Saving money to travel the world is a challenge. And, once you are on your trip, you do not want to give your hard-saved money away to the banks in fees! We explored the different fees from 3 of our Canadian Banks along with Visa and Mastercard. Here is what we found:
President’s Choice (PC) Financial – Debit Card
- ATM – $3.00 per withdrawal – 2.5% admin fee for amount withdrawn
- If the word Plus is on the ATM – the machine should work
- PC Master Card – exchange rate + 2.5% of purchase price
- cash transaction – $5 fee to use +interest rate that starts immediately
*Tip-write down the numbers for lost or stolen cards and keep them in a separate location
TD Canada Trust
- Sign up for a TD Debit Visa Card – more acceptable internationally and can be verified by Visa
- ATM – $1.50 – 5.00 per withdrawal – depends on the location
- TD all inclusive banking plan
- $29.95 a month – will cover all international fees
- If you maintain a balance of $5000 +, the $29.95 fee will be waived – below $5000 will be charged
*Tip: call the bank every3 months – keep the bank informed as to where we are located
CIBC
- exchange rate + 2.5% on amount purchased
- cash withdrawal – $5 transaaction – 2.5% on amount withdrawn interest charges