Currency exchanges in Budapest

Steve Cain wrote:
As I read the problem outline above by the OP my first thought was surely he
must be talking about taking cash out on his MC or something.
If not that this guy has one hell of a bank! s

Not a credit card cash advance. Just withdrawing money from my chequing
account.

Canadian banks' foreign ATM fees are typically $5 per transaction, plus
another 3% or so on top of the interbank exchange rate. That's a hit
of more than 8% on a 20,000 forint ($90) withdrawal. You can see how
that might add up quickly over a four week visit to Hungary. Not worth
it when I can get a far better rate exhanging cash at a bank or exchange
kiosk.

Before you suggest "find another bank", please realize that's not really
an option in Canada like it might be in your country. There was one
virtual bank (Citizens) that had no foreign ATM fees but it closed last
year. There are none left (that I know of). Prove me wrong and I will
be grateful.

--
K.

Lang may your lum reek.

helpful clown

"Martin" a écrit dans le message de groupe de
discussion : ...
On 10/06/10 02:53, Király wrote:
Yes, yes, I know, I know. These days everyone uses ATMs. But my bank
charges such a hefty fee for using foreign ATMs that I have already
determined that I will save money by bringing cash from home (Canada)
and exchanging it at OTP Bank in Budapest.

Assuming the don't charge?

Are there any other exchange
shops that have better rates than OTP Bank?

Open an account with a bank that doesn't charge exorbitant rates.

Király wrote:
Tom P wrote:
In this case (DKB) they seem to offer the free foreign ATM cash
withdrawal as a lost leader and charge on other services - like charging
for domestic cash withdrawals - which I never use.

There are no DKB branches in Canada.

Did I say there were?

No financial institution in Canada offers accounts with low-fee or
fee-free access to foreign ATMs.

Then tough luck. That's a Canadian problem. Try Google, that's what I did.

T.

wrote:
You could get an account with Citibank. A quick check on their web
site shows that they have branches in Hungary and in Canada.

When I did not qualify as a Citigold customer, the exchange rate was
about 1-2% higher than the wholesale rate published in the WSJ. When
I was a Citigold member, the exchange rate seemed to be identical to
the wholesale rate. This worked for me at Citibank ATMs in Japan,
China, Czech Republic, Greece, Spain, etc. The only disadvantage to
this strategy is that you have to find a Citibank ATM, since the usual
fees will apply at non-Citi machines.

Don't you have internet banks in north America or are you still riding
round in ox-carts? It's like this. You google for banks with zero
foreign ATM rates on CCs or debit cards. You choose one, open an
account, transfer some credit, and pull it out on the card when you're
out of the country. What's the problem?

T.

Tom P wrote:
You google for banks with zero foreign ATM rates on CCs or debit
cards. [...] What's the problem?

What's the problem? The problem is that Google *doesn't return any*,
you dipstick. You think I don't know how to use Google? I wouldn't
have posted in this newsgroup if I hadn't spent a lot of time already
unsuccessfully Googling for an answer.

Put your money where your mouth is, Tom, and post a link to a Canadian
bank that has no foreign ATM fees, that you found by using Google. I
dare you.

--
K.

Lang may your lum reek.

Have the stuff delivered to your front door?

http://www1.foreignmoney.com/Foreign...ency-List.aspx



""Király"" wrote in message
news:WHcQn.6545$z%6.4343@edtnps83...
Tom P wrote:
You google for banks with zero foreign ATM rates on CCs or debit
cards. [...] What's the problem?

What's the problem? The problem is that Google *doesn't return any*,
you dipstick. You think I don't know how to use Google? I wouldn't
have posted in this newsgroup if I hadn't spent a lot of time already
unsuccessfully Googling for an answer.

Put your money where your mouth is, Tom, and post a link to a Canadian
bank that has no foreign ATM fees, that you found by using Google. I
dare you.

--
K.

Lang may your lum reek.

Yes, yes, I know, I know. These days everyone uses ATMs. But my bank
charges such a hefty fee for using foreign ATMs that I have already
determined that I will save money by bringing cash from home (Canada)
and exchanging it at OTP Bank in Budapest. Are there any other exchange
shops that have better rates than OTP Bank?

I can't remember the names, but I didn't have much problem finding
them when I needed one. The one I preferred to use was in Moskva
ter, mainly because the internet cafe there was the only one I could
find in the entire city that allowed me to print anything. (Remember
that if you need to print a boarding pass).

""Király"" wrote in message
news:Yk8Qn.6531$z%6.645@edtnps83...
Tom P wrote:
In this case (DKB) they seem to offer the free foreign ATM cash
withdrawal as a lost leader and charge on other services - like charging
for domestic cash withdrawals - which I never use.

There are no DKB branches in Canada.

No financial institution in Canada offers accounts with low-fee or
fee-free access to foreign ATMs.


There are credit unions in Canada. Look for one near you with the lowest
fees.

For example Macleod Savings and Credit Union only charges $3.00 for an
international ATM withdrawal. No so bad if you take out $300.

http://www.macleodcu.com/fees.php

wrote:
You could get an account with Citibank. A quick check on their web
site shows that they have branches in Hungary and in Canada.

Hi, your suggestion looked to be the best yet. But alas, Citibank's
sole Canadian branch no longer opens accounts for new customers. They
serve their existing customer base only.

I still haven't found a solution better than exchanging cash, but I'll
keep looking.

--
K.

Lang may your lum reek.

Martin wrote:
Open an account with a bank that doesn't charge exorbitant rates.

Finally found one after several days of searching. ICICI Bank of India.
Has several branches in Canada. Deposits are fully insured by CDIC in
case of bank failure. No account fees with a minimum monthly balance of
$500, and no fees to use any ATM in the world. Finally!

--
K.

Lang may your lum reek.