Using the Charles Schwab Debit Card Abroad | My Honest Experience

[@CalbyNg]

Charles Schwab Debit Card: link.calbyng.com/SchwabAccount

[@Noir85Acutual]

Hello, I travel to South America very often. And I was curious by chance, does this BANK offer a two day Earley direct deposit?, Or Earley direct deposit of any kind of benefits you received like disability tax returns anything in that sort? If anyone else can answer that I’ll be great as well.

[@CalbyNg]

@@Noir85Acutual I've found it despoited money at the same rate as any other bank that claims to do the early deposits.

[@GB-AK]

I just got back from the Philippines where I used the card a few times at local Philippine ATMs. Not only did I get reimbursed for the ATM fees but I also got an very good exchange rate. I highly recommend this card.

[@stereomaster4231]

I love my Charles Schwab checking debit card. I’ve used it in Iceland, UK, Switzerland, Greece and Italy to withdraw cash from ATMs in the local currency with no fees

[@macheezm0]

10 years ago, I went on a 12 week trip and took money out from ATMs at South Africa, Botswana, Zambia, Malawi, Tanzania, UK, Russia, Mongolia and China using my Charles Schwab Debit card.

[@CalbyNg]

That’s awesome! I’ve always wanted to do a trip like that. Thanks for the data points!!

[@falnop6047]

good video, no other video actually shows how to use it

[@bitterswtmocha149]

capitol one 360 checking debit card also has no foreign transaction fees but does not reimburse for the ATMs that will likely charge a fee

[@AndrewRosales-y1h]

I love CapitolOne cafes I usally get coffee there and just relax in there and take care of business

[@michaelgreene2010]

As of 1/17/2024 yields could change but the money market SWVXX 7-day yield is 5.23%. That's better than most savings accounts and CDs, and more liquid.

[@SpencerJohnsonOfficial]

I LOVE this card as an emergency debit card. I really don't ever use cash, but I keep this card in my wallet with a small amount of money deposited to the checking account for situations where cash is needed. It's an awesome one for anyone to have!

[@CalbyNg]

100% Spencer! Good tip on keeping a small amount; never know who will skim the card

[@Mike-kl5yc]

@@CalbyNg oh yeah definitely. that's one grip I have with debit cards, but that's why I use credit cards and pay off in full. this card though is a special case and will be so useful for travel and restaurants if they have cash discounts!

[@CalbyNg]

​@@Mike-kl5yc Oh yeah, I've been seeing those cash discount restaurants more often now; like 10% off! That's insane

[@happywong1671]

Thanks, I learned something today.

[@CalbyNg]

Of course! Glad I could teach you something. Thanks for watching Wong!!

[@wilmarkjohnatty4924]

"Royal Bank looks like a legitimate bank", lol. (Royal Bank of Canada, the largest bank in Canada is the 24 largest bank Globally) Checking is US English, not actual English. Cheques is the British spelling.

[@Zeroneii3]

British English isn't actual English

[@wilmarkjohnatty4924]

@@Zeroneii3 Where do you think English originated from? What country?

[@Zeroneii3]

@@wilmarkjohnatty4924 Cope harder It's irrelevant English is only Dominant because of the U.S. A majority of native English speakers speak U.S. English

[@marcusyoung5440]

I love my Schwab debit card too, but I definitely suffered from over confidence. In Rome I used a sketchy ATM thinking no worries, I would get reimbursed for any fees. Invincible Schwab card. Nope, not with sketchy atms. I learned my lesson and next time walked further to find the normal atms with the normal reimbursable fees. Still gotta use common sense.

[@CalbyNg]

Ah, that sucks! Prbly doesn't code correctly, maybe? Thanks for the warning Marcus!

[@vaibhavshirole]

If it doesn't reimburse, theres a number you can call and they will fix it

[@CalbyNg]

​@@vaibhavshirole Ooooo thanks for the tip!

[@bigstick8699]

Hi Calbe, great vid! I just picked up this card not so long ago and will be using it while in Asia. But what I wanted to ask is do you know how to identify (more or less) which ATM's company fee Charles Schwab would reimburse over others? I was told by a CS rep that reimbursement is possible for most ATMs/banks location but not all (prob 80,90,95% are reimbursable?) TIA

[@Emily_CM]

Great video 👍🏽

[@jlr_]

Shhhhhh. Don’t share this with everyone 😂. Kidding asides, been using this card for all my travel throughout Asia and Europe and have never had issues like the one you had at TD. Great perk, I hope they never take it away like Aspiration did.

