SensFan11 Posted April 26, 2016 #2976 Share Posted April 26, 2016 We always use either our TD debit card or Sears Mastercard to get funds from an ATM in the country we are in...either pounds or Euros. For us, we still pay the ATM fee so perhaps it might be worth checking into the Capital One debit card that Bob mentioned previously. :) I didn't realize ATM fees were refunded. Good advice, but you may want to note that Bob's from Illinois, and may be referring to an American Capital One debit card. I'm not familiar with any debit/interac card that doesn't charge a 2.5% foreign currency conversion fee. I also don't know of a Canaidan bank that will refund the 'convenience fee' charged by an ATM. There are, however, some banks that will waive their foreign ATM fees. For example, TD Canada Trust's 'All inclusive' account includes the use of all ATMs, foreign or domestic. Other TD customers pay fees: $3 (using an ATM in the US or Mexico) or $5 (ATMs elsewhere in the world). Link to comment Share on other sites More sharing options...
hancogran Posted April 26, 2016 #2977 Share Posted April 26, 2016 Good advice, but you may want to note that Bob's from Illinois, and may be referring to an American Capital One debit card. I'm not familiar with any debit/interac card that doesn't charge a 2.5% foreign currency conversion fee. I also don't know of a Canaidan bank that will refund the 'convenience fee' charged by an ATM. There are, however, some banks that will waive their foreign ATM fees. For example, TD Canada Trust's 'All inclusive' account includes the use of all ATMs, foreign or domestic. Other TD customers pay fees: $3 (using an ATM in the US or Mexico) or $5 (ATMs elsewhere in the world). Thanks for the info! :) I just went on the Canadian Capital One site to see if I could find any more info. It states the Capital One (Canada) credit card charges the conversion fee of 2.5%. We will bill you in Canadian dollars when you use your Capital One credit card to make transactions in a foreign currency. We convert the transaction to Canadian dollars on the day we receive a record of the transaction. We make the conversion at the MasterCard rate of exchange current at the time, plus a 2.5% currency conversion charge. For more information, kindly review your account terms. Perhaps the debit card doesn't so I've sent a message asking for info. Like you, I've never heard of a Canadian bank or credit card company refunding ATM charges... sure wish they did though! :( Link to comment Share on other sites More sharing options...
Eggfrmr Posted April 26, 2016 #2978 Share Posted April 26, 2016 Have you priced your cabin in Canadian funds from RCI website today? I think at this point, that's what I would do. Change the currency so it shows the prices in CAD and see if it's going to be cheaper. Keep in mind if you cancel and rebook, you will be rebooking at the current rates. It might be to your advantage or it could also go the other way, if the cruise fare has increased considerably since you originally booked. I just did that and not only is my rate considerably cheaper, but the USD rate is a better deal than the CDN one with current exchange rates. Thanks for the advice! Sent from my LG-D852 using Tapatalk Link to comment Share on other sites More sharing options...
southnam Posted April 26, 2016 #2979 Share Posted April 26, 2016 Or dollar hit 79 cents today. It has 9 months to hit par before I cruise :) Sent from my MotoG3 using Tapatalk Link to comment Share on other sites More sharing options...
Funbobby68 Posted April 27, 2016 #2980 Share Posted April 27, 2016 Or dollar hit 79 cents today. It has 9 months to hit par before I cruise :) Sent from my MotoG3 using Tapatalk So much for the so called experts predicting. 59 cents Sent from my iPad using Forums mobile app Link to comment Share on other sites More sharing options...
Rare A&L_Ont Posted April 27, 2016 #2981 Share Posted April 27, 2016 Price of oil goes up, and so does our dollar. In our area it varies from 98.9 to 103.1. Link to comment Share on other sites More sharing options...
constable145 Posted April 27, 2016 #2982 Share Posted April 27, 2016 Price of oil goes up, and so does our dollar. In our area it varies from 98.9 to 103.1. Time to start buying gas at Costco! Sent from my Nexus 6P using Tapatalk Link to comment Share on other sites More sharing options...
tinkertwo Posted April 27, 2016 #2983 Share Posted April 27, 2016 As to credit cards not charging conversion fees, keep in mind that while some say they have no fees their exchange rates are likely higher. They can set it to where ever they want so while they are saying on one hand, we will not charge you fees, on the other hand they can be adding X percent to the going rate and you will never know. Some banks use this as a selling point for their cards so they hide the fee, some banks feel its best to just lay it out on the table and tell you the fee up front. I have had people disagree with this, I'm just saying. They are going to make up that money some how. Link to comment Share on other sites More sharing options...
