Comments on: What is the best bank account for a Canadian to have on a round-the-world trip? http://www.twortw.com/2009/07/01/what-is-the-best-bank-account-for-a-canadian-to-have-on-a-round-the-world-trip/ Planning, preparing and packing for a round-the-world trip Thu, 09 Sep 2010 00:46:50 +0000 hourly 1 http://wordpress.org/?v=abc By: Neil http://www.twortw.com/2009/07/01/what-is-the-best-bank-account-for-a-canadian-to-have-on-a-round-the-world-trip/comment-page-1/#comment-2224 Neil Mon, 17 May 2010 17:26:07 +0000 http://www.twortw.com/?p=181#comment-2224 Quick update on my further research for good options. I ended up opening a bank with my local credit union (Servus), which charges $4/month + $2.50 for international withdrawals. This wasn't the best deal I could find, but I went with them because I know they won't put me through the same forced change again. I did, however, find another free option, for those who are interested. ICICI Bank of Canada is the Canadian subsidiary of a Mumbai-based mega-bank. They offer online services similar to what Citizens Bank had, including a chequing account with a $5 monthly fee and free unlimited transactions anywhere in the world. The monthly fee is waived with minimum balance ($500), or by having at least one paycheque direct deposited each month. Their target market is clearly Indian immigrants who transfer money home, or visit home occasionally, but the service should be beneficial for travelers as well. Quick update on my further research for good options. I ended up opening a bank with my local credit union (Servus), which charges $4/month + $2.50 for international withdrawals. This wasn’t the best deal I could find, but I went with them because I know they won’t put me through the same forced change again. I did, however, find another free option, for those who are interested.

ICICI Bank of Canada is the Canadian subsidiary of a Mumbai-based mega-bank. They offer online services similar to what Citizens Bank had, including a chequing account with a $5 monthly fee and free unlimited transactions anywhere in the world. The monthly fee is waived with minimum balance ($500), or by having at least one paycheque direct deposited each month.

Their target market is clearly Indian immigrants who transfer money home, or visit home occasionally, but the service should be beneficial for travelers as well.

]]> By: Daniel http://www.twortw.com/2009/07/01/what-is-the-best-bank-account-for-a-canadian-to-have-on-a-round-the-world-trip/comment-page-1/#comment-1015 Daniel Tue, 15 Dec 2009 13:27:25 +0000 http://www.twortw.com/?p=181#comment-1015 Thanks for the heads up holeyboot — still trying to wrap my ind around all of the potential options... Thanks for the heads up holeyboot — still trying to wrap my ind around all of the potential options…

]]> By: Stop Having a Boring Life http://www.twortw.com/2009/07/01/what-is-the-best-bank-account-for-a-canadian-to-have-on-a-round-the-world-trip/comment-page-1/#comment-987 Stop Having a Boring Life Tue, 08 Dec 2009 06:50:12 +0000 http://www.twortw.com/?p=181#comment-987 Most major banks in Canada have a plan of ~$24.95 a month and you don't pay the fees associated with taking $$$ out overseas. Flip side is, if you go to the machine less and take more you can get under that sum. Flip side again is if you get robbed you'd wish you had less on you... Most major banks in Canada have a plan of ~$24.95 a month and you don’t pay the fees associated with taking $$$ out overseas.

Flip side is, if you go to the machine less and take more you can get under that sum. Flip side again is if you get robbed you’d wish you had less on you…

]]> By: holeyboot http://www.twortw.com/2009/07/01/what-is-the-best-bank-account-for-a-canadian-to-have-on-a-round-the-world-trip/comment-page-1/#comment-985 holeyboot Sun, 06 Dec 2009 17:57:33 +0000 http://www.twortw.com/?p=181#comment-985 The difference between HSBC and Vancity for CDN to SGD (Singaporean dollars) is about 4%, which would be a difference of $20 on every $500. Of course, if I was in Singapore, Vancity wouldn't be managing the rate for the ATM, and Singapore's banks seem to be very international, but suppose I did find a small, regional bank in Singapore. Or a small, regional bank in Malaysia, or anywhere outside the USD/GBP/EUR countries. Perhaps the rate disadvantage would be the same or worse? twowander: Vancity charges $3 as well. The difference between HSBC and Vancity for CDN to SGD (Singaporean dollars) is about 4%, which would be a difference of $20 on every $500.

