savings accounts may also have transfer limits, according to federal rule Regulation D. Generally, if a savings account has a transfer limit, this means that you'll only be permitted to make six transfers from the account each month. If you exceed the transfer limit, you will have to pay a fee for each additional transfer.

The Board of Governors of the Federal Reserve has recently amended Regulation D , so banks may choose to suspend the monthly transfer limit so customers can make unlimited monthly transactions, or they could enforce a six-per-month limit.

Typical Interest Rates on High-Yield Savings Accounts

The average savings account in the United States offers 0.45% APY as of June 2024.

If you're more comfortable banking with a brick-and-mortar bank, a traditional savings account might be a better option for you. Just know that you may not be getting the best possible interest rate because online banks and credit unions  usually offer higher rates.

High-Yield Savings Account Fees

Depending on where you bank, some savings accounts may charge monthly bank maintenance fees . A monthly service fee is an amount you'll have to pay each month to maintain an account. Some accounts will allow you to waive a monthly service fee if you meet certain requirements while others cannot be waived. Bear in mind that some savings accounts do not charge certain fees at all.

The Different Types of Savings Accounts

There are six types of savings accounts : traditional savings accounts, high-yield savings accounts, money market accounts, certificates of deposit, cash management accounts, and specialty savings accounts. The best savings account for you may depend on your banking preference, goals, and when you'll need to access your money.

A high-yield savings account, for example, is a strong choice if you're comfortable with banking digitally and want to obtain a high interest rate.

Maximizing Your Earnings with High-Yield Savings Accounts

To maximize your earnings with a high-yield savings account, shop around to find one that pays a high rate and doesn't charge monthly service or excess withdrawal fees for taking money out regularly. You may find it helpful to set up automatic transfers from your checking account to your high-yield savings account. If you receive your paycheck as a direct deposit, you can also ask your employer to send a percentage of your paycheck to your high-yield savings account each pay period. As your balance grows with automatic savings and direct deposits, you'll earn more interest.

What to Do When Your High-Yield Savings Account Rate Drops

Interest rates on high-interest savings accounts closely follow the federal funds rate. This means rates are variable and can change several times per year at the whim of the Federal Reserve. Savings rates may go up or drop after the next Fed meeting .

If the interest rate on your savings account drops significantly, you may decide to look at other financial institutions to see if you can find a more competitive interest rate elsewhere. However, bear in mind that changing accounts may not be worth the effort, particularly if your new account's rate drops afterward.

You also might consider other types of savings account options. For example, buying savings bonds or setting up a CD ladder may be worth considering if you've already established your emergency fund.

Alternatives to High-Yield Savings Accounts

High-yield savings accounts vs. cds.

The best CD rates are comparable to the best high-yield savings account rates. You might prefer a CD if you want to lock in a high rate for a set period of time, because your rate is fixed. You won't risk your rate decreasing as you would with a savings account. But CDs offer less flexibility.

You can't put more money into a CD after the initial opening deposit, and you'll pay a penalty if you take out money before the term ends. So if you open a 3-year CD , you won't be able to take your money out of the CD until three years have passed without paying early withdrawal penalties.

If you're trying to decide between CDs versus high-yield savings accounts, your choice could come down to when you need to deposit and/or withdraw money.

High-Yield Savings Accounts vs. Money Market Accounts

Money market accounts are similar to high-yield savings accounts, but they typically make it easier to access your savings. The best money market accounts come with features checking accounts might have, such as an ATM card, debit card, or paper checks.

High-Yield Savings Accounts vs. High-Yield Checking Accounts

High-yield checking accounts are great tools for earning even more interest on your money. But checking account balances are often lower than savings account balances because you use them to spend money. If you're serious about using interest to grow your balance, a high-yield savings account is usually the better bet.

High-Yield Savings Account Frequently Asked Questions

APY stands for annual percentage yield. The APY of a savings account will tell you how much money you'll earn in a year, factoring in compound interest. 

Digital Federal Credit Union currently offers the highest savings account rate right now, paying 6.17% APY on balances up to $1,000. Credit Union membership is limited to people who live in select areas of Massachusetts, live in a New Hampshire participating condominium community, work for a Select Employer Group, or belong to a local participating organization. 

Multiple banks offer 5% interest savings accounts . A few examples include BrioDirect, Newtek Bank, and BMO Alto.

Savings account rates will likely be highest at the beginning of 2024, and comparable to current savings rates. However, the savings rate forecast for 2024 also indicates rates are expected to drop in 2024 once the Federal Reserve begins to cut rates.

It's safe to keep all of your money in a high-yield savings account if your balance is $250,000 or less (for an individual account) or $500,000 or less (in a joint account). The FDIC and NCUA insure up to $250,000 per owner, per category. So if your bank fails , all of your insured money would be safe. If you have more than the FDIC or NCUA would insure, consider opening a second account at another institution or investing some money if it makes sense for you.

Many high-yield savings accounts offer an APY of 5% or higher. With a 5% APY, you would have $10,500 in your account at the end of one year.

Yes; high-yield savings accounts are a great way to earn a high interest rate on your money while still being able to access it if you need to. Your money is also safe in a high-yield savings account, as it is FDIC-insured up to $250,000 for a single-owner bank account and $500,000 for a joint-owner account.

The best high-yield savings accounts pay at least 4.50% APY. In one year, 4.50% APY on $1,000 would add around $45 to your account.