moopetguy Posted April 27, 2016 #2984 Share Posted April 27, 2016 As to credit cards not charging conversion fees, keep in mind that while some say they have no fees their exchange rates are likely higher. They can set it to where ever they want so while they are saying on one hand, we will not charge you fees, on the other hand they can be adding X percent to the going rate and you will never know. Some banks use this as a selling point for their cards so they hide the fee, some banks feel its best to just lay it out on the table and tell you the fee up front. I have had people disagree with this, I'm just saying. They are going to make up that money some how. I think I will be one of the people who disagree with this ;) At least for Visa and MasterCard, they are the ones who set the exchange rates for their cards, based on the date of settlement (which could be different from the transaction date). So it doesn't matter who the card issuer is; the currency exchange rate will be the same. That leaves the issuing bank to decide whether to charge a foreign currency conversion fee on top of the exchange rate set by either Visa or MasterCard. As previously discussed in this thread, the rate as set by the issuer varies from 0% and up. This rate is mentioned in the disclosure statement provided by the card issuer. Accordingly, the card issuer can't arbitrarily set the exchange rate. The cardholder agreements from the issuer for Visa and MasterCard credit cards explicitly state how foreign currency transactions are handled. They will state that the rate set by Visa or MasterCard is used, and then tell you if they charge a foreign currency conversion fee per the disclosure statement. Here are the links to Visa's and MasterCard's exchange rate calculators: https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html/ https://www.mastercard.com/global/currencyconversion/ Link to comment Share on other sites More sharing options...
Rare A&L_Ont Posted April 27, 2016 #2985 Share Posted April 27, 2016 Time to start buying gas at Costco! Sent from my Nexus 6P using Tapatalk Funny thing is, it is 30 minutes from my house as I live that far from the city. They only just recently installed it there too. It is 10 minutes from my office in town, but the wrong direction from home. Our local Pioneer gas bar is usually a cent more than Costco and 3 minutes away from my house. They also accept Amex.:) I am a Gas Buddy App guy. If you don't have it, get it. It is a great app, as if you need gas you can check the out the prices around you before you fill up. Link to comment Share on other sites More sharing options...
SensFan11 Posted April 27, 2016 #2986 Share Posted April 27, 2016 (edited) I think I will be one of the people who disagree with this ;) At least for Visa and MasterCard, they are the ones who set the exchange rates for their cards, based on the date of settlement (which could be different from the transaction date). So it doesn't matter who the card issuer is; the currency exchange rate will be the same. That leaves the issuing bank to decide whether to charge a foreign currency conversion fee on top of the exchange rate set by either Visa or MasterCard. As previously discussed in this thread, the rate as set by the issuer varies from 0% and up. This rate is mentioned in the disclosure statement provided by the card issuer. Accordingly, the card issuer can't arbitrarily set the exchange rate. The cardholder agreements from the issuer for Visa and MasterCard credit cards explicitly state how foreign currency transactions are handled. They will state that the rate set by Visa or MasterCard is used, and then tell you if they charge a foreign currency conversion fee per the disclosure statement. Here are the links to Visa's and MasterCard's exchange rate calculators: https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html/ https://www.mastercard.com/global/currencyconversion/ Well, I agree with this, but it's also important to put it to the test. Here's a live example to purchase US dollars - rates current as of time posted... Rogers Platinum Mastercard (0% fee): 1.2681 Marriott VISA (0% fee): 1.2691 Accurate Foreign Exchange (foreign exchange bureau in Ottawa) - cash: 1.2752 TD Canada Trust cash (with Borderless Banking discount): 1.2923 Scotiabank cash (standard public rate to purchase): 1.2945 Most other Mastercards (2.5% fee): 1.2998 Most other VISA cards (2.5% fee): 1.3000 So what's this difference work out to? If you bought a cruise for $2000 US dollars, you would save C$63.80 by using the Rogers Platinum Mastercard versus most VISA cards. Edited April 27, 2016 by SensFan11 Link to comment Share on other sites More sharing options...
