Author Topic: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM  (Read 5509 times)

ctuser1

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I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« on: December 30, 2019, 07:24:38 AM »
The older kiddo finished a milestone in Khan Academy. So, as promised, we went on a road trip to Niagara Falls, on the Canadian side.

The trip itself was fabulous. The views from the hotel room were great (we had never stayed on the CA side before), we were upgraded to a fantastic suite on the top floor given they have so little traffic, and overall we enjoyed it very much.

My issue was when I tried to get some CA$ to tip everywhere (restaurants/hotel). I had recently got BofA Preferred Rewards Platinum Honors status. This allegedly comes with ATM fee withdrawal everywhere and seems to work fine in the US. So I thought the same would work in CA as well.

I withdrew CA$60 from the ATM in the Casino (no I was not gambling, I just went in for the ATM since it was connected indoor from the hotel).

In my bank account, I see they took out the following from my bank account:
1. US $49.55, as .... WITHDRWL ....
2. US $5, as ... WITHDRWL .... FEE

It's been a week. No fee refund to be seen in the online account, so I am not holding my breath.

US $49.55 X 1.31 = approximately CA $65.

So I paid a total fee of US$5+CA$5 for a cash withdrawal of $60.

Holy @#%$@!

Facepunch away as you see fit. But I'd also appreciate if you could please give me some more practical suggestions what to do on our fairly frequent road trips to CA (maybe once a year) when we need some CA $$ for local spending.

Roland of Gilead

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #1 on: December 30, 2019, 07:27:15 AM »
Walk into a branch of your bank on the USA side and go to a teller and ask them if they can provide you a withdrawal in Canadian dollars.  I was able to do this at a Wells Fargo for Euros and maybe they would be able to do it for Canadian dollars as well.

Alternatively, buy something with cash at your local Costco in the USA and then return it for a refund at a Canadian Costco

LOL

acepedro45

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #2 on: December 30, 2019, 07:40:19 AM »
If it bothers you that much, you can also call them and ask them to credit back the fee as a courtesy. They will almost certainly do it.

frugalnacho

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #3 on: December 30, 2019, 10:25:29 AM »
Once way back when I banked with TCF I stopped at an ATM in a 7-11 near my house to withdraw money.  I checked my balance, then I went to withdraw and was prompted with some enormous fee like $5 to withdraw, so I declined.  Later I noticed on my statement that they charged me $3 just to check my balance.  I called TCF and asked to reverse the charge, and they gave me the run around.  The convo went something like this:

Me: I'd like to have that $3 fee reversed.
TCF: We can't do that, it's not our ATM.
Me: What do you mean? I've been using that ATM for 5 years and never encountered a fee.
TCF: It's owned by a 3rd party.
Me: How am I supposed to know that? It's not new, and none of the labeling on it is new.  It looks identical to what it has looked like the previous 5 years. It still says TCF on it.
TCF: Yea, but it has a new owner now.
Me: Yea I heard you, but how am I supposed to know that? Also I was never prompted that I would have to pay a $3 fee simply to check my balance.  That's ridiculous and I would never (and still don't) agree to that.
TCF: New owner, not our problem.
Me: WTF man? How is it legal to charge me for checking my balance without ever notifying me that you're (or whoever is doing the charging) going to charge me? Also how the fuck am I supposed to know what a "legit" TCF ATM is if you just transfer ownership to a third part and don't remove your label?  How can I ever be confident using an ATM that isn't located within an actual branch?
TCF: New owner, not our problem.
Me: Then take your goddamn logo off the ATM! Or force the new owner to before you transfer ownership!

I had to call back a few times and they finally agreed to refund the charge, but they still insisted it wasn't their ATM and it wasn't their problem and they were only doing it as a courtesy.  I've never used that ATM since them.  I stopped using TCF entirely shortly after that.  What a terrible bank.  Hopefully BoA is much better about reversing the fee for you. 

jinga nation

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #4 on: December 30, 2019, 11:30:46 AM »
@ctuser1 use this site: https://locators.bankofamerica.com/international.html

I've used ScotiaBank in Canada, and Barclays in the UK without getting hit by fees.

Quote
Use your Bank of America ATM or debit card at one of our International partner ATMs and avoid the non-Bank of America ATM $5 usage fee for each withdrawal, transfer or balance inquiry as well as the ATM operator access fee.

