Tips to Reduce Bank Fees | Scotiabank Canada (2024)

FAQs

Tips to Reduce Bank Fees | Scotiabank Canada? ›

You can get your monthly account fee waived on select chequing accounts if you maintain the minimum daily closing balance or more for that account at the end of each day of the month. To help avoid additional transaction fees, Scotiabank offers unlimited transactions on select chequing accounts.

The best way to avoid bank fees in Canada is to shop around for accounts that charge fewer fees and have less restrictions. That way, you can keep more money in your pocket for your savings and financial goals. Some of the best no-fee chequing accounts in Canada include: The Simplii Financial No-Fee Chequing Account.

The most effective way of minimising fees is to avoid paper-based and over-the-counter transactions. If you are writing cheques to pay for regular payments, check to see if alternatives are available - these generally have lower fees: Direct Debit.

To avoid overdraft fees, consider opening a line of credit on your account or ensuring you maintain a minimum balance to cover any unexpected transactions.

Check with the merchant if to confirm if you'll be charged an international transaction fee. The best way to avoid the international transaction fee is to look for debit and credit cards that allow you to shop overseas without being charged international fees.

Pay in the local currency

You could potentially avoid any currency conversion fees (when transactions are processed in GBP), and in some cases, get a better exchange rate. Check with your lender about whether there are fees for using your credit card abroad.

How do you negotiate bank fees? ›

Getting your bank to waive fees

When negotiating a fee waiver, it's important to be specific and straightforward. Call the bank, mention the fee you incurred and say you would like to have it waived by the bank. If the bank isn't immediately open to helping you, try to show you're a valuable customer.

Make a rule never to disturb the minimum balance in your account and keep note of the number of payments you make. To bring down the number of transactions, try making bulk payments.

If you feel you've been wrongly charged overdraft fees, you can file a complaint with the bank or seek help from a consumer protection agency.

Minimizing bank fees may require comparing financial institutions, banking with credit unions, and understanding how banks operate. It's vital to compare services, fees, convenience, and reputation among different banks.

Axis Bank has relatively higher charges, with a few outlier charges for “non-maintenance of balance” in metro and urban accounts, “non-financial transactions from own bank ATMs” and “failed Standing Instruction”, the report said.

Paying in cash is another way to avoid foreign transaction fees. You'll want to secure cash before you head out to get the best exchange rates, and keep in mind that cash doesn't come with the same protections as credit cards.

What's the secret to saving money on international payments? Pay in a vendor's local currency. For example, send payment in euros instead of dollars for a vendor based in Germany. BILL International Business Payments supports 137 countries and 106 currencies, allowing you to streamline the payment process.