Fouremco Posted April 28, 2016 #3001 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 ). MasterCard's rate = 1.2681 VISA's rate = 1.2691 Forex Bureau's rate is 1.2752 TD Bank's rate is 1.2923 ScotiaBank's rate = 1.2945 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. I agree that forex bureaux can offer better rates, and I always take a certain amount of foreign currency with me, but currency exchange is a murky area. While cash might seem to give you the better deal, that's not necessarily the case. For example, most Caribbean islands will accept USD, but many establishments are quite willing to accept local currency. We recently dined in Antigua, and the bill was presented to us in East Caribbean Dollars, with an optional USD price noted as well. Their exchange rate in accepting USD made it cheaper for me to use my no fee forex card and pay in EC$ rather than pay in USD bills. Link to comment Share on other sites More sharing options...
moopetguy Posted April 28, 2016 #3002 Share Posted April 28, 2016 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. Thanks for the correction. I know why I thought that now. I didn't know about the Rogers card before and when I searched for it online, I came across the information for the Business version of the card. https://www.rogersbank.com/en/business The fine print from the above does not have this clause that is on the other page: https://www.rogersbank.com/en/card_details/rogers_platinum_mastercard "Or, contact Rogers Bank once per year to receive an annual statement credit for value of rewards earned during that period." So what I read from the business page was: "Apply your cash back to purchases made in Rogers branded stores or your monthly Rogers bill. 2" And: "2. You can start to redeem for rewards when you have at least $20 in value. You can redeem points towards an eligible purchase made with your Rogers Platinum MasterCard® equal to or greater than $20.00 and up to the full transaction amount, or the cash value of your rewards balance, whichever is less. Certain conditions and restrictions apply; consult the Rogers Platinum Rewards Terms and Conditions, which will be provided to you upon approval of your application." No mention of the annual statement credit. Link to comment Share on other sites More sharing options...
southnam Posted April 28, 2016 #3003 Share Posted April 28, 2016 Wow the present "sale" is more expensive than when I booked last month. We have a friend who decided to join us now and their room in the same category is $400 more. Anyone know based on past experience if the price will drop if our Cad money goes up. Getting close to 80 cents now Sent from my MotoG3 using Tapatalk Link to comment Share on other sites More sharing options...
Ken at the beach Posted April 28, 2016 #3004 Share Posted April 28, 2016 Wow the present "sale" is more expensive than when I booked last month. We have a friend who decided to join us now and their room in the same category is $400 more. Anyone know based on past experience if the price will drop if our Cad money goes up. Getting close to 80 cents now Sent from my MotoG3 using Tapatalk They adjust the exchange rates that they use to price cruises on a quarterly basis. There should be information about the exchange rate in their quarterly report that is being released tomorrow. The $ is close to hitting .80 which is a $1.25 rate. May of the cruises are still priced at almost a $1.40 premium. Hopefully we see an adjustment soon. If not it is certainly better at the current rates to book in US$. Link to comment Share on other sites More sharing options...
southnam Posted April 29, 2016 #3005 Share Posted April 29, 2016 Actually when I booked last month, I used cruise compete to get a few quotes and I used a generous 1.30 exchange rate and it still made more sense to book here in Canada. That was my experience at least. Sent from my iPad using Tapatalk Link to comment Share on other sites More sharing options...
Rare A&L_Ont Posted April 29, 2016 #3006 Share Posted April 29, 2016 They adjust the exchange rates that they use to price cruises on a quarterly basis. There should be information about the exchange rate in their quarterly report that is being released tomorrow. The $ is close to hitting .80 which is a $1.25 rate. May of the cruises are still priced at almost a $1.40 premium. Hopefully we see an adjustment soon. If not it is certainly better at the current rates to book in US$. Ken, when we meet up Saturday are we going to talk cars, cruising or Canadian Cash?:D Link to comment Share on other sites More sharing options...
Ken at the beach Posted April 29, 2016 #3007 Share Posted April 29, 2016 Ken, when we meet up Saturday are we going to talk cars, cruising or Canadian Cash?:D Probably all of the above.:) Link to comment Share on other sites More sharing options...
bluemeansgo Posted April 29, 2016 #3008 Share Posted April 29, 2016 Hey all. Canuck cruiser here on my first cruise. We chose Europe. I am curious how long it usually take to disembark at port? We are stopping in Argostoli and want to know when to ask the Rental car company to be there waiting for us. It's docked ( not on tenders ) and I have no idea how long it usually takes. Does the boat usually get in early? When they say 12 noon arrival do I have to add padding or have they already done that? Thanks! Link to comment Share on other sites More sharing options...
