Budgeting for a trip to the US or Europe from Canada can have you pinching every penny in preparation for the high costs of international travel.
Besides daily expenses, insurance and travel costs, withdrawing cash from your bank account while overseas can come with hefty charges — money that could otherwise be spent on making the most out of your trip.
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To help lessen the blow on your wallet, Canadian financial product comparison website Ratehub is doing the work for you has released a study to on how Canada’s Big Five banks compare when it comes to fees, charges, and exchange rates for foreign currency cash withdrawals while overseas.
The team compared how much it would cost a Canadian to withdraw $100 USD and 100 euros from an ATM while travelling, and put the Big Five Canadian banks to the test, so you can see how your bank fares against the competition.
Scotiabank clients come out on top, saving anywhere from $3 to $5 CAD on cash withdrawals in the US and Europe. Scotiabank is a member of the Global ATM Alliance, a network which allows clients of member institutions to withdraw cash from other member banks without paying an ATM Access Fee.
Comparatively, TD Bank clients pay the most for international cash withdrawals due to TD’s above-average foreign exchange administration fee. TD Bank charges a 3.5% administration fee during a foreign currency withdrawal, compared to the 2.5% administration fee charged by other banks.
ATM access fees were consistent amongst all five banks at $5 in Europe and $3 in the US.
As it turns out, not all Canadian banks are built equally when it comes to international travel, which is why it’s important to know before you go, and not let unnecessary banking costs get in the way of living your best live while on vacation.