Generally we found the limits higher, and it came with a flat fee of $5 for cash advances. In the 12 ½ months of travel I did with my husband, not once did we pay using Interac debit. Always carry a backup card in case your card gets demagnetized or eaten by the machine. Banks may reduce the daily limit (sometimes as low as $100) in countries with a high risk for fraud, and this limit can change. Also, you’ll need to check on the withdrawal limit for within that country. The fees will vary so check with your bank in advance as not only will they levy a fee of a few dollars, but so will the host bank. The most cost efficient way is to take out the maximum withdrawal allowed on a network compatible with your home network. There are two general ways to access the ATM outside of Canada: with your debit card as a withdrawal, or your credit card as a cash advance. And even with a chip card, you’ll probably still need to sign. To avoid the foreign transaction fee, we used Canadian travel sites like Expedia.ca or Hotels.ca. Some vendors also charge a surcharge of 5% or more for using a credit card. That included booking airfare and hotels, and paying for large purchases (I did once buy a laptop outside of Canada). Since credit cards usually carry a foreign transaction fee of 1.5 – 3%, we only used our card when we needed the insurance and purchase protection. Smaller denominations are best, and make sure they are in good condition without rips or markings. My husband and I spent a year travelling and found most street markets, taxis, bars and restaurants were strictly cash only. To support the island’s economy further, which was hit hard by pandemic lockdowns, Vancity is giving away a three-night stay in Alert Bay to explore this harbourside community and appreciate its rich history in person.Great for the majority of purchases, and depending on where you are, this may be your only choice. In partnership with the ‘Namgis First Nation and the Village of Alert Bay, the community has continued to grow into a healthy, financial one, where residents’ and members’ well-being comes first. Through a meaningful community partnership, Vancity has developed an innovative model of banking on Cormorant Island. “Vancity is proud to serve this community and contribute to the local economy by providing the same banking services that all Vancity members have access to.” ![]() “Alert Bay is a unique and special place - a centre of cultural reclamation and heritage of the Kwakwaka’wakw peoples,” says Laviolette. “The ‘Namgis and the Village of Alert Bay developed a joint economic strategy called ‘Tides of Change,’ and approached Vancity for help … To be sustainable, we experimented with a system of remote management and specialist advice, and this has worked well.” A credit union that has your backĪfter eight years in the community, Vancity has established itself in the Village of Alert Bay as a trusted financial institution, putting down roots and working with community members to better serve their individual needs and financial goals. This causes the branches in more remote communities to shut down, even though these communities need them the most. Because the traditional staffing model of operating a branch in-person can get costly, it often makes financial sense for them to operate in larger markets. When speaking about this closure, Laviolette explains that financial institutions often look at the profitability of their individual branches when making decisions. “The greater effect was that people spent their paycheques in Port McNeill instead of Cormorant Island businesses,” Laviolette tells Daily Hive. This meant residents had to leave their community and take a ferry to Vancouver Island to visit the nearest bank in Port McNeill - a 45-minute ferry ride away - to do any banking. Laviolette shared that, in 2014, the credit union in Alert Bay closed unexpectedly, which left the community without any financial institution.
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