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Go Back   SailNet Community > Out There > Cruising and Sailing with Children > Canadian Credit cards to travel with
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Topic Review (Newest First)
05-06-2014 08:11 PM
christian.hess
Re: Canadian Credit cards to travel with

Quote:
Originally Posted by Minnewaska View Post
Yet, so many cry bloody murder that the bank that owns the ATM wants to charge you a fee. I find paying to take money from a bank that doesn't even have my account to be the fee that makes the most sense. How much would you charge a stranger to give them money out of your wallet and then go to their bank to get it back. It is amazing. It wasn't all that long ago that each bank issued their own currency. If you got too far from home, no one would accept it.

I have NO issue at all with atm fees

what I do have issue with is the undislcosed stuff that you later learn about...

I got so good with my bank wells fargo that when I travelled they automatically checked up on me...asking if indeed I had been out of the country, withdrawing x amounts etc...

sometimes though I would get a really extreme charge on both ends of the withdrawal

I wish I remember what country and what atm it was...

my point was that I search those banks and atms that have a good partnership with whatever bank it is I have back "home"

for example here in el salvador the best bank for me to withdraw money from was CITI bank

I did not get a fee back home, and I only had a 2.50 fee on citis atm

now if I went to other banks I could get as high as $10 fee and a charge back home

the most I ever got charged back home was $15 plus an atm fee of around $10 PLUS the currency exchange rate

meaning for $500 withdrawal say in an unknown atm in yemen or wherever, I would lose $25 right off the bat, then lose around 5-8% for the excahnge rate that went to the atm of said bank

so thats another 25 bucks or so...so you lose a lot

thats why its important to check on what banks worldwide are partners with your bank back home

you can save a lot of money and hassle

btw

a lot of atms simply deny you a withdrawal for some reason, if that happens once dont try and do it again and again...use another brand of bank atm...

05-05-2014 10:20 PM
MikeOReilly
Re: Canadian Credit cards to travel with

Thanks guys. Looks like Scotiabank it shall be .
05-05-2014 10:15 PM
Minnewaska
Re: Canadian Credit cards to travel with

Quote:
Originally Posted by killarney_sailor View Post
....I find it mildly astonishing that I can go to an ATM in Vanuatu or Lesotho and it will give me money from my account half way around the world.
Yet, so many cry bloody murder that the bank that owns the ATM wants to charge you a fee. I find paying to take money from a bank that doesn't even have my account to be the fee that makes the most sense. How much would you charge a stranger to give them money out of your wallet and then go to their bank to get it back. It is amazing. It wasn't all that long ago that each bank issued their own currency. If you got too far from home, no one would accept it.
05-05-2014 07:31 PM
killarney_sailor
Re: Canadian Credit cards to travel with

I think Scotiabank is quite a bit bigger in the south. Once you are out of the Caribbean it does not matter. I find it mildly astonishing that I can go to an ATM in Vanuatu or Lesotho and it will give me money from my account half way around the world.
05-05-2014 07:08 PM
christian.hess
Re: Canadian Credit cards to travel with

scotia bank is big here...they are decent, we have a card with them

we also use citi

cheers
05-05-2014 05:45 PM
MikeOReilly
Re: Canadian Credit cards to travel with

Thanks abarth, KS. I was planning to open either a Scotiabank or RBC account. I'm currently with our local credit union (being the good socialist that I am ), but will probably move over to one of those two before we head south.

Any preference? Anyone have experience with either? What about beyond the Caribbean?
05-05-2014 05:28 PM
killarney_sailor
Re: Canadian Credit cards to travel with

Actually in the Caribbean it seems to be Scotiabank and RBC. TD seems to be focused on taking the US retail banking sector. I notice they leave out the Canada Trust part of the name in the US.
05-05-2014 05:21 PM
abarth
Re: Canadian Credit cards to travel with

Mike,
The Caribbean is littered with Canadian banks. Not sure if that helps on the exchange. We've always just used the credit card and the rate seemed competitive ( 3% ish )
05-05-2014 03:32 PM
killarney_sailor
Re: Canadian Credit cards to travel with

We typically used local currencies, but in most places where travellers go you can use smaller US bills as well. There can be problem when you get to a new country and have not found the ATM (it may be a bus ride away) and need to pay for the entry or just want a beer. Small US bills will usually be accepted. If you try to use a $100 for a $37 entry, chances are not good that you will get any change.

My wife's memory is better than mine but she could not remember where this stash was (I think we had about four of them in different locations, along with a wallet and some expired credit (and library cards) and about $100 in smallish bills and foreign currency (I always wondered what a thief in, say, Indonesia, would do with the equivalent of about $4 in Peruvian currency) in the chart table.
05-05-2014 11:36 AM
christian.hess
Re: Canadian Credit cards to travel with

Quote:
Originally Posted by killarney_sailor View Post

It is also a good idea to have a couple of hundred dollars US in small bills ($1 to $10). Some countries use US currency (Panama and Ecuador come to mind) and $100 bills are useless unless you can find a bank. Ask us how we know.
add el salvador to the list

$100 bills are ok in some places(the new ones)

$50 FORGET ABOUT IT

20 and down is the standard...
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