Schwab vs Fidelity for Americans Abroad and Non-US Residents (2026)

Last updated: November 3, 2026 — terms checked on official Schwab, Fidelity and Wise pages on November 2, 2026.

If you already live outside the US — whether you're a US citizen abroad or a non-US resident — Schwab is the realistic choice, because Fidelity says it does not open accounts for any new customers residing outside the United States, while Schwab International accepts applications from people living in qualifying countries. Fidelity only makes sense if you opened it while living in the US and are keeping it after you move, and even then Fidelity restricts what customers abroad can do (for example, no new mutual fund purchases). If you still live in the US and are planning a move, both firms' US cash accounts reimburse ATM fees, so the decision comes down to the details below.

This page is the focused head-to-head. For the full expat banking setup (Schwab + Wise + a backup card), see our best banks for American expats guide, and for a deep dive on one firm, our Charles Schwab for expats review.

Schwab vs Fidelity at a Glance (If You Live Outside the US)

Every cell below comes from an official Schwab or Fidelity page we checked on November 2, 2026. Where neither firm publishes the answer, we say so.

Not financial, tax or legal advice. Policies change and vary by country of residence; confirm with Schwab or Fidelity before acting.

Who Each Firm Is For

Schwab is for you if…

• You already live outside the US and need a new US brokerage account. Schwab says investors who live outside the US, or are non-US residents, can open an international account if they live in a qualifying country.
• You're a US citizen abroad. Schwab International has a dedicated US expat page and asks US citizens for a Social Security or Tax ID number during the application.
• You want a debit card for cash abroad. Both the US Investor Checking card and the international Schwab One Visa debit card come with unlimited ATM fee rebates.
• You're still in the US and moving soon. Schwab Bank Investor Checking has no foreign transaction fees and unlimited worldwide ATM fee rebates.

Fidelity is for you if…

• You already have Fidelity accounts and are moving abroad. Fidelity says existing customers can continue to hold mutual funds and reinvest dividends, though they can't buy new mutual fund shares.
• You're still a US resident and want online trading on foreign exchanges in local currency. Fidelity offers 25 countries and 16 currencies for non-retirement brokerage accounts.
• You don't need advice once you're abroad. Fidelity says it doesn't provide discretionary asset management to customers residing outside the US, and that its representatives' service becomes "ministerial or administrative" — no conversations about asset allocation, income planning or portfolio composition.

US Citizens Abroad vs Non-US Persons: Not the Same Situation

Searches like "Schwab vs Fidelity for non-US residents" mix two very different groups:

• US citizens living abroad are still US persons for tax purposes. You keep filing US returns, you get a 1099, and your foreign investments come with US reporting rules. Schwab's expat page says its expat accounts are "U.S.-domiciled dollar accounts" with "a 1099 form to help IRS filing."
• Non-US persons living outside the US (nonresident aliens) open a non-resident account and certify foreign status on Form W-8BEN. Schwab says the form "must be renewed every three years," and it may let you claim a reduced treaty withholding rate.

The account-opening answer is the same for both groups: Fidelity's rule is about where you reside, not your passport. A US citizen living in Lisbon is a "new customer residing outside the United States" and can't open a new Fidelity account. Schwab International takes both groups if their country of residence qualifies.

If you're moving and still in the US: open accounts before you leave. For Fidelity, that's the only way to have an account abroad at all. For Schwab, note that the Schwab One agreement says "any Schwab One® customer who lives outside the United States and would like a Visa® Debit Card must open a Schwab One International® Account." Keeping your residency details accurate matters more than keeping a convenient US address on file (see pitfalls below).

ATM Fees and Debit Cards Abroad

Yes, you can use a debit card linked to a US brokerage account abroad. Both firms' cards run on Visa. What you actually pay depends on the account the card is attached to:

• Schwab Bank Investor Checking (US residents): unlimited ATM fee rebates worldwide, credited at the end of the month, and no foreign transaction fees. Rebates exclude dynamic currency conversion (DCC) fees, so if the ATM offers to charge you in US dollars, decline.
• Schwab One International (living abroad): Schwab says you can use your "Schwab Visa® debit card at any ATM in the world, and we will refund the fees." Schwab doesn't say on the pages we checked whether this card adds a foreign transaction fee, so ask before you rely on it for card spending.
• Fidelity Cash Management Account: all ATM fees charged by other institutions are reimbursed the same day at ATMs showing the Visa, Plus or Star logos. On foreign transaction fees, Fidelity's own pages conflict (see the table). Ask Fidelity to confirm in writing before you count on 0%.
• A standard Fidelity brokerage account with a debit card: Fidelity's reimbursement schedule says "No reimbursement" unless the account is coded Premium, Active Trader VIP, Private Client Group or Wealth Management.

The rule that saves the most money with any of these cards: always choose to be charged in the local currency. Schwab won't rebate DCC fees, and Fidelity warns that paying in US dollars "may be processed at a rate different than market exchange."

Debit cards aren't the best tool for big purchases. For flights, deposits and anything that needs purchase protection, use a US credit card with no foreign transaction fees.