Quote
Bank of America will assess an international transaction fee of 3% of the converted US dollar amount. Foreign ATM operators may offer to do your currency conversion for you, but they may charge a higher fee for conversion. To insure that your currency conversion does not incur a fee higher than 3%, you may refuse the ATM operator's offer to convert the amount of the transaction.

JLee

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #5 on: December 30, 2019, 11:41:12 AM »
Can you get this account in Canada? Charles Schwab refunds ATM fees. https://www.schwab.com/checking

FIPurpose

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #6 on: December 30, 2019, 12:17:03 PM »
I've withdrawn money from ATM's worldwide (I've done both Canada and a country in Africa) with USAA and they have always paid for all ATM fees. I know they have a limit for how much they'll reimburse, but I've never hit it.

honeybbq

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #7 on: December 30, 2019, 12:47:46 PM »
Once way back when I banked with TCF I stopped at an ATM in a 7-11 near my house to withdraw money.  I checked my balance, then I went to withdraw and was prompted with some enormous fee like $5 to withdraw, so I declined.  Later I noticed on my statement that they charged me $3 just to check my balance.  I called TCF and asked to reverse the charge, and they gave me the run around.  The convo went something like this:

Me: I'd like to have that $3 fee reversed.
TCF: We can't do that, it's not our ATM.
Me: What do you mean? I've been using that ATM for 5 years and never encountered a fee.
TCF: It's owned by a 3rd party.
Me: How am I supposed to know that? It's not new, and none of the labeling on it is new.  It looks identical to what it has looked like the previous 5 years. It still says TCF on it.
TCF: Yea, but it has a new owner now.
Me: Yea I heard you, but how am I supposed to know that? Also I was never prompted that I would have to pay a $3 fee simply to check my balance.  That's ridiculous and I would never (and still don't) agree to that.
TCF: New owner, not our problem.
Me: WTF man? How is it legal to charge me for checking my balance without ever notifying me that you're (or whoever is doing the charging) going to charge me? Also how the fuck am I supposed to know what a "legit" TCF ATM is if you just transfer ownership to a third part and don't remove your label?  How can I ever be confident using an ATM that isn't located within an actual branch?
TCF: New owner, not our problem.
Me: Then take your goddamn logo off the ATM! Or force the new owner to before you transfer ownership!

I had to call back a few times and they finally agreed to refund the charge, but they still insisted it wasn't their ATM and it wasn't their problem and they were only doing it as a courtesy.  I've never used that ATM since them.  I stopped using TCF entirely shortly after that.  What a terrible bank.  Hopefully BoA is much better about reversing the fee for you.

Damn. That would have been the day I closed all my accounts with that bank.

frugalnacho

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #8 on: December 30, 2019, 01:32:27 PM »
Once way back when I banked with TCF I stopped at an ATM in a 7-11 near my house to withdraw money.  I checked my balance, then I went to withdraw and was prompted with some enormous fee like $5 to withdraw, so I declined.  Later I noticed on my statement that they charged me $3 just to check my balance.  I called TCF and asked to reverse the charge, and they gave me the run around.  The convo went something like this:

Me: I'd like to have that $3 fee reversed.
TCF: We can't do that, it's not our ATM.
Me: What do you mean? I've been using that ATM for 5 years and never encountered a fee.
TCF: It's owned by a 3rd party.
Me: How am I supposed to know that? It's not new, and none of the labeling on it is new.  It looks identical to what it has looked like the previous 5 years. It still says TCF on it.
TCF: Yea, but it has a new owner now.
Me: Yea I heard you, but how am I supposed to know that? Also I was never prompted that I would have to pay a $3 fee simply to check my balance.  That's ridiculous and I would never (and still don't) agree to that.
TCF: New owner, not our problem.
Me: WTF man? How is it legal to charge me for checking my balance without ever notifying me that you're (or whoever is doing the charging) going to charge me? Also how the fuck am I supposed to know what a "legit" TCF ATM is if you just transfer ownership to a third part and don't remove your label?  How can I ever be confident using an ATM that isn't located within an actual branch?
TCF: New owner, not our problem.
Me: Then take your goddamn logo off the ATM! Or force the new owner to before you transfer ownership!

I had to call back a few times and they finally agreed to refund the charge, but they still insisted it wasn't their ATM and it wasn't their problem and they were only doing it as a courtesy.  I've never used that ATM since them.  I stopped using TCF entirely shortly after that.  What a terrible bank.  Hopefully BoA is much better about reversing the fee for you.

