When traveling abroad, one of the hidden costs that can add up quickly is foreign transaction fees at ATMs. These fees are typically charged by your bank or credit card issuer when you use your debit or credit card to withdraw cash from an ATM in a foreign country. Calgary, as a major Canadian city with a thriving international tourism industry, has a variety of ATMs as ATM Calgary, but it’s important to understand how to minimize or avoid these foreign transaction fees when using them.
This guide outlines practical strategies to avoid foreign transaction fees at Calgary ATMs, so you can save money while enjoying your visit.
1. Choose ATMs from Banks that Offer Fee-Free International Withdrawals
Some banks have special agreements with other international banks or ATM networks that allow their customers to withdraw cash without incurring foreign transaction fees. Here are a few ways you can take advantage of this:
1.1. Check if Your Bank Has Global Partnerships
Many major banks in Canada, such as Scotiabank, are part of a global network of ATM providers that offer fee-free withdrawals for certain customers. For example, Scotiabank is a member of the Global ATM Alliance, a partnership that allows customers from participating banks to use ATMs without incurring withdrawal fees in certain countries.
If your bank is a part of such an alliance, be sure to locate the bank’s ATMs in Calgary or inquire if they have partner banks that offer free ATM withdrawals.
Scotiabank’s Global ATM Alliance allows fee-free access at Scotiabank ATMs worldwide for their Canadian customers.
CIBC also participates in global networks like PLUS and Cirrus, offering fee-free access to ATMs in some countries for CIBC clients.
Before you travel, contact your bank to verify whether they are part of such a network and ask about fee-free ATM options available to you in Calgary.
2. Use ATMs from Major Canadian Banks
Another way to avoid foreign transaction fees is to use ATMs from major banks that are more likely to offer lower fees for foreign cardholders. In Calgary, ATMs from RBC, TD Canada Trust, BMO, and Scotiabank are widespread and generally offer international compatibility with lower fees compared to smaller or independent ATM providers.
2.1. Look for Bank-Branded ATMs
ATMs in Calgary that are inside bank branches or affiliated with major banks tend to have fewer fees compared to standalone machines. Standalone ATMs, often found in convenience stores or tourist-heavy areas, might charge higher fees for international cards. Using ATMs inside bank branches is usually safer and offers better rates.
2.2. Check for Local Bank Affiliations
Sometimes, Canadian banks have agreements with local foreign banks that allow their customers to withdraw cash with reduced or waived fees. For example, RBC may have partnerships with local Canadian banks like CIBC or BMO to provide low-fee or fee-free access at their ATMs in Calgary.
Always check if your home bank has any agreements with Canadian banks to lower fees on ATM withdrawals in Calgary.
3. Open a Bank Account or Travel-Only Account with Fee-Free ATM Access
If you frequently travel abroad or make international withdrawals, consider opening a bank account specifically designed for international use. Many banks offer special accounts that waive foreign transaction fees on ATM withdrawals, especially for customers who travel regularly.
3.1. Travel-Specific Bank Accounts
Some Canadian banks offer travel-specific accounts that are tailored to frequent international travelers. These accounts typically allow you to withdraw money from ATMs around the world without paying foreign transaction fees.
For example:
RBC’s No-Fee Travel Account: RBC offers a travel account specifically designed for people who travel frequently, with access to fee-free ATM withdrawals in many countries, including Canada.
Scotiabank’s Passport Visa Infinite Card: This credit card offers access to foreign ATMs with no foreign transaction fees, ideal for international travelers.
Consider setting up a travel-friendly account with your Canadian bank before you arrive in Calgary to avoid unnecessary charges when using ATMs.
4. Avoid Currency Conversion Fees by Choosing Local Currency
When withdrawing cash from an ATM in Calgary, you may be given the option to choose whether you want to be charged in your home currency (e.g., USD, EUR) or Canadian dollars. Opting for local currency—Canadian dollars in this case—can help you avoid additional currency conversion fees, which are often added on top of the foreign transaction fee.
4.1. Choose Local Currency for Withdrawals
Always choose to withdraw Canadian dollars rather than opting for conversion to your home currency. This option usually offers better exchange rates, as the ATM will directly convert your funds into Canadian dollars without involving third-party fees. If you select your home currency, the ATM provider might use less favorable exchange rates, and you may end up paying hidden fees that increase the cost of your withdrawal.
5. Use Credit Cards for Cash Advances Only When Necessary
While withdrawing cash from ATMs in Calgary is common, using a credit card to get cash from ATMs should be avoided unless absolutely necessary. Credit cards typically charge higher fees for cash advances compared to debit cards, and the interest starts accumulating immediately, often at higher rates than regular purchases.
5.1. Credit Card Cash Advances
If you must use a credit card to withdraw cash, be prepared for a higher fee—usually between 3% and 5% of the transaction amount. Additionally, your credit card issuer may impose a foreign transaction fee, and interest rates are often higher for cash advances than regular purchases. Consider this option only as a last resort and use it sparingly to avoid accumulating excessive fees.
6. Use Online Services or Mobile Payments to Avoid ATMs
A great way to bypass ATM fees entirely is by utilizing online banking services or mobile payment systems like Apple Pay, Google Pay, or Samsung Pay. These services allow you to make purchases and pay for services directly from your phone or other digital devices, eliminating the need to withdraw cash from an ATM.
6.1. Digital Payments
Many shops, restaurants, and even transportation services in Calgary accept digital payments. By using your mobile payment service, you can avoid the need to withdraw cash entirely, thus avoiding ATM withdrawal fees and foreign transaction fees. Additionally, using these systems may help you get better exchange rates since you’re not physically converting your money at an ATM.
7. Set Up Alerts for Withdrawals
If you do need to use ATMs in Calgary, setting up withdrawal alerts on your bank account can help you track your spending and monitor any foreign transaction fees that may arise. These alerts will notify you of any international ATM transactions, so you can stay on top of your fees and quickly address any issues with your bank.
7.1. Monitor Your Bank’s Mobile App
Most banks offer mobile apps that allow you to keep track of your ATM transactions in real time. Ensure that you have your bank’s app downloaded and notifications enabled so that you can keep track of the amount you’ve withdrawn and any associated fees.
8. Use ATMs Located in High-Traffic Areas
ATMs located in well-populated areas, such as shopping centers or busy tourist districts in Calgary, tend to have lower transaction fees and more reliable currency conversion rates. These ATMs are typically affiliated with major banks and offer better security compared to those found in isolated or less secure locations.
Popular ATMs in Calgary: ATMs located inside major shopping malls such as Chinook Centre and The CORE Shopping Centre, as well as those at Calgary International Airport, are often good options to avoid excessive fees.
Conclusion
While using ATMs in Calgary, it’s crucial to understand how to minimize foreign transaction fees and maximize convenience. By choosing ATMs affiliated with major banks, using mobile payment systems, and setting up specialized travel accounts, you can avoid or reduce ATM fees significantly. Remember to always check for hidden fees and currency conversion options when using ATMs, and plan ahead to ensure a hassle-free financial experience during your time in Calgary. Happy travels!
