Originally Posted by
todd-r
This is unlike Visa and MC that convert directly from the foreign amount to CAD.
Actually, all(?) CDN Visas (if merchant did not use their own FX) have to converts to USD first through Visa int'l, then convert to CDN - you just dont see it on your statement!
I know my RBC Avion definitely go through this process. The first conversion, let's say EUR-USD is at Visa Int'l whole sale rate (about 1%), USD-CAD is also at whole sale rate first (about 1%) then RBC add 2.5% on top. So you are likely paying about 4.5% above the settlement rate of EUR-CAD.
The exchange of cash/deposits at Canadian banks from EUR to CAD go through the same process actually. All have to go through USD! For most people doing small $$ forex at banks, they are paying worse/similar rate then using C$ credit card directly. For the convenience and security, I'd say just use your damn Visa!
Personally, I charge non-US transactions to my RBC USD Gold, then pay off using my USD savings.
As for Visa vs Amex rate, I assume Amex is worse, but I did not notice much difference. Amex of course use their own whole sale rate - might be better than Visa whole sale rate.
Not sure about M/C, but I assume it is the same as Visa.