constable145 Posted April 27, 2016 #2987 Share Posted April 27, 2016 Funny thing is, it is 30 minutes from my house as I live that far from the city. They only just recently installed it there too. It is 10 minutes from my office in town, but the wrong direction from home. Our local Pioneer gas bar is usually a cent more than Costco and 3 minutes away from my house. They also accept Amex.:) I am a Gas Buddy App guy. If you don't have it, get it. It is a great app, as if you need gas you can check the out the prices around you before you fill up. Use it all the time. 90 minutes to the east of you in Ancaster Costco has gas. The lines are often a bit long but thankfully the Esso and Shell nearby raise and lower their prices to compete when Costco's gas bar is open. Sent from my Nexus 6P using Tapatalk Link to comment Share on other sites More sharing options...
trev71 Posted April 27, 2016 #2988 Share Posted April 27, 2016 Funny thing is, it is 30 minutes from my house as I live that far from the city. They only just recently installed it there too. It is 10 minutes from my office in town, but the wrong direction from home. Our local Pioneer gas bar is usually a cent more than Costco and 3 minutes away from my house. They also accept Amex.:) I am a Gas Buddy App guy. If you don't have it, get it. It is a great app, as if you need gas you can check the out the prices around you before you fill up. I agree one of the good aps out there that actually saves you money. I know in my city sometimes different stations all within a few mins of each other are 6-7 cent difference on some days. Ever since we got the Costco Gas Bar in 2011 it caused other stations to some what follow down. Normally Costco here is 2-3 cents cheaper Link to comment Share on other sites More sharing options...
hancogran Posted April 27, 2016 #2989 Share Posted April 27, 2016 Well, I agree with this, but it's also important to put it to the test. Here's a live example to purchase US dollars - rates current as of time posted... Rogers Platinum Mastercard (0% fee): 1.2681 Marriott VISA (0% fee): 1.2691 Accurate Foreign Exchange (foreign exchange bureau in Ottawa) - cash: 1.2752 TD Canada Trust cash (with Borderless Banking discount): 1.2923 Scotiabank cash (standard public rate to purchase): 1.2945 Most other Mastercards (2.5% fee): 1.2998 Most other VISA cards (2.5% fee): 1.3000 So what's this difference work out to? If you bought a cruise for $2000 US dollars, you would save C$63.80 by using the Rogers Platinum Mastercard versus most VISA cards. Interesting comparison ! Thanks so much. I have a TD Borderless account and here I was thinking I was always getting the best deal. :eek: Time to shop around a bit more. :) Link to comment Share on other sites More sharing options...
Fouremco Posted April 27, 2016 #2990 Share Posted April 27, 2016 Well, I agree with this, but it's also important to put it to the test. Here's a live example to purchase US dollars - rates current as of time posted... Rogers Platinum Mastercard (0% fee): 1.2681 Marriott VISA (0% fee): 1.2691 Accurate Foreign Exchange (foreign exchange bureau in Ottawa) - cash: 1.2752 TD Canada Trust cash (with Borderless Banking discount): 1.2923 Scotiabank cash (standard public rate to purchase): 1.2945 Most other Mastercards (2.5% fee): 1.2998 Most other VISA cards (2.5% fee): 1.3000 So what's this difference work out to? If you bought a cruise for $2000 US dollars, you would save C$63.80 by using the Rogers Platinum Mastercard versus most VISA cards. Good post. Chase Bank (VISA) and Rogers Bank (MasterCard) are the only financial institutions in Canada currently offering credit cards for which there is no currency conversion transaction fee. There have been several studies recently showing that as conversion rates fluctuate, VISA generally charges a slightly higher rate. On a given day, MC might charge more, but overall, VISA's rate is higher. As the Rogers card also has the highest cash-back percentage among transaction-fee free cards, it's currently the best bet for foreign currency purchases. Link to comment Share on other sites More sharing options...
