Travel

Out of country spending, credit or debit card?

  • Last Updated:
  • Apr 8th, 2019 11:26 am
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Aug 18, 2005
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pureelite1 wrote:
Apr 7th, 2019 9:51 am
Rogers MC has no FX fees?
As mentioned by @Arrgh , Rogers MC does charge 2.5% forex, but they also give you extra cashback points.
So in the end you are ahead by 1.5% in rewards.

Though I would be careful with situations like expensive hotel and flight bookings in which you could get large refund / re-billing cycles if there is any change in the booking. You could lose a huge amount due to forex margin, and therefore I use Home Trust VISA in these cases.
What if there were no hypothetical questions?
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Nov 13, 2010
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Which banks in Asia work better with atm withdrawals for debit cards(rbc)?
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Apr 18, 2010
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Credit:
- Many CC's have no FX fees
- Cashback
- They have good exchange rates
- If card gets compromised, it's less hassle to get your money back vs debit card
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apnayloags wrote:
Apr 7th, 2019 12:44 pm
Which banks in Asia work better with atm withdrawals for debit cards(rbc)?
Every country is different.
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May 11, 2008
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Vancouver
apnayloags wrote:
Apr 7th, 2019 12:44 pm
Which banks in Asia work better with atm withdrawals for debit cards(rbc)?
Any ATM with the PLUS logo should work with an RBC debit card.
It's tough to list the banks because there aren't many banks that have presence in multiple countries in Asia.

The only bank in Canada that has any presence in Asia is HSBC.
Scotiabank is part of the Global ATM Alliance but they don't have any coverage in Asia except for China.
https://www.scotiabank.com/ca/en/person ... iance.html

Here's a link regarding travel for RBC customers:
http://www.rbcroyalbank.com/travel/gtc4.html
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Jan 9, 2011
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Nearly every Canadian bank's debit card rips you off for making foreign currency withdrawals. They typically charge $5 per transaction and mark up the exchange rate by 2.5%. These fees add up fast. Making 3 x $200 withdrawals means $30 in fees, plus whatever the ATM operator might charge you, easily another $3-5 per withdrawal in the US. ATM operator fees are much less common in Asia and Europe.

STACK prepaid mastercard is the best thing that has ever happened to Canadians who need to withdraw money from foreign ATMs. No fees of any kind except for the ATM operator's fee (if any), and only Mastercard's daily interbank rate which is typically about 0.2% above mid-market. Unbeatable. And if you have money left over you can withdraw it once you get home to Canada. There are even some fee-free ATMs.

Stack is OK for purchases if you don't already have a credit card that doesn't ding you with a currency conversion fee. But it's a prepaid card so you need to keep an eye on the balance and be prepared to reload on the road if need be. I recommend getting both Stack for cash withdrawals and a forex-friendly credit card that pays some rewards for purchases.
18% = GTA residents as a proportion of Canada's total population
97% = chance that an RFDer lives in the GTA when he posts something location specific, without giving a location

Were you hit with surprise customs/import fees on an Amazon.ca purchase?
[OP]
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Thanks everyone for your inputs. Seems like I have some digging-around to do when I com back in May.
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Feb 4, 2015
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Canada, Eh!!
Using debit exposes your bank acct to fraud whereas using a no fx cc you'll at least have some help from cc company.
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Jucius Maximus wrote:
Apr 6th, 2019 11:22 pm
Assuming your friend is from Canada, they have no idea what they are talking about.
Practically every institution will be charging you a 2.5% forex fee on both credit and debit. There is almost never a difference.
Unless you have a 'specialist Forex card' that has a better rate, you won't see a difference.

Some Canadian exceptions:
Rogers MC
Stack MC (Debit)
Scotia Passport VISA Infinite
Home Trust VISA
And Brim Mastercard has no F/X fee
😎

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