Damn. That would have been the day I closed all my accounts with that bank.

I wasn't happy about it, but switching banks was a PITA so I didn't want to do it.  Shortly after that they introduced a $9.95 monthly maintenance fee for their "totally free" checking accounts.  I went and stood in line with a lot of other people to close my account as soon as I got that statement though.  I knew several other people that also terminated their accounts with TCF at the same time.  I have no idea how they are even still around with shenanigans like that.  I've been much happier at my local credit union. 

Xlar

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #9 on: December 30, 2019, 04:02:43 PM »
Can you get this account in Canada? Charles Schwab refunds ATM fees. https://www.schwab.com/checking

I second this option. I opened this account just for the ability to refund all ATM fees during international travel.

JoJo

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #10 on: December 30, 2019, 04:23:52 PM »
I got you beat... I took out $25 in Argentina (off by a decimal point) and it cost $12!   In hindsight, the most you can get out of the ATM there is about $75, and you have to pay a $12 for that too.

HSBC ATM.

Roland of Gilead

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #11 on: December 31, 2019, 07:13:12 AM »
I got you beat... I took out $25 in Argentina (off by a decimal point) and it cost $12!   In hindsight, the most you can get out of the ATM there is about $75, and you have to pay a $12 for that too.

HSBC ATM.

And the bad thing about Argentina is that by the time you walk back to your car after taking out the $25, it is worth $12.

bluebelle

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #12 on: December 31, 2019, 08:19:24 AM »
I'm curious - do US banks hold Canadian currency?  I presume some close to the border do.....in Canada, every bank has US funds, heck most have US dollar bank accounts and credit cards.    At the very least, I assume that your bank could get Canadian currency if you pre-ordered it.

If your bank can't accommodate,  most hotels will exchange US $ for Canadian, and there are exchange places at every border crossing, you won't get the best exchange rate, but better than those ATM fees.....heck, you could probably walk into any Canadian bank and exchange US $ for Canadian ones.

Dave1442397

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #13 on: December 31, 2019, 12:40:50 PM »
I didn't even bother getting Canadian currency when visiting Niagara Falls. Everyone took US dollars or credit cards. I just made sure I used a card that doesn't charge conversion fees.


Missy B

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #14 on: December 31, 2019, 09:56:18 PM »
I'm curious - do US banks hold Canadian currency?  I presume some close to the border do.....in Canada, every bank has US funds, heck most have US dollar bank accounts and credit cards.    At the very least, I assume that your bank could get Canadian currency if you pre-ordered it.

If your bank can't accommodate,  most hotels will exchange US $ for Canadian, and there are exchange places at every border crossing, you won't get the best exchange rate, but better than those ATM fees.....heck, you could probably walk into any Canadian bank and exchange US $ for Canadian ones.

This. I live in a large city on the Canadian side of the border. The grocery store I shop at takes US cash, the hotel I worked at exchanged US cash, and I and every service-type person I know is more than happy to accept US $ for tips. I don't know what kind of charges you might get for exchanging at a bank without an account, but the Big 6 *all* have US cash in their branches because they have US $ accounts.

Not sure what the OP would need cash for (where they can't use their credit card instead) but I wouldn't change cash just for tip money. I really appreciated being tipped in US, even though I don't cross the border much.

bluebelle

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #15 on: January 01, 2020, 12:04:16 AM »
This. I live in a large city on the Canadian side of the border...I and every service-type person I know is more than happy to accept US $ for tips.... I really appreciated being tipped in US, even though I don't cross the border much.

So interesting to read this.
I would have expected to be considered a rude, arrogant American thinking their currency is wanted everywhere. And yes, I have gone out of my way to have local currency when traveling.
Maybe next time (February) I'll take the easier path.

Thanks for sharing your perspective.
I think it depends on where in Canada it is....a border city - they have US cash floating around all the time, and probably cross into the US often, so they are happy enough to get US cash as tips, someplace a few hundred miles from the border, not so much.   I think you're safer to tip in Canadian funds if you're not in a border city, but that's just my opinion.

ender

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #16 on: January 01, 2020, 11:18:58 AM »
I wasn't happy about it, but switching banks was a PITA so I didn't want to do it.  Shortly after that they introduced a $9.95 monthly maintenance fee for their "totally free" checking accounts.  I went and stood in line with a lot of other people to close my account as soon as I got that statement though.  I knew several other people that also terminated their accounts with TCF at the same time.  I have no idea how they are even still around with shenanigans like that.  I've been much happier at my local credit union.

