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World traveler needs alternative to expensive ATM withdrawal

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1. Posted by sandy456 (Full Member 213 posts) 8y

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.

-snip-

Thanks for any advice.

[ Edit: link snipped, not needed really. ]

2. Posted by GregW (Travel Guru 2635 posts) 8y

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.

3. Posted by sandy456 (Full Member 213 posts) 8y

thanks but that won't help because i make less than 4 transactions a month.

4. Posted by Utrecht (Moderator 5596 posts) 8y

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.

5. Posted by GregW (Travel Guru 2635 posts) 8y

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.

Greg

6. Posted by Utrecht (Moderator 5596 posts) 8y

Ok, sorry about that, never been good in maths;)

7. Posted by Skinbo (Budding Member 24 posts) 8y

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.

8. Posted by freemee (Budding Member 46 posts) 8y

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 ]

9. Posted by sandy456 (Full Member 213 posts) 8y

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?

10. Posted by freemee (Budding Member 46 posts) 8y

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