Low-Cost ATM/Credit Cards Overseas?

[newt_101]

I'm planning on travelling all over the world in several months and was wondering what would be the best banks or credit cards to go with in terms of paying the lowest conversion rates and service charges.

I understand cash and travellers cheques may be easier, but I'd like to have a couple of credit cards and/or bank account active as well, for security and peace of mind.

I currently have a:

PC Financial Chequing Account
PC Financial Borrowing Account
PC Financial Mastercard
Royal Bank Platinum Visa

Anyone have any ideas?

Thanks and much appreciated,
Marco

[ifrit]

I use scotia bank card at Bank of America when I go to USA. They are partner and there don't charge fee. But they charge +2% exchange rate. You should check with your bank if they have any partner.

[charliebrown]

I use scotia bank card at Bank of America when I go to USA. They are partner and there don't charge fee. But they charge +2% exchange rate. You should check with your bank if they have any partner.

scotiabank partnership: http://www.scotiabank.com/cda/content/0,1608,CID4710_LIDen,00.html

other banks beside bank of america

[1226]

I'm planning on travelling all over the world in several months and was wondering what would be the best banks or credit cards to go with in terms of paying the lowest conversion rates and service charges.

I understand cash and travellers cheques may be easier, but I'd like to have a couple of credit cards and/or bank account active as well, for security and peace of mind.

I currently have a:

PC Financial Chequing Account
PC Financial Borrowing Account
PC Financial Mastercard
Royal Bank Platinum Visa

Anyone have any ideas?

Thanks and much appreciated,
Marco

According to this (http://www.redflagdeals.com/deals/main.php/articles/credit6) the lowest currency exchange commissions on CC's are with Citibank or Citizens Bank.

And I know I was able to use my Citizens Bank bank card overseas 4 times a month without a service charge. I definitely got charged a fee when I used my PC Financial bank card. Not sure about the conversion rates though. I would assume they're similar.

[randomdef]

I'm planning on travelling all over the world in several months and was wondering what would be the best banks or credit cards to go with in terms of paying the lowest conversion rates and service charges.

I understand cash and travellers cheques may be easier, but I'd like to have a couple of credit cards and/or bank account active as well, for security and peace of mind.

I currently have a:

PC Financial Chequing Account
PC Financial Borrowing Account
PC Financial Mastercard
Royal Bank Platinum Visa

Anyone have any ideas?

Thanks and much appreciated,
Marco

those will all work well depends on where you go. the rates are pretty universal, i didnt notice any different between the assraping from visa and mastercard, both hurt

[Pete_Coach]

Contrary to popular belief, cash and travellers cheques are not always the best to have. Cash in your pocket should be sufficient to get you through the immediate needs. Travellers cheques are a pain in the butt nowadays.
Credit cards should never be used to get cash, they charge huge interest as soon as you get the cash. If you pay your card off as soon as the bill comes, those card puchases will cost you very little. Exchange rates on the card is surprisingly often better than most banks or financial institutions.
If you need cash and your bank card is Plus, Cirrus or some other such internationally recognized system, then the usage fee will be between you and your bank (normally $5 plus the banks exchange rate).
I travel a lot for buisness (and pleasure) and find the credit card not only is convinent but, it really is a good way to track expenses. You can also check your card status and accounts online from anywhere. If you are on the road and do electronic banking, there will always be a way to make payments before the big interest rates kick you in the .....
To actually answer your question as to which is the best Bank, well, you know when we complain that the Gas companies are screwing us because the prices are always the same at all the stations? Banks, credit card companies etc feel very much like ESSO, Cheveon, Petro Can et al when it comes to you trying to find cheaper or better rates.

My 2 cents

[gleberental]

marco,

i used my pc mastercard all over uk & europe with no problem (although people were intrigued by the red magnetic strip on it)... but you should confirm what their foreign exchange fees are.
conventional wisdom has been that you get better exchange rates on cc transactions, but i think that many cards recently jacked up exchange rates, and added additional fees for foreign exchange transactions.

your pc bank cark will be USELESS because pc only allows access to interac bank machines, and interac is canada-ONLY!
...i used my credit union bank card because it allows use of Plus system ATMs, which i found throughout europe, including in eastern europe.
(credit unions also have good prices for travel insurance and traveler's cheques -- although i agree with the senitiment that they are a PAIN IN THE ASS to cash, even at banks!)

cheers,
michael

I'm planning on travelling all over the world in several months and was wondering what would be the best banks or credit cards to go with in terms of paying the lowest conversion rates and service charges.

