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Post by pointofnoreturn on Sept 13, 2006 12:06:05 GMT -5
I tried searching on the website to see if the bank was accepted in major European cities because I am planning on using my RBC debit card to withdraw money from ATM's. I have no idea what the exchange rate or commission is and I live in a rural town so if I want to find out, I'd have to drive up to the next town and go to the bank but I'm too lazy to do that now...
Does anyone know what the average rate is for Canadian banks? Much thanks!
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Post by jennifer on Sept 13, 2006 12:14:29 GMT -5
Hi there!
Well, i'm with the "Caisses populaires Desjardins" which is basically only in Quebec, but all banks and Caisses are pretty similar. My caisse gives me the daily rate + a 3$ charge with every withdrawal.
It is really easy to get around with debit cards in Europe. All cities have debit machines. Make sure you know your pin by number and not by letters, as european keyboards don't have letters.
Also, bring a backup card that you leave separate from the other one in case it gets demagnitized or lost.
And don't forget to TELLLLLLL your bank you are going to Europe so they don't block your account if they see European transactions! It has happened!
Jen
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Post by pointofnoreturn on Sept 13, 2006 12:19:44 GMT -5
Hi there! Well, i'm with the "Caisses populaires Desjardins" which is basically only in Quebec, but all banks and Caisses are pretty similar. My caisse gives me the daily rate + a 3$ charge with every withdrawal. It is really easy to get around with debit cards in Europe. All cities have debit machines. Make sure you know your pin by number and not by letters, as european keyboards don't have letters. Also, bring a backup card that you leave separate from the other one in case it gets demagnitized or lost. And don't forget to TELLLLLLL your bank you are going to Europe so they don't block your account if they see European transactions! It has happened! Jen Yeah, we have that in Ottawa. I heard that some banks were charging $5.00 for every ATM cash withdrawal in Europe. God, that's highway robbery LOL! Hopefully someone who's a member of this forum that also banks at this bank will be able to answer my question but there's no rush anyways! |
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slide
Full Travel Member
Posts: 16
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Post by slide on Sept 13, 2006 13:43:23 GMT -5
Hello!
I was in Europe this past May/June/July, and I did all my banking stuff through the RBC. For every transaction I did overseas they gave me the rate of exchange on that day, and charged a $5 processing fee each time I withdrew money. I also came accross some bank machines that charged a fee on the European side, but generally it was not hard to find one that did not charge you. It can add up fast!! As long as an ATM has the "Plus" logo that is on the back or front of your debit card, your bank card will work there... I never had any trouble finding a compatable ATM... Hope this helps ;D
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Post by pointofnoreturn on Sept 13, 2006 19:28:15 GMT -5
Hello! I was in Europe this past May/June/July, and I did all my banking stuff through the RBC. For every transaction I did overseas they gave me the rate of exchange on that day, and charged a $5 processing fee each time I withdrew money. I also came accross some bank machines that charged a fee on the European side, but generally it was not hard to find one that did not charge you. It can add up fast!! As long as an ATM has the "Plus" logo that is on the back or front of your debit card, your bank card will work there... I never had any trouble finding a compatable ATM... Hope this helps ;D Gah, the $5.00 fee is making me ill.... I can't be bothered to change banks to get a better deal so I guess I'll have to suck it up and withdraw a certain amount of money in each city to the point where I'll only have to use the ATM once in each city. Much thanks for the info! |
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Post by Jules80 on Sept 13, 2006 22:00:41 GMT -5
scotia bank has no fees if you take out of partner branches overseas... barclays being one.. PNB being the one in france... there's a whole list on their website
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Post by herrbert on Sept 16, 2006 16:46:43 GMT -5
Maybe it is a bad idea, but wouldn't it be possible for you to open an account in an European bank, for the time you are in Europe?
I pay 9 euro's for my account in the Netherlands for 3 months. These 9 euro's make it possible for me to take money almost everywhere (at least I haven't seen any costs added to withdrawls), and i can also wire money by internet from and to accounts and they provide me with a creditcard.
At least for the persons that enter en leave Europe in the same place (e.g. London), it must be possible to open an account (incl. passes/creditcard), wire the money from your Canadian account to your new European account, and do the same thing in reverse on the day you leave, and terminate the account.