Ken at the beach Posted April 29, 2016 #3009 Share Posted April 29, 2016 Update on Royal's currency conversion. In today's quarterly earnings report Royal reported using a rate of .79 for the CDN $ which us up from the last reported number of .70 which was effective from January. Not sure how this will relate to cruise prices and whether they will be adjusted (for new bookings) but we should start to see some changes in the cost of shore excursions, beverage packages, specialty restaurants and everything else purchased through the cruise planner. http://app.quotemedia.com/data/downloadFiling?webmasterId=101533&ref=10899291&type=HTML&symbol=RCL&companyName=Royal+Caribbean+Cruises+Ltd.&formType=8-K&dateFiled=2016-04-29 Link to comment Share on other sites More sharing options...
Rare A&L_Ont Posted April 30, 2016 #3010 Share Posted April 30, 2016 Update on Royal's currency conversion. In today's quarterly earnings report Royal reported using a rate of .79 for the CDN $ which us up from the last reported number of .70 which was effective from January. Not sure how this will relate to cruise prices and whether they will be adjusted (for new bookings) but we should start to see some changes in the cost of shore excursions, beverage packages, specialty restaurants and everything else purchased through the cruise planner. http://app.quotemedia.com/data/downloadFiling?webmasterId=101533&ref=10899291&type=HTML&symbol=RCL&companyName=Royal+Caribbean+Cruises+Ltd.&formType=8-K&dateFiled=2016-04-29 That sounds great. We will be watching to see if we need to cancel our drink packages and rebook them for August. Link to comment Share on other sites More sharing options...
Eggfrmr Posted April 30, 2016 #3011 Share Posted April 30, 2016 Update on Royal's currency conversion. In today's quarterly earnings report Royal reported using a rate of .79 for the CDN $ which us up from the last reported number of .70 which was effective from January. Not sure how this will relate to cruise prices and whether they will be adjusted (for new bookings) but we should start to see some changes in the cost of shore excursions, beverage packages, specialty restaurants and everything else purchased through the cruise planner. http://app.quotemedia.com/data/downloadFiling?webmasterId=101533&ref=10899291&type=HTML&symbol=RCL&companyName=Royal+Caribbean+Cruises+Ltd.&formType=8-K&dateFiled=2016-04-29 So should I cancel and rebook things like our drink packages and pre paid gratuities? Our cruise is in Oct of this year but I paid for those things earlier in the year. Sent from my Nexus 7 using Tapatalk Link to comment Share on other sites More sharing options...
Ken at the beach Posted April 30, 2016 #3012 Share Posted April 30, 2016 So should I cancel and rebook things like our drink packages and pre paid gratuities? Our cruise is in Oct of this year but I paid for those things earlier in the year. Sent from my Nexus 7 using Tapatalk Wait and see what happens. Anything prepaid for through the cruise planner can be cancelled up to 48 hours prior to sailing with the refund going back to the credit card that you used to purchase those items. You will have to compare each item individually to see if it's a better deal to cancel and rebook or cancel and pay on board. Gratuities are one thing that I know many of us have only been charged an exchange rate of 1.23 so it would still not be worth it to vpcancel gratuities at today's rates. Link to comment Share on other sites More sharing options...
OntarioTraveller Posted April 30, 2016 #3013 Share Posted April 30, 2016 First times on RC. I booked our Jewel cruise a few months ago. It was priced in Canadian $, if the rate gets better will they adjust the fare (I paid just the deposit)? It is 10 months out. The cruise price has risen so I don't want to cancel and rebook now. I'm trying to get my head around this, can anyone help? Link to comment Share on other sites More sharing options...