[@johnmellyn2700]

Was there a limit on how much you could withdraw per day in Asia ? ( I ask this because I’m heading to Thailand in December and thinking of opening up an acct and getting their debit card ,.. thank you !

[@inquisitvem6723]

So I just saw a vid while no foreign or atm fees, it gets fees by not giving you the best exchange rate

[@CalbyNg]

At first that’s what I thought, but I did the math and it was exactly the same value; maybe a penny off, but it could have been my math.

[@ItsMeCJ]

Calby?! One video everyday this week 😮😮😮😮😮😮😮😮😮. Holy crap!

[@CalbyNg]

Canada Week my dude!

[@inquisitvem6723]

I have brokerage side already with a Schwab already….any additional preferential treatment by being a current customer

[@CalbyNg]

They have some pretty cool co branded credit cards with Amex. Depending on how much money is in your account you could get a Platinum reimbursement up to $200.

[@BarsilayCarrillo]

Where can I find that wallet to insert my cards in @4:25?

[@CalbyNg]

Oh, that's the Ekster wallet! And if you decide to purchase you can use my code "CALBY" at checkout to get an extra 5% off; including on top of their sales promotions.

[@joserafaelquevedovillaseno2788]

Do you feel differentiated when spending with this card in Starbucks?

[@garyaraoz4574]

Thank you!

[@CalbyNg]

You bet!

[@iampardha]

No brainer and everyone should get this card.

[@CalbyNg]

100%, no reason not to!

[@Mike-kl5yc]

I'm so glad I'm learning about this right now since I'm 18. I'm so going to cancel my ally checking for this and I thought 10 dollars atm fee reimbursement was amazing lol

[@CalbyNg]

​@@Mike-kl5yc Oh that's awesome! Being 18 and getting an early head start on your finances is amazing!! Yeah that ATM reimbursement is awesome, also free check books!

[@Zee06]

RBC is the largest bank in Canada.

[@AmeriFi]

Right on man! This makes me glad I have the Schwab debit card

[@CalbyNg]

Right! Thanks for showing us the unboxing experience for the Schwab debit card!!

[@LK_EBM]

Is the checking account insured by FDIC?

[@ANonymous-wc4gu]

Yes

[@CalbyNg]

The same $250k too

[@GoodLife-ru8di]

In the US, they spell it as "checking account" which I think is broken English. The word originates from "cheque" and hence a "chequing account".

[@CalbyNg]

Ohhhh that’s interesting; didn’t know that, thanks!

[@nataliedougherty8664]

Great video very helpful thank you!

[@CalbyNg]

Glad it was helpful!!

[@AdamBA380]

The only S tier debit card

[@CalbyNg]

100%!!!

[@mjayrieg]

Fidelity debit card has same perks, Schwab looks better tho

[@AdamBA380]

@@mjayrieg Huh! Well then… “One of only two S tier debit cards” And you’re right about looks. It’s like it was designed in 1998 and they left it that way 😆 I edit: just saw that the Fidelity debit charges a 1% foreign transaction fee on purchases :(

[@CalbyNg]

@@AdamBA380 Oh good research Adam! I didn't know about that foreign transaction fee

[@CalbyNg]

​@@mjayrieg At least they redesigned some of their credit cards; fingers crossing for the debit card too!

[@ronbo30]

True.

[@krislarsen6546]

I didn't say it was a 3.00 fee. And they only reimburse you for $2.39?

[@CalbyNg]

$3 CAD (Canadian Dollars); however, they reimbursed me in USD (US Dollars), which was the correct exchange rate at the time. I apologizes I should have made that more clear.

[@pandarush.]

Watched your informative video. Why didn't Schwab reimburse the full $3.00 fee? Thank you.

[@CalbyNg]

Thanks! And they did; it doesn't get immediately reimbursed, it comes at the end of the month/statement. I show this reimbursement towards the end of the video.

[@pandarush.]

​@CalbyNg Maybe I misunderstood. I thought you were reimbursed $2.23.

[@CalbyNg]

@@pandarush. Ohhh I understand what the misunderstanding is. I was charged $3 in CAD (Candian Dollars) and was reimbursed $2.23 in USD (United States Dollars). Which was, at the time the correct conversion rate.