TCF is a bank I cannot believe still exists given how common this type of experience is with them.

Peachtea

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #17 on: January 01, 2020, 12:52:12 PM »
Can you get this account in Canada? Charles Schwab refunds ATM fees. https://www.schwab.com/checking

I second this option. I opened this account just for the ability to refund all ATM fees during international travel.

+1 Charles Schwab I love being able to travel anywhere and have atm fees refunded. Also love being able to use whatever atm I want to at home too.

frugalnacho

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #18 on: January 01, 2020, 02:30:36 PM »
I wasn't happy about it, but switching banks was a PITA so I didn't want to do it.  Shortly after that they introduced a $9.95 monthly maintenance fee for their "totally free" checking accounts.  I went and stood in line with a lot of other people to close my account as soon as I got that statement though.  I knew several other people that also terminated their accounts with TCF at the same time.  I have no idea how they are even still around with shenanigans like that.  I've been much happier at my local credit union.

TCF is a bank I cannot believe still exists given how common this type of experience is with them.

I know they are calculated moves. Their objective isn't "how can we be a good bank?" It's "how can we maximize profits?"

So I'm sure someone said "hey let's introduce a $9.95 monthly maintenance fee" and someone else was like "we will lose customers!" And then they were like "yea, but some people won't notice or care and we'll be able to make more profit overall! Q4 will be amazing! Lumberg's stock will go up a quarter of a percent." And then everyone else was "oh yeah, fuck our loyal customers!" And then they all started jerking each other off.  At least that's how I imagine it went down at the TCF main office.

ctuser1

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #19 on: January 02, 2020, 07:13:22 AM »
@ctuser1 use this site: https://locators.bankofamerica.com/international.html

I've used ScotiaBank in Canada, and Barclays in the UK without getting hit by fees.

Quote
Use your Bank of America ATM or debit card at one of our International partner ATMs and avoid the non-Bank of America ATM $5 usage fee for each withdrawal, transfer or balance inquiry as well as the ATM operator access fee.

Quote
Bank of America will assess an international transaction fee of 3% of the converted US dollar amount. Foreign ATM operators may offer to do your currency conversion for you, but they may charge a higher fee for conversion. To insure that your currency conversion does not incur a fee higher than 3%, you may refuse the ATM operator's offer to convert the amount of the transaction.

Thank you. I will explore this in future.

Can you get this account in Canada? Charles Schwab refunds ATM fees. https://www.schwab.com/checking

I second this option. I opened this account just for the ability to refund all ATM fees during international travel.

Thanks. This looks tempting too.

DW just changed jobs and it looks like her 401k is going to be at Schwab. Do you happen to know if they let you have a fee-free checking account with debit card if you just have a workplace 401k?

I primarily use Fidelity right now. They also claim that they reimburse all ATM fees if you are a premier client (i.e. assets > $250k). But they charge a 1% fee for foreign withdrawals.

JLee

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #20 on: January 02, 2020, 02:01:25 PM »
@ctuser1 use this site: https://locators.bankofamerica.com/international.html

I've used ScotiaBank in Canada, and Barclays in the UK without getting hit by fees.

Quote
Use your Bank of America ATM or debit card at one of our International partner ATMs and avoid the non-Bank of America ATM $5 usage fee for each withdrawal, transfer or balance inquiry as well as the ATM operator access fee.

Quote
Bank of America will assess an international transaction fee of 3% of the converted US dollar amount. Foreign ATM operators may offer to do your currency conversion for you, but they may charge a higher fee for conversion. To insure that your currency conversion does not incur a fee higher than 3%, you may refuse the ATM operator's offer to convert the amount of the transaction.

Thank you. I will explore this in future.

Can you get this account in Canada? Charles Schwab refunds ATM fees. https://www.schwab.com/checking

I second this option. I opened this account just for the ability to refund all ATM fees during international travel.

Thanks. This looks tempting too.

DW just changed jobs and it looks like her 401k is going to be at Schwab. Do you happen to know if they let you have a fee-free checking account with debit card if you just have a workplace 401k?

I primarily use Fidelity right now. They also claim that they reimburse all ATM fees if you are a premier client (i.e. assets > $250k). But they charge a 1% fee for foreign withdrawals.

