I hate paying fees just for using my own money. That means any dollar paid to a bank or ATM is a dollar too much. When I was 15, I paid $72 in overdraft charges. I’ve learned since then. I’ve used my ING Direct checking account for the past few years and have never paid a dime. In fact, I’ve been paid by the bank just by holding my cash there. Every once in a while, I’ll pay $2 or $3 to withdraw money at an ATM, but other than that, I refuse to pay money to access my own.
Free checking and access to cash are easy when I’m in the United States. But I’m 23 days away from living in a foreign country. Or 23 days away before I have to start paying MasterCard 2% of every transaction, not including the fee they charge for the currency conversion. Getting cash at ATMs is a similar story – I could easily wind up paying $5 0r more just to withdraw a few bucks.
I need a new checking account that I can use in Italy without getting bent over to do so. I love you ING Direct, but I can’t take you overseas with me. I’m paying plenty as it is and every dollar I spend getting money is a dollar I can’t use to buy beer when we go to Oktoberfest.
I need an account that has: no monthly fee, free international ATM access, and convenient online access. I think I’ve found it: Capital One’s Interest Online Checking Account (not an affiliate link). It has no usage fees or minimum balance requirement and I earn 1% on my money sitting there. Capital One eats any currency conversion fees when making a debit card purchase or withdraw and will even reimburse me for some ATMs outside the United States – up to $25 per month.
Opening it online took about 10 minutes. Just had to enter my name, address, social security number, and a million other pieces of information. I was surprised when I found that I had to enter my driver’s license # – I don’t remember ING Direct ever asking for it. I was even more surprised when the application asked me to enter my height & eye color according to my license. I didn’t realize banks had access to BMV records. Creepy.
Now comes the waiting game. In a day or 2 I have to verify two deposits Capital One is making in my existing savings account so they know that it’s really my account. (I wish there was a quicker method…it is 2011 after all.) Then the initial funding can come through and I should be ready to make withdraws by the time I head to Italy. 
