Best way to access Canadian funds from BA

[meligon]

Hi there,

Can anyone provide guidance on the most cost effective way to gain access to your money in Canada from BA? I understand bringing US dollars will be best but I am travelling for a few months and would prefer not to walk to a stash of US cash. Are tourists using their ATM card/Visa? I'm trying to determine the best option taking into account the exchange rates and bank fees.

Thanks

 

[RichardP]

I get charged 17.5 pesos each time I use an ATM in Buenos Aires as well as a small fee from my bank in the US. You should have no problems with a Visa card or ATM here but it's good to have a reserve on US dollars as ATM's are sometimes out of cash on weekends and you may have to walk around town to find one that is stocked. Many places will accept US dollars.

 

[harrisonba]

I use ATM's ("Banelco") to access my money in Canada. There is a 1000 peso limit/transaction, but some banks will let you take out a second 1000 pesos right away in a second transaction (and with a second service charge). Banelco will charge 17 pesos for this, and on top of this your bank will charge whatever service charge you pay for international withdrawals.

Three days ago I took 1000 pesos out of my CIBC account. Including the Banelco service charge (but excluding the home bank service charge), it converted to C$249.94.

I make as many purchases as I can on American Express. They just convert it straight across at a good rate with no extra international currency exchange charge (as I understand they charge on US-issued cards).

The difficulty with credit cards is that the larger chain stores insist on seeing your original passport to use them, which I'm not about to carry around with me. Most of the time a driver's licence will work as ID with retail purchases (just hand it over with your credit card, as you will be asked for some sort of ID). I have never once been asked for ID when using a credit card in a restaurant.

 

[jb5]

Open an account with HSBC or Citibank. Then use their ATM card at branches here with no fee. Charles Schwab also has no fee ATM cards, but I think it has limited withdrawals.

 

[harrisonba]

I had a huge fight with HSBC Canada. They initially said there would be no service charges at HSBC branches, but I was charged. Then I called them on it and dug up some exclusion for Argentina. I had written confirmation in an email before I left, but it was a huge hassle following up for refunds, etc.

 

[Mahara]

I also have an HSBC card and there are fees at both ends - in Argentina and at home. It is free to bank within Canada, but not internationally.

It's not possible for Canadians to open a bank acccount with Citibank from Argentina. There is only a couple of branches in Canada and you have to do it there.

This is truly a problem for Canadians, and probably Europeans. We don't have access to US Funds on a regular basis, even though we have US dollar accounts in our Canadian banks. For example, I receive US cheques for my book but must deposit in person, not through a bank machine.

 

[meligon]

Ok thanks everyone. It seems so complicated and unfortunate as we lose no matter which method of payment we use. I'm thinking of using email banking, emailing money to someone in Canada who will convert the money to US at a Calforex exhange, then they will send the money using RIA money transfer, it's the spanish version of Western Union. Ever tried this?

 

[Zissou]

RIA or Western Union strikes me as being more costly...usually there are pretty steep fees associated to international transfers if they are over a certain amount. However it is worth looking into! I'm also constantly paying huge bank fees. I think from now on I am going to have US cash sent via friends etc as much as possible -- I primarily bank with CIBC and they have some ATMs that will dispense US cash regardless of whether you have a US account or not.

 

[syngirl]

I have my account with TD -- I can't remember what kind of acct it is off hand -- just look on their website though -- the one I have has no charges on withdrawals at foreign bank machines -- a little perk that I didn't realise at the time would save me $$$s over the years in BA -- I do still get charged the 17.?? pesos from the bank machine here, but at least I don't also get hit with charges by the bank back home.

 

[jb5]

Sorry, didn't realize HSBC charged fees on some accounts. If you're a Premier member it's free, There's a minimum deposit and I'm not sure what it is.