International ATM / ABM fees for Canadians

[canadien]

I have been looking to reduce my foreign ATM/ABM fees when using my Canadian debit or credit card overseas, specifically, in Argentina.

It is important to take into consideration not just the ATM fee charged by your Canadian bank, but also the exchange rate administrative fee charged by most Canadian banks.

This is what I have come up with for my bank (CIBC), my soon to be new bank (ING) and for PC financial.

(I do not include here what the local bank that owns the ATM/ABM might charge as a fee)

withdrawing $300 CAD :

CIBC : $5 atm fee plus 2,5% exchange rate fee $7.50 = TOTAL $12.50

PC : $3 atm fee plus 2.5% exchange rate fee $7.50 = TOTAL $10.50

ING : $2 atm fee plus 0% exchange rate fee $0 = TOTAL $2.00

So , I will open an account online with ING before I moving back to Argentina.
Then , I will transfer money regularily, using the ING website, from my CIBC account to my ING account. It takes about 5 days for the money to appear in my ING account and that amount will appear on my CIBC bank account statement as a debit, along with my other regular preauthorized payments.

I hope this is of use to some Canadian expats.

 

[KarlaBA]

Lots of numbers that look like there is a lot of money being left in the hands of banks just for the service of you loaning them money.

My little solution to this bank fee pest (and it doesn't matter which country you are from) is to get a HSBC Premier account in your home country or country of your choice. You can withdraw from any ATM in the world on your HSBC Premier debt or credit card with ZERO fees of any kind. No ATM charges (by HSBC or the ATM Bank) and no Foreign Exchange Fees. The FX conversion rate is very close to the interbank market rate. HSBC Premier refunds all ATM fees you ever encounter anywhere in the world.

To make the situation just a little bit better, once you an HSBC Premier account, then also open an HSBC Premier account in Argentina. You will not pay any fees for the Argentina account, even if your balance is near zero. Then when you need money, you can send and online wire transfer from the HSBC Banking website to your Argentina HSBC account. Then withdraw the money with your HSBC Argentina debt card with no fees at any Banelco ATM. The wire transfer is free and the FX conversion rate is at interbank market rates.

HSBC Premier is by far the best banking relationship available to expats in the world. As a Premier customer you get all sorts of exclusive service at the bank. At all the HSBC Banks in Argentina, the Premier clients are escorted to a different floor where they are provided service in an area that would not be out of place in an exclusive club. Also, there is always at least one member of the HSBC Premier staff that must be able to speak English in every HSBC office in the world. HSBC Premier (in every country it operates in) also has an English speaking telephone banking center to help out.

Citibank offers a service called CitiGold, but it is a very poor cousin to HSBC Premier in terms of service and locations internationally.

 

[canadien]

from HSBC website : HSBC Premier eligibility requires you to have an active Premier chequing account and maintain a $100,000 balance in combined personal deposits and investments with HSBC Bank Canada and its subsidiaries. Monthly banking package fees may apply.

Thanks KarlaBA!
Unfortunately , I don't have the means to leave a $100,000 CAD balance at all times with HSBC. :-(

 

[KarlaBA]

HSBC Premier does offer their service for a monthly fee if you do not meet the fee-free requirements.

 

[canadien]

Thanks Karla, I will look into that.

Meanwhile for the HSBC basic chequing accounts :

ATM fee $3CAD + 0% exchange rate fee , so on a 300CAD withdrawl :TOTAL FEES $3

 

[canadien]

HSBC Premier does offer their service for a monthly fee if you do not meet the fee-free requirements.

I just checked with HSBC Canada and they do not offer the Premier service for a monthly fee, just with a minimum deposits of $100 000.

Maybe it is offered in other countries, I don't know. So I guess I will be dealing with ING Direct.

Regardless, I appreciate the information, Karla.

 

[KarlaBA]

You may find that you can do your banking with HSBC Jersey in the Channel Islands. The service is great for expats. They offer the Premier package with a minimum balance of GBP 60,000 or they offer an Advance package with a minimum balance of GBP 25,000.
http://www.expat.hsbc.com/1/2/hsbc-expat/home

 

[KarlaBA]

You may find that you can do your banking with HSBC Jersey in the Channel Islands. The service is great for expats. They offer the Premier package with a minimum balance of GBP 60,000 or they offer an Advance package with a minimum balance of GBP 25,000.
http://www.expat.hsbc.com/1/2/hsbc-expat/home

I see that Jersey charges FX conversion fees. That is exactly what you don't want.

 

[canadien]

Great! I will look into it now.

Thanks again.

 

[canadien]

hmmm....fx fees there too....:-(
ok, hard to get away from it, I guess.