Pres. Choice Sucks for Europe

[Daniela]

I just called my President's Choice Bank for info on travelling with my debit card and Europe, and here is what they told me:

- They do not recommend using the card in Europe. They said that if for some reason you withdraw $100 (or euros or whatever) and only get $60, they cannot guarantee they will be able to compensate you the difference.

- They charge a whopping $3.00 per transaction PLUS 2.25% on what u take out.

So i told the guy that if i want to use my debit card across seas, i should switch banks. he said, "no you can use your credit card", to which i replied that this was not the safest route, as anyone could take my card and use it to purchase items without needing a pin #.

Does anyone know of a bank in Canada that is more reasonable for overseas? I am willing to open an account just for the trip.

PC might be free in Canada, but they really suck outside of Canada. Just thought ppl would want to know.

[LHR02]

The ever ongoing discussion about Canadian vs American banks and practices when going overseas. I sure hope you can find something better than this.....Eagle or WT should be able to help. That is simply outrageous! I really sympathize with you all on this. Amazing the differences isn't it?

[WillTravel]

TD Canada Trust has a $3 CAD fee for each withdrawal, although it looks like I might even be able to change to a type of account that will have no fee! They charge approximately 1% over the interbank rate (this is confusing, but this is finally what I determined, after getting multiple stories). So definitely a better deal than President's Choice. I'm not sure about the problem with the shortchanging.

I always get some currency before I go at this place: www.vbce.info/
They charge 2% over the interbank rate, and no fees. You might have something similar near here (I know there is in Toronto).

[Eagle]

Daniela, this might be a good time to switch from the PC Bank to one of the "mainstream" types, as I suspect you'll get a wider variety of services, not to mention better service!!! It would also be a way to demonstrate to them that their customer service and the products they offer are "crappy"!!!

Unfortunately, I suspect that whichever route you choose, you're going to be stuck with "transaction fees", "currency conversion charges", etc. All financial institutions seem to be bringing their rate strucures into line (I suspect that "lack of competition" has something to do with this?). Especially for "travel", this seems to be a fact of life. From what Dustoffmom and others have indicated, I gather some of the U.S. Banks provide slightly better rates, but I think all Canadian institutions are pretty much the same.

A couple of suggestions for you. You might want to check out your local Credit Unions, as I deal with two different Credit Unions and find their level of customer service is unsurpassed by any other financial institution. A good example of this is a new program launced this week by our "local" Credit Union here to provide a full range of banking services right in the clients home or office, including mortgages, loans, investments, etc. The CU employee uses a Laptop with wireless connection and a portable Printer, and can access the mainframe and customer records anyhere in the local area. I happened to run into one of the employees about an hour ago, and she said the service is already so popular that it's fully booked for the next week or so (and he works until 8:00 PM!). The only thing not possible is any transaction involving cash.

Another good example of the level of customer service at my particular Credit Union, is the fact that they offer a Call Centre (not sure if any others offer this???). This operates beyond normal business hours (usually closes at 6:00 PM), but I've found this to be a fantastic service to have. For example, when travelling in England, one of my Sons needs some "urgent" financial help. I simply phone the Call Centre (they usually recognize my voice), provide the authorization codes, and the money is transferred to my Son's account -- all done in less than a minute!!! As you can probably tell, I REALLY like the service I've been receiving!!!

Anyway, getting back to your current problems you might also ask whichever Credit Union(s) you approach, if they offer a product called the Global Payment MasterCard. I've asked at Banks and no one else seems to offer this product? It basically looks like a normal Credit Card, but is in fact a debit card, and can be tied to your existing chequing account with a line of credit (perfect for travelling!). This provides the benefit of two ATM cards on the same account, something which is a common problem for travellers (in case one card is "eaten by the machine" or whatever?). A suggestion though, it's probably wise to set the cards on different PIN numbers!

I also deal with TD/Canada Trust and have also found their customer service to be excellent! I don't usually have a lot of faith in Banks, as they often don't seem to offer very good customer service, typically post huge profits at the same time charging customers huge user fees, have terrible hours, don't provide any parking, pay their lard a*s CEO's huge sums of money, etc. HOWEVER, I have found that TD/CT seems to be different than most of the others (not sure what they pay their CEO's as I've never seen this information published?). The customer service group at our local TD branch are outstanding, and we're pretty much on a first name basis (this is also the case at the credit union).