Which bank offers the best high-yield savings account for you will largely depend on what you need from a bank. Currently, Digital Federal Credit Union offers the highest APY for a high-yield savings account, but it only offers that rate for the first $1,000 in the account. If you want to put more in your high-yield savings account, you might want to consider banks like Western Alliance Bank, BrioDirect, or TAB Bank.

Yes, the interest rate on your savings account will most likely change. Interest rates on savings accounts are variable, meaning they can and will change regularly and without advance notice. These fluctuations are based on the federal funds rate, which is set by the Federal Reserve .

Yes, high-yield savings accounts are still great places to store your extra money or emergency funds. With high-yield savings accounts you're making money on your savings with low risk and easy access.

Why You Should Trust Us: Experts' Advice on Choosing the Best High-Yield Savings Account

We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best high-yield savings accounts for your needs.

• Tania Brown, CFP, vice president of coaching strategy at  OfColor
• Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life"
• Sophia Acevedo, banking editor,  Business Insider
• Mykail James, MBA, certified financial education instructor, BoujieBudgets.com

Here's what our expert panel had to say about high-interest savings accounts. (Some text may be lightly edited for clarity.)

Generally, what makes a high-yield savings account good or not good?

Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life" :

"It might not be as seamless to get your money out of an online savings account as it is a brick-and-mortar, but you don't want to have so much friction where it's such a pain to get the money out when you need it."

Mykail James, MBA, certified financial education instructor, BoujieBudgets.com :

"Anything with a fee is not a good high-yield savings account. Anything that restricts how much you can save is, to me, not very good. If I can't save more than $10,000 in this account, and then I have to move it over somewhere else — to me, that's not a really good savings account, because it's not really prepared to help me expand and grow, which is what a savings account is supposed to do. I also look at interest rates, definitely. I look to see when the interest is paid. Is it quarterly, or is it monthly? How often do they pay out interest, and what are the interest rate stipulations?"

Sophia Acevedo, banking editor,  Business Insider :

"I would consider looking for features that will help manage your account. Some banks have high-yield savings accounts that let you separate your savings into individual goals and track your progress. Other financial institutions will let you deposit cash at ATMs or some retailers. A good high-yield savings account will likely be an account where you can grow your savings without unnecessary hassles."

How should someone decide whether to put their money in a high-yield savings account, money market account, or CD?

Tania Brown, CFP, vice president of coaching strategy at  OfColor :

"So I guess we'll start off with how much money you want to put in and the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you're stuck between the high-yield savings and the money market account."

Sophia Acevedo, CEPF:

"I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. If I'm searching for an interest-earning bank account, I'll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account."

Our Methodology: How We Chose the Best Savings Accounts

There are many high-yield savings accounts available across financial institutions. Through our research, we've found that the best high-yield savings accounts are offered by banks with a strong online presence, robo-advisors, and other internet-only financial companies. If you're more comfortable banking with a national brick-and-mortar bank, you'll likely have to consider a premium savings account to earn a more competitive interest rate.

We review savings accounts at nearly three dozen institutions weekly to identify the strongest options. While interest rates are an important aspect of any savings account, we also consider minimum deposits and balance requirements, transfer limitations, and any other standout features.

At Business Insider, we aim to help smart people make the best decisions with their money. We understand that "best" is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don't have to.

See our full ratings methodology for checking, business checking, savings, and money market accounts »

• Are banks open today? Here's a list of US bank holidays for 2024
• Best CD rates
• Best High-yield savings accounts
• Four reasons why your debit card might be denied even when you have money

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Best travel credit cards for June 2024

Travel credit cards aren’t only for jet-setters and business travelers. Whether you travel once per year or you’re rapidly checking off bucket list destinations, these rewards credit cards can lead to deep discounts on weekend trips, upcoming holiday fares, or a once-in-a-lifetime dream vacation.

But the key to getting the most value from a travel credit card is choosing the right one. Your specific travel preferences and budget can make a big difference in finding the perfect travel card for your next trip. Here are some of the best travel credit cards available right now, whether you’re looking for no-fee everyday rewards or luxury benefits for a premium price tag.

In this article:

Best for beginners: capital one venture rewards credit card, best for premium travel: capital one venture x rewards credit card, best for no annual fee: wells fargo autograph℠ card, best for boosted redemptions: chase sapphire preferred® card, best for flexible travel credits: chase sapphire reserve®, best for everyday spending: american express® gold card, best for lower-cost airline rewards: jetblue plus card, best for lower cost hotel rewards: wyndham rewards earner® plus card, best for premium airline rewards: delta skymiles® platinum american express card, best for premium hotel rewards: hilton honors american express aspire card, more top travel credit cards to consider, types of travel credit cards, how to choose the best travel credit card.

Methodology

Annual fee: $95

Welcome offer: Earn 75,000 bonus miles after spending $4,000 within the first 3 months

APR: 19.99%-29.99% variable APR

5x miles on hotels and rental cars booked through Capital One Travel

2x miles on all other purchases

Recommended credit score: Good to Excellent

Why this is the best card for beginners

For beginners to points and miles, simplicity can be key to maximizing rewards. We like the Venture card not only for its great potential value, but how easy it is to earn miles on everything at a rate of 2x per dollar. Redemption is also simple: You can redeem miles through Capital One’s travel portal or use them to cover any travel purchases you make with your card. Plus, it has the same welcome offer as the much higher-priced Venture X card — worth up to $750 when you redeem for travel.