Fouremco Posted April 27, 2016 #2991 Share Posted April 27, 2016 (edited) As to credit cards not charging conversion fees, keep in mind that while some say they have no fees their exchange rates are likely higher. They can set it to where ever they want so while they are saying on one hand, we will not charge you fees, on the other hand they can be adding X percent to the going rate and you will never know. Some banks use this as a selling point for their cards so they hide the fee, some banks feel its best to just lay it out on the table and tell you the fee up front. I have had people disagree with this, I'm just saying. They are going to make up that money some how. Include me as one who disagrees. VISA and MasterCard set their respective currency conversion rates, not the individual financial institutions. There are no "hidden" fees, and the daily exchange rates are readily available online. Edited April 27, 2016 by Fouremco Link to comment Share on other sites More sharing options...
moopetguy Posted April 27, 2016 #2992 Share Posted April 27, 2016 (edited) As the Rogers card also has the highest cash-back percentage among transaction-fee free cards, it's currently the best bet for foreign currency purchases. But you can only use the cash back for purchases/expenses under the Rogers family of products and services, right? So that's why they can afford to give you a higher cash-back rate...you're spending money with them already and possibly spending even more :) Works great if you are already a Rogers customer, but if not, probably not worth switching. Most people have multiple cards, so if you're strategic about which ones to obtain for different types of purchases or expenses, you can get the best of the everything. I have the Tangerine MC for 2% on gas, restaurants, and recurring bills (1% on everything else); PC Financial World Elite MC for 3% on all Loblaws-branded stores (1% on everything else); RBC Cash Back MC for 2% on all other grocery stores including Walmart; and a BMO U.S. MasterCard for USD purchases, so I can just get U.S. currency from a foreign exchange counter for a better rate than most Visa/MC cards or a bank. This combination currently works the best for my spending profile (YMMV) to incur no fees and get the most cash-back. :D Using a USD credit card could be even better than a card with no foreign currency conversion fee, because you can try to time your U.S. currency purchase when it's best during your credit card statement's grace period, instead of being subjected to whatever the daily rate set by Visa or MC is when the transaction is settled for your purchase -- which you may have little to no control over in terms of timing the purchase. Edited April 27, 2016 by moopetguy Link to comment Share on other sites More sharing options...
hancogran Posted April 27, 2016 #2993 Share Posted April 27, 2016 Chase Bank (VISA) and Rogers Bank (MasterCard) are the only financial institutions in Canada currently offering credit cards for which there is no currency conversion transaction fee. Not true. Sears Mastercard (Scotiabank) does not charge a currency conversion fee. I use mine all the time when we're in the U.S. and Europe. :) Link to comment Share on other sites More sharing options...
Fouremco Posted April 27, 2016 #2994 Share Posted April 27, 2016 But you can only use the cash back for purchases/expenses under the Rogers family of products and services, right? So that's why they can afford to give you a higher cash-back rate...you're spending money with them already and possibly spending even more :) Works great if you are already a Rogers customer, but if not, probably not worth switching. Most people have multiple cards, so if you're strategic about which ones to obtain for different types of purchases or expenses, you can get the best of the everything. I have the Tangerine MC for 2% on gas, restaurants, and recurring bills (1% on everything else); PC Financial World Elite MC for 3% on all Loblaws-branded stores (1% on everything else); RBC Cash Back MC for 2% on all other grocery stores including Walmart; and a BMO U.S. MasterCard for USD purchases, so I can just get U.S. currency from a foreign exchange counter for a better rate than most Visa/MC cards or a bank. This combination currently works the best for my spending profile (YMMV) to incur no fees and get the most cash-back. :D I was only dealing with purchases made in foreign currencies, not general credit cards, and I use my Rogers card solely for this purpose. I too have other cards for other purposes. I agree that the Rogers card is less useful if you aren't otherwise a Rogers customer, but the savings in transaction fees still puts you ahead of the game compared to many other cards. Link to comment Share on other sites More sharing options...
Fouremco Posted April 27, 2016 #2995 Share Posted April 27, 2016 Not true. Sears Mastercard (Scotiabank) does not charge a currency conversion fee. I use mine all the time when we're in the U.S. and Europe. :) Did you acquire it from Scotiabank or from Chase Canada when it held the Sears account? As I understand it, when Scotiabank took over the Sears MasterCard portfolio from Chase, the lack of forex fees was grandfathered for existing card holders, but Scotiabank does not currently off a forex-fee free card to new customers. Link to comment Share on other sites More sharing options...
hancogran Posted April 27, 2016 #2996 Share Posted April 27, 2016 Did you acquire it from Scotiabank or from Chase Canada when it held the Sears account?As I understand it, when Scotiabank took over the Sears MasterCard portfolio from Chase, the lack of forex fees was grandfathered for existing card holders, but Scotiabank does not currently off a forex-fee free card to new customers. Yes, that's exactly what happened .. when Chase pulled out, Scotiabank took over the Sears Mastercard. I didn't realize that it was only the cardholders who were previously with Chase that got the no fee forex card. Guess I'd better hang onto it then! :) Thanks for the info. Link to comment Share on other sites More sharing options...
