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I saw some commercial saying that a bank had no International Transaction fees so i thought I would look more into it.
Since i never really kept track of what i was paying on my ATM with drawls in Thailand or which card was cheaper.
Looking into it I was surprised what i found. Lots of Canada stuff here but some USA information too.
I have RBC VIP Banking so i don't pay a fee but still pay 2.5% forex.
CANADA BANKS
Big 5 Banks
TD Canada Trust - All-Inclusive Account: $0 fee / 2.5% FX going up to 3.5% in May / PLUS network / $5000 min balance to waive account fees.
BMO - Premium Chequing Account: 5 free per month, then $5 fee / 2.5% FX / CIRRUS network / preferred exchange rate for US cash / $6000 min balance to waive account fees.
Scotiabank - Scotia One Chequing: Free at Global ATM alliance / $5 fee otherwise / 2.5% FX / PLUS Network / $4000 min balance to waive account fees.
RBC - VIP Banking: $0 fee / 2.5% FX / PLUS network / $30 monthly fee (no min balance waiver)
CIBC - Smart Account: $5 fee / 2.5% FX / PLUS network / $3000 min balance plus a direct deposit or 2 PAPs to waive account fees
Credit Unions
Desjardins - Personal Chequing Account (any plan): $5 fee / 2.5% FX / PLUS Network / $2000+ min balance to waive fees depending on plan selected
Vancity - E-Package Chequing: $3 fee / unknown (2.5%???) FX / CIRRUS network / $1000 min balance to waive account fees. Note that I couldn't actually find their FX markup disclosed anywhere.
Meridian - Chequing Account (any): $5 fee / 2.5% FX / CIRRUS network / $1000 min balance to waive account fees.
Other Banks
Tangerine - Chequing Account: Free at Global ATM Alliance / $2 fee otherwise / 2.5% FX / CIRRUS network / no account fees or min balance.
Laurentian Bank - Operations Account: / $4 fee / 2.5% FX / PLUS network / $3000 min balance to waive fees
National Bank - Total Chequing Account: $4 fee / 2.5% FX / CIRRUS network / $6000 min balance to waive fees
HSBC - I know they offer special features for global and foreign currency transactions to Premier customers who maintain a certain baseline amount of investment assets. Not clear on the details; hopefully some other RFDers can jump in here.
Notes:
Here is a list of USA banking fees:
https://www.nerdwallet.com/blog/bank...onal-atm-fees/
Charles Schwab seems very popular.
Another about saving fees and how much you pay.
https://www.finder.com/ca/no-oversea...ithdrawal-fees
Since i never really kept track of what i was paying on my ATM with drawls in Thailand or which card was cheaper.
Looking into it I was surprised what i found. Lots of Canada stuff here but some USA information too.
I have RBC VIP Banking so i don't pay a fee but still pay 2.5% forex.
CANADA BANKS
Big 5 Banks
TD Canada Trust - All-Inclusive Account: $0 fee / 2.5% FX going up to 3.5% in May / PLUS network / $5000 min balance to waive account fees.
BMO - Premium Chequing Account: 5 free per month, then $5 fee / 2.5% FX / CIRRUS network / preferred exchange rate for US cash / $6000 min balance to waive account fees.
Scotiabank - Scotia One Chequing: Free at Global ATM alliance / $5 fee otherwise / 2.5% FX / PLUS Network / $4000 min balance to waive account fees.
RBC - VIP Banking: $0 fee / 2.5% FX / PLUS network / $30 monthly fee (no min balance waiver)
CIBC - Smart Account: $5 fee / 2.5% FX / PLUS network / $3000 min balance plus a direct deposit or 2 PAPs to waive account fees
Credit Unions
Desjardins - Personal Chequing Account (any plan): $5 fee / 2.5% FX / PLUS Network / $2000+ min balance to waive fees depending on plan selected
Vancity - E-Package Chequing: $3 fee / unknown (2.5%???) FX / CIRRUS network / $1000 min balance to waive account fees. Note that I couldn't actually find their FX markup disclosed anywhere.
Meridian - Chequing Account (any): $5 fee / 2.5% FX / CIRRUS network / $1000 min balance to waive account fees.
Other Banks
Tangerine - Chequing Account: Free at Global ATM Alliance / $2 fee otherwise / 2.5% FX / CIRRUS network / no account fees or min balance.
Laurentian Bank - Operations Account: / $4 fee / 2.5% FX / PLUS network / $3000 min balance to waive fees
National Bank - Total Chequing Account: $4 fee / 2.5% FX / CIRRUS network / $6000 min balance to waive fees
HSBC - I know they offer special features for global and foreign currency transactions to Premier customers who maintain a certain baseline amount of investment assets. Not clear on the details; hopefully some other RFDers can jump in here.
Notes:
- By "foreign" I mean outside of Canada and US. Most banks offer lower rates for US withdrawals, and some have waivers at associated ATM networks or other special USD offers.
- I haven't included US or other bank accounts as options. I know many of them offer attractive 0% FX / no fee accounts, but these accounts are either inaccessible for a large number of Canadians, or else would involve needing to convert CAD to USD and incur FX fees in the process. These options are covered in other threads.
- I also haven't accounted for any fees that the foreign ATM machine may charge on its end. These vary wildly, and, as far as I can tell, no Canadian bank account refunds or credits these fees.
- https://forums.redflagdeals.com/list...awals-2180593/
Here is a list of USA banking fees:
https://www.nerdwallet.com/blog/bank...onal-atm-fees/
Charles Schwab seems very popular.
Another about saving fees and how much you pay.
https://www.finder.com/ca/no-oversea...ithdrawal-fees
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