While ongoing benefits aren’t the most lucrative part of this card, there are some to keep in mind. You’ll get up to $100 every four years toward TSA PreCheck or Global Entry fees, elite status with Hertz rental cars, up to a $50 experience credit when you book Lifestyle Collection hotel stays through Capital One Travel, and more.

Annual fee: $395

10x miles on hotels and rental cars booked through Capital One Travel

5x miles on flights booked through Capital One Travel

Recommended credit score: Excellent

Why this is the best card for premium travel

The Venture X is Capital One’s more premium travel card in the Venture family — and it has a lot to offer more frequent travelers who like the simplicity of earning a flat 2x miles on every purchase.

To help recoup the higher annual fee year after year, you’ll get a $300 annual travel credit, which you can apply to travel you book through Capital One Travel. There’s also a 10,000 annual miles bonus (adding another $100 in annual value), which you’ll earn on your account anniversary. Plus, get up to $100 for TSA Precheck/Global Entry fees, access to Capital One Lounges and partner airport lounge networks, a $100 credit when booking Premier Collection hotels in addition to the $50 credit for Lifestyle Collection hotel bookings (through Capital One Travel), and more.

Read our full review of the Capital One Venture X Rewards Credit Card

Annual fee: $0

Welcome offer: Earn 30,000 bonus points when you spend $1,500 within the first 3 months

APR : Introductory 0% APR on new purchases for 12 months; 20.24%, 25.24%, or 29.99% variable APR thereafter

3x points at restaurants (including takeout and delivery)

3x points on travel

3x points at gas stations and electronic vehicle charging stations

3x points on transit (subways, parking, rideshares, and more)

3x points on popular streaming services

3x points on cell phone and landline phone plans

1x points on all other purchases

Why this is the best card for no annual fee

Among the few travel credit cards with no annual fee, a big reason why the Autograph Card from Wells Fargo makes our list is its wide range of rewards categories, with no limit on how many points you can earn. Because they include travel purchases, restaurants, gas, phone plans, and more, it’s easy to maximize your points while traveling and at home.

It also has one of the best welcome offers we found from no annual fee travel cards. If you can meet the $1,500 spending requirement, 30,000 bonus points could get you as much as $300 in redemption value. When you’re ready to redeem, you can choose to book travel through Wells Fargo, redeem for statement credits to your account, pay for new purchases with eligible retailers, and more.

Welcome offer: 75,000 bonus points after spending $4,000 within the first 3 months

APR: 21.49% - 28.49% variable APR

5x points on travel through Chase (except hotel spending that counts toward annual credit)

3x points on dining (including takeout and delivery)

3x points on online grocery purchases (except wholesale clubs, Target, and Walmart)

3x points on select streaming services

2x points on all other travel spending

Why this is the best card for boosted redemptions

Chase Sapphire cards are unique because of the boosted value on travel redemptions. The Chase Sapphire Preferred offers a 25% boost on points you use to book travel through Chase, so each point is worth 1.25 cents each. In other words: 100,000 Chase Sapphire Preferred points may be worth $1,250 in Chase Travel redemptions.

But that’s not all this card has to offer. In addition to great savings on both travel and everyday purchases, you’ll get an annual points bonus worth 10% of your previous year’s purchase total and $50 in annual credits for hotel stays booked through Chase Travel. Chase offers plenty of partner benefits with this card too, with discounts and bonus points from Lyft, DoorDash, Peloton, Instacart, and more.

Read our full review of the Chase Sapphire Preferred card

Annual fee: $550

APR: 22.49% - 29.49% variable APR

10x points on hotels and car rentals through Chase (after the first $300 spent on travel annually)

5x points on travel through Chase (after the first $300 spent on travel annually)

3x points on all other travel (after the first $300 spent on travel annually)

Why this is the best card for flexible travel credits

One of the biggest benefits of a Chase Sapphire Reserve card over the Preferred is the $300 annual travel credit you’ll get each anniversary year. Thanks to Chase’s flexible definition of travel, you can use this credit to cover everything from flights and hotels to taxis, parking, and more.

Other benefits include airport lounge access with Priority Pass Select, credit toward TSA PreCheck or Global Entry fees, and perks when you book hotels with the Luxury Hotel & Resort Collection. You’ll also get credits, waived membership fees, boosted rewards, and more with partner brands like Instacart, DoorDash, Lyft, and Peloton.

And like the Preferred Card, you’ll get boosted redemption value for booking travel through Chase with the Sapphire Reserve. But this card earns an extra 50%, or 1.5 cents per point. For example, if you have 100,000 points in your account, you could redeem them for up to $1,500 in value via Chase Travel.

Annual fee: $250 (see rates and fees )

Welcome offer: 60,000 bonus points after spending $6,000 within the first 6 months

APR: 21.24% to 29.24% variable APR (applies to eligible Pay Over Time charges)

4x points at restaurants worldwide

4x points at U.S. supermarkets (up to $25,000 spent per year, then 1x)

3x points on flights booked directly with airlines or through American Express Travel

1x points on all other purchases (terms apply)

Why this is the best card for everyday spending

With 4x points on both dining at restaurants and food you buy at supermarkets, the Amex Gold card is one of the best options today for earning rewards on everyday spending. But it’s also a lucrative travel credit card. You can earn points on airfare purchases, and your Membership Rewards points are most valuable toward travel redemptions and transfers to Amex’s 21 airline and hotel partners.

