The Charles Schwab travel debit card has the been the best travel debit card for a long time. But after my recent trip to Dublin, I did an experiment with Charles Schwab vs SoFi Money to see if Schwab was still king
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46 comments
First USBank and now this? These youtubers ain't loyal…j/k 😆
I recently contacted SoFi to ask about getting their new MasterCard which is replacing the current Visa. They told me with the Visa you are required to notify them of travel but with MC it's optional. My question was regarding the 1% Visa fee. Would there be a fee with MC? The answer is yes, but it's only 0.2%, and it's built into the amount you withdraw. Apparently so is the Visa fee. So in the future, if you do this experiment again using the MC, you should expect to see a better return with SoFi than Schwabb. The MC's are being mailed soon and we should all have the new cards by the end of April. Great video and very timely!
Imma disagree. Schwab debit still has warranty, price protection, and purchase security. It's also a full featured brokerage with top notch research and 24 hour customer service.
Schwab is the game for retail investors right now. They have a history of putting their customers first. In the long term, and with the bigger picture in mind, people will get far more benefit with Schwab…
NiceVid Waller's Wallet 🙂
Bank of America ATM card will be FREE as u r a Platinum Honor customer per someone works at BAC!
Im in the bathroom, shower is on, water flowing, it is really steamy, I can barely make out what you are saying… so, can you speak up? I'm wearing a towel.
I have both, but i have the schwab for when I get the Amex CS Platinum card, and Sofi for foreign ATMs and referral bonuses
As for now i have to stick with schwab, SoFi doesn’t let me open a money account, only investing account cause I live in Puerto Rico.
I love sofi
I'm staying with Schwab. Better customer service, and easy way to funnel my money into my Schwab IRA.
Would have been nice if you could actually have figured out the 1% question. Are you being charged?
Dustin, are you Irish?
I have asksebby card holder which is a graveyard lol I have both and I am going with sofi from now
i also have both accounts and tried using both in an ATM in Japan, both cards charged the exact same amount, sofi immediately reimbursed the fee, Schwab reimbursed later, but with no notification as well. I was also wondering if Sofi is reimbursing the 1% fee and not mentioning it or is Schwab not mentioning the fee.. Also I am curious what are your thoughts on sofi's changing the debit card to MasterCard and partnering with bancorp bank?
how long does check deposits or bank transfers take with sofi?
The Visa fee, based on my experience, is charged when you use the debit card to purchase. Similar language can be found in the fidelity debit card. If you use your sofi card to withdraw from ATM, you won’t be charged a fee; if you use it to purchase something, a 1% visa fee will be assessed. That fee is not charged in the Schwab card. But, I guess why would you use a debit card to purchase in a foreign country.
Hey Dustin. We had to cancel our trip to Maui. As health Care providers, our hospital told us that when coming back, we would have to have a mandatory 14 day quarantine using our PTO. We are all bummed out. At least Delta refunded our points and cash for our flights. Better safe than sorry. Keep up the strong work!
I have SoFi account to and i when to el salvador and got money from ATM and i get my 5.25 fee back and like 10 min form get the money this is the best card I ever had now I can travel around the world and just go any ATM and get money thanks for the tip on no hard pull
I was curious about this a couple weeks ago, so I reached out to SoFi and asked, and received this response:
"We did use to pass the 1% foreign transaction fee onto our members but have since changed that policy. We eat that fee ourselves now, so you will not be charged anything for using your SoFi Money debit card overseas!"
I use fidelity debit card
thank you for sharing! keep it up@ love the info!
Need more data points.
ATM withdrawals use a different payment network than the four major credit payment networks (think Visa, MC, AMEX, Discover).
Look at the back of any debit card with a Visa or MC logo and you should see other payment networks like Interlink, Cirrus, Star, Pulse, Maestro, to name a few regional ones based in the USA.
When drawing cash, Consumers are using these debit card payment networks and not the credit card payment network.
So getting an apples to apples comparison is not possible without buying something as a credit purchase.
Sounds like SoFi is ditching Visa and coverting to MC which could explain why SoFi has never updated that annoying 1% clause in their Terms. Once they convert, that annoying Visa verbage gets removed.
It would be so much easier if these companies were more transparent with their Terms and fees! But it is great to see you experimenting with it for Viewers benefit.👍🏿
Another great vid Dus, Subs 10K all the way!
~Cap
I know not everyone can get it up but which do you think is better…Sofi or Navy Federal Debit?
Thanks for sharing this! I wish I could get this card but I'm Canadian
Huge fan of travel rewards cards… will have to check out Schwab.
Thank you for this helpful info!
Sounds like sofi is not good. Is this basically an ad?
Bro that’s not the transaction. It’s not the atm. Bro. It’s purchase. You have to purchase the same thing with both cards. Like get a coke cola with both cards and look at the receipt. Not atm they tell you. You get all rebates at the atm. The 1% is on foreign purchases. Not atm. U must not travel much
Bank of America is the Devil BOBBY! No they're no Momma, they're fine people. BOBBY! THEY just told their customers they are not filing the small business stimulus unless they were customers as of a previous date. That was not in the Trumps/Senate bill language! You mean they stealin from the US people Momma? Yes Bobby, yes. BANK OF AMERICA IS THE DEVIL, so is Wells Fargo Bobby. Now let's eat some Gator Nuggets with this Chic Filet Sauce. Alright Momma
SOFI currently pays 0.20APY interest on your account. I'm sticking with Schwab
Your referral link to Sofi has a typo in it. It's missing https://
Fidelity cash card is just as good.
Sofi is now a mastercard, we'd really appreciate a video explaining what that changes! Thank you
bro…update your followers…..since covid, the SoFi account is now 0.2% like charles schwab…..they
will not be around long now….i called them today to open up an accout.
once i heard that i was like thanks, but no thanks….
How did like dublin
I had to open the checking and brokerage account together.I got the problem.. I could open brokerage account immediately.. but checking account Was still pending.. How many days will it take to generate checking account after brokerage account was created? Please suggest me
Why not keep both, just in case one them takes a shit on you.
Sofi debt card is no good for international travel anymore, "We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM. Third party fees incurred when using out-of-network ATMs are not subject to reimbursement. Accounts opened prior to June 9, 2020 will continue to receive reimbursement for third party ATM fees under our prior policy. SoFi Securities’ ATM policies are subject to change at our discretion at any time."
I don’t think Sofi is no more reinvestment for ATM fees.
You can delete this video. Now. Because SoFi doesn’t do these things for new customers. Anymore. Charles swab is still the king
Sofi #1.
Schwab has no hard pull anymore
Dude, visa doesn’t charge a 1% fee, Schwab and SoFi just use the visa forex rate for international transactions, which is usually slightly worse than the MasterCard forex rate (capitol one 360) by something like .1 to .2%, which are both slightly worse, but can sometimes be higher (because the interbank rate can literally change minute to minute rather than a flat daily visa/mc rate) than the actual forex rate, which afaik only the Transferwise card offers. Usually the worst case difference in rates is something like .5% on average.
I have a question about charles Schwab checking and the company in general. I've watched alot of videos from different youtubers and they all say great things about them. On the other hand, I've read reviews on Yelp, Wallethub, and even B.B.B, better buisness bureau, they all have horrible reviews on all 3 of these review websites. Why is this? And what's the real story, who should we trust with our money? These are horrible reviews on these websites. Can you help explain this.
Sofi no longer unlimited ATM revert unlike Charles Shwab