Banking and ATMs in Vancouver
Replies: 10 - Last Post: Jan 3, 2008 12:51 AM Last Post By: fuzzypuppy1234
Dec 29, 2007 10:30 PM
Banking and ATMs in VancouverI'm an American who will be temporarily relocating to Vancouver in a couple weeks (my company's sending me there). I get paid in US dollars by direct deposit into my US bank account, and I'd like to be able to withdrawal Canadian dollars via ATM without paying ATM fees.
I currently have accounts with Citibank and Wells Fargo, and neither have branches in Vancouver. I'm a bit disappointed in Citibank, as they have branches all over the world, but none in Vancouver.
Anyways, I don't mind opening another bank account if that's what it takes. Are there any American banks in Vancouver?
I'd welcome any other suggestions regarding avoiding ATM fees.
Thanks in advance.
Dec 30, 2007 9:50 AM
1You could look into opening an account with Coast Capital Savings Credit Union or President's Choice Banking. Transfer your money in large amounts into those accounts and then withdraw as necessary using their ATM networks and affiliates. Find out how long they will hold your transfers first. Citibank does have a private banking branch in Vancouver, but I'm not sure what you can do with that
Dec 30, 2007 3:40 PM
2Here's an idea.
Scotiabank which is one Canada's "Big Five" is a member of the Global ATM Alliance. So is Bank of America - and numerous European and one Australian bank. They waive the usual 3 Canadian dollar (in North America, 5 bucks elsewhere) fee if you withdraw from any member bank using a debit/bank card from said bank. If you are travelling anywhere else if may be worth your while to open an account with B of A.
A quick look at Scotiabank's ABM/ATM locator at http://locator.scotiabank.com/ScotiaExt/Search_name.asp show the location of about 20 bank machines in the Vancouver area.
Dec 31, 2007 5:19 AM
1488 - 1333 Broadway West
Vancouver, BC V6H 4C1
1228 - 550 Burrard Street
Vancouver, BC V6C 2B5
5712 Tyne Street
Vancouver, BC V5R 4L6
Jan 1, 2008 9:20 PM
4#1 and #2 - thanks for those suggestions.
#3 - Thanks for that. The Citibank website "find locations" function lists downtown Toronto as their only Canadian branch. A google search for Citibank Vancouver yielded the same results you posted. Thanks a bunch!
Happy New Year everyone!
Jan 1, 2008 9:38 PM
Jan 2, 2008 1:34 AM
6I'm a Canadian and I was thinking of getting an account at HSBC to save on the fees when I travel. They also have locations throughout the world.
I checked the Canadian website and there are a bunch of locations in Vancouver (it comes up in a pop-up window so no link for that) and there seem to be a fair number of locations scattered through the US: HSBC American Locations
Edited by: fuzzypuppy1234
Jan 2, 2008 4:35 PM
7Fuzzypuppy, don't bother with the HSBC account if your intention is to save money. They may not charge you a transaction fee when using their ATMs internationally but look at their EXCHANGE rates which is where the bulk of the money banks charge is to be found.
A bank that charges $5 per withdrawal and 1% exchange fee is preferable to one that charges no transaction fee and 4% on the exchange rate.
Jan 2, 2008 10:57 PM
Jan 3, 2008 12:15 AM
9The best is Nationwide Building Society but you have to be resident in the UK to get it.
Check the RTW branch there is an FAQ there on the subject. Bottom line, you have to do the research yourself to find which is best in your country this year.
What to look for: 1. Transaction fees (how much per use of the ATM machine)
2. Exchange rate relative to the Interbank Rate (finding someone who can tell you that is not always the easiest thing to do. Most bank clerks, etc. have no idea when it comes to what exchange rates their bank charges vs. the Interbank rate.
What to look OUT for: 1. Banks that say they charge no fees. Invariably they mean no ATM fee only.
2. Banks that say they will refund ATM fees from overseas banks. As per the VISA agreements, banks can't charge fees on overseas cards so there is no fee to refund! (Only exception is small local banks in the USA and banking between USA and Canada)
When you see these claims, they're attempting to pull the wool over your eyes. The most important thing is the % they take on the exchange. This can vary from as low as 1% (VISA's charge for use of their system) which means your bank is actually charging no exchange fee, to as high as 4.5% in some cases. HSBC in the UK being one of the latter.
Jan 3, 2008 12:51 AM
(0 star Hotel)
From US$44.03 per night
(4 star Hotel)
From US$130.37 per night
Cancún & AroundBook now
(3 star Hotel)
From US$294.00 per night