On top of rewards, you can save more on everyday purchases with up to $120 in annual Uber Cash ($10 per month) and up to $120 in annual dining credits (also $10 per month, enrollment required). The dining credits can be used at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, Milk Bar, and select Shake Shack locations.

Read our full review of the American Express Gold Card

Annual fee: $99

Welcome offer: Earn 50,000 bonus points after spending $1,000 and paying the card’s annual fee within the first 90 days

APR: Introductory 0% APR on balance transfers only for 12 billing cycles (when the transfer posts within 45 days of account opening); 21.24%, 25.24%, or 29.99% ongoing variable APR

6x points on eligible JetBlue spending

2x points at restaurants

2x points at eligible grocery stores

Why this is the best card for lower-cost airline rewards

The JetBlue Plus card beat out other airline cards with annual fees under $100 thanks to the added benefits it offers cardholders flying with the airline. We also chose this card thanks to the range that JetBlue flights cover. You may find similar deals from co-branded cards with more limited airlines (such as Hawaiian Airlines or Alaska Airlines), but we find the Plus card from JetBlue offers a solid amount of perks for a wider range of travelers.

In addition to rewards, you’ll get 10% of your points back when you use them to redeem a JetBlue flight, a $100 statement credit (one per year) when you book a JetBlue Vacations package, 5,000 bonus points each year, a free first checked bag, 50% off in-flight, and a faster path to Mosaic elite status with the airline.

Annual fee: $75

Welcome offer: Earn 45,000 bonus points after spending $1,000 within the first 90 days

APR: 20.99%, 25.24% or 29.99% variable APR

6x points on eligible Hotels by Wyndham purchases

6x points on gas

4x points on dining

4x points at grocery stores (excluding Target and Walmart)

Why this is the best card for lower-cost hotel rewards

Among the co-branded hotel cards we compared with annual fees under $100, the Wyndham Rewards Earner Plus offered the greatest combination of rewards and added benefits to help ensure travelers who stay with the brand can maximize value.

According to the issuer, the 45,000-point bonus is worth as much as 6 free nights at participating hotels (though free nights may cost up to 30,000 points). Even after the welcome bonus, you’ll get up to one free night each year with 7,500 annual bonus points. Plus, the card offers a booking discount, automatic platinum-level member benefits, and more.

Wyndham Hotels themselves may be more common than you think, too. The chain has more than 9,000 hotels across 95 countries.

Annual fee: $350 (terms apply; see rates and fees )

Welcome offer: Earn 85,000 miles after spending $4,000 in the first 6 months

APR: 20.99%-29.99% variable APR

3x miles on Delta purchases

3x miles at hotels

2x miles on dining (including takeout and delivery in the U.S.)

2x miles at U.S. supermarkets

1x miles on all other purchases

Why this is the best card for premium airline rewards

For Delta flyers, we think the Platinum SkyMiles card offers the best range of benefits and rewards for the cost. After Delta overhauled its rewards program this year, this card alone no longer grants you access to Sky Lounges, which may be a major loss for some cardholders. But there are still plenty of premium benefits that frequent travelers can enjoy.

Each year, there’s a Medallion Qualification Dollars (MQD) Headstart to help you on your status journey, and each $20 you spend on your card is worth $1 MQD (otherwise, earn $1 MQD per $1 spent on Delta flights). You’ll also get up to $50 off the cost of your flight for every 5,000 miles you redeem when you book on delta.com, an annual companion certificate, first checked bag free, priority boarding, fee credit for TSA PreCheck or Global Entry, and more. On top of all that, we like that the Delta SkyMiles Platinum offers bonus rewards on both travel purchases and everyday spending — so you can rack up miles even when you’re not traveling.

Check out the latest offers for new and existing Delta SkyMiles cardholders

Welcome offer: Earn 180,000 Hilton Honors bonus points after spending $6,000 within the first 6 months (offer ends Jan. 17, 2024)

14x points on Hilton hotels and resorts purchases

7x points on select travel (flights purchased directly with airlines or through American Express travel; rental cars booked directly with select rental car companies)

7x points on dining at U.S. restaurants (including takeout and delivery)

3x points on all other purchases

Why this is the best card for premium hotel rewards

Despite its very steep annual fee, Hilton regulars can get a ton of extra value on their stays with the Hilton Aspire card.

Start with automatic Diamond Status with Hilton, for room upgrades (when available), bonus points, and more — plus up to $400 in resort credits ($200 semi-annually) for eligible purchases you make at Hilton Resorts. With qualifying Waldorf Astoria Hotels & Resorts and Conrad Hotels & Resorts properties, you can get another $100 on-property credit with eligible stays.

There are even plenty of benefits outside of Hilton. You’ll get up to $200 back per year ($50 per quarter) on flight purchases directly with airlines or through American Express Travel, up to $189 back each year for CLEAR Plus membership (with auto-renewal), elite status with National car rental service, access to concierge services, and more (terms apply; see rates and fees ).

All information about the Aspire card has been collected independently by Yahoo Finance. The Aspire card is no longer available through Yahoo Finance.

The above cards may be the best according to our ranking system, but travel credit cards can be incredibly individualized depending on where and how often you travel, your budget, regular spending, and more. Here are a few more that we think can still offer great savings.

