Obtaining cash abroad
Before I joined RFD, I would just exchange currency at the bank at whenever rate they gave and accepted that there were fees. Same deal if I needed cash abroad: just use an ATM and accept whatever fees I get charged. But no more of that! With the upcoming trip to Europe, I should be a true RFDer and find a way to save every penny.
So it appears that the major options for obtaining cash abroad are:
1) Overpay credit card, preferably a 0% fx fee card like Hometrust, then withdraw from credit card abroad as a cash advance.
2) Simply withdraw from chequeing account using bank/debit card.
If I don't have a 0% fx fee credit card, then the usual fee for most cards is 2.5%. Is this rate (with 2.5% added) usually more favorable than the big 5 banks conversion rate? (i.e. strictly comparing conversion rate and disregarding any bank/CA/ATM fees, which would be better: credit card + 2.5% or bank?)
Also I've read on another previous thread where someone mentioned to not let the ATM convert currencies for you. I assume this will be an option that pops up on the machine at the time of withdrawal?
Specific scenario: I have the Fido MC, which charges $5 for cash advance abroad. Whereas Scotia credit cards charge $3.50 for CA at Global Alliance and $7.50 for other ATMs, Fido seems to have a flat rate. So does this mean I can withdraw from the Fido MC at any ATM? So the fees I'd pay would be $5 CA to Fido + $X ATM fees if applicable?
So it appears that the major options for obtaining cash abroad are:
1) Overpay credit card, preferably a 0% fx fee card like Hometrust, then withdraw from credit card abroad as a cash advance.
2) Simply withdraw from chequeing account using bank/debit card.
If I don't have a 0% fx fee credit card, then the usual fee for most cards is 2.5%. Is this rate (with 2.5% added) usually more favorable than the big 5 banks conversion rate? (i.e. strictly comparing conversion rate and disregarding any bank/CA/ATM fees, which would be better: credit card + 2.5% or bank?)
Also I've read on another previous thread where someone mentioned to not let the ATM convert currencies for you. I assume this will be an option that pops up on the machine at the time of withdrawal?
Specific scenario: I have the Fido MC, which charges $5 for cash advance abroad. Whereas Scotia credit cards charge $3.50 for CA at Global Alliance and $7.50 for other ATMs, Fido seems to have a flat rate. So does this mean I can withdraw from the Fido MC at any ATM? So the fees I'd pay would be $5 CA to Fido + $X ATM fees if applicable?