It would take some time, (you'll have to go to an office) but maybe it is worth saving everytime 5 dollar. (and there for reducing risks, because if you pay this ammount with every withdrawl, you are forced to take out large sums, to keep these costs to a minimum).
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Post by jennifer on Sept 16, 2006 17:12:49 GMT -5
It is a good idea, unfortunately it is not that easy unless you lie and it remains complicated.
In Germany anyways, you have to be there for a while to open an account, you have to have a permanent adress, etc, etc, etc. It's quite hard to do. I was legitimately there and I had all the trouble in the world...!
xoxo
Jen
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Post by pointofnoreturn on Sept 16, 2006 23:10:31 GMT -5
It would take some time, (you'll have to go to an office) but maybe it is worth saving everytime 5 dollar. (and there for reducing risks, because if you pay this ammount with every withdrawl, you are forced to take out large sums, to keep these costs to a minimum). I don't think it will be too bad - I am only visiting 4 major cities (London, Rome, Paris, Athens with the exception of some day trips and Greek Islands) so I think I can manage with the fees if I make few withdrawals and try to withdraw money once (with the rare exception of twice) in each city that would be enough for the entire duration of my stay in that particular city. Will have to check other Canadian banks and see what their options are. My mother banks with ScotiaBank. I only bank with RBC because it's the closest bank to my house and it was the only option at the time and even if I wanted to switch banks, it'll be a hassle and I don't really want to go through that. Gotta suck it up - $5.00 fees and everything. *sigh* |
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Post by MuvverRussia on Sept 17, 2006 7:19:54 GMT -5
There's virtually no chance of opening a European bank account. Even in the UK, which has some of the least restrictive banking laws in the world, you need to prove residency and provide a number of forms of (generally UK based) ID for the vast majority of bank accounts. It's basically to help stop money laundering.
If you were to lie when opening a bank account then you could end up facing fraud charges - not a good thing. Also, a number of European bank accounts charge for international withdrawals anyway (e.g. HSBC charge £1.75 per withdrawal).
Furthermore, I'm not sure about how Canadian credit scores/ratings are worked out, but over here it doesn't look good if you constantly switch banks. If you're only over in Europe for a few weeks then it might be better to just pay the withdrawal charge - CAN$5 every 3 days or so really isn't that much money.
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Post by herrbert on Sept 18, 2006 15:48:27 GMT -5
a bad idea ... after all ... sorry guys/girls.
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Post by pointofnoreturn on Sept 19, 2006 20:33:05 GMT -5
a bad idea ... after all ... sorry guys/girls. Hahahaha.... I wouldn't have considered it anyways. I don't like the idea of jail.... |
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Post by herrbert on Sept 20, 2006 17:41:55 GMT -5
I rather see you travellin the world than in jail.
I had this idea, because a friend of mine (from Spain) lived here for a while, and she had a regular bankaccount, at the same bank that I have my account. But of course for her the situation was different, because she was living and working here, and had a place to stay (instead of travelling around Europe). I can't still see no reason, why it is illegal, but sometimes the world is a strange place, with strange rules.
But I am still amazed that you have to pay, so much money, just to get money out of a ATM. To me it is robbery
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Post by pointofnoreturn on Sept 20, 2006 18:32:39 GMT -5
But I am still amazed that you have to pay, so much money, just to get money out of a ATM. To it is robbery Indeed. It's highway robbery. Easy way for them to make moolah out of us! I checked to see if RBC had any European partners and alas, they don't - they offer banking services in the USA as well as the Carribean so I'll just up my budget a bit more to include all the surcharges that will go with the ATM withdrawals! |
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Post by Eagle on Sept 27, 2006 13:01:49 GMT -5
I don't think there's any way of getting around the withdrawal fees. It seems like most banks are charging these, although I won't know for a month or so how much my financial institution has charged me for ATM withdrawals in Europe.
I suppose this is another example of "user pay", ironically being charged at a time when the Banks are recording record profits. The consumer gets it in the end (add your own pun here), as usual!!!
Cheers all!!!
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