Capital One VentureOne Rewards Credit Card

Like the other Venture cards on our list, the Capital One VentureOne carries a lot of potential value. This is the no annual fee version of the card, with a slightly lower 1.25x miles on every purchase (though you’ll maintain the 5x miles on hotels and rental cars through Capital One Travel). You’ll also get 20,000 bonus miles after spending at least $500 within the first 3 months of account opening.

Other benefits are limited, but you can take advantage of a 0% intro APR for 15 months on both new purchases and balance transfers (with a 19.99%-29.99% variable APR thereafter). Recommended credit score: Good to Excellent

The Platinum Card® from American Express

The Amex Platinum may be the most benefit-rich premium travel card you’ll find today. After paying a $695 annual fee (terms apply; see rates and fees ), you’ll get a host of valuable credits and perks each year. These include up to $200 hotel statement credits for qualifying (minimum two-night) stays, up to $200 airline fee statement credits for incidental charges with your selected eligible airline, up to $240 digital entertainment statement credits (enrollment required), up to $155 Walmart+ statement credits (with auto-renewal), up to $200 annual Uber Cash, up to $189 CLEAR Plus statement credit (with auto-renewal), airport lounge access, and much more.

As for ongoing rewards, you can earn 5x points on flights booked directly with airlines or through American Express Travel (up to $500,000 spent per year), 5x points on prepaid hotels booked through American Express Travel, and 1x points on all other purchases. Also. earn 80,000 bonus points after you spend at least $8,000 within the first 6 months of opening. Recommended credit score: Good to Excellent

Can't decide between the Amex Platinum or the Amex Gold?

Bank of America® Premium Rewards® Credit Card

The Premium Rewards travel card from Bank of America has a $95 annual fee and a welcome offer of 60,000 points after spending $4,000 within the first 90 days. Ongoing rewards include 2x points on travel and dining and a flat 1.5x on every other purchase.

With an annual $100 credit toward airline incidental fees and up to $100 every four years toward TSA PreCheck or Global Entry fees, you can also easily make up the annual fee cost. The card also has no foreign transaction fees and you can redeem your points for cash back and statement credits or for travel through the Bank of America Travel Center.

Citi Premier® Card

The $95 Citi Premier Card earns great rewards on everyday spending and travel — and it has a solid welcome bonus. You can get 60,000 bonus points after spending $4,000 within the first 3 months. Then, earn 3x points at restaurants, supermarkets, gas stations, hotels, and on air travel (plus 1x points on all other purchases).

You can earn back the annual fee cost with the card’s $100 hotel savings benefits, which you can apply to a single stay of $500 or more that you book through Citi’s ThankYou portal per calendar year. You’ll earn ThankYou points on your spending, which you can transfer to airline partners or redeem for travel through the portal, gift cards, and more.

When you’re comparing travel credit cards, it can be useful to separate them into two distinct types: general travel rewards cards and co-branded airline and hotel credit cards .

Think about your specific travel preferences to decide which type is best for you:

General travel rewards cards

With a general travel credit card, you’ll earn points or miles on eligible purchases, which you can put toward a number of flexible redemption options. General travel credit cards include cards like the following:

Chase Sapphire Preferred Card

Capital One Venture X Rewards Credit Card

American Express Gold Card

Many of these travel card issuers have their own travel portals, like Chase Travel or American Express Membership Rewards. You can use these to book flights, hotels, rental cars, and more. They may also have a number of travel partners, to which you can directly transfer points or miles. For example, American Express Membership Rewards points transfer to Delta SkyMiles at a rate of 1:1.

The flexibility of general travel cards means you can travel with any number of different airlines or hotel brands and get the best bang for your buck. Each time you’re ready to book, simply shop around between the portal or partners and compare the best options for your specific travel plans.

These credit cards also allow other redemption options, such as statement credits, gift cards, and cash back. But you’ll generally get the best value by redeeming points or miles for travel.

Airline and hotel credit cards

Airline and hotel credit cards are typically co-branded between the card issuer and the airline or hotel chain. Here are a few examples:

Southwest Rapid Rewards® Plus Credit Card

United Club℠ Infinite Card

Marriott Bonvoy Boundless® Credit Card

Hilton Honors American Express Card

These cards are best suited for travelers who prefer to fly with a specific airline or stay at a certain hotel chain. Maybe you live near a hub airport, frequent a destination where a specific airline offers the most direct flight options, or you enjoy the perks of a specific hotel’s loyalty program.

Instead of flexible rewards points or miles, you’ll earn points or miles within the airline or hotel rewards program, like Marriott Bonvoy points or American Airlines AAdvantage miles — and get a boosted rewards rate when you spend directly with the airline or hotel. These cards often offer a faster path to elite status tiers within these programs.

The added benefits of co-branded cards are designed to appeal to loyal airline or hotel customers. For example, your airline card may get you priority boarding, upgrades, free checked bags, and in-flight discounts. And your hotel card may offer early check-in or late checkout, annual free night awards, and on-site credits.

Co-branded travel cards aren’t for everyone, but they can add a lot to your travel experience if you have a strong airline or hotel preference.