Of course, if I was in Singapore, Vancity wouldn’t be managing the rate for the ATM, and Singapore’s banks seem to be very international, but suppose I did find a small, regional bank in Singapore. Or a small, regional bank in Malaysia, or anywhere outside the USD/GBP/EUR countries. Perhaps the rate disadvantage would be the same or worse?

twowander: Vancity charges $3 as well.

]]> By: twowander http://www.twortw.com/2009/07/01/what-is-the-best-bank-account-for-a-canadian-to-have-on-a-round-the-world-trip/comment-page-1/#comment-972 twowander Thu, 03 Dec 2009 17:37:45 +0000 http://www.twortw.com/?p=181#comment-972 Any more news on low fee international banking for us Canucks? Best i have found is RCB @ 3$ a transaction PC bank looks promising on the outside but the site is very vague on details. Any more news on low fee international banking for us Canucks?

Best i have found is RCB @ 3$ a transaction
PC bank looks promising on the outside but the site is very vague on details.

]]> By: Molly http://www.twortw.com/2009/07/01/what-is-the-best-bank-account-for-a-canadian-to-have-on-a-round-the-world-trip/comment-page-1/#comment-939 Molly Sat, 14 Nov 2009 05:26:42 +0000 http://www.twortw.com/?p=181#comment-939 Is there any other financial institution offering a 'global account'like Citizens Bank had? Is there any other financial institution offering a ‘global account’like Citizens Bank had?

]]> By: Francois http://www.twortw.com/2009/07/01/what-is-the-best-bank-account-for-a-canadian-to-have-on-a-round-the-world-trip/comment-page-1/#comment-338 Francois Fri, 14 Aug 2009 16:06:10 +0000 http://www.twortw.com/?p=181#comment-338 I'm really disappointed with the handling of Citizens Bank of Canada closure. A few months ago I had lot of assets with TD bank than I move all these to Citizens Bank because they better match my values. I mean mostly because they are a credit union bank and they give more back to the community to improve both my and everybody quality of life and they're more open to members feedback. Now Citizens Bank & Vancity are saying they move all my Citizens Bank assets to TD. That's not going to happen. Over my dead body ;) I'm now shopping for another credit union bank in Vancouver area. Any suggestions for another credit union bank that would match my values? I’m really disappointed with the handling of Citizens Bank of Canada closure. A few months ago I had lot of assets with TD bank than I move all these to Citizens Bank because they better match my values. I mean mostly because they are a credit union bank and they give more back to the community to improve both my and everybody quality of life and they’re more open to members feedback. Now Citizens Bank & Vancity are saying they move all my Citizens Bank assets to TD. That’s not going to happen. Over my dead body ;) I’m now shopping for another credit union bank in Vancouver area. Any suggestions for another credit union bank that would match my values?

]]> By: Daniel http://www.twortw.com/2009/07/01/what-is-the-best-bank-account-for-a-canadian-to-have-on-a-round-the-world-trip/comment-page-1/#comment-308 Daniel Thu, 06 Aug 2009 06:41:43 +0000 http://www.twortw.com/?p=181#comment-308 Thanks, Neil, for the heads up on this news—I just <a href="http://www.twortw.com/2009/07/01/what-is-the-best-bank-account-for-a-canadian-to-have-on-a-round-the-world-trip/" rel="nofollow">updated the post</a> with the information that you pointed us toward and <a href="http://www.2wanderers.ca/turkey/36-100km-to-a-different-world" rel="nofollow">blogged about it</a>. Will be looking at other options, too. Please let us know if you come across anything. We'll try to put together a post as soon as possible! Thanks, Neil, for the heads up on this news—I just updated the post with the information that you pointed us toward and blogged about it. Will be looking at other options, too. Please let us know if you come across anything. We’ll try to put together a post as soon as possible!