Fouremco Posted April 30, 2016 #3014 Share Posted April 30, 2016 First times on RC. I booked our Jewel cruise a few months ago. It was priced in Canadian $, if the rate gets better will they adjust the fare (I paid just the deposit)? It is 10 months out. The cruise price has risen so I don't want to cancel and rebook now. I'm trying to get my head around this, can anyone help? Sorry, no price adjustment, you pay the price you booked at. While in this case, with the Loonie making a comeback, I'm sure you'd like to see an adjustment, would you feel the same way if the Loonie tanked and RCI charged you more? Link to comment Share on other sites More sharing options...
southnam Posted April 30, 2016 #3015 Share Posted April 30, 2016 (edited) Sorry, no price adjustment, you pay the price you booked at. While in this case, with the Loonie making a comeback, I'm sure you'd like to see an adjustment, would you feel the same way if the Loonie tanked and RCI charged you more? I am not sure I agree with this. Or perhaps I am misunderstanding you. If they readjust Canadian prices and they go down, I was pretty sure you could ask for an adjustment or just cancel and rebook if it is a better deal before final payment. They will never put of the goodness of their heart adjust for you though. It is up to you or your agent. Edited April 30, 2016 by southnam Link to comment Share on other sites More sharing options...
OntarioTraveller Posted April 30, 2016 #3016 Share Posted April 30, 2016 I definitely understand that I could cancel and rebook but I won't because the cruise price is higher. I am wondering if I could get an adjustment on the exchange. I think, in retrospect, I should have asked to be priced and pay in US dollars. The price on the website automatically went to pricing in Canadian dollars. Link to comment Share on other sites More sharing options...
hancogran Posted April 30, 2016 #3017 Share Posted April 30, 2016 (edited) I am not sure I agree with this. Or perhaps I am misunderstanding you. If they readjust Canadian prices and they go down, I was pretty sure you could ask for an adjustment or just cancel and rebook if it is a better deal before final payment. They will never put of the goodness of their heart adjust for you though. It is up to you or your agent. Yes, you are correct. RCI will not automatically adjust your cruise fare due to the exchange rate but you should keep an eye on the price and if, before final payment, it goes lower than what you've paid, you can request the price drop either through Royal or your travel agent. :) Edited April 30, 2016 by hancogran Link to comment Share on other sites More sharing options...
Fouremco Posted April 30, 2016 #3018 Share Posted April 30, 2016 I am not sure I agree with this. Or perhaps I am misunderstanding you. If they readjust Canadian prices and they go down, I was pretty sure you could ask for an adjustment or just cancel and rebook if it is a better deal before final payment. They will never put of the goodness of their heart adjust for you though. It is up to you or your agent. There are two separate factors at play here: the base cost in USD and the USD-CAD exchange rate. Pretend for a minute that the two dollars are at par. What I'm calling the base cost is what RCI charges for the cruise. Typically, this cost rises over time, although there are price drop when cabin sales aren't meeting their expectations. Depending on whether it is before or after final payment, if the price drops you can always cancel and rebook at the new, lower fare. Now pretend that the base fare doesn't change, but there is a fluctuation in the exchange rate. When you book your cabin worth $4000 USD, your CAD price is $5400 (@1.3500). Six months later, the Loonie has strengthened to 1.2500. Were you to cancel and book now, you'd only pay $5000, a saving of $400. In reality, neither the base price nor the exchange rate has remained fixed. While the exchange rate has shifted more favourably for the Loonie of late, the base price has gone up too. So for OntarioTraveller to cancel and rebook, the rebooking fee, even with the better exchange rate, will still be more than her currant price due to the higher base cost. Link to comment Share on other sites More sharing options...
Eggfrmr Posted April 30, 2016 #3019 Share Posted April 30, 2016 I definitely understand that I could cancel and rebook but I won't because the cruise price is higher. I am wondering if I could get an adjustment on the exchange. I think, in retrospect, I should have asked to be priced and pay in US dollars. The price on the website automatically went to pricing in Canadian dollars. I had the opposite. Website defaulted to USD. Didn't realize there was an option for CDN, at the time. Lost out on the $1.10 rate for OBC pre payment because of it. But I should gain some ground on the current exchange rate. First times on RC. I booked our Jewel cruise a few months ago. It was priced in Canadian $, if the rate gets better will they adjust the fare (I paid just the deposit)? It is 10 months out. The cruise price has risen so I don't want to cancel and rebook now. I'm trying to get my head around this, can anyone help? Sent from my LG-D852 using Tapatalk Link to comment Share on other sites More sharing options...
