Personal Finance

Fee-free ATM Cards in Canada?

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  • Oct 2nd, 2016 5:06 pm
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[OP]
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Oct 19, 2015
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Vancouver

Fee-free ATM Cards in Canada?

I've been using ATM cards from CapitalOne or Ally from the States where ATM transactions are fee-free pretty much anywhere in the States.

Is there any Canadian bank that has similar offerings?
I tried taking money out from RBC ATM machines with my Scotia & BMO ATM cards, and it seems there is $3 extra charge.
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Deal Addict
Apr 9, 2010
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fpenguin wrote:
I tried taking money out from RBC ATM machines with my Scotia & BMO ATM cards, and it seems there is $3 extra charge.
Are you new to Canada? Welcome if that's the case :)

There are fees to withdraw from third party banking institutions. Only plans that cost 15-20$ per month (on average) allow transactions from other bank ATM's for free.

As far as no-fee chequing accounts go. Your main options are Tangerine (owned by Scotia and allows Scotia ATM withdrawls) and credit unions.

There used to be a fee free BMO account but they shut that down about 2 years ago.


Hope this helps.
[OP]
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Oct 19, 2015
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Yes, I'm new to Canada. Thanks for the welcoming message, kenze!

I tried Scotia Momentum & BMO Premium, where I had to bank $5000 each to get the premium plan.
But when I tried to withdraw money from RBC ATM machines, while Scotia & BMO didn't charge, RBC still charged $3 per transaction.

I understand Tangerine works with Scotia, but I'm interested in finding a bank that offers fee-free ATM withdrawal on major bank ATM machines.
From my understanding EQ does not offer fee-free ATM.
Deal Addict
Mar 1, 2016
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toronto
fpenguin wrote: Yes, I'm new to Canada. Thanks for the welcoming message, kenze!

I tried Scotia Momentum & BMO Premium, where I had to bank $5000 each to get the premium plan.
But when I tried to withdraw money from RBC ATM machines, while Scotia & BMO didn't charge, RBC still charged $3 per transaction.

I understand Tangerine works with Scotia, but I'm interested in finding a bank that offers fee-free ATM withdrawal on major bank ATM machines.
From my understanding EQ does not offer fee-free ATM.
the problem is even if you find a fee-free bank, for example the TD premium account, the other side will charge you for using their ATM.
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Aug 8, 2012
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fpenguin wrote: Wonder if Meridian's worth trying.
https://www.meridiancu.ca/personal-bank ... rcent.aspx

Would I be able to use Meridian ATM Card and withdraw money fee-free from major banks like RBC, Scoctia, BMO, CIBC, etc?
No, you are missing the point.

There are basically 6 different ATM networks in Canada.

TD, RBC, BMO, Scotia, CIBC, and "The EXCHANGE"

Whoever YOUR bank is with, you can use those ATMs for free. If you use your card on another network you get charged fees ... UNLESS you get an expensive account with monthly fees or high minimum balance in which case you are essentially just paying for the fees ahead of time.

There are tons of bank machines on each network ... do you use cash a lot?

You can pay with Interac in Canada almost everywhere and avoid cash almost completely (not to mention credit cards).
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
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Jan 2, 2015
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Which of those networks work with the international "Plus" network?
Sr. Member
Jun 5, 2016
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I believe all are compatible with the plus network but you will pay a convenience fee for using the ATM
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Dec 17, 2008
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ace604 wrote:
fpenguin wrote: Wonder if Meridian's worth trying.
https://www.meridiancu.ca/personal-bank ... rcent.aspx

Would I be able to use Meridian ATM Card and withdraw money fee-free from major banks like RBC, Scoctia, BMO, CIBC, etc?
No, you are missing the point.

There are basically 6 different ATM networks in Canada.

TD, RBC, BMO, Scotia, CIBC, and "The EXCHANGE"

Whoever YOUR bank is with, you can use those ATMs for free. If you use your card on another network you get charged fees ...
There is also "Acculink" - All the credit unions in Manitoba and some other provinces use it.. They are NOT in the Exchange network.
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Aug 8, 2012
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Shawguy wrote:
ace604 wrote:
fpenguin wrote: Wonder if Meridian's worth trying.
https://www.meridiancu.ca/personal-bank ... rcent.aspx

Would I be able to use Meridian ATM Card and withdraw money fee-free from major banks like RBC, Scoctia, BMO, CIBC, etc?
No, you are missing the point.

There are basically 6 different ATM networks in Canada.

