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Post by tigerlilly on Apr 15, 2006 9:56:10 GMT -5
my bank will not give me an extra debit card no matter what. I spoke to the manager and everything and they say it's a security risk. I'm with president's choice financial (CIBC) here in canada. Please let me know what bank you used who gave you another card. I leave in 16 days and I'm a little freaked out here.
~michelle~
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Post by WillTravel on Apr 15, 2006 10:04:24 GMT -5
Michelle, I would learn how to take a cash advance out on your credit card as a backup. You'll need a PIN. But keep in mind that such advances are charged interest from the moment you take them out, so the best thing is to have someone pay the credit card off immediately if you do this.
Maybe you can find somewhere that sells Euros and pounds at 2% over the interbank rate, which is easy in Vancouver or Toronto, but I'm not sure about North Bay. Then you could have some money before you go, at what works out to approximately the going rate.
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Post by WillTravel on Apr 15, 2006 10:05:44 GMT -5
This might or might not be cost-effective, but another possibility is to open an account somewhere else. If this is going to eat up a lot of fees, though, I'd drop the idea.
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Post by me on Apr 15, 2006 12:45:35 GMT -5
one way to avoid finance charges: have a card to use as a "credit card," and another credit card into which you've paid a positive balance. use that card as a "debit card" [you'd need a pin for that one. and test it out before you go] you can also put another trusted person as a signatory on the account, get him/her an ATM card, and use that one as your backup on the trip. - d Michelle, I would learn how to take a cash advance out on your credit card as a backup. You'll need a PIN. But keep in mind that such advances are charged interest from the moment you take them out, so the best thing is to have someone pay the credit card off immediately if you do this. |
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Daniela
Full Travel Member
Posts: 34
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Post by Daniela on Apr 17, 2006 17:47:45 GMT -5
I have a PC account too, and it costs way too much to use PC in Europe. They charge $4 to take out money plus 2.5% on whatever you take out. I just got a new account with TD, it is $25/month but it includes free unlimited ABM withdrawals and PLUS system withdrawals. The TD people said that means it's free in Europe. It took one day to set up, and if u cancel the account when u get home, it will cost another $15. We figured this was better, as we could take out less money more often. Here's a link to the site: www.tdcanadatrust.com/accounts/select.jsp As off May 1 some accounts are changing, but not this one. As for the credit card trick, it depends on what credit card you have. I called PC mastercard and they said even if u have a credited balance, they will charge you interest on cash withdrawals. I know it doesn't make sense. But maybe other credit cards are different. One more thing, TD gave us two cards right from the get go. |
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ashleyg
Full Travel Member
Posts: 37
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Post by ashleyg on Apr 17, 2006 18:23:55 GMT -5
I added my Dad as a signing officer on my account and they issued him a card which he then passed on to me. It was free and easy (I'm with Scotiabank). I also talked to my manager, and, if by some bizarre reason I lose both those cards, my dad can now cancel both of them and get a new one issued that he would then FedEx to me. They also suggested that, if I were to be spending longer than just 6 weeks there, I may want to set up an account at a reciprocal bank over there and they could transfer money into that account - that would possibly also cut down on fees. I guess the other option would be what Daniela suggested - open a second account somewhere else and use that as well.
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Post by tigerlilly on Apr 17, 2006 18:45:01 GMT -5
thank you all for the suggestions - I think it's too late to open a new bank account as I have direct deposit of my pay cheque and there isn't enough time to change it. I'll probably go the positive balance on my visa and find out if they charge interest on that. Hmmmm, I'll have to think about it because that TD select bank account sounds really good.
thanks again!!
~michelle~
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Post by WillTravel on Apr 17, 2006 19:03:01 GMT -5
As suggested, you could add a parent or extremely trustworthy person to your account, and have them get a card, and then take that.
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Post by Eagle on Apr 17, 2006 19:21:47 GMT -5
Michelle, just to add to the discussion, I also use TD/CT and have found their service to be excellent so far! However, I've never tried to obtain a second ATM card on my account. I imagine if I asked for another card for a family member, this wouldn't be a problem.
My primary financial institution is the Credit Unions, as I've found the level of customer service (at least in this area) is incredible and so far unsurpassed by any other institution! In addition to normal ATM cards, they offer a Global Payment MasterCard (a product which doesn't seem to be available at any of the Banks!). In reality this is a debit card which accesses my Chequing account. This can be used with a Line-of-Credit if desired, and the card is accepted in any location worldwide, that accepts MasterCards.
Regarding Daniela's comments, I can't believe that PC Financial can get away with charging interest on cash advances when the customer has a credit balance! This is quite simply a "rip-off" and I'm surprised the government regulators allow them to get away with this. I won't stand for business practises like that, and would "dump them" at the earliest opportunity! I'm not too happy with PC this week, as someone issued a PC cheque to one of my relatives a few days ago, and none of the local financial institutions would cash it, as no one had ever heard of them. I had to guarantee the cheque so this could be cashed. Hopefully, I won't find myself with a "rubber cheque"!!!
It might be prudent for you to establish an account at another institution, as it's a good idea to have at least two ATM cards and/or credit cards while travelling. You could perhaps issue some post-dated cheques from your PC account to a family member and have these deposited in your other account while you're travelling. That way you would have a source of funds in both accounts, if needed.
One other thing to mention, in my experience some ATM's in Europe will only allow access to a Chequing account, using a four number PIN. Might be something to consider if you decide to set up another account?
Good luck and happy travels!!!
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Post by tigerlilly on Apr 17, 2006 21:32:06 GMT -5
So I just set up a new account with Scotia bank - I did a lot of research online and found that they are the most convenient for my European travels. They are a part of the Global ATM Alliance which gives me free withdrawels at ATM's in france, UK, Germany, Spain , Italy. It's a $7 monthly fee and you get 50 transactions. The rep on the phone was super nice and I think this will work out a lot better.
I am a bit more relieved now that I have some solutions to my money problems.
thanks!!!!
~michelle~
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