TD Bank Fee INCREASES May 1 2018 - Foreign Exchange 2.5% > 3.5% | General financial discussion | Discussion forum

This is terrible. I hope no one else does the same. I use Tangerine which doesn't have the 2.5%. It only charges $2 CAD plus whatever the other bank charges:

** Other ABM withdrawals (not part of Global ATM Alliance1) - In the US / Worldwide $2

Yep, this is bad news. It's only a matter of time now before the major Canadian banks, HSBC (for its standard Premier World, Advance, and Regular MasterCards), and other major credit card issuers do the same, going to 3.5%. Now Rogers and Fido can say, "look, we're a full 1% less than everyone else!" I can even see Tangerine going to 3.5% as it's an easy fee increase they can institute without having actually create a new fee.

Cheers,
Doug

Wayno said
It's their TD Access Card ( a DEBT Card) going from 2.5 > 3.5%  

Wow, can't believe they charged an FX fee on debit card purchases. Normally no additional surcharge is added to such transactions. Nevertheless, mark my words, the same will happen to other banks Visa debit cards and also to all credit cards. TDCT has dropped the initial salvo, and the other banks will lap it up in haste. 🙂

The major banks don't need to collude or conspire on fee increases - they're an oligopoly so they just need one to make the initial move, and then they can follow suit like lapdogs or a pack of wolves. (Or a flock of vultures? ;)).

Cheers,
Doug

Save2Retire@55 said

How can I open a saving account in North Korea? India has been paying 8% and I tried to open an account there but they don't let foreigner use the high rates.  

I thought Kidd was joking,
but if you really want to get into foreign currency, you could look at a Global Bond Fund or unhedged equity funds- or just buy some foreign currency and hide it for a while.

Loonie said

I thought Kidd was joking,
but if you really want to get into foreign currency, you could look at a Global Bond Fund or unhedged equity funds- or just buy some foreign currency and hide it for a while.  

I didn't see the post, but I would've thought so as well. If people are trying to seek high savings account rates because they come with a "government guarantee" on deposits, they need to consider the security of the government, not to mention currency exchange rates. In the case of the former, the both apply heavily. In fact, I'm not even sure what the North Korean currency is called, or if it even trades openly. Moreover, while not a North Korean resident for the purposes of you being subject to enhanced country reputational risk from various Canadian banks when opening a Canadian bank account, they are heavily sanctioned. Wire transfers are essentially prohibited; PayPal likely won't even deal with them, and I wouldn't even be surprised if Western Union, usually the "wild west" of fund transfers, won't even touch them. Your method of depositing and withdrawing funds would likely be limited to an in-person visit to a bank branch in North Korea. Also, while they may not have to close your account, many Canadian banks, if they got wind of your dealings there, they most likely would send you one of those 30-45 day notices of final account closure and ending of business dealings letters. They can do that, and they'd likely opt not to explain why. So, there's that, too. 🙂

India is much more stable government wise, but the Indian Rupee is, frankly, volatile, and that's putting it mildly.

I'm warming up to the idea of those State of Israel Bonds and savings accounts because they are at least registered as an investment broker/dealer in Canada so your assets are still held in Canada. Morally and ethically, I have issues "pulling the trigger" in terms of opening an account, which is quite slick from the looks of it, due to their involvement in Israel's serious ethnic cleansing of, and trying to wipe out, the Palestinians, and unlawful territory encroachment in the West Bank. And people complain about Russia in Crimea and Donetsk!? #doublestandard

Cheers,
Doug

Loonie said
... I agree that Israel has some things to answer for, but so do lots of countries. I believe Israel has a right to exist and make its own mistakes, so would not rule them out on that account, but 10 years is a long time, and that's what you have to do in order to get more than at Ganaraska, and it assumes that you'll be better off with USD throughout.
Back to the Global Bond Funds, I think...  

First, are you still modifying that post? 😉

Second, yes, I remember it being discussed here previously, didn't know you brought it up, or that the rates improve when the Middle East situation is worse. They're a more stable regime than they've ever been, so my concerns there have eased considerably. I wouldn't call them equal to a government bond, or even a AA or AAA credit rated corporate bond, but being distributed in Canada, I'm a lot more comfortable with it. Yes, they have a right to exist, but I think they need to transfer their illegal West Bank settlements to the Palestinian Authority, recommend an independent Palestinian state (we illegally took the Palestinians' land and gave it to the Israelis in 1949, I believe), and end any remaining sea blockades at Gaza. If they do all of that, I'd be most pleased.

As for ethics and morals, for some reason, this just bothers me more than investing in a gun manufacturer or major tobacco company. Probably about the same level as buying Diageo plc, since I think alcohol causes the most social devastation and unfairly wreaks the most havoc on marriages and families. 🙁

Cheers,
Doug