Ex-Airbalancer Posted April 28, 2016 #2997 Share Posted April 28, 2016 Good post. Chase Bank (VISA) and Rogers Bank (MasterCard) are the only financial institutions in Canada currently offering credit cards for which there is no currency conversion transaction fee. There have been several studies recently showing that as conversion rates fluctuate, VISA generally charges a slightly higher rate. On a given day, MC might charge more, but overall, VISA's rate is higher. As the Rogers card also has the highest cash-back percentage among transaction-fee free cards, it's currently the best bet for foreign currency purchases. Amazon.ca visa no fees https://www.amazon.ca/Amazon-ca-Rewards-Visa-Card-Chase/dp/B00AFGCPZ2 Link to comment Share on other sites More sharing options...
bluemeansgo Posted April 28, 2016 #2998 Share Posted April 28, 2016 For those that are curious... essentially, MasterCard/VISA offer the best exchange rate if there are no FOREX fees. Saying that, you can get a better rate with cash using a Forex Bureau ( VCBE in Vancouver, Knightsbridge in Toronto ). Also remember, that many businesses, especially overseas, offer a discount when not using a credit card. And if you're renting a car on your excursions, many gas stations in the USA also have a CASH price ( as much as 10¢ cheaper than the card price ). Well, I agree with this, but it's also important to put it to the test. Here's a live example to purchase US dollars - rates current as of time posted... Rogers Platinum Mastercard (0% fee): 1.2681 Marriott VISA (0% fee): 1.2691 MasterCard's rate = 1.2681 VISA's rate = 1.2691 Accurate Foreign Exchange (foreign exchange bureau in Ottawa) - cash: 1.2752 TD Canada Trust cash (with Borderless Banking discount): 1.2923 Scotiabank cash (standard public rate to purchase): 1.2945 Forex Bureau's rate is 1.2752 TD Bank's rate is 1.2923 ScotiaBank's rate = 1.2945 Most other Mastercards (2.5% fee): 1.2998 Most other VISA cards (2.5% fee): 1.3000 MC w/fee = 1.2681 + 2.5% Visa w/fee = 1.2691 + 2.5% Thank-you for confirming that Card issuers do NOT set exchange rates. They often DO add a FOREX fee, but a few do not. Banks on the other hand, DO charge fees. As a general rule, I've found large currency exchange places downtown often have better rates than banks for major currencies. It's their business to be competitive, after all. It's their bread and butter. Link to comment Share on other sites More sharing options...
Fouremco Posted April 28, 2016 #2999 Share Posted April 28, 2016 Amazon.ca visa no fees https://www.amazon.ca/Amazon-ca-Rewards-Visa-Card-Chase/dp/B00AFGCPZ2 Yes, that is one of the two VISA cards offered by Chase Bank that I mention previously. :) Link to comment Share on other sites More sharing options...
bluemeansgo Posted April 28, 2016 #3000 Share Posted April 28, 2016 But you can only use the cash back for purchases/expenses under the Rogers family of products and services, right? So that's why they can afford to give you a higher cash-back rate...you're spending money with them already and possibly spending even more :) Works great if you are already a Rogers customer, but if not, probably not worth switching. Most people have multiple cards, so if you're strategic about which ones to obtain for different types of purchases or expenses, you can get the best of the everything. That's not 100% correct. Those that are NOT Rogers ( or Fido ) customers can ( once per year ) request a bill credit for the amount owing. For $29 ( non-Rogers/FIDO Customers )and 1.75% on EVERYTHING, it's a pretty good non-thinking card for general purchases, especially foreign stuff. It's also a great Costco card, unless you can put Costco as one of your Tangerine categories. Of course, for shopping at Loblaws/Superstore, the PC card is better. For gas and groceries, there are lots of 2% cards ( usually with annual fees ). Remember, On $20,000 annual spend, you're talking an annual difference of $50 between 1.75% and 2%. Link to comment Share on other sites More sharing options...
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