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Post by WillTravel on Oct 2, 2004 14:50:47 GMT -5
I never use my credit card to carry a balance. I always pay it off at each billing cycle. So I don't see it as carrying a debt, because I never incur any interest charges and pay it in full like any other bill.
Still, if you want to avoid that altogether, you might be able to put some money on your credit card ahead of time, and then it wouldn't be like you had a bill at all at the end.
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Post by LHR02 on Oct 2, 2004 16:06:05 GMT -5
Oh for heaven's sake.......you chose to take offense where I thought I had clearly stated none was intended. If you'll read through the currency forums you will see we have had multiple discussions/confusions over the months on the US vs Canadian vs European banking terms/conditions/policies, et al. In many ways it does seem that Canada's policies are behind those in other countries and I was/am curious as to how and why that is. If it's not, mea culpa. However, I have deleted the offensive post with apologies. And, with likewise thin skin I shall sign out of this area.
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Post by Libby on Oct 2, 2004 16:14:57 GMT -5
I'm sorry Dustoff, I'll be the first to admit I tend to be touchy when it comes to US/Canadian relations. It's an occupational hazard at this time of the year I'm afraid. I spend much of my day explaining that different doesn't necessarily mean backward or wrong. I could tell you some horror stories that would make you ashamed to be a tourist. And I mean ALL of us ashamed, regardless of nationality.
Scotiabank (My bank) is a member of the Global ATM Alliance so I'll be able to use any other members ATM's without paying international or usage fees. I've heard Barclays is one of the UK members, and I've read they are fairly easy to access.
Scotiabank also has a few branches in London. I cashed some travellers cheques there years ago.
Willtravel, I've been thinking of paying extra on my Visa for the very reason you suggested. That sounds like it will be my best bet.
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Post by Eagle on Oct 2, 2004 18:27:46 GMT -5
LIBBY, I can't recall if it was specifically England? I'll have to check around on the net to see if I can locate the info again. I may have seen comments on this topic on the Rick Steves Graffiti Wall. I'll check later when I get a few spare minutes away from my renovating and painting (not my favourite chore!).
Again, check with your Bank to see if they offer the Global Payment MasterCard? I think Visa has a similar product, but not sure what it's called. Having the GPMC will provide you with another debit card, in case you have problems with your normal card.
Hope this helps.
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Post by Libby on Oct 2, 2004 18:36:50 GMT -5
I'll do that Eagle. I just double checked the Scotiabank website and there was nothing listed there that sounded like what you mentioned. It's just hard because I don't want to end up using another bank. The Bank of Nova Scotia has been good to me and they know me. If anything were to happen when I was away they would help me (as they did in the past). That's important. My friend also works there and well...I'm loyal So far paying extra on my Scotialine Visa sounds like the best option.
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Post by me on Oct 3, 2004 10:55:12 GMT -5
Libby, et al,
if having debt to pay is a problem, one can perhaps set a function with mastercard or visa to auto debit the bill each month? that's what my brother does (he hates writing checks every month).
- d
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Post by Libby on Oct 4, 2004 10:07:34 GMT -5
Today I'm having more banking frustations.
The Canadian dollar is the highest it's been in 11 years. I phoned 9 different banks in my area and not a single one has any Pounds Sterling on hand. They are sold out! They are also sold out of the Euro AND US dollars.
ARGH! Most said the next delivery will be on Thursday or Friday.
People are buying them up as soon as them come in.
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Post by WillTravel on Oct 4, 2004 11:30:05 GMT -5
Maybe we'll be lucky and it will go even higher. The Canadian dollar is looking pretty good against the Euro also.
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Post by Eagle on Oct 4, 2004 15:45:32 GMT -5
Libby, I did some checking regarding the Visa Debit card, however unfortunately ScotiaBank doesn't offer a product of this type at the present time. Apparently they have no plans to introduce anything like this in the near future. I suspect this position will be similar with any of the Banks which offer Visa products.
I can appreciate your reluctance to change Banks, as you've received good service from your present Bank. From what I can determine, the Global Payment MasterCard is available mostly at Credit Unions. I'm not sure if this is also available through other financial institutions that handle MasterCard???
I find the Global Payment M/C really useful, as this provides a second Debit Card attached to the same account as my normal card. That way I don't have to argue and plead to get another card to use for backup, in case something happens to the primary card while I'm travelling.
Hope this information is of some help. Happy travels!!!
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Post by Libby on Oct 4, 2004 15:58:33 GMT -5
Thanks Eagle. I really appreciate you taking the time to look into this for me. It's really a bit confusing and frustrating when there are so many different options.
I'm pretty sure my Scotiabank Visa line of credit will give me cash advances at ATM's and that should help out if I lost or damaged my debit card. I've also asked my friend who works at Scotiabank if she could make a payment on my Visa halfway through my trip. That would be really nice!
Oh, it will all work out. Somehow!~ ;D
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Post by WillTravel on Oct 4, 2004 16:35:51 GMT -5
I haven't followed all the options in total, but one more thing to consider. Suppose you pay ahead on your credit card. That will work for any charges against it without a problem.
However, based on what I've read, apparently cash advances are in a different category and you will be charged interest on those (until the next statement date). I would see cash advances on a credit card as a last resort type of situation, and the total interest if you pay it off during the normal billing cycle will be minimal. But it's just one more thing to keep in mind. This is from what I've read; I haven't personally made a cash advance on a credit card.
The following is what I typically take, although I know other people feel differently. Two ATM cards, three credit cards on which I can make cash advances if necessary, some currency before I leave, and $100 in USD. And split these all up so it would be impossible to lose them all at once.
Despite having all of this, on my last trip I only used one ATM card on which I made several withdrawals, and I never used the credit cards because I had prepaid for all the hotels. Actually, the hotels want to see a credit card to cover possible incidental charges, but I didn't have any. I really liked managing the expenses this way because I then knew precisely how much money we had spent altogether.
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Post by Libby on Oct 4, 2004 16:49:48 GMT -5
I'd love to pre-pay as much as I can, but I'm staying in Hostels and I don't know if that's a good idea. Paying down my Visa is what I expect I'll do. Then, halfway through my trip I'll arrange for my friend to dump a sum onto my bill so I'll be on the goodside again I'll probably take my Visa, my Debit and some travellers cheques. Of course...some cash too.
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Post by me on Oct 4, 2004 19:45:36 GMT -5
Libby, were you ever a Boy Scout?? ;D
[Boy Scout slogan: Be Prepared]
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Post by Libby on Oct 4, 2004 19:49:16 GMT -5
No, but I was a Girl Guide.
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dougj
Senior Travel Member
Posts: 205
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Post by dougj on Oct 7, 2004 4:08:32 GMT -5
my bank account is also with scotia. i had no problem using atms overseas, but they did charge me $5 canadian for every transaction. as for traveller's cheques, I paid anywhere from 2 percent (on 100 euro) to 4 percent depending on the place. usually there are multiple exchanges in one area so just go from one to the other and get the best rate. I had a real problem getting foreign currency before I left too, ended up getting the bulk in traveller's cheques and going to 3 different banks to get some start off pounds and euro.
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