I don't have any investment assets with Schwab and the checking account is free for me.

ctuser1

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #21 on: January 04, 2020, 12:48:37 PM »
I don't have any investment assets with Schwab and the checking account is free for me.

Thank you for your recommendation.

I tried to open one, but turns out it is a no-go for me for a weird and esoteric reason.

Schwab checking can not be opened without a brokerage account. It does not matter if you don't want to trade - they will open a brokerage account for you. At least that is what both the Schwab rep's I spoke with told me. I asked for a workaround *without* the brokerage - but that seems to be a no-go.

Now, I need to declare and pre-clear all financial accounts with my employer. This is so that my employer can monitor any insider trading etc.

The Schwab "brokerage" got declined, it is not one of the preferred brokerages in the US for taxable stuff! Schwab would have been kosher if I was an employee based out of UK/Australia/Singapore - basically anywhere other than the US!

I looooove fr*ggin bureaucracy!
« Last Edit: January 04, 2020, 12:50:37 PM by ctuser1 »

nancyjnelson

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #22 on: January 08, 2020, 05:14:01 PM »
I'm currently spending some time in Ecuador and was happy to find out their official currency is the USD$.  I assumed this would mean it would be easy to get currency from my U.S. accounts; I was wrong.  An official money exchange office informed me I would have to pay a $65 fee for them to give me $200 (even though it would be dollars to dollars).  I declined.  Many other bank ATMs would not process my card, even though they claimed to be members of the same financial network as my card.  I was beginning to panic when I finally I found that ATMs from the Bank of Guayaquil (I'm in Quito) would let me withdraw cash for a relatively low 5% fee.  While this is aside from the 0.8% foreign transaction fee charged by the credit card company, I still feel lucky.

When traveling in Europe last year, mobile payments were widely accepted.  I soon found out that when I used Apple Pay, there were no foreign transaction fees (or transaction fees of any type) levied by any party - payment was made/processed/accepted as if I had purchased something in a store in the U.S. 


raincoast

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #23 on: January 08, 2020, 10:26:55 PM »
This. I live in a large city on the Canadian side of the border...I and every service-type person I know is more than happy to accept US $ for tips.... I really appreciated being tipped in US, even though I don't cross the border much.

So interesting to read this.
I would have expected to be considered a rude, arrogant American thinking their currency is wanted everywhere. And yes, I have gone out of my way to have local currency when traveling.
Maybe next time (February) I'll take the easier path.

Thanks for sharing your perspective.
I think it depends on where in Canada it is....a border city - they have US cash floating around all the time, and probably cross into the US often, so they are happy enough to get US cash as tips, someplace a few hundred miles from the border, not so much.   I think you're safer to tip in Canadian funds if you're not in a border city, but that's just my opinion.

Border towns, big cities, and any place that gets a lot of tourists will be prepared to take US $ (Whistler, Banff, etc.). Sometimes where I live (Vancouver) businesses have the US $ exchange rate posted on the cash register. It's almost always worse than the exchange rate your bank will give you if you use your credit card, and you will probably get change in Canadian $, but almost everyone will take it. Except in Quebec.

As for tipping, I'm sure people who work in the service industry in these locations frequently get US $ tips. It's not really any harder for them to deposit US tips in their bank accounts, but they probably prefer to get tipped in Canadian.

Goldielocks

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #24 on: February 29, 2020, 10:47:14 AM »
Retailers that take foreign currency give a lot less for exchange rate, don't accept coin, and you Cdn in change, back.  But it is convenient, and the exchange rate means that the goods are still cheaper.

For reasonable exchange rates, I have found that our local payday loan place, is, ironically, one of the cheapest and best values for cash to cash exchanges for amounts less than $500.   

It is on par with the less expensive, hard to find because they are in a stripmall in suburbia (i.e. not at the airport or tourist areas) cash exchange places.   The spread was about half of what the banks were taking on thier "no fee" cash exchanges.

All casinos charge at least $5 for withdrawals, because they have a captive, desparate client base.  This is not an ATM fee by the banking system.

TheGrimSqueaker

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #25 on: March 02, 2020, 11:52:19 AM »
Retailers that take foreign currency give a lot less for exchange rate, don't accept coin, and you Cdn in change, back.  But it is convenient, and the exchange rate means that the goods are still cheaper.

For reasonable exchange rates, I have found that our local payday loan place, is, ironically, one of the cheapest and best values for cash to cash exchanges for amounts less than $500.   