]]> By: Neil http://www.twortw.com/2009/07/01/what-is-the-best-bank-account-for-a-canadian-to-have-on-a-round-the-world-trip/comment-page-1/#comment-305 Neil Wed, 05 Aug 2009 22:59:16 +0000 http://www.twortw.com/?p=181#comment-305 Sadly, the Global Chequing account is no more, as Citizen's bank is getting out of the retail banking business. Those of us who already have one have until December to move our banking elsewhere, and those of you who don't will be unable to open one. Currently researching other options... Sadly, the Global Chequing account is no more, as Citizen’s bank is getting out of the retail banking business. Those of us who already have one have until December to move our banking elsewhere, and those of you who don’t will be unable to open one.

Currently researching other options…

]]> By: Daniel http://www.twortw.com/2009/07/01/what-is-the-best-bank-account-for-a-canadian-to-have-on-a-round-the-world-trip/comment-page-1/#comment-293 Daniel Tue, 04 Aug 2009 20:32:03 +0000 http://www.twortw.com/?p=181#comment-293 Ah, you must be from out on the left coast! Wish we had branches in Southern Ontario! But, am a fan of the bank, too, regardless! Ah, you must be from out on the left coast! Wish we had branches in Southern Ontario! But, am a fan of the bank, too, regardless!

]]> By: Scott http://www.twortw.com/2009/07/01/what-is-the-best-bank-account-for-a-canadian-to-have-on-a-round-the-world-trip/comment-page-1/#comment-281 Scott Sun, 02 Aug 2009 22:10:59 +0000 http://www.twortw.com/?p=181#comment-281 We opened up a citizens bank account in May of this year for our RTW trip and so far have been very happy with them. Good service at the branch, no problems overseas and good exchange rate. I recommend them! We opened up a citizens bank account in May of this year for our RTW trip and so far have been very happy with them. Good service at the branch, no problems overseas and good exchange rate. I recommend them!

]]> By: Dave and Deb http://www.twortw.com/2009/07/01/what-is-the-best-bank-account-for-a-canadian-to-have-on-a-round-the-world-trip/comment-page-1/#comment-35 Dave and Deb Fri, 03 Jul 2009 02:13:02 +0000 http://www.twortw.com/?p=181#comment-35 We have always used TD ourselves. It has turned out well for us in even the most remote destinations. But good to know of other banks too. Thanks for the info. We have always used TD ourselves. It has turned out well for us in even the most remote destinations. But good to know of other banks too. Thanks for the info.

]]> By: Gadi Glogowski http://www.twortw.com/2009/07/01/what-is-the-best-bank-account-for-a-canadian-to-have-on-a-round-the-world-trip/comment-page-1/#comment-24 Gadi Glogowski Wed, 01 Jul 2009 21:13:34 +0000 http://www.twortw.com/?p=181#comment-24 My recommendation is TD Canada Trust. This is what we are using in our RTW trip. If you have the Select Account, they don't change anything for international withdrawls (given that you maintain a minimum balance). My recommendation is TD Canada Trust. This is what we are using in our RTW trip. If you have the Select Account, they don’t change anything for international withdrawls (given that you maintain a minimum balance).

]]> By: Daniel http://www.twortw.com/2009/07/01/what-is-the-best-bank-account-for-a-canadian-to-have-on-a-round-the-world-trip/comment-page-1/#comment-23 Daniel Wed, 01 Jul 2009 21:05:29 +0000 http://www.twortw.com/?p=181#comment-23 I've heard that complaint before, David. It's ridiculous. If I recall they cite an anti-terrorism money laundering law passed a few years ago as the reason for it. What alternatives have you considered? I'm going to continue my reasearch, so if I come across anything compelling, I will let you know. I’ve heard that complaint before, David. It’s ridiculous. If I recall they cite an anti-terrorism money laundering law passed a few years ago as the reason for it. What alternatives have you considered? I’m going to continue my reasearch, so if I come across anything compelling, I will let you know.

]]> By: David Hawke http://www.twortw.com/2009/07/01/what-is-the-best-bank-account-for-a-canadian-to-have-on-a-round-the-world-trip/comment-page-1/#comment-22 David Hawke Wed, 01 Jul 2009 20:25:12 +0000 http://www.twortw.com/?p=181#comment-22 Just a note on citizens bank; they refused to open an account for me as my address was at "mail boxes" a perfectly legal address that I use income tax, drivers license & passport. Just a note on citizens bank; they refused to open an account for me as my address was at “mail boxes” a perfectly legal address that I use income tax, drivers license & passport.

]]>