Where Wise Fits

Schwab and Fidelity are dollar accounts. When you need to convert money, such as paying rent in euros or receiving a salary in pounds, use a different tool:

• Schwab's currency conversion is not cheap. Its pricing guide says that when converting USD to or from a foreign currency, "Schwab will charge a markup fee of up to 3% of the principal amount."
• Schwab Bank checking can't receive money from abroad by wire. Schwab Bank's pricing guide says it handles domestic wires only and "does not accept wires in foreign currency or from banks outside the U.S. and its territories." International clients use the brokerage side's international wire service instead.
• Wise advertises spending in 40+ currencies "with low conversion fees and the mid-market rate." For US cardholders, Wise charges no ATM fee while your total withdrawals stay at or under $250 in a calendar month. After that, each withdrawal costs $1.95 + 1.95%, and ATM operators may add their own fees. The card costs $9 to order.

The practical split: a Schwab card for cash and everyday card spending, Wise for converting and moving money between currencies. For other money-transfer options, see Wise vs Revolut for expats.

Common Pitfalls

• Updating your address to a foreign one can restrict an existing account. Fidelity says customers in certain countries "may be limited to selling their existing holdings and withdrawing the proceeds," with no new deposits or purchases. Elsewhere, features like margin or options may be blocked. Ask both firms what applies in your destination before you move.
• Hiding your move behind a US address. Schwab's international agreement requires you to "notify Schwab in the event your residency status changes," and Schwab says customers living outside the US who want a Visa debit card must use Schwab One International. A US mailing address doesn't change where you live.
• Losing mutual fund access at Fidelity. Once you reside outside the US, Fidelity won't let you buy mutual fund shares or contribute to 529s and HSAs. That rule names mutual funds specifically, but country-level restrictions on other purchases may still apply.
• Assuming you can trade foreign stocks online at Schwab from abroad. The Schwab Global Account is limited to US residents living in the United States. From abroad, trades placed directly on a foreign exchange are broker-assisted and carry extra fees. Schwab's US pricing guide and its international pricing page list different amounts, so get a quote before you trade.
• US citizens buying non-US funds. Schwab offers UCITS ETFs to eligible non-US residents. If you're a US person, be careful with non-US funds. Under IRS rules, a foreign corporation is a passive foreign investment company (PFIC) if 75% or more of its gross income is passive or at least 50% of its assets produce passive income, and a US person who holds a PFIC generally has to file Form 8621. Talk to an expat tax professional before you buy.
• Accepting DCC at the ATM. This fee is excluded from Schwab's rebates and adds a worse exchange rate at Fidelity.

Schwab vs Fidelity Abroad: FAQ

Charles Schwab International vs Fidelity for non-US residents: which should I choose?

Schwab International, in practice. Fidelity says it does not open accounts for any new customers residing outside the United States. Schwab says people who live outside the US, or are non-US residents, can open an international account if they live in a qualifying country. You'll need a passport or government ID and proof of residence, and Schwab One International has no minimum deposit for individual or joint accounts.

Charles Schwab vs Fidelity for international clients: what's the difference?

Schwab runs a dedicated international program (the Schwab One International account, a Visa debit card with ATM fee rebates, and an international wire service). Fidelity serves customers abroad only if they opened accounts before moving, and then with limits: no new mutual fund purchases, no discretionary management, and country-specific restrictions that in some places allow only selling and withdrawing.

Is Fidelity International or Charles Schwab better for a non-US investor?

Between Fidelity Investments (fidelity.com) and Schwab, Schwab is the one a non-US investor can actually open, because Fidelity doesn't open accounts for new customers residing outside the US. If you meant a Fidelity-branded firm in your own country, we didn't review it here. Check that firm's local site for its terms.

Which is better for international investing — Schwab or Fidelity?

If you live in the US, Fidelity's online international trading (25 countries, 16 currencies) is broader than Schwab's online Global Account (12 markets), which is also limited to US residents living in the US. If you live abroad, the question is mostly moot: Fidelity won't open a new account for you, and at Schwab, trades placed directly on foreign exchanges are broker-assisted.

Are there ATM fees when using a brokerage debit card abroad?

Often the fees are refunded, depending on the account. Schwab rebates ATM fees worldwide with no cap on both its US Investor Checking card and its Schwab One International debit card. Fidelity reimburses all ATM fees on the Cash Management Account, but a standard Fidelity brokerage account gets no reimbursement unless it's coded Premium or higher. Neither firm rebates dynamic currency conversion fees, so always choose to be charged in local currency.

Can I use a debit card linked to my US brokerage account abroad?

Yes. Schwab's and Fidelity's cards run on Visa and work at ATMs worldwide. The bigger risk is the account, not the card. Schwab says customers living outside the US who want a Visa debit card must open a Schwab One International account, and Fidelity can restrict existing accounts depending on your country of residence. Keep your residency details accurate and confirm what applies before you move.

Wise vs Charles Schwab debit card: which is better abroad?

Use Schwab for ATM cash, because ATM fees are rebated and the Schwab Bank card charges no foreign transaction fee. Wise's US card is free for ATM withdrawals only up to $250 a month in total, then costs $1.95 + 1.95% per withdrawal. Use Wise for currency conversion at the mid-market rate. Schwab's own currency conversions can carry a markup of up to 3%. Most expats carry both.

The Bottom Line

Already abroad: open Schwab International (if your country qualifies) and pair it with Wise. Fidelity isn't an option for new accounts.

Still in the US and moving soon: open accounts now. Schwab Bank Investor Checking is the cleaner card for spending abroad. If your retirement money is at Fidelity, keep it, but ask Fidelity what your destination country's restrictions will be and expect to lose mutual fund purchases.

Official pages: Schwab International · Schwab Bank Investor Checking · Fidelity account FAQs (investors outside the US) · Fidelity Cash Management Account