Save your money! Photo: Rick's Photostream/Flickr
Written by: Julie Ovenell-CarterI blogged about this a few months back, but the topic of how to save on ATM fees came up the other day at work while everyone was talking about summer holiday plans, so I think it’s worth reposting this tip:
You already know it’s easy and convenient to use your ATM card to get local currency when you’re on the road, but have you ever added up those “convenience fees” to see how much of a dent it’s making in your travel budget? On a recent three-week trip to France, I racked up almost $50 in ATM fees–money I’d rather have spent on French wine, thanks all the same.
For Canadians, it doesn’t have to be that way: Citizens Bank of Canada, an online subsidiary of Vancity, the country’s largest credit union, has a terrific product for budget-conscious travellers. Sign up for their unique Global Chequing Account and you won’t get dinged for international withdrawals. In fact, you won’t pay fees for anything, including ordering cheques, paying bills, or using your debit card. And best of all? No minimum balance required. It’s a no-strings-attached good deal–even if you only travel now and then.
So that’s a great deal for Canadians heading outside the country–but do these sorts of accounts exist elsewhere? Is there something similar for people heading to Canada? If you live outside Canada and know of a similar account at your local bank, please share it here?
Update August 6, 2009: Citizens Bank has just announced that they’re getting out of the personal banking business. Bummer. I’ll keep you posted about whether VanCity–or any other Canadian bank–picks up this great product…
Richard Smith
on July 5th, 2009Wow. Thanks, Julie. This is exactly what I need, and will be using this on my trip to France in the fall. I’ve just signed up. I don’t know if Citizen’s Bank rewards you for these referrals, but they should!
Stuart Colcleugh
on July 5th, 2009Wow is right. I may just have to look into this too. I wonder if my bank — Citizen’s parent Vancity — offers something similar.
Julie Ovenell-Carter
on July 5th, 2009Hey Stu,
nope–you can only get this one through Citizens. I bank with Vancity mostly, but decided it was worth it to keep this account at Citizens just for the travel benefits…
Julie Ovenell-Carter
on July 5th, 2009Hi Richard,
No, sadly: no kickbacks for me! But even so I’m happy to recommend this account wholeheartedly–I’ve had it for about a year now and it’s saved me a bundle.
(And if you’re interested, please check out my disclosure statement here…)
Ellen
on July 5th, 2009Bank of America has reciprocal with many banks throughout the world -no fees at those bank’s atm’s, just have to find the bank in the city you are in. Find the complete listing at BofA.com.
Julie Ovenell-Carter
on July 5th, 2009Thanks Ellen…that’s helpful to know!
Hilary and Robin
on July 6th, 2009Hi Julie,
I have a feeling that as RBC gold card holders, we don’t pay these fees. I will check the bank to see if what I remember is correct. Thanks for the tip. Hilary
Basil
on August 5th, 2009Yes, that International no fees account at Citizens bank was great. Was. It will be no longer as Citizens bank is shutting down it’s savings and loans. Too bad, besides the “no fees” Citizens bank was simply the best bank I’ve ever dealt with… by far.
So, are there any similar products available in Canada at other banks?
Julie Ovenell-Carter
on August 7th, 2009Hi Basil,
I know, I too was really disappointed to find out that Citizens Bank will be selling off its savings-and-loan section of the business. I don’t know of any similar products at Canadian banks, but I’ll fish around and post here if there’s something else similar…