Money While Traveling

Money While Traveling

My 17-year-old son, Peter, is traveling to Guatemala for two months this spring. One of the countless things my wife, Lisa, and I are worried about is how is he going to get money. We obviously don't want him to carry a lot of cash. One solution I came across that is great for international travel is a checking account through Charles Schwab.

This account stands out because it is accessible through any ATM worldwide, and it doesn't charge any ATM fees. Any charges you incur are deposited back into your account at the end of the month. There are also no foreign exchange transaction fees. You can link it to another account at a different bank (or your OAM account) so you can transfer funds into it, and there are no minimums required for these benefits.

The account is with Charles Schwab Bank, not Charles Schwab brokerage, so it is FDIC insured, but they do automatically open a brokerage account for you that you do not have to use. It is labeled as a high-yield account, but in this time of zero interest rates it is negligible. To find out more information, or to open an account, click here. I have no affiliation or financial relationship with Schwab, but I know a good deal when I see one.

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