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canadian banks?
Sun, 07/08/2007 - 23:18
Member
well this is my new rather annoying problem.
the bank that i’m currently at charges something like $6 for every overseas transaction plus 2.5% on top of that. is that not ridiculous? i think so. plus i remember someone saying something about how your bank should have an agreement with the banks overseas or something like that to ensure you get the best exchange rate. i’m not sure if i understand that correctly, but so far, from checking out various different banks, they all tell me that the exchange rate will depend on the atm i’m using overseas (sounds like none of them have an agreement with the banks overseas then?). sigh…
any canadians out there able to recommend a good bank for this?
is this going to help: Global ATM Alliance?
I got charged $5 for each ATM withdrawal. Exchange rates vary day to day. I’m sure all banks are competetive in their charges. I don’t think it would be worth the hassle to run around town and change banks. Make sure you withdraw large amounts at one time to minimize fees.
All banks are not competitive on charges. Shop around. Any Mastercard or Visa-branded debit and credit cards are your best bet for the most access. Mastercard charges my bank a small (.002%) currency conversion fee. Any additional fees, on top of that, are controlled entirely by the bank issuing the card to you. Some banks, like Capital One, even absorb the cost of conversion charged by MC or Visa, so it’s truly free for foreign transactions.
I pay 1% on Mastercard foreign transactions.
.002% Mastercard cross border currency conversion fee.
+.008% card issuer (my bank’s) fees on foreign currency transactions
= 1%
My bank does not charge for foreign ATM withdrawals.
Banks can get you on the card issuer foreign currency transaction (the 2,5% you cited), plus foreign ATM withdrawals (the $6 you cited). With rates that high, you’re nearly better off just exchanging cash/trav. cheques at exchange windows. Exchange windows have a flat fee ($5 to $12 usually—no matter how much you’re converting), plus they give you a cruddy exchange rate, so they make some extra money off of that.
If you’ve got time, shop around for an ATM and credit card through another bank or credit union—with lowest fees possible. (Check see if Bankrate.com works for Canada).
Try switching to TD Canada Trust. If you get a “Select Service” checking account, you can withdraw anywhere outside Canada without being charged a withdrawal fee. Although you will be charged around $25 a month for this service but if your checking account does not go $5000, they will waive that fee for you. Despite this, if you will be withdrawing more than 5 or 8 times a month, it will be cheaper.