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Canadian Travellers, please help with money issues

Travel Forums Asia Canadian Travellers, please help with money issues

1. Posted by bumble bee (Full Member 8 posts) 10y

Hey again,

I guess this question is more towards the Canadian travellers out there.. Just wondering if anyone knows of a bank that's cheap when you travel? Ie, low or no fees on withdrawals abroad..

Cheers

2. Posted by tomm35 (Budding Member 47 posts) 10y

I think a good option would be the online banks like PC Financial or ING.

ICICI is another. There rates are usually better then the big banks.

3. Posted by GregW (Travel Guru 2635 posts) 10y

Most banks have plans that waive international withdrawl fees. I know RBC waives international PLUS withdrawl fees ($5 per transaction) on a plan that costs $30 a month. The other banks have similar.

Scotia Bank has lots of outlets down in South and Central America. Not sure what their policy on withdrawls is, but if you can withdraw for free and are headed to Latin America, that would be an option.

Otherwise, you might want to think of a larger international bank like HSBC or Citibank, which have lots of outlets around the world.

Please let us know what you find - it's a common question, and I don't really have a great answer for it.

4. Posted by karazyal (Travel Guru 1656 posts) 10y

Quoting bumble bee

Hey again,

I guess this question is more towards the Canadian travellers out there.. Just wondering if anyone knows of a bank that's cheap when you travel? Ie, low or no fees on withdrawals abroad..

Cheers

Another opinion.

Unless you intend to stay overseas a long time or plan on putting a down payment on a condo - can't you take enough money with you to satisfy your expenses for your trip?

ATM's are plentiful in many places in Asia. Some credit cards do have high fees per ATM use, so limit your withdrawals to the maximum you can take out and pay cash for your purchases. Call your credit card companies to see how much the charges will be for OVERSEAS use and use the credit card with the lowest fees.

If you do go with ATM withdrawals notify your credit card company which countries you will be in. Also, avoid using credit cards for small purchases in restaurants or with vendors where your number might be compromised and charges will show up from other countries like Russia or Hong Kong.

Credit unions will often sell you Traveller's Checks without any fees if you are a member. If you take traveller's checks only get the largest size of $100 or higher. Any excess foreign money can be converted back to Canadian currency at the airport when you go home. The fee for cashing a travellers check is often less than the ATM charges. But the fee is on a "per check" basis so avoid the small denominations. Some credit cards from credit unions have very low fees (join a credit union if you are not a member) and sometimes they may pay some of the extra charges when you use a non member ATM machine.

You may be real lucky and find a bank in Canada that allows you to make withdrawals in Asia, I haven't heard of any. Bank of America and Chase are in Thailand and the Philippines, they do not allow withdrawals from ordinary foreign travellers. (They will accomodate you for large sums for business ventures, stuff like that.) I would love to find a bank in the U.S. or Canada that would allow me to put the money in at home and take it out overseas.

5. Posted by moutallica (Respected Member 122 posts) 10y

As long as your card has a Plus or Maestro logo on the back, you'll be able to use it worldwide. Plus is the Visa network and Maestro is the Mastercard Network. PC financial is great for when your in Canada, but it does not have either of these so you'll be out of luck if your overseas.

I'm with CIBC and they seem pretty good. Only $3 per withdrawl when I'm overseas. Plus, no monthly fee as long as you can keep a $1000 balance. I haven't reasearched too much, but this seems like a good deal to me as all the other banks that I've seen charge $5.