Check out our complete list of the best hotel credit cards

Here are a few key details to look for in any new travel credit card:

1. Annual fee

No matter your budget, there’s a travel credit card with an annual fee that fits. You can find solid no annual fee options, like the Discover it® Miles general travel card or Hilton Honors American Express co-branded card. But there’s also The Platinum Card from American Express, which may set you back $695 per year (see rates and fees ) but comes with an abundance of valuable benefits and perks that can potentially give you even more value back each year.

The most important thing to keep in mind when deciding whether an annual fee is worth it for you is whether you can get enough out of the rewards and benefits to outweigh the cost — without spending more than you otherwise would or can afford.

2. Sign-up bonus

For new cardholders, a sign-up bonus can offer major first-year value. These bonuses may be worth anything from 10,000 to 100,000 bonus points or miles — which can translate to hundreds of dollars in rewards value.

However, you should compare the terms of the bonus to your own budget before you apply. For example, you may need to spend $4,000 within the first three months of opening your card before you can earn the 60,000 bonus points. If that’s not within your typical spending, be careful not to take on debt to meet the spending threshold. Accruing high interest on balances can quickly outpace even the best bonus.

One smart strategy is opening a new travel credit card when you’re booking a trip you’ve been saving for. You may already be prepared to spend more than usual, which can help you reach the bonus requirement faster. Plus, you can earn rewards on those travel purchases to put toward future trips.

Rewards are one of the biggest reasons for many people to open a travel credit card.

Earning rewards with travel cards often works in one of two ways. You’ll either earn rewards on your everyday spending (groceries, gas stations, restaurants) to redeem toward future travel, or earn rewards on your travel spending to put toward future travel.

Some cards offer a combination of these rewards, but knowing which type of spender you are can be useful. If your monthly budget is largely dedicated to everyday spending, you may get more value from the former. But if you travel frequently and spend a lot of money on flights, hotels, and rental cars, you can quickly rack up more points with travel-based rewards categories.

4. Travel perks and benefits

Many travel rewards credit cards — especially the most premium cards with high annual fees — really shine when it comes to added perks and benefits. These benefits can help you offset the annual fee and save money each time you travel.

Take the $395 annual fee Capital One Venture X Rewards Credit Card , for example. Each year, you’ll get a $300 annual credit for bookings through Capital One Travel and 10,000 bonus miles (equal to $100 towards travel) on your account anniversary. Already, that’s enough to wipe out the annual cost — before accounting for any rewards and other benefits (like up to $100 in fee credits toward TSA PreCheck or Global Entry and Priority Pass Select airport lounge membership).

Just remember: Choose a card with benefits that help you save on purchases you would still have made otherwise. If you tend to arrive shortly before takeoff and don’t care about airport lounge access, you won’t actually get the $200 potential value from that benefit.

5. Travel protections

One unique aspect of travel credit cards is the protections you can get as a cardholder when you travel. Common protections offered by travel credit cards include trip cancellation and interruption insurance, car rental insurance, trip delay reimbursement, baggage delay insurance, access to emergency assistance services, and more.

As long as you pay for your travel expenses with the card (booking flights, hotels, tours, etc.) you can qualify for these travel protection benefits. Like any coverage, though, you should make sure to read the fine print of what your individual card offers. These benefits can vary greatly between different travel cards, so make sure to look for details in your card agreement.

Frequently Asked Questions (FAQ)

Should i get a travel credit card.

Travel rewards credit cards can make a great addition to your wallet, even if you only travel a few times per year. Be sure to compare different travel card options to find the combination of annual fee, rewards, benefits, and sign-up bonus that works best for your travel plans and spending.

There may be a few reasons why a travel credit card isn’t right for you, though:

You’re already in credit card debt. Avoid adding another card — especially one with a potentially high annual fee — to your wallet if you already have high-interest debt. Eliminating those balances will help you save a lot more in interest than any value travel rewards could offer.

You don’t want to keep up with a rewards strategy. Travel credit cards can be most lucrative if you maximize how you earn and redeem rewards. If you don’t want to spend the time strategizing bonus categories and the best redemption options, a credit card with a simpler rewards structure may be better for you.

You don’t have great credit. Travel credit cards generally require a good-to-excellent credit score to qualify for approval. If your credit isn’t in a great place right now, focus on improving your score before you apply for a new card.

If you are ready to open a travel credit card, time your application wisely. The spending thresholds to earn your welcome bonus can be high, so you may want to plan your application around your next trip. The money you’ve already saved can help you score the bonus when you book your travel, and you’ll also earn bonus points or miles for your next trip.

Which credit card is best for travel?

If you're new to travel credit cards, the Capital One Venture Rewards card is a great place to start — you can earn 2x miles on everything, and it's easy to redeem your miles through Capital One's travel portal.

Which card is better for international travel?

When traveling abroad, look for credit cards that don't charge foreign transaction fees. One of our top pick for cards that don't charge a foreign transaction fee is the Capital One SavorOne Cash Rewards Credit Card .

Which travel credit card is most elite?

For a premium travel experience, the Capital One Venture X Rewards is our top pick. Read our full review of the Capital One Venture X Rewards Credit Card .

Our methodology

To begin our search for the best travel credit cards, we evaluated more than 70 credit cards currently available from major issuers. Each of these cards is marketed as a travel card and earns rewards in the form of points or miles.

Our scoring system involves evaluating each card based on a number of details we believe are important to cardholders looking for travel rewards credit cards. We begin with some general credit card details that we look for across every card type, such as annual fee, APR, welcome offer, card security, issuer transparency, and more. Specifically for travel credit cards, we also looked at factors like rewards, redemption options, welcome offer, and added benefits and perks.

