Best bank for nomads?

[yo rockie]

I really loathe the big banks but have been giving some thought to the idea of closing my small town bank in favor of one that can be found everywhere.  I guess that would mean Wells Fargo or Bank of America?  Anyone have thoughts about which is better for travelers, and why?

 

[Scott_1776]

Have you considered online banking? I haven’t used a stick and bricks bank in 20 years. With smartphones today you can make deposits in seconds from the comfort of your dashboard. I use USAA (members only) but Ally is another similar online bank. They offer free ATM withdraws (reimbursement of ATM fees up to $15 per month).

 

[yo rockie]

Have you considered online banking?  I haven’t used a stick and bricks bank in 20 years.  With smartphones today you can make deposits in seconds from the comfort of your dashboard. I use USAA (members only) but Ally is another similar online bank. They offer free ATM withdraws (reimbursement of ATM fees up to $15 per month).

Good suggestion and I do use online banking but prefer the bank to have easily accessible sticks and bricks buildings when I need to do business that way.

 

[packnrat]

every bank can be done on line, so just pick your local one.
no fees if you get extra cash when you buy food stuffs.
but some stores do limit the amount you can get.

 

[Almost There]

I use a small town bank in BC for most of my banking...all the income is auto deposit and I can pay bills on line from anywhere I  have cell reception to use my mobile hotspot on my laptop.

I have debit cards attached to all of my bank accounts so I can use them for direct payment at the grocery stores etc.

Cash back is available at almost every grocery store, Home Depot, etc. etc. etc. so I never have bothered to use an ATM for the amount of cash I carry.

When I  need to transfer funds from one bank to another I use e-transfers.

No need with all the electronic banking available to HAVE to use one of the big banks if you don't want to. Also, keep in mind that most of the big banks in the east don't have a western presence and vice versa so there's no real point in using one if you're travelling the continent.

 

[KathyC]

Like you, I want to have access to a branch, so sticking with Wells Fargo.

Pros:
-no fees when you have auto-deposited/minimum balance
-useful services (I needed a notary several times last year -- a branch near where I was staying provided help..gratis and with a smile!)
-ATMs readily available, including inside many markets
-Deposit checks via smartphone (how did I live without this?)
-They are among the largest in terms of offices -- nearly everywhere.

Cons:
-It's a bank.

 

[GeorgiePorgie]

I wonder about banking online when using free wifi. I have been told it is not safe, but hard to find anything else when traveling.

 

[skyl4rk]

A local credit union is a good choice. Another excellent bank is Schwab, which is a stockbroker, but when you open an investment account you also get a bank account. They refund ATM fees from anywhere.

 

[Weight]

The big banks such as WF or BoA have some really bad branches with staff that only care about their bottom line, not yours. I use BoA, USAA, and Ally, as well as a credit union. Ally is by far the best of all. The only S&B bank I could recommend is a regional, PNB.

 

[KathyC]

I wonder about banking online when using free wifi. I have been told it is not safe, but hard to find anything else when traveling.

You need to use a VPN (Virtual Private Network).  There are free ones, but others are inexpensive and *worth it*.

You can search the forums here to read about them and why you should use one.  Google it to see a lot of info (PC Mag has an especially comprehensive article from last month - too long to paste here).

 

[Van Mama Wannabe]

Chase has branches all over California and in Parker AZ, Boston and Miami.  You can check their website to see if they have branches near where you need them.  
https://locator.chase.com/mobileSearch

 

[VanKitten]

I have a credit union. They are out of Massachusetts. I have not been in that bank for nearly 12 years. I do not need to go there.

All banking is online....even deposits are done with an online app.
The credit union offers free checking and even a refund of any ATM charges.

They are part of the Federal Credit union shared branch network. I have never been in a place that didn't have a Federal Credit Union brand within a reasonable distance....but, as online apps have gotten better, I have had no need to go to an actual building in years.

