Tangerine/Simpli in Portugal and Spain?
Can't find much about it online and I spent an hour waiting on hold to talk to Tangerine before giving up on that.. Any help is appreciated.
Jun 26th, 2018 1:55 pm
Jun 26th, 2018 2:24 pm
Jun 26th, 2018 2:30 pm
Ah okay, so basically use Deutsche Bank in Spain and no fees will apply outside of the ... Unfair.. conversion rate? Haha.airodyssey wrote: ↑Jun 26th, 2018 2:24 pmScotiabank and Tangerine are part of the Global ATM Alliance. This means your bank will not charge any access fees to use member ATMs.
There are no member ATMs in Portugal, but according to this site, the member bank in Spain would be Deutsche Bank.
As far as I know, CIBC and Simplii are not part of such alliance, so you would pay the regular fees (up to $5 per withdrawal) plus whatever convenience fees the ATM charges (just like in Canada).
Jun 26th, 2018 3:22 pm
Jun 26th, 2018 5:30 pm
Jun 26th, 2018 6:23 pm
In what way do you feel the conversion rate is unfair?
Jun 26th, 2018 10:20 pm
Jun 27th, 2018 7:34 am
Jun 27th, 2018 9:47 am
Much better to use a fee free credit card for most of your transactions. 4-5% better depending on the amount you withdraw and the accompanied fee.
Jun 27th, 2018 4:04 pm
FX withdrawal rate is 2.5% over Visa/Mastercard rate whichever you are using. Tangerine charges $2 for non-Global ATM alliance + FX fee and Home Trust Visa which is a 0% FX card charges $5.50 min (1% of withdrawal).
Jun 27th, 2018 4:25 pm
I was in Portugal last year, and while they do have Deutsche Bank, the branches are quite uncommon and not in convenient locations.
Jun 27th, 2018 5:26 pm
Ah so I should be fine just going to any random ATM then? Just the $2.00 fee and nothing else on top of that compared to Deutsche?Jucius Maximus wrote: ↑Jun 27th, 2018 4:25 pmI was in Portugal last year, and while they do have Deutsche Bank, the branches are quite uncommon and not in convenient locations.
But it was still better to just pay the $2.00 fee from Tangerine debit as the exchange rate from local ATMs was excellent. The local ATMs did not levy any transaction fee.
Be aware that the maximum withdrawal in Portugal is €200, but you can do it more than once per day. This will enlarge any transaction fees you pay.
Just be warned that the DCC "scam" is everywhere in Portugal, built into every ATM I used. Read up on it and don't get burned.
Jun 27th, 2018 6:04 pm
I can't speak for every ATM in Portugal. But I was never charged a fee beyond the $2.00 from Tangerine.
Jun 27th, 2018 8:41 pm
Jun 28th, 2018 1:38 am
Yes if you use your card for cash advance charges as per above and as you say put your account into a credit situation and you won't have interest charges.amitdi wrote: ↑Jun 27th, 2018 4:04 pmFX withdrawal rate is 2.5% over Visa/Mastercard rate whichever you are using. Tangerine charges $2 for non-Global ATM alliance + FX fee and Home Trust Visa which is a 0% FX card charges $5.50 min (1% of withdrawal).
Also, if you use credit card, the interest starts right away, so its better to pay first, withdraw later.