Neo-Nomad Banking

April 12, 2013 by  
Filed under Uncategorized

Found a great bank account this week for neo-nomads:  The Charles Schwab Investment Checking Account.

Why is it great?  Because it provided FREE International ATM withdraws world-wide!  They also use the “spot” exchange rate for the day for withdraws of other currencies.. rather than the rip-off rate used by most banks.

During the last few years, I’ve been severely ripped off by ATM fees whenever traveling abroad.  Likewise, most banks charge international fees whenever you use a debit card to buy something.   Most (American) credit cards do this too.

So avoiding bank fees and unfair exchange rates is a big deal for neo-nomads.

The Schwab account now allows me to withdraw money from any ATM in the world, using the official international exchange rate, and with no ATM fees.

And I do mean NO FEES because they even refund the fees charged by the local international bank that runs the ATM.

This checking account is a great deal for American neo-nomads.  Neo-nomads from other countries should research similar accounts in their own countries.