I currently have a:

PC Financial Chequing Account
PC Financial Borrowing Account
PC Financial Mastercard
Royal Bank Platinum Visa

Anyone have any ideas?

Thanks and much appreciated,
Marco

[1226]

your pc bank cark will be USELESS because pc only allows access to interac bank machines, and interac is canada-ONLY!


Not totally true. My PC Financial bank card worked in Paris and I believe it will work anywhere the Cirrus logo is displayed. Check out under "membership": http://en.wikipedia.org/wiki/President%27s_Choice_Financial.

[newt_101]

Thanks a lot for all the help people.

Can someone explain to me what are types of 'credit union banks' so I can apply for an account there?

Marco

marco,

i used my pc mastercard all over uk & europe with no problem (although people were intrigued by the red magnetic strip on it)... but you should confirm what their foreign exchange fees are.
conventional wisdom has been that you get better exchange rates on cc transactions, but i think that many cards recently jacked up exchange rates, and added additional fees for foreign exchange transactions.

your pc bank cark will be USELESS because pc only allows access to interac bank machines, and interac is canada-ONLY!
...i used my credit union bank card because it allows use of Plus system ATMs, which i found throughout europe, including in eastern europe.
(credit unions also have good prices for travel insurance and traveler's cheques -- although i agree with the senitiment that they are a PAIN IN THE ASS to cash, even at banks!)

cheers,
michael

[newt_101]

I also just spoke with PC Financial and they informed me that even though it states that you can use their card on Cirrus networks, they don't guarantee it.

I don't want to be stuck halfway across the world with no way in which to get money, so any suggestions would be greatly appreciated.

[1226]

I also just spoke with PC Financial and they informed me that even though it states that you can use their card on Cirrus networks, they don't guarantee it.

I don't want to be stuck halfway across the world with no way in which to get money, so any suggestions would be greatly appreciated.

Well I know for a fact the PC Financial card works in Paris (on Cirrus), but it wouldn't hurt to have a backup. My Citizens Bank card (Plus) seemed to work everywhere and the Ultimate Savings Account (https://www.citizensbank.ca/Personal/Products/BankAccounts/UltimateSavingsAccount/) is even probably worth keeping after you get back.

[gleberental]

marco,

there are credit unions across canada. some are only for employees of a particular workplace, profession or group (e.g. National Defence employees, firefighters or ukranians).
...but most allow unaffiliated members. i, for example , am a member of the ottawa teachers credit union.

anyhoo, you'll have to pay some sort of membership. but this is usually in the form of member shares that can be refunded if you close the account.

the best part of the credit unions is that they are not-for-profit, member-centred financial institutions, not for-maximum-profit like the banks, so they often offer very competitive rates, and tend to provide more personal service.

the main drawback is that you can only use their ATMs for free, and they are not as commonplace as the big banks' ones.
...also, when i was abroad, i found that the way that they display the foreign currency transactions in my statement made it difficult to determine just what rate and fees were being charged. although when i looked at the total, it seemed about right.

to find a CU near you, check here:
http://cucentral.infonow.net/bin/findNow?CLIENT_ID=CU_CENTRAL_BRANCH_CAN

cheers,
michael

Thanks a lot for all the help people.

Can someone explain to me what are types of 'credit union banks' so I can apply for an account there?

Marco

[canrocks]

If you're only doing four transactions, then Citizens Bank's prices are pretty good; free, infact.

https://www.citizensbank.ca/SharedContent/documents/forms/ScheduleOfServiceCharges.pdf

Scotiabank's also pretty awesome, for a select few countries.

If you're into that kind of thing, bmo has some monthly fee bank accounts that offer included international transactions.
http://www4.bmo.com/vgn/images/portal/SYSTEM%20(Site)_81/BMO%20FG%20(Site)_35330/PCCG%20(Site)_35383/AirMiles_60106/6542864BBG_Retail_pages%20910.pdf

[newt_101]

Thanks a lot people.

I gained so much information from this thread, that in fact I DID sign up to Citizen Bank's Investment account as it offers me 4 free worldwide transactions per month and then a comparable price to any other bank afterwards.

Thanks more once,
Marco