Hi, I've noticed on another forum that this on-line bank that has a no fee chequing account, free ATM withdrawals etc. and you can transfer funds from your "at home regular bank" to Tangerine with a 2-3 day lag. This would protect your at home funds from your travel funds until you need them. Has anyone used this in Europe and how did it work for you? TIA. Sherry
Sherry that sounds like a lot of bother to me.. dozens of trips to Europe and I just use my chequing account at the TD bank.. I have a NO fee foreign ATM withdrawal account with them.
Never had a problem.
Remember in many europeon countries.. France and UK for sure.. their banks charge no fees for ATM withdrawals.
Tangerine in Canada used to be called ING Direct and changed to its orange-coloured name after being purchased by ScotiaBank several years ago. You can go to its website to see if it is truly no-fee for foreign exchange withdrawals (read very carefully.) I am a customer of a competing, and longer-established, "no-fee" bank which certainly does charge fees for withdrawals when abroad. What is your concern with "protecting" your deposits? From what? I have withdrawn money from either my no-fee or my traditional fee bank in many countries and, except for the extra charge (and of course the rate of exchange) it is pretty much the same as going to an ATM around the corner from my home. I've never tried to transfer funds between accounts while abroad but, with interest on savings so miniscule, I lose practically nothing by filling up my chequing account before departure. If you want to transfer, you should do a test run on whatever computing device you will take with you; some computers have to be sort-of-registered before requests will be accepted.
I have an account with what used to be the US branch of Tangerine (ING Direct which is now owned by Capital One). I opened this account because of their guarantee of no fees. I have been happy with them and they really do charge no fees and cash machine withdrawals in Europe are at the Google posted rate for dollar to Euro exchanges with absolutely zero extra charged. Verify that Tangerine does not charge any fees for foreign withdrawals since "free ATM withdrawals" does not necessarily translate to no fees outside your home country.
I looked at Tangerine a while ago, and discovered they have some limitations for free international ABM withdrawals. It's doable, but you'd have to plan ahead to find a no-fee bank machine. I couldn't find any info on Tangerine's site about whether they do or don't have a foreign exchange fee added to the conversion on international withdrawals like most of the big banks do.
From Tangerine's site:
Other ABM withdrawals (not part of Global ATM Alliance1) - In the US / Worldwide $2
(1) Tangerine will waive the International ABM Access Fee and Global ATM Alliance members will waive any terminal convenience or usage fees for any withdrawal transactions performed at Global ATM Alliance machines with your Tangerine Debit Card. “Free Access” does not apply to Scotiabank ABMs in Colombia, and Panama.
The Global ATM Alliance member banks are listed here: Global ATM Alliance.
Here's the link to the Tangerine fees description: Tangerine fees table