Banking Issues
Nov 24th 2010 | 4:09 am
#16
Forum Regular
Joined: Jan 2009
Posts: 251
From: Vancouver Island, BC
Re: Banking Issues
http://www.interac.ca/consumers/prod...search.php#all
Nov 24th 2010 | 4:12 am
#17
Moderαtor Emeritus
Joined: Sep 2003
Posts: 30,771
From: Upstate South Carolina
Re: Banking Issues
Fee structures have just changed this month at the RBC.We have been drawing our pensions from the Nationwide in the UK to the RBC in Canada with no problem for ten years with no problems, BUT as from November 1st the charges are huge.
The maximum you can draw is $400.00 at a time, and for each transaction at an ATM, the charges are 2% plus one pound. Purchases are 2% charge only.
This is going to make a HUGE hole in our income as it's the only way we can get at our only income.
I rang the bank's international line last night, and they said that this is because VISA have incurred these charges to the banks.
I'm going to research other banks and I know it will take a while to organise the pension transfers, but I suspect the other banks will follow.
We couldn't sleep last night as this is such a shock to us!
The maximum you can draw is $400.00 at a time, and for each transaction at an ATM, the charges are 2% plus one pound. Purchases are 2% charge only.
This is going to make a HUGE hole in our income as it's the only way we can get at our only income.
I rang the bank's international line last night, and they said that this is because VISA have incurred these charges to the banks.
I'm going to research other banks and I know it will take a while to organise the pension transfers, but I suspect the other banks will follow.
We couldn't sleep last night as this is such a shock to us!
Another option could be to use one of the brokerage houses to make the transfer. Good Luck...
Nov 24th 2010 | 4:36 am
#18
Forum Regular
Joined: May 2009
Posts: 166
From: BC Canada
Re: Banking Issues
We'll try to get some answers today about those options and weigh up any charges. I'm sure they can't be as hefty as keeping things as they are. We didn't think about using a brokerage house on a monthly basis so thanks for that.
(Daren't even mention that the exchange rate has already bitten off a hefty amount already over the last ten years...a topic already done to death here!)
(Daren't even mention that the exchange rate has already bitten off a hefty amount already over the last ten years...a topic already done to death here!)
Nov 24th 2010 | 4:38 am
#19
Born again atheist
Joined: Jul 2005
Posts: 30,259
From: Europe (to be specified).
Re: Banking Issues
I didn't say that. I can get cash in the local currency from any bank machine in UK, France or Germany. I try not to go to the US.
Nov 24th 2010 | 4:51 am
#21
Moderαtor Emeritus
Joined: Sep 2003
Posts: 30,771
From: Upstate South Carolina
Re: Banking Issues
Nov 24th 2010 | 5:02 am
#22
Binned by Muderators
Joined: Jul 2007
Posts: 11,708
From: White Rock BC
Re: Banking Issues
I can use my Scotiabank card to draw cash from Barclays' ATMs in the UK and Bank of America in the US. I've not tried elsewhere.
Nov 24th 2010 | 5:07 am
#23
Assimilated Pauper
Joined: Mar 2005
Posts: 40,070
From: Ontario
Re: Banking Issues
I've used my Canadian bank card in the Netherlands, the US, Australia, not sure where else. I don't see why it wouldn't work everywhere else.
Nov 24th 2010 | 5:23 am
#24
Moderαtor Emeritus
Joined: Sep 2003
Posts: 30,771
From: Upstate South Carolina
Re: Banking Issues
Is it bank dependent, or is any interac enabled bank card good to go do you think? I suppose I should check with my bank...
Nov 24th 2010 | 5:31 am
#25
Grumpy Know-it-all
Joined: Jul 2010
Posts: 8,928
From: Calgary, Alberta
Re: Banking Issues
InterAC is rubbish. I know it saves money but that expense is usually born by retailers and I generally find everything costs more in Canada than in the US anyway.
The trick retailers seem to use (which they use in the EU as well) is to have similar prices on their websites but when you walk into the store in the US you can usually get a much bigger discount than in Canada. I've lost count of the number of times I've done that.
Nov 24th 2010 | 5:36 am
#27
Born again atheist
Joined: Jul 2005
Posts: 30,259
From: Europe (to be specified).
Re: Banking Issues
If your debit cards have the PLUS symbol on the back, then they'll work in any ABM which also displays that symbol. Which is virtually all of them throughout Europe.
Nov 24th 2010 | 6:08 am
#28
Moderαtor Emeritus
Joined: Sep 2003
Posts: 30,771
From: Upstate South Carolina
Re: Banking Issues
) where people reported that their PC card worked fine for them in most places in Europe/ UK etc.
Nov 24th 2010 | 6:20 am
#29
Forum Regular
Joined: May 2009
Posts: 166
From: BC Canada
Re: Banking Issues
Fee structures have just changed this month at the RBC.We have been drawing our pensions from the Nationwide in the UK to the RBC in Canada with no problem for ten years with no problems, BUT as from November 1st the charges are huge.
The maximum you can draw is $400.00 at a time, and for each transaction at an ATM, the charges are 2% plus one pound. Purchases are 2% charge only.
This is going to make a HUGE hole in our income as it's the only way we can get at our only income.
I rang the bank's international line last night, and they said that this is because VISA have incurred these charges to the banks.
I'm going to research other banks and I know it will take a while to organise the pension transfers, but I suspect the other banks will follow.
We couldn't sleep last night as this is such a shock to us!
The maximum you can draw is $400.00 at a time, and for each transaction at an ATM, the charges are 2% plus one pound. Purchases are 2% charge only.
This is going to make a HUGE hole in our income as it's the only way we can get at our only income.
I rang the bank's international line last night, and they said that this is because VISA have incurred these charges to the banks.
I'm going to research other banks and I know it will take a while to organise the pension transfers, but I suspect the other banks will follow.
We couldn't sleep last night as this is such a shock to us!
Nov 24th 2010 | 8:22 am
#30
BE Enthusiast
Joined: Oct 2002
Posts: 556
From: Ottawa, Canada
Re: Banking Issues
I have no complaints haven't paid any bank fees for the past 20 years. This is my account details with the TD, but is available with all banks if you are over 60. http://www.tdcanadatrust.com/accounts/plan60.jsp