The big banks offer all of those same service,but...they charge ... no free checking unless you keep a lot of money in their savings accounts (paying next to no interest)

 

[frater secessus]

You need to use a VPN (Virtual Private Network).  There are free ones, but others are inexpensive and *worth it*.

I have a different opinion on that, informed by a couple decades of work in internet and crypto. Because it comes up so often I have written a quick guide to wireless security for nomads.

 

[yo rockie]

I have a different opinion on that, informed by a couple decades of work in internet and crypto. Because it comes up so often I have written a quick guide to wireless security for nomads.

I just read your article and got quite a bit out of it.  For me, it's going to take a few extra readings for it all to make sense because it doesn't come very easily to me with a 50+ brain.  Definitely worth the time.  Thank you!

 

[Travelmonkey]

I like Schwab Bank, the online bank by the brokerage company. ATM let's you take out $1000/day, refunds fees, deposit checks by mobile app, and I don't think there is a minimum balance.

RE: VPN, this shouldn't be a requirement for using online banking. Banks use HTTPS/SSL encryption. I'd think you'd be much more at risk going through a VPN from some unknown, tiny internet company than directly through your bank's secure website.

 

[WalkaboutTed]

Charles Schwab Bank. Everything is free, even atm machines. Lest you think you need to have $$$ to open an account, not. I had the account for a decade before I started using it with only $108 sitting in it.

Also USAA and Navy Fed Credit Union. We have a local credit union, which is a PITA, but we have a safe deposit box with them.
Ted

 

[mpruet]

I have a different opinion on that, informed by a couple decades of work in internet and crypto. Because it comes up so often I have written a quick guide to wireless security for nomads.

Good points for the general user.  What a lot of folks don't fully understand is that it is endpoint to endpoint that must be secure, including any credentials exchanged and the setting up any secret encryption key.  VPN apps only provide security from the client system to somewhere, but not necessarily to the desired endpoint.   It's only when you have control of both the server and the client side of a VPN connection that it can be considered a secure connection.

The good thing is that most nomads are going to be using a browser to connect and browsers generally have secured sockets and the remote endpoint is generally a web server in the remote site. BUT it is still fairly important to remain up to date with your software - especially considering the new Meltdown and Spectre holes.  Software has to negotiate between the two endpoints to determine what type of security both ends can support.  If one end has support for a higher level of security than the other end, then the higher level of security will not be used.  From the sound of it, these new holes will become an issue depending on to what degree of optimization the software was compiled with.  

Unfortunately we have to assume that when our information is sent by us to the remote end point that the remote server is secure.  Sadly we are seeing far to often that is not the case  (i.e. Equifax, Yahoo, etc...)

 

[KathyC]

I have a different opinion on that, informed by a couple decades of work in internet and crypto. Because it comes up so often I have written a quick guide to wireless security for nomads.

I guess I shouldn't have sounded so adamant.  What I intended to convey is that I highly recommend using a VPN.  The primary reason is that we cannot always (ever?) trust the operators & other users of free wifi networks.  I don't have any way of knowing if the "McDonalds_free_WIFI" network is a legitimate (and secure) network or a phony.  A VPN doesn't solve everything, but it can make it harder for those around me to steal my login credentials or redirect me to a phony banking page.

Thanks for your quick guide; always good to be reminded of the limitations of security!

 

[mr_elijah_gardner]

Walmart has their "bluebird" service. I haven't used it but some of my friends have. They said it's pretty much like banking at walmart.

 

[John61CT]

AMEX's Serve prepaid is great
https://serve.com

Only fees are

$1/mo, waived with regular usage, and

ATM withdrawals, first one per month free

Free to deposit, cash at any CVS, lots others, or free electronic pull from a bank account.

Best feature is you can have up to four free "sub accounts", physical cards with any name you like on each

Use them for auto-pay, PayPal etc; if any issues arise can immediately cancel and get a new card sent out.

Great for friends and family within the US you want to send money to without charge.

Only the main card can be used for deposits or works overseas.

Pretty sure Bluebird is managed by AMEX, have to choose one or the other.