Many Canadian banks and US banks have increased their ATM fees to $5 for people who are not customers. So if you are travelling you should be aware of the cost of taking money out of an ATM. The ATM fees can add up over the course of a week holiday or more if you don’t have access to your own bank ATMs. If you are taking out money one or twice a day it can be $100 or more.
Even your own bank are charging expensive transaction fees for using other ATM networks of other banks. So you are getting charged twice… once by your own bank and once by the bank whose ATM you ar using. You can avoid your own bank fees by switching your account to a premium account at your own bank. The bank will charge you a larger monthly fee for the premium account but you will save money in that you won’t have to pay the transaction fees of using other ATM networks.
For example here is TD Canada Trust’s premium account …
•If you do need to make frequent ABM withdrawals or use other financial institution ABMs, consider an account that includes these types of transactions for one fee, such as our Select Service.
Chase Bank, with nearly a dozen branches in the Tulsa Metro, could soon be charging non-customers in Oklahoma a steep fee to use their ATMs. Right now, Chase is running two pilot programs. In Illinois, it’s charging $5 every time a non-customer withdraws money from a Chase ATM… in Texas, it’s $4. Here in Oklahoma, the fee is still $2 but could soon go up if the bank rolls out the hikes nationwide.
Ryan McInerney, the CEO of Chase Consumer Banking, defends the fees, telling ABC News, “We haven’t decided what the final price will be but I’m very confident about charging people who aren’t customers to have access to their cash from another bank through our ATM network.”
Its good to do some research before travelling to find out what banks are available and what are their ATM fees. You might want to consider taking more travellers cheques to reduce the cost of withdrawing at ATMs on your trip.