Avoiding Foreign ATM Fees (part 2)

Since I have been finding that the demand for my first post on avoiding foreign ATM fees was fairly popular, I have decided to write a second to add a few of the other larger banks in Canada and make a chart so that it is easy to compare all the banks together!

So last time I touched on the foreign ATM situation of  TD Bank, BMO, CIBC, RBC, Scotiabank and ING direct.

In this blog I will cover PC financial, and HSBC. I had a lot of trouble finding the ATM fees for the National Bank of Canada, so they will not be included here.

PC Financial

With PC financial, they only charge $3.00 foreign ATM charge, along with the 2.5% foreign exchange fee. This is slightly lower than most of the other banks that we have reviewed already, but they don’t appear to have an account to avoid this fee.

HSBC

HSBC charges $3.00 + any convenience fee charged by the other financial institution and again, the 2.5% foreign exchange fee. HSBC does have a premier checking account that does waive all of the fees, but you must have $100,000 or more personal assets  with HSBC bank and its subsidiaries.

So, to sum it all up, here is a chart showing each bank that I went over, and their charges.

Chart of Foreign ATM Fees

Chart of Foreign ATM Fees

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4 responses to “Avoiding Foreign ATM Fees (part 2)

  1. Thank you for creating this table! it was very helpful. I’ve been looking everywhere trying to figure out our banking options for our upcoming RTW,

  2. In reference to ING Direct(now Tangerine) 2.5% foreign exchange fee. In talking to them they said that with now being part of ATM global alliance (Scotia bank) the exchange is set at the ATM level so would most likely be 3% (BAC) or whatever ATM bank decides.

  3. Be careful when using a BMO debit card in a foreign ATM. The last time I used their card in Prague (about two years ago), BMO first converted from the Czech currency to US dollars. Then they converted from US dollars to Canadian dollars. Needless to say, they gave me a horrendous exchange rate. And on top of that, they charged the 2.5% and the $5 fees.

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