List of Free ATMs For Wealthsimple / EQ Bank Customers (40+ Countries Globally)

January 20th, 2025 | Posted in Tools

This page lists free ATMs around the world where Wealthsimple / EQ Bank customers can make international currency withdrawals without paying any fees. Using your Wealthsimple or EQ card at one of the ATMs listed below allows you to avoid buying foreign currency at a marked-up exchange rate (typically +2.5%), and to avoid transaction fees (typically $3 to $5 Canadian dollars) each time you withdraw money.

There are 67 banks in 40 countries covered here. I’ll continue to add / update this list as I come across new sources. If you’d like to contribute to this database, please drop a comment below!

As someone who loves to travel frugally (read: an inclination towards hole-in-the-wall restaurants vs. five-star experiences), I’ve spent more time than I’d like to admit searching online for the best ways to withdraw foreign currency without paying exorbitant foreign exchange fee mark-ups and ATM transaction fees. I’ve compiled this database based on my own travel experiences in over 10 countries, travel reports from friends, and also based on several posts on Reddit, Red Flag Deals, blogs, etc.

Some of my most cherished travel memories started by stumbling into tiny local restaurants where only hard cash is accepted. Slurping a piping hot bowl of noodles while trying to avoid elbowing the customer beside me — ordering at random from a signboard written in an indecipherable script — searching for culinary bliss in places that don’t appear on Google Maps.

Without further ado, here’s the database of no-fee ATMs for Wealthsimple / EQ Bank customers. Let’s save money at the ATM so that we can drink more espresso and eat more pho!

List of free ATMs for Wealthsimple / EQ Bank customers [back to top]

 
If you’ve travelled abroad recently, it would be appreciated if you could confirm this content, indicate any errors, or add new countries with free ATMs to this list. I will keep this list up to date with the latest info that I’m able to crowd-source or find online.

You can confirm / deny / add new data in the comment section below, or by emailing me at themeasureofaplan@gmail.com
 

General tips for withdrawing money while travelling abroad [back to top]

Always withdraw in “local” currency (not Canadian dollars)

When using an ATM abroad, if it offers you a conversion rate to charge the card in Canadian Dollars (CAD), make sure you decline that option so that your card will be charged in local currency instead (i.e., Yen in Japan, Euros in Europe). This means that Mastercard will handle the conversion (as opposed to the ATM provider), and Wealthsimple / EQ Bank won’t charge any mark-up on that. The rate offered by the ATM provider will be a horrible rate, often with a 5 to 10% mark-up applied on top of the actual rate that Mastercard would have charged.

For example, see image below which shows the options that you’ll be shown when withdrawing Japanese Yen at 7-Eleven. If you select to be charged in “local” currency (Japanese Yen), the entire transaction will incur no fees for Wealthsimple / EQ Bank users. If you select Canadian dollars, a 4% mark-up would be charged on the exchange rate. In other words, on a withdrawal of $500 Canadian Dollars, selecting the wrong option would cost you $20!

In some countries, you’ll see an option for “Dynamic Currency Conversion” (DCC). Always decline this option if it’s presented. Similar to the example above, this option will charge you in Canadian Dollars, but at a significantly inflated rate. Always pay in local currency (i.e., pay in Yen in Japan, pay in Euros in France / Germany / Italy).
 

Look for official bank branches — avoid outdoor foreign exchange machines / ATMs

When finding a place to withdraw money in a foreign country, always try to do this at an official bank branch (preferably an indoor branch with clear signage belonging to the bank). Use the list above to find a free ATM in the country you’re travelling in, then search for that bank in Google Maps to find a branch near your hotel / apartment.

Avoid standalone ATMs / private-branded foreign exchange machines that are located in touristy areas, or machines that are clearly marketed towards foreign tourists. These machines are often located at the airport or in tourist hotspots (near museums, monuments, temples, or other major points of interest) and very often charge high fees / marked-up foreign exchange rates.

See image below for an example of what to look for / what to avoid.

When in doubt, think and act like a local!

101-basics guide to Wealthsimple / EQ Bank [back to top]

For Canadians who don’t yet have accounts with Wealthsimple / EQ Bank — here’s a quick 101 guide to these new entrants to the Canadian banking industry. Wealthsimple and EQ Bank are “challenger” banks have disrupted Canada’s “Big 5” banks by offering well designed online-first user experiences and fee-free banking and financial products.

It is free to open an account with Wealthsimple / EQ, there are no monthly fees for checking and savings accounts, and there are no account minimums that need to be maintained to keep your account open. In other words, you can use these accounts without paying a single penny.

Both Wealthsimple and EQ Bank offer a “prepaid” spending card that is effectively a hybrid between a debit card and a credit card. Similar to a debit card, the customer needs to load money into their account before it can be spent (you cannot borrow money with these cards. However, these cards are issued through the Mastercard network, and therefore can be used to purchase in-store / online wherever Mastercard is accepted.

Wealthsimple / EQ cards both offer cashback on purchases, and also charge zero fees for purchases made in foreign currency. This is a stark contrast to most debit / credit cards which charge a 2.5% mark-up fee on any purchases made in foreign currency.

For these reasons, I travel with both the Wealthsimple cash card and EQ Bank card in my wallet whenever I travel (it’s recommended to bring multiple cards in case one gets lost or blocked).

If you don’t already have an account with Wealthsimple or EQ Bank, you can review the latest list of benefits and sign-up using the links below (disclaimer: these are my referral links, meaning that we’ll both receive a cash bonus if you sign up using these links):

• Wealthsimple: sign up to receive a $25 bonus
• EQ Bank: sign up to receive a $20 bonus

As a reminder, for both accounts it is free to sign up, there are no fees to use the accounts, and there are no account minimums.

Parting Thoughts and Notes [back to top]

I’ve personally travelled to several countries in Asia in recent years and can personally vouch for the list of free ATMs in Hong Kong, Vietnam, Malaysia, Indonesia, Japan, and Taiwan — I’ve used my Wealthsimple / EQ Bank cards in all of those countries and have benefitted from free ATM withdrawals.

However, there are many countries on this list that I’ve yet to travel to (particularly in South America / Europe), and I’m relying on outside sources and several threads from places like Reddit, Red Flag Deals, blogs, and other online searches.

If you’ve travelled abroad recently, it would be appreciated if you could confirm the accuracy of this list, indicate any errors, or add new countries with free ATMs to the database. I will keep this list up to date with new info that I’m able to find online or crowd-source.

You can confirm / deny / add new data in the comment section below, or by emailing me at themeasureofaplan@gmail.com

Thanks to everyone who has contributed to this list — let’s make this the best place for Canadians to find free ATMs so that we can travel widely and eat/drink to our heart’s content.

 
 
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Header image credit: Pete Ryan