Ken at the beach Posted April 30, 2016 #3020 Share Posted April 30, 2016 There are two separate factors at play here: the base cost in USD and the USD-CAD exchange rate. Pretend for a minute that the two dollars are at par. What I'm calling the base cost is what RCI charges for the cruise. Typically, this cost rises over time, although there are price drop when cabin sales aren't meeting their expectations. Depending on whether it is before or after final payment, if the price drops you can always cancel and rebook at the new, lower fare. Now pretend that the base fare doesn't change, but there is a fluctuation in the exchange rate. When you book your cabin worth $4000 USD, your CAD price is $5400 (@1.3500). Six months later, the Loonie has strengthened to 1.2500. Were you to cancel and book now, you'd only pay $5000, a saving of $400. In reality, neither the base price nor the exchange rate has remained fixed. While the exchange rate has shifted more favourably for the Loonie of late, the base price has gone up too. So for OntarioTraveller to cancel and rebook, the rebooking fee, even with the better exchange rate, will still be more than her currant price due to the higher base cost. While your analysis of the pricing is correct the problem is that Royal does not adjust the cruise prices very often nor is it a consistent rate of exchange on every cruise, some may be at 1.35 while others may be at 1.40 or another amount. You are much better to not think of it as an exchange rate but more as Canadian pricing. If the pricing does get adjusted due to currency fluctuations it is only done quarterly. It would most likely be more advantageous for someone to cancel right before final payment and then rebook in US$ providing that the cruise price has not increased significantly since they origionally booked. Unfortunately there are to many variables to have have one set answer as every situation is different. Link to comment Share on other sites More sharing options...
Fouremco Posted April 30, 2016 #3021 Share Posted April 30, 2016 (edited) While your analysis of the pricing is correct the problem is that Royal does not adjust the cruise prices very often nor is it a consistent rate of exchange on every cruise, some may be at 1.35 while others may be at 1.40 or another amount. You are much better to not think of it as an exchange rate but more as Canadian pricing. If the pricing does get adjusted due to currency fluctuations it is only done quarterly. It would most likely be more advantageous for someone to cancel right before final payment and then rebook in US$ providing that the cruise price has not increased significantly since they origionally booked. Unfortunately there are to many variables to have have one set answer as every situation is different. Yes indeed, far too many variables for a single approach. The best thing (but not easiest) is to just keep track of pricing and currency exchange rates and keep your options open. Last September, when the Loonie was at 1.3329, RCI was selling OBC at 1.10. Needless to say, I took full advantage of that, as did many others here. Even though the Loonie is showing some positive gains of late, I doubt we'll see anything like a 1.10 rate for some long time to come. Edited April 30, 2016 by Fouremco Link to comment Share on other sites More sharing options...
OntarioTraveller Posted May 1, 2016 #3022 Share Posted May 1, 2016 How do you find out what the RCI exchange rate is (for OBC or the fare)? I know you can price the cruise in both currencies and figure it out but is there an easier way? We are new to RCI and have always booked other lines in US funds..... Link to comment Share on other sites More sharing options...
hancogran Posted May 1, 2016 #3023 Share Posted May 1, 2016 How do you find out what the RCI exchange rate is (for OBC or the fare)?I know you can price the cruise in both currencies and figure it out but is there an easier way? We are new to RCI and have always booked other lines in US funds..... To find the rate to purchase OBC, you will have to call RCI Gifts & Gear, (800) 722-5443. For a few months, they were charging more than the bank. :eek: As far as the cruise fare, I think you will just need to pull up both the US pricing and the price in CAD and compare the two. At the very bottom, left hand corner of the screen when you are pricing a cruise, you can change the country to United States to get the U.S. price. Link to comment Share on other sites More sharing options...
Ken at the beach Posted May 1, 2016 #3024 Share Posted May 1, 2016 I just noticed that on Royal's weekly going, going gone sale they are now using exchange rates of around 1.20 to 1.25. Whether or not they adjust existing cruises still remains to be seen. http://www.creative.rccl.com/Sales/Royal/Multi_Dest/Special_Offers/rci_sales_event.pdf Link to comment Share on other sites More sharing options...
Eggfrmr Posted May 1, 2016 #3025 Share Posted May 1, 2016 My visa is currently charging me 1.30. Sent from my LG-D852 using Tapatalk Link to comment Share on other sites More sharing options...
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