Hey Al, Sorry but I was out of town for a few days. I actually managed to negotiate a waiver of the Foreign Transaction Fees. But, without the waiver you will get charged the FTF but no bank fees if you use Santander or Scotiabank. But, for an example, I got $13.23 exch rate yesterday at a Scotia ATM, while the sign in their window said $12.55. 3% would be about $.40 so it's still much better than walking in off the street with dollars to exchange or even being a Scotia client. With other banks you would no doubt get hit with a transaction fee from one or both banks. This fee if for ATM transactions. For credit card transactions I have a BOA Travel Rewards card and there are no fees, including no FTF.