Best Banks for INT transactions, Canada? - TravelPUNK Backpacker College Student Budget Travel Message Boards!



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Travel Budget, Money Matters, Financial Talk Mom, can I borrow ten grand?! Gimme yo mastercard! How the heck can I pay for my trip?! Ideas for making money. How much dough do I need?

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Old 05-04-2006, 01:08 PM   #1
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Does anyone know the best bank in Canada for ATM and currency exchange fees?

Royal Bank of Canada charges $5.00 for all foreign transactions and I think an extra 2% currency exchange fee....

That's pretty hefty.

I was also thinking of preloading my credit card with money and taking it out like a cash advance. Supposedly it's only $2.50 per transaction and 2% exchange. As long as I don't start charging a negative balance (credit), it's not prone to interest

Is that correct?

I want to move my travel cash into a bank that has a lower fee. Which Canadian banks would you suggest? Are there any international or european banks that I can open up and transfer funds to within two weeks?
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Old 05-05-2006, 06:18 AM   #2
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Presidents choice is pretty good. I believe they just charged me $3.00 a transaction.....but could have been $3.00 + 3%. The lady I talked to wasn't entirely clear . And while they may not have the most knowledgable personel (well at least around here...) it IS a completely no fee bank account with relatively high savings account interest rates. I mean how can you go wrong w/ that?
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Old 05-05-2006, 06:30 AM   #3
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I use Royal Bank as well, but also try Simply Angelics suggestion of President's Choice...also one to to look into is TD/Canada Trust. Those are the banks that I deal with. Sometimes you can't really get away from the hefty fee ya know?? Sucks!
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