How much do Canadian banks charge to use the ATM machines in Europe?

Question

I have heard that they charge as much as 4 euros per transaction, will this defeat the purpose of getting better rates on foreing currency exchage?

Answer 1

i'm with a credit union and when i travel it charges me $5bucks a transaction. When you withdrawl, withdrawl enough money for you to last a few days at a time to save on the charges.

Answer 2

When you're on holiday the ATM is far cheaper than using money changing services in the other country. What I don't like is the double dipping. You pay to use some other Bank's machine and your own bank charges you again! What's that about? What service has your Bank provided. Is this "penalty" to discourage you from using other Bank's machines? Why is that an issue? It's an electronic transfer no matter where it's done. No, I think it's the new corporate strategy that paints a customer as a victim. They don't have a machine where you need one and they charge you for their poor service.I have a membership at another. Or I should be able to use my co-op card lock at any gas station. What is being said makes no sense at all. What would happen if the banks pulled there bank machines and you could only withdraw cash from the bank during working hours then what. If it is regulated by the government then so should every other private sector business in how much they charge on everything. Yes the banks make huge profits I agree with that however they are a business and like any other business they are out to make money.

Answer 3

There are generally 2 fees you end up paying in those situations. The ATM fee is usually added on right at the ATM withdrawal, and your bank charge that you see in your bankbook when you get home. Your bank doesn't normally charge more than $1 to $2, mine doesn't anyway. Mine has 3 charges - zero for using any branch of their bank, $1 for any other ATM in Canada, $1.50 for any international ATM.

As for the machine you use, the charge can be anything. AND I doubt Europe will charge as much as the bars in Vegas do. Some tips are try to stay to ATM's at banks. They are more trustworthy and cheaper. So same thing, if you head to a bar or store and the ATM is privately owned, then the fees start to escalate.

ATM's are usually worth it and safer. The last time I checked, going for exchange generally adds on a fee that is double the ATM fees, and usually a worse exchange rate. But this can vary between experiences.

Answer 4

Yes, they do charge a fairly high fee for the transaction, but the exchange rate is exact which means you do not have to pay someone too much money for exchanging your currency. Many will not give you a good rate. Exchange money a few times as you can. Take out enough money each time so you don't have to go back too often. The airports usually have a standard exchange rate that is not to bad because these places are generally regulated. So try to get some money there if you can.

Answer 5

I've paid between $2.50 and $5.00 per transaction. You need to check with your bank.

When selecting the ATM to use for your withdrawal be sure the logos that you will see on the back of your bank card are displayed at the machine. (e.g. Interac, Plus) If not, the machine will be part of a system not necessarily directly affiliated with your bank and there will likely be an additional charge.

ATM's are the way to go these days. Just don't be withdrawing $20 at a time!

Answer 6

when I visited Europe and used the ATM I only got charged for using there ATM machine. I didn't have to pay for any currency exchange as far at the rates I believe there were the same. But again this was over 6 yrs ago.

Answer 7

I am in Germany right now, and it costs me $5 for each transaction with CIBC. I upped my daily withdrawl limit so I could take out 3 weeks worth of cash. I HATE fees to take out my own damn money!

Answer 8

When I was there a few years back it was $2.50 per withdrawal.

Answer 9

Go to bank ATM's. You'll do ok.