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From: =?ISO-8859-1?Q?Kir=E1ly?= on 10 Jun 2010 13:47
Steve Cain <sscain(a)ecentral.com> wrote:
> As I read the problem outline above by the OP my first thought was surely he
> must be talking about taking cash out on his MC or something.
> If not that this guy has one hell of a bank! s
Not a credit card cash advance. Just withdrawing money from my chequing
Canadian banks' foreign ATM fees are typically $5 per transaction, plus
another 3% or so on top of the interbank exchange rate. That's a hit
of more than 8% on a 20,000 forint ($90) withdrawal. You can see how
that might add up quickly over a four week visit to Hungary. Not worth
it when I can get a far better rate exhanging cash at a bank or exchange
Before you suggest "find another bank", please realize that's not really
an option in Canada like it might be in your country. There was one
virtual bank (Citizens) that had no foreign ATM fees but it closed last
year. There are none left (that I know of). Prove me wrong and I will
Lang may your lum reek.
From: Runge121 on 10 Jun 2010 14:52
"Martin" <martin(a)invalid.invalid> a �crit dans le message de groupe de
discussion : huq8uf$7nt$1(a)news.eternal-september.org...
> On 10/06/10 02:53, Kir�ly wrote:
>> Yes, yes, I know, I know. These days everyone uses ATMs. But my bank
>> charges such a hefty fee for using foreign ATMs that I have already
>> determined that I will save money by bringing cash from home (Canada)
>> and exchanging it at OTP Bank in Budapest.
> Assuming the don't charge?
>> Are there any other exchange
>> shops that have better rates than OTP Bank?
> Open an account with a bank that doesn't charge exorbitant rates.
From: Tom P on 10 Jun 2010 16:17
> Tom P <werotizy(a)freent.dd> wrote:
>> In this case (DKB) they seem to offer the free foreign ATM cash
>> withdrawal as a lost leader and charge on other services - like charging
>> for domestic cash withdrawals - which I never use.
> There are no DKB branches in Canada.
Did I say there were?
> No financial institution in Canada offers accounts with low-fee or
> fee-free access to foreign ATMs.
Then tough luck. That's a Canadian problem. Try Google, that's what I did.
From: Tom P on 10 Jun 2010 16:22
> You could get an account with Citibank. A quick check on their web
> site shows that they have branches in Hungary and in Canada.
> When I did not qualify as a Citigold customer, the exchange rate was
> about 1-2% higher than the wholesale rate published in the WSJ. When
> I was a Citigold member, the exchange rate seemed to be identical to
> the wholesale rate. This worked for me at Citibank ATMs in Japan,
> China, Czech Republic, Greece, Spain, etc. The only disadvantage to
> this strategy is that you have to find a Citibank ATM, since the usual
> fees will apply at non-Citi machines.
Don't you have internet banks in north America or are you still riding
round in ox-carts? It's like this. You google for banks with zero
foreign ATM rates on CCs or debit cards. You choose one, open an
account, transfer some credit, and pull it out on the card when you're
out of the country. What's the problem?
From: Tom P on 10 Jun 2010 16:27
> "Tom P" <werotizy(a)freent.dd> wrote in message
>> Martin wrote:
>>> On 10/06/10 11:01, Tom P wrote:
>>>> Martin wrote:
>>>>> On 10/06/10 02:53, Kir�ly wrote:
>>>>>> Yes, yes, I know, I know. These days everyone uses ATMs. But my
>>>>>> bank charges such a hefty fee for using foreign ATMs that I have
>>>>>> already determined that I will save money by bringing cash from home
>>>>>> (Canada) and exchanging it at OTP Bank in Budapest.
>>>>> Assuming the don't charge?
>>>>>> Are there any other exchange shops that have better rates than OTP
>>>>> Open an account with a bank that doesn't charge exorbitant rates.
>>>> Ditto. I have a card account with an online bank that charges nothing
>>>> for cash withdrawals at foreign ATMs.
>>> Especially as if a bank grossly overcharges on one item, it is probably
>>> overcharging on others.
>> In this case (DKB) they seem to offer the free foreign ATM cash withdrawal
>> as a lost leader
> why is it a loss leader?
Well, I call it that because I guess they try and make money some way. A
supermarket will sell some items at a giveaway price because they figure
that customers will buy something else at the regular price. Banks do
exactly the same thing with their services.
> It doesn't cost the bank anything for you to use a foreign ATM so what are
> they losing?
They lose what they charge you for something that doesn't cost them
anything, plus your custom for all their other overpriced services.
> In any case, they can always recoup costs by charging a margin on the
> exchange rate, most people wouldn't even notice this. It's the minimum fee
> 5 dollars for a 50 dollar withdrawal, that's the problem.