Once each card was given a score, we again evaluated the highest-scoring overall cards for the superlatives included on our list (best no annual fee travel card, best premium travel card, etc.).

We filtered criteria for individual superlatives to find the best card among our already high-scoring options. For example, our pick for the best beginner travel card was chosen for its high score while excluding any co-branded airline or hotel cards and any cards with annual fees over $100. We believe beginner travel card users often look for simple cards that can help them maximize rewards without a high cost or needing to strategize — and we wanted our top options to reflect that.

We used a similar strategy for our co-branded card picks, too. We understand that any airline and hotel credit cards will be highly subjective depending on any users’ preferred travel brands. That being said, the cards that made our list are the highest-scoring cards based on our overall travel card criteria and from wide-reaching travel brands. If an airline, for example, did not have ample coverage throughout the United States, we gave preference to a co-branded card with a broader range of service.

While we strive to keep our rankings objective, we also know that different cards may be better suited for different types of travelers, budgets, spending habits, and more. Before you apply for any new card, make sure you compare multiple options from different issuers to decide the best combination of fees, rewards, benefits, and overall value that works for you.

This article was edited by Rebecca McCracken

Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn't include all currently available offers.

The best strategy for managing your HSA, and how it can help save you a boatload of money in retirement

Being savvy with your hsa could make your senior years much less financially stressful..

For years, I didn't participate in an HSA for one simple reason — my health insurance plan wasn't compatible with one. Of course, the upside there was that I had a nice, low deductible to cover. But once my family changed insurance and moved over a high-deductible plan, we immediately signed up for an HSA and have been making contributions ever since.

That said, there's one key rule I employ with my HSA . And you may want to adopt a similar strategy to get the most benefit during retirement.

Don't touch the money

An HSA isn't a retirement account per se. You can take an HSA withdrawal at any time to cover a qualified medical expense, like a copay for seeing the doctor. Since expenses like that are apt to arise frequently during your working years, you may have plenty of chances to spend your HSA ahead of retirement.

But the best strategy for managing your HSA is actually to leave that money alone until retirement. That way, you can more easily cover your healthcare bills at a time when they might otherwise constitute a huge chunk of your income.

Fidelity estimates that the typical 65-year-old retiring in 2023 is looking at $157,500 in healthcare costs throughout retirement. If you're living on Social Security and modest withdrawals from a 401(k) or IRA, medical care could be a huge burden. But if you leave your HSA untapped during your working years and carry that money into retirement, you can spend less of your Social Security benefits and savings on healthcare — and buy yourself a lot more financial breathing room.

Tax benefits like no other account

What makes an HSA so wonderful is that it's loaded with tax benefits. If you're saving for retirement in a traditional IRA or 401(k), you may be familiar with the idea of contributions going in tax-free. And if you have a Roth account, you're benefiting from tax-free growth and are eligible for tax-free withdrawals in retirement.

HSAs combine all of these benefits into a single account. Your contributions can lower your near-term tax bill, money that's not used can be invested tax-free, and withdrawals aren't taxed as long as they're spent on qualified healthcare expenses. It's a triple win.

So if your health insurance plan renders you eligible for an HSA, don't just bemoan your higher deductible. Instead, take advantage of the opportunity to enjoy a world of tax savings.

But also, don't touch your HSA during your working years unless you absolutely need to. You're much better off having dedicated funds to cover healthcare costs in retirement so you can spend your remaining income elsewhere.

On my end, I'm bummed that I got a later start to funding an HSA, but so it goes. Remember, though, that HSA requirements tend to change from year to year. So if you're not eligible to contribute to an HSA right now, check the rules next year, and every year, to ensure that you're not passing up a great opportunity.

The Motley Fool has a disclosure policy .

The Motley Fool is a USA TODAY content partner offering financial news, analysis and commentary designed to help people take control of their financial lives. Its content is produced independently of USA TODAY.

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Help! A Gas Station Charged Me $1,500 and My Bank Won’t Believe It’s Fraud.

After returning home from a wedding in Mexico, a traveler found a huge charge on his credit card and suspected a gas station attendant was responsible. Wells Fargo didn’t believe him.

By Seth Kugel

Dear Tripped Up,

Last October, my extended family spent a week in Todos Santos, in Mexico’s Baja California peninsula, for a wedding. All went well, but when I got back, I noticed an unusual charge on my credit card: $1,500.49, made on the day we flew home to the United States from San José del Cabo. The merchant appeared to be a restaurant in Mexico City. I recalled that when we went to fill up the rental car at a Chevron station near the airport, the attendant placed the card in a hand-held machine and then told me it had been rejected, requiring me to use a second card. Nothing else unusual happened that day, and reviews on Google for this gas station contain eerily similar accusations of fraudulent charges from other tourists. I disputed the charge, but Wells Fargo repeatedly denied my claim, even when I asked the Better Business Bureau to intercede. Can you help? Nate, Wayland, Mass.

We cannot be sure the fraud occurred at the gas station, but if so, it’s a clever scam. The worker presumably slipped your card into a bogus card reader and charged you $1,500 just as you were rushing to return your rental car and catch a flight out of the country, knowing you were unlikely to report the crime to Mexican authorities. It’s a good reminder for travelers that we need to be ever vigilant on vacation, even when we’re cranky or tired or stressed or otherwise out of our element.