I don't know if I've answered your questions, but I would strongly recommend checking out your local Credit Unions first, or if there's a TD/CT Branch close by, go and talk to them. Shop around and go with the institution that offers you the best mix of financial products to fit your needs.

Good luck with this! Keep us posted and let us know how this works out, as it may be of interest to someone else here.

Cheers!!!

[Tracie]

(Will...I go to the same currency exchange place...the one on Broadway and Granville. Their rates are sooo much better than the bank).

I travelled with CIBC debit and credit cards on my long trip and found that they charge extras everywhere and don't have as good rates. In France I had PC debit and mastercard and don't remember anything ridiculous. The Mastercard had no extra charges plus I was collecting points with every purchase. I think you are going to have an extra charge with every debit withdrawal, heck, I get those if I use a bank machine that's not my bank's anyway.

[GaryMcDonald]

Be thankful you are not Bank of America. I was informed that they charge 5.00 per transaction and 3% of the witdrawal. The fees apply to both debit and credit cards. On the credit cards, you also have to pay the buy rate and percentage advance charge.

Bank of America is part of the Global ATM alliance with Scotia Bank, Rabo Bank, Deutche Bank, Barklays and some others. If you widthdraw through the member banks then there is not fee.

For those of us in the South, it is best to use Regions Bank (or Planters Bank). They charge 1.50 per ATM widrawal, no percentage, and no percentage at point of sale transactions.

But, as far as how it works in Canada, I cannot advise.

You might try the new Visa travel (cash/debit) prepaid travel card or the AMEX card.

[LHR02]

Or also in the south, Compass Bank which charges no ATM fee, no percentage and no percentage at POS. That's on a debit card. Can I mention again....I love my bank?

[Libby]

I went for a month and didn't use my debit card or credit card once. I used only my Travellers Cheques and the cash I brought with me. It worked out perfect.
I also came home with money!

[Lyra]

I also bank with TD-CT, and $3 per atm transaction is not too bad (compared to $5 at least - what I think RBC charges).

You could look into Scotiabank, which a member of the global bank alliance Gary mentioned.

As far as I know, a global payment mastercard (combo debit/credit card that the rest of the world seems to have) that Eagle mentioned is not an option for Canadians, at least not yet.

HSBC might be another option to try, they might have branches worldwide?

[CowTown19]

I would also go with TD, it never caused me a problem once, and the $3 withdrawl fee is minimal if you withdraw large amounts at a time (though then you have the burden of holding a lot of cash). Be sure if you open a new account to check into your withdrawl limit and get it raised if it is low. Some banks may be hesitant to do this with a new account, but when you tell them no raised limit = no new account, they change their tune.

[Eagle]

Lyra,

As far as I know, a global payment mastercard (combo debit/credit card that the rest of the world seems to have) that Eagle mentioned is not an option for Canadians, at least not yet.

The Global Payment MasterCard IS available at some financial institutions. I'm Canadian and have had one of these for about a year and a half. It seems to only be available at Credit Unions though. I've asked at some of the Banks, and they just get a puzzled look on their face. Try your local Credit Union if you think this might be useful for you while travelling. It's probably a good idea to tie it to a Line of Credit on a Chequing account, as if you're making withdrawals in foreign currency, one is not always sure what exchange rate will be charged.

To "paraphrase" the sentiments from Dustoffmom, I love my Credit Union! The customer service at our local C.U. is outstanding!

Cheers!!!

[Lyra]

Thanks for tip Eagle, I'm off to look into credit unions right now.

[Eagle]

Lyra, not sure which part of Canada you're in so I picked a "generic" Credit Union for you to have a look at the Global Payment MasterCard. Have a look at www.vdcu.com/personal/credit/index.php and click on the Global Card on the top right side for a description.

When I searched "Global Payment Mastercard", numerous links came up with Credit Unions all across the country. You should have no trouble finding one of these in your area (of course, you'll have to establish an account with them; I think you'll find the customer service MUCH better than most Banks!).

Good luck!

[Jules80]

Scotiabank has agreements with banks all over the world. in the UK i can take money out of a barcley's bank and i don't get charged ANY charges! now that you all mention it, i have to find out which banks in europe this applies to...