World traveler needs alternative to expensive ATM withdrawal fees.
I have a companion savings account with a Canadian bank but recently I've noticed they've been charging me up to $5 per withdrawal transaction. I think it's too much and I want out.
I am in the UK now with no intention of returning back to Canada to physically seek out, and open a new account with a better bank.
I need to find an alternative here in the UK (that allows Canadian visitors to open an account, make a deposit, and then leave the UK to use their debit card abroad (on the ATM PLUS system), and Webbanking to check balances, and statement, etc..
I'm looking for such a bank to bee fee-free (especially for withdrawals abroad), as well as free of other hidden charges, and taxes as well). Remember, the only reason I need a bank is to withdrawal money abroad (that's it). Therefore, I don't want to pay any fees to the bank.
Thanks for any advice.
[ Edit: link snipped, not needed really. ]
Can't help with a UK account, but you should check the various plans at your bank. Most Canadian banks have plans that allow free international withdrawls instead of paying the $5 PLUS network fee. The plans run from $20 - $30 a month.
thanks but that won't help because i make less than 4 transactions a month.
I don't see the connection between GregW's reply and yours? You haven't said anything about 4 transactions. And then again, you could just make or more, by withdrawing less money at a time.
The connection would be that if you are charged $5.00 per transaction, 4 transactions a month would be $20. Therefore, if you make less than 4 transactions, there isn't any value is signing up for a $20 plan to have the $5 fee waived.
Ok, sorry about that, never been good in maths
The Nationwide Building Society offer a FlexAccount its the only bank in the UK that does not charge on overseas withdraws the only drawback is that you can only get a cashcard for the first six month then you can upgrade to a Debit card. This means you will not be able to make purchases on the card or have a overdraft.
Yeah the Nationwide account that Skinbo is talking about is good for withdrawals as it is free.... 6 months is not that long to wait for an upgrade really!
[ Edit: Edited on Mar 18, 2008, at 6:56 AM by freemee ]
but will nationwide let a visiting Canadian "traveler" open an account? And the 2nd question is how will someone in Canada (a family member) deposit funds into the account?
to be honest i think the only way to find that out is to either go onto www.nationwide.co.uk or go into a branch and ask them personally... this may be a better option as the websites search box isnt that great.
Sorry cant be more help