[@pandarush.]

​@CalbyNg Thank you for the explanation. I thought "omg, why am I so dumb?! Why can't I grasp the idea of a debit card and exchanging dollars to yen? I'm gonna fail when I go to Japan" 😢

[@symihope]

How long does it take to receive your debit card after opening/funding your checking account?

[@CalbyNg]

Oh just like 7 ish days. Prbly earlier

[@chrisv4920]

Excellent card! Good point 3:06 😊

[@CalbyNg]

Right! Oh yeah, after the grey tourist ATMs in Europe; always gotta go official, imo

[@SunofYork]

Chorl shwor ? computer voices do my head in... Pay a human !

[@슈슛-h4d]

How about Bank of Montreal ATM? Does Schwab also work with BMO?

[@CalbyNg]

Funny you ask! I went to Canada again the month after, tried another TD bank; didn’t work, so I went to BMO and it worked 👍

[@clarkkent8428]

TD bank and CS bank are mostly broker ac, therefore, they are in competiton with one another, hence the TD dont do business with CS. I'll say....TD let CS customer use your atm and just charge them with the atm fee ( more money for you) and let CS reimbursed its own customer.

[@codelessunlimited7701]

Canada is like US. Don't know the whole point. I was expecting a third world country. 😅

[@CalbyNg]

Ha! Yep, really similar. More tap to pay options more available; compared to the US though. I found that interesting.

[@Alpha_Q_up.]

Fidelity reimburses on the same day, so I say It's better than Schwab.

[@CalbyNg]

Ohhhh didn't know; might have to switch things up!

[@AntonioHernandez-xh8lj]

I have used the card for multiple withdraws abroad and get the fees reimbursed at the end of the month. Be mindful to deposit or transfer money into the CS checking account at least 4 days in advance of the planned withdrawal. You may not have access to withdraw all the money right away. It's easier than it sounds tbh.

[@virya-arya]

Thank you, this card will very usefull for me in south asia, like Thaïland, Phillipina...

[@CalbyNg]

Nice! Enjoy your time there Virya!!

[@fnuadam]

Very useful! Just got my card today. Can’t wait to use it abroad.

[@CalbyNg]

Nice!! You gotta tell me if you also got a 1:1 exchange rate; that was just insane to me they don't give you a worst exchange rate.

[@Kweble8901]

The charles Schwab debit card has 0 annual fee's But how about the inactivity fee's?

[@CalbyNg]

No inactivity fees either. I've kept it before with a zero balance for a couple of months and other times I mainly keep $50 - $100 in there as my "emergency cash withdrawal fund".

[@Kweble8901]

@@CalbyNg amazing 🤩

[@RK831]

The ATM machine abroad (they call it "bankomats" where I went) prompted me to Accept Conversion or Decline Conversion. I assume that this asks if I accept the ATM bank's exchange rate, and if I decline, I will accept whatever rate Schwab offers, which will likely be better. However, if pressing Decline Conversion I wonder if the transaction will be rejected?

[@auntielu4394]

Does the cat have a separate account?

[@CalbyNg]

Ha! Nahhh the cat doesn’t pay rent

[@jesus-xr9yo]

Imma look into this, all other banks especially major have fees on a checking account, thanks for the info

[@Kweble8901]

Yeah, TBH every bank would charge you 3 dollars just to use the atm + the atm charging you 3.00 just to withdraw cash.

[@ozlemelih]

Char shab

[@woodzy883]

I've used mine in Germany and Britain with similar results

[@CalbyNg]

Nice! Thanks for the data points!!

[@SweetPotata10]

Doesn’t capital one have a no fee one?

[@CalbyNg]

Kinda? You need to go to an in network approved Capital One ATMs. So you can’t use any ATMs you want; without occurring a charge.

[@SweetPotata10]

@@CalbyNg I’m not sure about that. Maybe. I used capital one 360 and withdrew from atms no charge, maybe I only did that at the airport.

[@CalbyNg]

@@SweetPotata10 It could have been part of the network. “As a Capital One checking customer, you can get money from 70,000+ fee-free Capital One, MoneyPass® and Allpoint® ATMs-including in select Target®, Walgreens® and CVS® stores. Just look for Capital One, MoneyPass® or Allpoint® on the ATM”

[@SweetPotata10]

@@CalbyNg ohhh right, though capital one may not charge an atm fee, the atm bank may charge a fee. Sorry, forgot about that. In this case yeah, the CS card is pretty awesome then.