It is on par with the less expensive, hard to find because they are in a stripmall in suburbia (i.e. not at the airport or tourist areas) cash exchange places.   The spread was about half of what the banks were taking on thier "no fee" cash exchanges.

All casinos charge at least $5 for withdrawals, because they have a captive, desparate client base.  This is not an ATM fee by the banking system.

Once, in a strip club (not a strip mall) I saw an ATM charging $8 per cash withdrawal. It was a fairly surreal place and so the ATM seemed to me to be the only real thing in the entire place. Everything else was airbrushed, surgically enhanced, synthetic, or otherwise fake.

Chris22

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #26 on: March 02, 2020, 02:10:31 PM »
Yes, casinos and strip clubs have usurious ATM fees because they have a captive audience who ďneedĒ cash and are willing to spend to get it, often under the influence. Those are the two worst places in the world to withdraw money.

ctuser1

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #27 on: August 29, 2020, 08:14:48 AM »
I don't have any investment assets with Schwab and the checking account is free for me.

Thank you for your recommendation.

I tried to open one, but turns out it is a no-go for me for a weird and esoteric reason.

Schwab checking can not be opened without a brokerage account. It does not matter if you don't want to trade - they will open a brokerage account for you. At least that is what both the Schwab rep's I spoke with told me. I asked for a workaround *without* the brokerage - but that seems to be a no-go.

Now, I need to declare and pre-clear all financial accounts with my employer. This is so that my employer can monitor any insider trading etc.

The Schwab "brokerage" got declined, it is not one of the preferred brokerages in the US for taxable stuff! Schwab would have been kosher if I was an employee based out of UK/Australia/Singapore - basically anywhere other than the US!

I looooove fr*ggin bureaucracy!

Necro-posting to provide a *good* update that was triggered by this thread. I had petitioned the powers-that-be that a Schwab account should be allowed. After much back and forth over several months, they agreed that I can have a Schwab checking (which automatically comes with a brokerage) as long as the associated brokerage is operationally restricted to disallow trading of almost everything that trades.

Thank you @JLee, @Xlar, @Peachtea for the Schwab recommendation. I'm now a proud joint-owner (with DW), since yesterday, of a Schwab checking + brokerage account. The account is still not 100% up and running. I was told it will take a few days to get fully activated after putting all the "operational restrictions" in place.

-------------------------------------

Question,

1. how much minimum balance do you guys keep in Schwab?
2. Do you use this as your primary checking (I use DCU for that purpose)?
3. Is there any problem with leaving the account dormant?

Thanks


BTDretire

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #28 on: August 30, 2020, 06:50:53 PM »
ATM, hmm, I think the last time I used one was around 1985.

Paul der Krake

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #29 on: August 30, 2020, 08:02:58 PM »
I don't have any investment assets with Schwab and the checking account is free for me.

Thank you for your recommendation.

I tried to open one, but turns out it is a no-go for me for a weird and esoteric reason.

Schwab checking can not be opened without a brokerage account. It does not matter if you don't want to trade - they will open a brokerage account for you. At least that is what both the Schwab rep's I spoke with told me. I asked for a workaround *without* the brokerage - but that seems to be a no-go.

Now, I need to declare and pre-clear all financial accounts with my employer. This is so that my employer can monitor any insider trading etc.

The Schwab "brokerage" got declined, it is not one of the preferred brokerages in the US for taxable stuff! Schwab would have been kosher if I was an employee based out of UK/Australia/Singapore - basically anywhere other than the US!

I looooove fr*ggin bureaucracy!
If fidelity is an approved broker at your work, their cash management account also has free international ATM withdrawals.

ctuser1

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #30 on: August 30, 2020, 08:12:46 PM »
If fidelity is an approved broker at your work, their cash management account also has free international ATM withdrawals.

I avoided using Fidelity because it has a 1% foreign transaction fee. Schwab does not have that.

I've almost got a Schwab account now :-). It is approved already at my employer, and the account should be fully operational within the next week or so. So this should become a non-issue after that.

ATM, hmm, I think the last time I used one was around 1985.

:D

I find them very handy when on foreign trips, even on driving trips to Canada (which we used to do quite often pre-pandemic).
« Last Edit: August 30, 2020, 08:18:50 PM by ctuser1 »

Paul der Krake

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #31 on: August 30, 2020, 08:27:13 PM »
The 1% fee on the fidelity card is only for purchases, not ATM withdrawals, for whatever reason.

