Best US business bank or biz credit card for international travel?
My family and I are moving to Mexico for 6 months, and then probably Europe or Asia after that. Right now, Visa charges me an international service fee anytime I use my Business Visa Credit Card outside of the US (including online merchants that are overseas).
I'm wondering if there's a better business bank for indiehackers who travel and make purchases around the world?
It looks like we're going to switch to Schwab bank for our personal accounts, since they reimburse all ATM and international fees. But is there a bank like that for businesses?
Aspiration is another bank that reimburses all ATM fees, international included. They're a social-good focused bank that also gives really high interest rates on savings accounts. The only drawback is that they're online only so no cash deposits possible.
What stops you from using them or Schwab for your business? Are there restrictions around what a corporation or small business can use to bank with?
Thanks for telling me about Aspiration. They look pretty cool.
Schwab doesn't have business checking or credit cards that I can find.
Businesses are supposed to use business accounts for legal reasons. I think with a sole proprietorship you're okay to use a personal account, but not if you register an LLC or anything else.
If you're talking about things like foreign transaction fees, I've used my CapOne visa when visiting Europe because they dont charge those fees.
Is it a business or a personal Visa?
Personal. I believe Amazon's card also has no foreign transaction fees.
Cool! You're right. That's good to know. Wish I could find a business card that did that....
Not 100 percent sure since I'm Canadian and can't get it yet, but transferwise has a mastercard in some countries. Maybe it's available for US citizens?
Might be worth looking into.
Good thinking. But unfortunately it's only available in Europe right now:
"It's free to get a TransferWise account and debit card — though cards are only available to customers in Europe at the moment." Found here: https://transferwise.com/us/borderless/pricing