[@ugurkizilkus]

Can you use this debit card at grocery stores or restaurants in different countries?

[@CalbyNg]

Oh yes! Anywhere that takes Visa, which is most places internationally, you can use the Charles Schwab card to pay, and there are no foreign transaction fees. However there are no rewards earned, like there are with a lot of credit cards

[@ugurkizilkus]

​@@CalbyNg Thank you! Your channel is really helpful. I'm also wondering if there is ATM fee while using this card in US?

[@CalbyNg]

​@@ugurkizilkus I'm glad I've been helpful! Nope, anywhere in the world, as long as it's not a sketchy atm in my experience, you'll get the fees reimbursed. So that's including in the US

[@ugurkizilkus]

@@CalbyNg Thank you!!

[@CalbyNg]

​@@ugurkizilkus Anytime!

[@sladesurfer]

If you have capital one 360 checking...the debit card will not charge any fee if money is taken out at 711 stores , anywhere in the world

[@itzben499]

The only problem with that is that 7/11 is not in every country

[@morita9625]

This card so interesting😁 But I still pretty confused whether this card has zero FX fees or not when using overseas🤔

[@CalbyNg]

Oh sorry, yes there are no FX if you use this card to pay; however, it is a debit card

[@user-rw718]

Capital one checking is way better

[@ItsMeCJ]

Lol, I haven’t seen that spelling for “checking” in a long time 😂

[@CalbyNg]

First time for me, haha

[@BetterYet]

​@@CalbyNgonly the US uses check. In the rest of the world it's a cheque. The finance minister in England's official title is Chancellor of the Exchequer.

[@BetterYet]

Cheque is the correct term. Only the US uses check. To the rest of the world, this ✔ is a check.

[@jimmears]

withdraw $10? That is stupid on every level. I knew a guy who would withdraw $10-20 a day and incur a fee every time. Total dimstick.

[@CalbyNg]

Huh? That’s the beauty of the Charles Schwab debit card; they reimburse you the ATM fees you occur using a non-network ATM. I show the reimbursement at the end of the video.

[@JamesDubinskyJr]

Lol who with drawls only $10? Also schwab is on their way out. They are loosing deposits and customers. Also every big bank offers these features for people who can afford to travel internationally.

[@RK831]

Will Schwab file for bankruptcy also?

[@DEBTFREEMIKE769]

Think I may get one of these. I read on the website they also have a card lock feature and text alerts for possible fraud. My only question is do you have to call them to let them know when you travel so that the card doesn’t get shut down?

[@CalbyNg]

I say why not, I don’t see any downsides. Ummm good question, when I visited Canada I didn’t warn them and it worked fine. Prbly best practice to call, but I don’t think it’s necessary

[@ahnonamos]

Great video. I have a Schwab checking along with my brokerage account, but have never use the ATM feature. Your video makes me feel a lot more confident if I ever need it.

[@CalbyNg]

Oooo like in the video, it's the best. Loved it for walkable cities, because you don't exactly want to spend the time and energy to walk to your banks' atm; would rather use the closest one available to you. I've used this feature a bunch when I was living in Washington, D.C. Thanks Ahnon!

[@sheilam9141]

This was clutch at the Christmas markets in Paris. Everywhere else accepted cards but I needed euros for the market. No fees.

[@CalbyNg]

Right! Gotta be the most useful travel card. Always keep it on me when I travel, just in case

[@jojobunny02]

I haven’t used an atm in years but I’m from Alaska(no longer living there) and bank with a branch only in Alaska, Washington state and maybe Oregon and the fees are crazy if I use it anywhere else, but I’m going to Europe for a month so I’ll definitely look into this card

[@CalbyNg]

Oh wow, I've never looked into the banks in Alaska! Now I'm kind of interested, is it the same as the other states? Oh for sure, I think the Schwab debit card would be useful for your trip; just remember not to use the gray tourist ATMs and try to get the cash within the branch in case of robbers and pickpocketers. I heard it's a big problem there.

[@scsu300]

Is cash deducted from your brokerage account? Did the brokerage account sell stocks to make cash available in your account? Do you know if there is an option to select for what account the cash comes from?