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World traveler needs alternative to expensive ATM withdrawal

 
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saren



Joined: 19 Nov 2007
Posts: 60

PostPosted: Wed Mar 12, 2008 10:11 pm    Post subject: World traveler needs alternative to expensive ATM withdrawal Reply with quote

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 to withdrawal money abroad (that's it). Therefore, I don't want to pay any fees to the bank.

[url]Here is some background information[/url]
http://gobudgettravel.com/budget-travel-tips/eliminate-bank-and-atm-fees-while-traveling-abroad

Thanks for any advice.
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SueH



Joined: 01 Feb 2003
Posts: 1022
Location: Northern Italy

PostPosted: Wed Mar 12, 2008 11:32 pm    Post subject: Reply with quote

Off the top of my head I'd say no chance, what with the money-laundering rules as they are, as well as the banks being very cautious of people with no fixed abode, income, etc. Many people moving to the UK to work have had problems opening accounts, although students I've had in the past have managed it with assistance from the college.

There are basic accounts in the UK where you can have a cash card and are not allowed to go overdrawn, so maybe search using that term. In terms of using internet banking and free ATM charges outside the UK Nationwide is my personal recommendation. HAve a search, but be prepared to be disappointed.
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spiral78



Joined: 05 Apr 2004
Posts: 9510
Location: On a Short Leash

PostPosted: Fri Mar 14, 2008 9:58 am    Post subject: Reply with quote

I have the same problem with my Canadian bank. The fees are way oversized. I solved the problem by not using Canadian funds (am paid in euro) but that is obviously not an option for everyone...
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TheLongWayHome



Joined: 07 Jun 2006
Posts: 1016
Location: San Luis Piojosi

PostPosted: Sat Mar 15, 2008 8:12 pm    Post subject: Reply with quote

HSBC? Last time I was there they'd open an account for anyone.
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lolwhites



Joined: 29 Jun 2005
Posts: 158
Location: France

PostPosted: Mon Apr 21, 2008 10:46 am    Post subject: Reply with quote

I remember reading in a Lonely Planet guide that if you have a credit card, you can make payments into it so it has a positive balance, then use it when you buy things abroad. As the account is in the black, you won't get stung by the interest, but you'll need to check what the conditions/charges are for cash withdrawals.
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SF21



Joined: 05 Jun 2007
Posts: 72
Location: California

PostPosted: Wed Apr 23, 2008 9:44 am    Post subject: Reply with quote

I use E*trade and don't get charged any ATM fees on int'l transactions. I know they have E*Trade Canada, so you might wanna check it out.
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katers



Joined: 19 Jun 2008
Posts: 31

PostPosted: Thu Jul 03, 2008 9:09 am    Post subject: Reply with quote

haven't got a clue as far as canadian banks go, but i have a nationwide current account in the UK and they don't charge for overseas ATM withdrawals. www.nationwide.co.uk

katy
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canadashirleyblue



Joined: 06 May 2007
Posts: 162

PostPosted: Sun Jul 13, 2008 8:59 pm    Post subject: Reply with quote

I found this on the Scotiabank website:

Global ATM Alliance
Scotiabank is proud to be a founding member of the Global ATM Alliance, along with Bank of America, BNP Paribas, Barclays, Deutsche Bank 24 and Westpac.
Now, it's even easier - and more important, FREE - for you to access your cash through Global Alliance ATMs when you travel to the United States or overseas. See the complete listing of Alliance member ATMs below.
Scotiabank customers can now withdraw cash from participating member ATMs without paying any access fees! That means free access¹ to your account at over 32,000 cash machines in over 40 countries including Australia, France, Germany, The United Kingdom and The United States! See complete country listing below.
Here are the basic details of the ATM alliance:
• The standard International ATM Access Fee (charged to customers who access their accounts via ATMs outside of Canada) is waived by Scotiabank, if customers use their ScotiaCard™ or Scotiabank VISA* at one of the ATMs listed below.
• Machine-level surcharges at the below noted ATMs will be waived for all ScotiaCard and Scotiabank VISA transactions.
• Account level transaction charges still apply in any case.
Scotiabank's goal (and that of its global partners) is to ultimately expand this service to every continent of the world. As a result, the list of participating banks and countries is continually growing, so be sure to check back here for updates before your next trip outside Canada!

I think if you were to use a Scotiabank card at Barclay's or the Woolwich this would work. Not sure what bank you are using in Canada or whether it would be part of this plan.
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