Hi,
I am a Canadian going to Santorini, Greece mid-May with 3 other companions, and would like to inquire if anybody had issues using Alterna Savings debit cards. I also have a Scotiabank account, so I'm wondering if that better chance that card would be a better choice being accepted at an ATM. I will also contact Alterna, but wanted to reach out and find out other Canadian travellers' experiences with money exchange issues and best practices.
Thanks
Julie
Canada
Julie, I use RBC and TD cards (ATM cards, that is) in Europe all the time to withdraw local currency. Your ScotiaBank card should be fine but check with your branch, and be sure to talk to someone in authority. The average teller may not have reliable information.
Thanks for your reply Norma.
Julie
Canada
We wait until we get to the Athens Airport to withdraw money from the ATMs at the arrivals area of the airport. While we are US citizens we find the exchange rate at the ATMS at the airports much better and lower.
Always let your bank know of your travel plans and dates, including any credit card you will be using. Make sure your credit card doesn't charge for foreign transaction fees. If so, get another CC.
One of the responses suggested good or best ATMs rates at airport, have others found that to be the case
Bob, the rates at the Athens Airports by various Greek banks are the same as at other branches of the same banks, in Central Athens and/or in the islands. My own personal preference is to use a ATM from a major bank -- usually attached to a bank, and during banking hours. That's on the off-chance that there may be a "glitch" and I can access a bank employee immediately. I never use a NON-Bank ATM... because those may charge a transaction fee. NOTE: Regular Greek bank ATMs NEVER charge for their use ... any charges that show up on y our statements are levied by YOUR bank, not a Greek institution.
FOr past 10 years or so, if you hold a "plain vanilla" (not elite) card, most large US and Canadian banks (TD, BAnk of America, CHASE etc) have been charging BOTH a transaction fee ($5?) PLUS a % fee (5% of amount withdrawn). This could mean that getting $300 worth of Euros could cost you $5 + $9 = $14!! Recently, under pressure, some have dropped the $5 fee. Be sure to check your bank -- and as other said, talk to a supervisor; tellers don't know. Also, of course, notify bank of the dates when u'll be withdrawing abroad, or at your first use, your account will be "locked" for suspected fraud. It's also a good idea to ask that the daily withdrawal limit be raised from ??$300?? to ??$500?? or so. not that you plan to squander $500 per day ... just so you can go a few days without a visit to the ATM. One way to avoid ANY fees is to open an account with an online bank like Capital One, or a Credit Union, which don't levy these "greed" fees.
A final bit of advice: one bank in Greece (maybe 2) at least at its Airport ATM, during y our transaction, will ask if you want "dynamic conversion". This means that when you ask for 300 Euros, it will tell you how much that is in Canadian or US $$. Do NOT opt for this -- you don't need it, and it triggers a DOUBLE conversion, costing you at least 5%. It's a scam. Just click NO.
You should have both accounts authorized for foreign withdrawals. Good to have a back up in the event of a problem with our preferred ATM/debit account.
PS I think it was Scotiabank in NB that placed a $2 CAD surcharge on my withdraw from my US account.
