UPDATE: I’m still here in Mexico City using Charles Schwab Bank. Everything in this post is still up to date as ever over a year later. I love this bank to death. The $100 referral bonus is still going on, so leave a comment and I will send you a referral link!

WHY put up with a bank nickel and diming you?

I’ve been with this bank for YEARS. I love the simplicity of their online system. The fact I speak to Americans on the phone ANYTIME I call. And when I mean ANYTIME they are there 24/7/365. I believe I called them on New Year’s Day one year and I got someone while other banks would be closed. They have handled all my problems quickly and efficiently when I’ve needed them. If you don’t want to call them you can chat with them online and get your problems solved too.

A little story: I was living it up in China and I was trying to get cash out. I didn’t do the exchange rate correctly and ended up trying to pull out more than what I had in my account at the time. I’m thinking Schwab just didn’t like that bank so tried two other ATMs. Big mistake as they shut my card down. I called them up on Google Hangouts and they fixed my problem promptly. I did have to find a larger known bank though to pull out money but that wasn’t a problem.

Let’s look at what they offer:
-First they offer a $100 sign up bonus to anyone referred. If you want a referral leave a comment and make sure to fill in your email address and I’ll send you one.
Schwab does not charge any monthly fees and does not have account minimums which is rare these days. I’ve literally had my account sit for months with no money in it when I was younger and my account did not close. *Cough* damn you Chase…
-The main reason I’m writing this article! No foreign transaction fees and no ATM fees anywhere. What does this mean? Most banks charge a 1-3% foreign transaction fee when using your card overseas along with ATM fees. If that other bank charges you ATM fees, they are fully refunded at the end of the month. So if you have $60 in ATM fees they will refund you $60 at the end of the month. You can also go into IKEA in China and pay the exact price that’s on that desk with no markup. Keep that money in your pocket!
-They offer mobile deposit using your phone to deposit checks so you won’t have to go into the bank.
-Free Bill Pay online and through the app
-Free checks (who offers free checks anymore?)
-They also send you free envelopes to mail in checks. I actually had to mail in a very large check with no issues. It got there just fine.
-0.10% interest rate not much but it’s something UPDATE as of 03/30/2018 it is 0.40%, so it went up!
-Schwab is a full brokerage too. I have lots of investments with them and their interface is SO easy to use with TONS of information to make an informed decision. They also have TONS of no transaction fee stocks, bonds, mutual funds, etc etc. I’d highly recommend taking a look at what they offer in that department too.
-And of course FDIC insurance up to $250,000

To open an account:
-Account opening takes less than 5 minutes online. Only thing is you have to send at least a dollar deposit to fully open your account and receive your debit card and account opening package. You can do that through another account, mobile deposit, or through the mail. This is no different than other large banks.

They will force you to open a Schwab One brokerage account but you do not have to use it. It just comes with your checking account.

Charles Schwab Bank does have physical branch locations but only in big cities. I’ve walked into a branch when I lived in Pasadena, CA (LA) and Sacramento, CA to deposit a check. They do not take cash nor do they have ATMs as it wouldn’t make sense to have them. You can go to ANY ATM damn near and pull out money.

Click here to find out more informaton: Charles Schwab Bank