Canadian $ vs U.S. $ in Caribbean

[CANDYAPPLE]

    Out of curiosity, do you use a Canadian credit card and let the credit card issuer calculate the exchange rate, or do you use a U.S. credit card and then go to your bank at home to do the exchange?

Ken

[Oceangoer2]

We bring US $ cash for offshore dining or drinks/tips;  for more expensive purchases we use our Canadian Visa card and the bank's exchange.

[Woody14]

I use US cash.   I have usually prepaid any tours and things as much as possible.    I would have no problem using my Canadian Credit card for something extraordinary 

[d9704011]

I use my Canadian credit card and let the bank do the exchange rate on any purchases.

[cmaleblanc]

Canadian card with no FX fees, have them charge in local currency, and have your bank give you the better rate + Save the 3.5% of whatever the FX is these days. Bonus if you get a CC that gives you cash back or points on top of that, to trade in again for more things. We carry US cash around for little things like tips etc. but rarely pay for anything with it directly. 

[Ex-Airbalancer]

Look at Brimm Mastercard a no fee card 

[CANDYAPPLE]

14 hours ago, Ex-Airbalancer said:

Look at Brimm Mastercard a no fee card 

Thanks for that. The Brim website does state that the first year fee of $199.00 is waived, but charged after that.

 

Ken

[Ex-Airbalancer]

24 minutes ago, CANDYAPPLE said:

Thanks for that. The Brim website does state that the first year fee of $199.00 is waived, but charged after that.

 

Ken

They have another card that is zero fee, I used the that card the first year , and have switch to the zero fee cards now , and only use the card when we leave the country 

[squadron]

On 2/1/2024 at 11:17 AM, cmaleblanc said:

Canadian card with no FX fees, have them charge in local currency, and have your bank give you the better rate + Save the 3.5% of whatever the FX is these days. Bonus if you get a CC that gives you cash back or points on top of that, to trade in again for more things. We carry US cash around for little things like tips etc. but rarely pay for anything with it directly. 

I have a no fee TD American card (issued with my CDN credit card).  Use for ships purchases and tips etc.  Bill comes to me and I pay with my AM money account.  No fees. If you pay with CDN card - you pay fees at clearing bank in US and with your home bank.

[Travelexpert35]

I use my Canadian card as well and just live with the exchange rate. We don’t take much US cash.

[CDNPolar]

We only use a Canadian card anywhere in the world, and if the option comes up at the point of purchase to pay in CAD or local currency, we always choose local currency and let our bank make the conversion.

 

[Fouremco]

We too use a Canadian card that charges no FX fees. We always pay in the local currency and let our financial institution make the conversion.

[Mikamarii]

We use a the scotiabank infinite passport visa. There is an annual fee but the six free lounge passes are awesome in addition to the no fx. We used to have a us visa but this one can be used worldwide. 

[canadiangal40]

On 2/6/2024 at 1:25 PM, Fouremco said:

We too use a Canadian card that charges no FX fees. We always pay in the local currency and let our financial institution make the conversion.

I agree, we use our Canadian card that does not charge FX rates.  We let the bank do it.

[eltigre]

We have a no fee American & Canadian credit card with Royal Bank. Purchase the cruise in Canadian $'s so we know that cost up front. Everything else is on the American Visa & when we get home we pay it with the US funds we have accumulated throughout the year whenever the exchange rate was looking better. Always bring some US $'s for tips etc.

A side note, I have heard that in Martinique they will only give change in Euros and not all tour operators will take an American credit card. Don't have personal experience on this yet.

[Magicat]

When paying sometimes you have an option to be charged in the local currency or Canadian.  Unless you have a card that waives fees, choose to pay in Canadian.  We have found that the exchange rate the bank of the machine is better than the exchange rate from Visa.

[gnome12]

Just now, Magicat said:

When paying sometimes you have an option to be charged in the local currency or Canadian.  Unless you have a card that waives fees, choose to pay in Canadian.  We have found that the exchange rate the bank of the machine is better than the exchange rate from Visa.

Sorry, even if you don’t have a card that waives foreign transaction fees this is generally a poor choice. The merchant sets the exchange rate and the costs can be very high. Also, even if the transaction is posted in $CAD you can (not always; depends on the bank) be hit with foreign transaction fees on top of the lousy exchange rate. 
 

By the way, the Visa exchange rate is quite good, it is the foreign transaction fees charged by your bank on top on the rate that they are charged by Visa (generally 2.5% - 3.5%) that make the difference. This is why it is very beneficial to have a card that doesn’t charge foreign transaction fees. There are more of them than there used to be, including no fee cards. 

[Fouremco]

2 hours ago, Magicat said:

When paying sometimes you have an option to be charged in the local currency or Canadian.  Unless you have a card that waives fees, choose to pay in Canadian.  We have found that the exchange rate the bank of the machine is better than the exchange rate from Visa.

I agree with @gnome12, having the merchant/restaurant charge you in Canadian funds instead of the local currency will almost always result in a higher cost to you, whether or not your card charges a foreign transaction fee. If you choose to pay for items in your home currency, you will generally be subject to a secondary fee built into the transaction by the merchant’s credit card processor.

[CDNPolar]

We always choose to pay in local currency and let our bank/credit card apply the exchange.

[Oceangoer2]

11 hours ago, Fouremco said:

I agree with @gnome12, having the merchant/restaurant charge you in Canadian funds instead of the local currency will almost always result in a higher cost to you, whether or not your card charges a foreign transaction fee. If you choose to pay for items in your home currency, you will generally be subject to a secondary fee built into the transaction by the merchant’s credit card processor.

If X is considered the 'merchant', I think I'll do the conversion re paying for our cruise in US$ v Can.$  Could be the reason we seem to be paying so much more for a cruise than an American?  I think X has a set rate no matter the ever changing rate which could be higher or lower any given day.

[d9704011]

1 hour ago, Oceangoer2 said:

Could be the reason we seem to be paying so much more for a cruise than an American? 

Do you have any examples where this is the case?  For instance, an X advertised fare of USD 2000 and what the equivalent fare would be on X's Canadian website.

[Oceangoer2]

10 minutes ago, d9704011 said:

Do you have any examples where this is the case?  For instance, an X advertised fare of USD 2000 and what the equivalent fare would be on X's Canadian website.

Just a question..... if anyone knows the answer.  If I'm not directed to the US site and I check a cruise price it's always much lower.  Then I go to the Can. site and get sticker shock.  When I have the time I'll do a comparison. 

[Ex-Airbalancer]

I find compare Celebrity  rates  with XE app, the price would be close , 

sometimes the CAD is way more than USD rate and then sometimes  CAD rate is way less , it is a crap show 😁

[Oceangoer2]

55 minutes ago, Oceangoer2 said:

Just a question..... if anyone knows the answer.  If I'm not directed to the US site and I check a cruise price it's always much lower.  Then I go to the Can. site and get sticker shock.  When I have the time I'll do a comparison. 

Just did a mock booking on a Nov. '24 Eclipse, Concierge Prime, Refundable, Grats in, Cruise Only.   Close as I could come.

X exchange rate 1.4125 2/22 Bank exchange 1.38 Cruise Cost CAD $6,106.10   $6,108.95   USD $4,324.92     $5,995.20 Difference CAD $1,781.18     $113.75

Edited February 22 by Oceangoer2

[Oceangoer2]

Just now, Ex-Airbalancer said:

I find compare Celebrity  rates  with XE app, the price would be close , 

sometimes the CAD is way more than USD rate and then sometimes  CAD rate is way less , it is a crap show 😁

Sometimes facts take favour over a crap show.