TD, RBC, BMO, Scotia, CIBC, and "The EXCHANGE"

Whoever YOUR bank is with, you can use those ATMs for free. If you use your card on another network you get charged fees ...
There is also "Acculink" - All the credit unions in Manitoba and some other provinces use it.. They are NOT in the Exchange network.
Ya, I don't know if there are also any other minor ones ... hedged my bets with "basically 6" :)

ACCULINK seems to be a subset of The EXCHANGE for credit unions from Alberta to Manitoba, while it is The EXCHANGE for BC, Ontario, and Atlantic Canada.
[EDIT: "subset" is the wrong word. A lot of credit unions are part of BOTH networks, but not those in AB, SK, MB. Some banks are part of The EXCHANGE too, but it looks like ACCULINK is only credit unions. So if you are a AB CU customer you can use the ATM 'ding-free' at a BC CU, and vice versa, but not the same with an AB CU and HSBC (which is part of the EXCHANGE)]

Quebec has their own separate world :)

Both ACCULINK and The EXCHANGE are listed on www.ding-free.ca
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Deal Addict
Mar 1, 2016
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toronto
fpenguin wrote: I've been using ATM cards from CapitalOne or Ally from the States where ATM transactions are fee-free pretty much anywhere in the States.

Is there any Canadian bank that has similar offerings?
I tried taking money out from RBC ATM machines with my Scotia & BMO ATM cards, and it seems there is $3 extra charge.
actually this got me curious, so US ATM don't charge you for usage when you are from another bank? (not taking about your account charge, but the ATM charge which are common around the world by just grossing the amount of the withdrawal...)
Deal Fanatic
Nov 22, 2015
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fpenguin wrote: Yes, I'm new to Canada. Thanks for the welcoming message, kenze!

I tried Scotia Momentum & BMO Premium, where I had to bank $5000 each to get the premium plan.
But when I tried to withdraw money from RBC ATM machines, while Scotia & BMO didn't charge, RBC still charged $3 per transaction.

I understand Tangerine works with Scotia, but I'm interested in finding a bank that offers fee-free ATM withdrawal on major bank ATM machines.
From my understanding EQ does not offer fee-free ATM.
It doesn't exist. You'll have to go with a no-fee bank and use their ATMs only.

In terms of convenience, PC Financial might be an option for you since there's a PC ATM at pretty much every Loblaw-brand store or CIBC.
Member
Jun 26, 2012
279 posts
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Toronto
foreigncontent wrote:
fpenguin wrote: I've been using ATM cards from CapitalOne or Ally from the States where ATM transactions are fee-free pretty much anywhere in the States.

Is there any Canadian bank that has similar offerings?
I tried taking money out from RBC ATM machines with my Scotia & BMO ATM cards, and it seems there is $3 extra charge.
actually this got me curious, so US ATM don't charge you for usage when you are from another bank? (not taking about your account charge, but the ATM charge which are common around the world by just grossing the amount of the withdrawal...)
Charging customers from other bank for using ATM is definitely not "common around the world". This is pretty much a Canadian thing. I have traveled extensively around the world and most countries in Asia and Europe do not apply such fee. Your bank might charge you for using other banks' ATM but that's about it in many countries
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Dec 11, 2005
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My own $0.02 is get used to paying by Mastercard/Visa/Debit and stop worrying about cash in the first place (as of June, 77% of people in Canada prefer electronic payments to cash). The only places I EVER use cash are the local farmers market, dollarama, and parking meters (and even the parking meters is fading now that I can pay with an app). Canada is a near cash-free society.

Also you can get up to $100 cash-back for free when buying anything with debit at pretty much any grocery store or Walmart.

I use an ATM maybe once, MAX twice a month. Whenever I go out of my way to use an ATM, I make sure to withdraw a bunch so I don't have to waste time doing it again.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
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Mar 1, 2016
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djskynet wrote:
foreigncontent wrote:
fpenguin wrote: I've been using ATM cards from CapitalOne or Ally from the States where ATM transactions are fee-free pretty much anywhere in the States.

Is there any Canadian bank that has similar offerings?
I tried taking money out from RBC ATM machines with my Scotia & BMO ATM cards, and it seems there is $3 extra charge.
actually this got me curious, so US ATM don't charge you for usage when you are from another bank? (not taking about your account charge, but the ATM charge which are common around the world by just grossing the amount of the withdrawal...)
Charging customers from other bank for using ATM is definitely not "common around the world". This is pretty much a Canadian thing. I have traveled extensively around the world and most countries in Asia and Europe do not apply such fee. Your bank might charge you for using other banks' ATM but that's about it in many countries
interesting that you start only in Canada ("Canadian thing"), to most common, to one continent, and most country in one continent (which i am not convinced, but i haven't been to most of the 'Stans so this might tilt the balance)....


i guess i have been to a different world. regularly asked for extra fees from ATM in Iceland, Thailand, Malaysia, Laos, Cambodia, Vietnam, Australia, New Zealand at least one time (ANZ, never tried them again), Fiji, South America, Africa was a while back, but i know some fees have been introduced (Barcleys for example).

so clearly don't think it's a "canadian thing"....


(australian perspective on subject https://www.finder.com.au/atm-usage-fee ... -the-world )

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