It’s also a good excuse to consider how dependent we have become on our credit card issuers to save the day in such situations. As you found out, that doesn’t always happen.

Humor me while I consider the situation from the perspective of a bank like Wells Fargo. What might seem like obvious fraud when it happens to us is not necessarily a crystal clear crime to a fraud claims team tasked with sifting out their clients who are honest vacationers from others who may themselves be fraudsters.

Since I trust you are in the former camp, I reached out to Wells Fargo and soon afterward, a representative got in touch with you by phone and agreed to refund the charge, plus interest. A week later, you received a check for $1,609.96.

“We take customer concerns seriously and seriously investigate all customer claims,” wrote Jennifer Landan, a spokeswoman for the company, in an email statement to me. “We worked directly with our customer on this matter, and it is resolved.”

But, of course, it should have been resolved earlier and without my intervention. Was there anything you should have done differently? Was there anything Wells Fargo should have done differently?

The answers are yes and yes.

Though you explicitly gave your permission for Wells Fargo to discuss the incident with me, Ms. Langan told me the company would not talk about the particulars of your case. But she did leave a clue, writing to me that Wells Fargo encourages customers to act “when they receive a fraud alert, phone call or correspondence about a transaction.”

So I asked you to look through your phone and email messages with Wells Fargo at the time of your travel, and the bank did send you a fraud alert, via text, at about the time of the transaction. You didn’t get it at the time, you said, because you had not been able to receive messages while in Mexico. And you somehow missed it when you got back home.

Though I encourage everyone to disconnect while traveling, I will henceforth recommend an exception for text messages so you can monitor your credit card transactions. (You might even consider having your bank alert you every time a transaction occurs, even if it is not suspicious, which can also be helpful in monitoring what exchange rate you’re getting.)

What happened on Wells Fargo’s end that led them to reject your claim multiple times? Though I couldn’t get specific details from Ms. Langan, we do know exactly what the Wells Fargo representative said, since you recorded the call with her permission.

The agent told you it was “normal procedure” for Wells Fargo’s fraud teams to deny fraud claims if a chip card was in the owner’s possession the entire time, which you told them it was. But technically speaking, that was incorrect: The card was briefly out of your hands when the station attendant took it and inserted in a hand-held machine at your car window.

OK, so you didn’t see the text alert and didn’t correctly parse exactly what “in your possession” meant. But given your continued appeals and the online reviews of the gas station and others in the area that corroborate your account, it’s disappointing Wells Fargo continued to be so stubborn.

The representative you spoke to conceded the team who worked on your case could have done better. “We are going to try to revise our procedures,” she said, noting that she had coached the person who made the decision on how to do “better, thorough research.”

That’s good to hear, although I’d feel more confident if I had heard it straight from an official company source rather than on a recorded phone call.

Here’s another piece of advice for travelers as mobile card readers become the default form of payment in many places: When possible, ask for the machine and to insert (or tap) the card yourself, watching the screen carefully. In much of the world (though for some reason, not in many American restaurants), the days of a merchant taking your card to the back to run it through a machine (and potentially a skimmer to steal your information) are long gone.

Though you were quite reasonably frustrated with Wells Fargo, let’s be clear here. The real villains are those who committed this crime in the first place and somehow, whether at the gas station or elsewhere, managed to charge $1,500 to a business called Comida Corrida in faraway Mexico City.

I got in touch with Grupo Horizon, which operates the Chevron Emerald gas station you went to, as well as dozens of Chevron stations in the states of Baja California Sur and Sinaloa.

Gilberto Gómez, the company’s business director, responded by email, saying he was unaware of such issues and encouraged you to send him details. “We take follow-ups to this kind of complaint very seriously and meticulously,” he wrote in Spanish. “If there is any harm to our customers attributable to the gas station, we address it.” (I’ve given you his email address and you told me you would follow up with him.)

But considering the Google reviews at this location and several other (non-Chevron) gas stations in the region, I am skeptical that Grupo Horizon is not aware of the problem. Mr. Gómez did not respond when I followed up twice about whether he had seen the Google reviews.

I also got in touch with the Los Cabos Tourism Board. When its managing director, Rodrigo Esponda, got back to me, he said he was “deeply concerned about the situation,” and had spoken to the Baja California Sur state attorney’s office, which told him it was investigating the matter. He also recommended that tourists who have complaints about a business in the region should register them with Mexico’s federal consumer protection organ, Profeco.

In the meantime, could the solution simply be to pay cash at Cabo-area gas stations? Alas, no: There are also reports of gas station attendants switching out large bills customers pay with for smaller ones and demanding more. And don’t even get me started on the Tripped Up complaints that come about the poor customer service travelers encounter in car rental agencies near Mexican beach destinations. The best solution for sun-seekers may be to skip the car rental altogether and hire a driver, use car-share services or take public transportation.

If you need advice about a best-laid travel plan that went awry, send an email to [email protected] .

Follow New York Times Travel on Instagram , Twitter and Facebook . And sign up for our weekly Travel Dispatch newsletter to receive expert tips on traveling smarter and inspiration for your next vacation.

Seth Kugel is the columnist for “ Tripped Up ,” an advice column that helps readers navigate the often confusing world of travel. More about Seth Kugel

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