The Bank of America is the smartest, easiest, safest and economical way to access cash for your needs. Transfer your budget into a checking account and use the ATM whenever needed. Carry a couple hundred on your person and some other small amount place in a "cookie jar" on your rig. Don't flash the cash for everyone to see is a good precaution to consider. Paying cash for fuel will save on the cost per gallon at some cash only stations. ARCO is one of them.
I did the reverse with Bank of Commerce. no prblems.
George Hebert
I've used my ATM card to get cash at whatever machine/location was the most convenient all over Europe, Canada, Mexico, and NZ. The per-transaction fees never exceeded $3.00; the most I ever paid in ATM fees for trips of up to two months was $25.00. I don't understand what the big deal is; you're trading small ATM fees for the *convenience* and *ease* of being able to withdraw cash from your account almost anywhere!
Using $25.00 as a baseline, think a couple of medium pizzas, 5-6 gallons of gas, and/or one or two cheesy souvenir tee shirts! Would you be at all concerned about spending 25 bucks on *these* things? It's all relative; it's an ATM card for me, every time! Ymmv.
Quote: We always use credit cards when traveling into Canada because we get the exchange rate that day.
Well, sort of! What you actually get is that bank's normal 'selling' rate for the day, PLUS an extra 2-3% which is included in the rate. Just because they show the rate to several decimal points does not mean that it is the 'best' rate. Also note that this rate is several percent HIGHER than the rate they would use to buy the currency from you. As far as I could tell, Capital One is the only card that does not hide this fee in the rate.
This 'SPREAD', that is the difference between the selling & buying rates, is lower in Canada than it is in the US, due to the much higher volumes of foreign exchange in Canada. More Canadians buy US to travel south than Americans buy Canadian to head north.
To this hidden exchange rate you also have to add the transaction fee which can vary from, in my bank, 75c for a store purchase to $5 for an ATM withdrawal. These fees are sometimes included in a banking package.
In my bank, RBC, this package, similar to the one artum described...
"Many banks have premium Visa credit cards that incur a monthly fee, but have many benefits for the out of country, or out of province traveller. The medical insurance for the user is covered, cost of collision and theft rental car insurance is covered, ticket insurance is covered, and more. These premium card rates also cover safety deposit box, all account charges, any withdrawal fees for cash, money orders, travellers checks, and a lot more. Just the medical insurance makes it worthwhile if you have ever priced it out".
......is called the VIP package and costs $30 per month. Note however that the travel medical insurance attached to the gold Visa card stops at 65.
We have a US account with 1st bank of Yuma. A lot of people open accounts with Wells fargo. We have a Debit\Visa card issued by 1st bank & use it in the states. We have an account with & transfer money through Custom House. We watch the dollar & transfer funds when it's to our advantage. Really works great & the exchange rate is better than at the banks.
Dave
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Quote: ...I doubt you will be able to open a USA bank account being a resident of another country. Thanks to 9/11.
Please tell me you meant that as a joke. FYI, TD just bought another US bank this past week. If they can buy US banks, surely a foreign national can open a US bank account, you think?
Avan, several have posted on this thread that they have opened US bank accounts and use them on prolonged stays in the US. Several made suggestions of banks too.
At one time we used our Scotiabank debit card for cash. No ATM fee at Bank of America branches. Now we place a credit on our CIBC US $ VISA card and use it for most purchases including cash at ATMs. There is an ATM fee for this but we minimize this by using the card instead of cash for most purchases (food, fuel and accommodation are the biggest). Since our credit card is already in US dollars we do not pay the "extra" foreign transaction fee that many credit cards are now levying. And our CIBC US $ account allows us to buy US dollars when the rates are good as well as avoid the additional costs of converting US cash back to Canadian when we return home and back to US again the next time we travel. With RBC, you can also open a US account with its US based branch, RBC Centura. This would provide you with a US debit card and the ability to transfer funds on-line between your Canadian RBC account and your RBC Centura US account. For those going to Florida I believe there is no ATM fee for the use of the RBC debit card at Publix ATMs. There are differences among the Canadian Banks in their fees and ease of use of their US accounts. We often spend more than 4 months a year traveling in the US, so we find it beneficial to have US $ accounts. As far as opening an account at a US based bank, other than RBC Centura, I was under the impression that both a US address (possibly verified by drivers license) and a US SSN are required, but perhaps this is not universally the case based on reports in this thread and this:
Is your card a debit card? If so, you have no worries at all. You can use your debit card just like a credit card, and 99% of retailers, restaurants, gas stations etc take credit/debit cards, with 99% assessing no fee at all. Your own bank might assess a fee, but nothing is totally free anymore in life. Take some cash with you, in case you come across somewhere that doesn't take cards (like an out-of-the-way gift shop or hot dog stand etc), but use your card for as many purchases as you can. Also more safe and secure means of purchasing instead of carrying too much cash around with you.
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Let's say for argument sake you withdrawl twice a month at $2.00/withdrawl at an ATM, that's $24.00 for 6 months. I thought this was cheaper than going through the hassle of setting up an account in the states and having to transfer money. Use a U.S. credit card issued from a Canadian bank and you won't be charged the 2.5% rate from the credit card company for conversions. That's another saving.
The dollar's worth more than the U.S.dollar now so the U.S. bank charges are not an issue anymore. Many Canadian debit cards won't work in the U.S.
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