Banking Charges

I wanted to know if anyone has experienced using their debit card in Europe and what kind of bank service charges were involved.

We are planning on going to Europe for 3 months and would like to use our debit card as much as possible. If we use ie. Royal Bank Card, do we get service charges charged from our bank here in Canada as well as in Europe. Does anyone know approximately how much those service charges would be?

We are trying to make our money last as long as it can - especially with how strong the euro is right now!

Thanks for your help.

Whoah!

You got the wrong idea - use your debit card as LITTLE as possible!!!

First off - It won't work in stores, but it will work in bank machines..Just look for the PLUS symbol, most bank machiens accept it. But - The bank fees are outrageous!

I use CIBC, but my bank charges were this - The money would be exchanged from Canadian to American, and then to Euro - so you're getting hit twice on exchange rate. Then, you're paying up to $3 Canadian per withdrawl!

Needless to say, if you're taking out 20 or 50 Euro at a time, that $3 charge really adds up.

It's usefull only if you're taking out large sums of cash, i.e 100 or 200 Euro at a time..Even then though, it depends on your budget. Those ATM fees drain your account fast, I can't stress that enough.

Or, bring some travellers cheques if you're worried about your money being stolen. You'll have to go through the hassles of exchanging them at a money changer, but at least it's a little more secure. Again though, if you insist on using ATM's, make sure you take out enough money at a time to last you..You don't want to be hitting the atm 3 times a day, or even a week for that matter.

Hope this helps!

Matt

Thanks Matt for your response.

We are currently looking at a VIP Bank service with Royal Bank and they are not supposed to charge a service charge for taking out money out of the ATMS worldwide. Although I am still concerned about what you said about the banks in Europe charging their service charge I am sure it is outrageous!

The good ole traveller cheques seem like they may be a better option as I don't feel comfortable carrying around a wad of cash in my money belt.

Thanks again for your advice! Its nice to hear advice from a Canadian traveller first hand!

I've heard that using your Visa is the best way to spend your money in Europe. A friend of mine put about $5000 on her visa as credit and then used it for both cash advances (because she had credit) and for purchases.

Any thoughts on this???

I think Visa is just as bad, if not worse these days. From what I hear they upped the transfer rate to $3.50 per cash advance. And, when you take a cash advance you'll be paying interest IMMEDIATELY, not like 30 days after purchase. That can really add up. Also, many places (stores) do NOT accept credit cards. Most hotels do, but normal stores don't really accept it. Even some larger stores don't accept it. It will work in bank machines though.

Alright kiddies,

Moving to London next month, and I'm wondering about banking and getting access to my money.

FIRST OFF - getting a bank account. The application process in the UK sounds like a pain. They typically need proof of a permanent address and employment info. I don't have a problem renting a flat once I get there, but I won't be getting a job until at least one month into my time there.

I've heard there are some agencies that set up an account for you before you come to the UK (i.e. www.sercient.com). They don't seem to cost much... are they worth the cost? And how long do they generally take? I'm leaving in less than one month.

I've heard having a reference letter from your Canadian bank saying you've been in good standing helps, as well as having a general statement printed by your bank may also be handy.

I've also got a couple uni degrees, including a Master's.... do they think a notarized copy of 'em will help with the fact that I won't have employment when I first arrive?

SECONDLY - getting access to my money. If I do get a UK bank account before I go there, I could just transfer all money from Canada to UK, end of story. But failing that, what are my options?

-WITHDRAWING FROM ATMs (and having to pay CND->USD->GBP exchange fees, plus the ATM fee in the UK. This might be an option, assuming I can minimize my number of withdrawls to avoid silly fees)
-TAKING TRAVELLER'S CHEQUES (and having to wait in line at a bank to get cash for them, or paying what I assume are hefty exchange fees at a private money exchange place. Anyone know what the banks charge for these?)
-TAKING MONEY IN A PLASTIC BAG
-ANY OTHER IDEAS?

Many thanks!

P.S. sorry to use caps, but the "bold"-function doesn't appear to be working.

Dying to have these questions answered too. But I won't be going till January. Hopefully the agency I am working with will help me with the bank account.

(Did I mention I already have 2 interviews even though my move is still 8 months away? CRaZy!)

Hello again from Scotland.

I have just been looking into the banking question for you both and checked the website of the bank I use (Barclays). It appears you can try to get a bank account in place before moving to the UK. Their website is: http://www.barclaysdestinationuk.com/ and there is also a number you can call. I'm not sure how helpful this will be as I did not try to open an account online as I already have one. It looks like they're trying to be helpful, which is a good sign.

Let me know how you do.

Brenda

Hi Brenda!

Thanks for looking that up. I looked at the site and indeed it is quite helpful. In fact it seems to good to be true. There is no annual fee, L1000 overdraft, and a Gold Visa. Sounds very nice.

The DestinationUK site seems to have lots of good infor about moving abroad.

Unfortunately to qualify for that Barclays account, you need a letter from an employer, plus be making more than £25,000 per year.

So for those who plan to find employment upon arrival, we're stuck using our ATMs for the time being.

Cheers anyway!