Here is an article corroborating this:
https://www.uscreditcardguide.com/fidelity-visa-gold-check-card-no-atm-fee-wordwide-en/

ctuser1

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #32 on: August 30, 2020, 08:48:08 PM »
The 1% fee on the fidelity card is only for purchases, not ATM withdrawals, for whatever reason.

Here is an article corroborating this:
https://www.uscreditcardguide.com/fidelity-visa-gold-check-card-no-atm-fee-wordwide-en/

Thx. Did not know that.

I have two options now!!



JLee

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #33 on: September 08, 2020, 10:12:48 AM »
I don't have any investment assets with Schwab and the checking account is free for me.

Thank you for your recommendation.

I tried to open one, but turns out it is a no-go for me for a weird and esoteric reason.

Schwab checking can not be opened without a brokerage account. It does not matter if you don't want to trade - they will open a brokerage account for you. At least that is what both the Schwab rep's I spoke with told me. I asked for a workaround *without* the brokerage - but that seems to be a no-go.

Now, I need to declare and pre-clear all financial accounts with my employer. This is so that my employer can monitor any insider trading etc.

The Schwab "brokerage" got declined, it is not one of the preferred brokerages in the US for taxable stuff! Schwab would have been kosher if I was an employee based out of UK/Australia/Singapore - basically anywhere other than the US!

I looooove fr*ggin bureaucracy!

Necro-posting to provide a *good* update that was triggered by this thread. I had petitioned the powers-that-be that a Schwab account should be allowed. After much back and forth over several months, they agreed that I can have a Schwab checking (which automatically comes with a brokerage) as long as the associated brokerage is operationally restricted to disallow trading of almost everything that trades.

Thank you @JLee, @Xlar, @Peachtea for the Schwab recommendation. I'm now a proud joint-owner (with DW), since yesterday, of a Schwab checking + brokerage account. The account is still not 100% up and running. I was told it will take a few days to get fully activated after putting all the "operational restrictions" in place.

-------------------------------------

Question,

1. how much minimum balance do you guys keep in Schwab?
2. Do you use this as your primary checking (I use DCU for that purpose)?
3. Is there any problem with leaving the account dormant?

Thanks

I leave $200 in it - it's not primary checking and has very little activity.

Peachtea

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Re: I just paid US$5 + CA$5 in fees to withdraw CA$60 from ATM
« Reply #34 on: September 13, 2020, 10:17:03 AM »
I don't have any investment assets with Schwab and the checking account is free for me.

Thank you for your recommendation.

I tried to open one, but turns out it is a no-go for me for a weird and esoteric reason.

Schwab checking can not be opened without a brokerage account. It does not matter if you don't want to trade - they will open a brokerage account for you. At least that is what both the Schwab rep's I spoke with told me. I asked for a workaround *without* the brokerage - but that seems to be a no-go.

Now, I need to declare and pre-clear all financial accounts with my employer. This is so that my employer can monitor any insider trading etc.

The Schwab "brokerage" got declined, it is not one of the preferred brokerages in the US for taxable stuff! Schwab would have been kosher if I was an employee based out of UK/Australia/Singapore - basically anywhere other than the US!

I looooove fr*ggin bureaucracy!

Necro-posting to provide a *good* update that was triggered by this thread. I had petitioned the powers-that-be that a Schwab account should be allowed. After much back and forth over several months, they agreed that I can have a Schwab checking (which automatically comes with a brokerage) as long as the associated brokerage is operationally restricted to disallow trading of almost everything that trades.

Thank you @JLee, @Xlar, @Peachtea for the Schwab recommendation. I'm now a proud joint-owner (with DW), since yesterday, of a Schwab checking + brokerage account. The account is still not 100% up and running. I was told it will take a few days to get fully activated after putting all the "operational restrictions" in place.

-------------------------------------

Question,

1. how much minimum balance do you guys keep in Schwab?
2. Do you use this as your primary checking (I use DCU for that purpose)?
3. Is there any problem with leaving the account dormant?

Thanks

DH and I use it as our primary checking due to all the benefits and to keep things simple. We first just used it as an auxiliary account for going abroad, but when we returned we found that we always pulled cash from that account because there was no worry on even the most outrageous atm fees. We also liked the platform, so we later consolidated other accts to it. We often have very low balances, like $150, because we move money quickly to our investment accounts. But since itís our primary checking and we use the brokerage acct now, itís definitely not dormant.