Using CDN bank card abroad: lowest fees?

[goodyear]

Just came back from abroad and used my debit card a few times overseas.

I have a TD Savings Account and it charges me $5.00 CDN everytime I withdraw money at a foreign ATM.

Are there other banks out there that charge less than that?

Any suggestions?

Thanks

[Kswiss]

Im pretty sure $5 is standard, i know other banks even charge $7.50. The best option is always to pull out a lot more in one transaction to avoid the fee.

[GP_Matt]

The rule of thumb is that you pay $5 per transaction and 2.5% for credit cards on the conversion.

Larger sums works but a ton of ATMs seem to have low withdraw limits. Going to actual banks is usually the best bet for larger sums of money.

[getbak]

ING charges $2 per transaction and doesn't charge a 2.5% premium on the exchange rate (most of the other banks have started charging that premium just like they do with credit card transactions).

If you're already with TD, you can change your account to their Select Service plan before you leave, which costs $29.95 per month but charges no other fees,even for using foreign ATMs. You can change it back to your usual monthly plan when you get back home.

Scotiabank is part of the Global ATM Alliance: http://www.scotiabank.com/ca/common/...mber-banks.pdf. If you go to one of the participating banks, you pay no additional ATM fees.

Also, a few of the Canadian banks (Scotiabank, TD, RBC) have affiliated banks in some countries (TD has branches in the northeastern US, Scotiabank has local banks in a lot of Caribbean countries), and you can access your account the same as you do here.

[Flambé]

Go to TD and open a chequing account. Using a savings accounts abroad for withdrawals doesn't make sense. As well, when you open that account, open the TD Select Service account. For $30 a month it waives the ABM Plus withdrawal fee. Throw $5k in the account and save the $30 a month.

I'd recommend closing the account after your trip, but you'll get dinged with a $15 early close fee, so reduce the plan to the Value plan for $4 a month.

*Should have read all of getbak's reply.

[core_upt]

Originally Posted by getbak

Scotiabank is part of the Global ATM Alliance: http://www.scotiabank.com/ca/common/...mber-banks.pdf. If you go to one of the participating banks, you pay no additional ATM fees.

This right here. We have a Scotia account we use only for travel.

[Northendzone]

sorry to be a tool about this, but i find it amusing that you may be annoyed over about $20 to $40 in bank fees while travelling overseas......

Are travellers cheques still an option?

[MRCboicgy]

PC Financial charges me $2.50 when I withdraw from UK HSBC banks (which seem to be the only ones they support).

[getbak]

Originally Posted by core_upt

This right here. We have a Scotia account we use only for travel.

It's great if you're travelling to a country that has a bank in the Alliance (US, UK, Germany, France, Australia, and a few others). If you're going to a country without a participating bank, you'll get stuck with the $5 fee.

Also, I found out last year that not every state in the US has Bank of America branches. There are none in Wisconsin or southern Indiana.