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Canadian AmEx Platinum Foreign Exchange fees, when will it stop?

Canadian AmEx Platinum Foreign Exchange fees, when will it stop?

Old Mar 26, 20, 4:05 am
  #1  
zaf
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Canadian AmEx Platinum Foreign Exchange fees, when will it stop?

I love my AmEx Platinum and I put almost all my purchases on it, but every time I travel I feel that foreign exchange fees. I wish AmEx would drop it for platinum card. The US one does not have foreign exchange fees and I really wish we get that too.

Has anyone heard anything about AmEx considering dropping foreign exchange fees for platinum? Does the centurion card have exchange fees too?
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Old Mar 26, 20, 4:13 am
  #2  
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Yes, they suck. My Centurion has a 2% FX fee. It really doesn't sid happily with a travel card!
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Old Mar 26, 20, 5:01 am
  #3  
 
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guide ?

There is a list here :
https://www.greedyrates.ca/blog/trav...an-credit-card
No idea if its accurate ?
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Old Mar 26, 20, 7:16 am
  #4  
 
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I gave up on using my Amex Platinum when traveling outside of Canada. In its place, I picked up a Mastercard from HSBC https://www.hsbc.ca/credit-cards/products/world-elite/

You get 3% for Travel in easy cashback.
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Old Mar 26, 20, 7:56 am
  #5  
mia
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when will it stop?
American Express will eliminate the fee when there is sufficient competitive pressure. Policies in Canada are driven by the competitive environment in Canada, not by policies in the USA.
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Old Mar 27, 20, 1:37 am
  #6  
zaf
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Originally Posted by mia View Post
American Express will eliminate the fee when there is sufficient competitive pressure. Policies in Canada are driven by the competitive environment in Canada, not by policies in the USA.
Thats what I thought. All major premium CC still charge FX fees. I wish they would be leaders on this field and start it which will push other CCs do to so.
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Old Mar 27, 20, 7:15 am
  #7  
 
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The cracks are starting to appear. With Scotiabank and HSBC offering to FX fees, hopefully the big issuers start losing customers like me, then they will respond. I have moved all non CAD transactions to HSBC. It is 25% of my annual spend.

Plus all big banks have a USD card, which many people use, so the largest travel market - USA - has options in the market place. It is the rest of the world.
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Old Mar 27, 20, 8:05 am
  #8  
mia
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Originally Posted by The Macker View Post
....
Plus all big banks have a USD card, ....
Unless you have USD income, you need to convert CAD to USD to pay the statement, and there is some conversion cost?
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Old Mar 27, 20, 8:16 am
  #9  
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Originally Posted by mia View Post
Unless you have USD income, you need to convert CAD to USD to pay the statement, and there is some conversion cost?
I suspect that the generally worse bank fx rate is still better than the cc rate plus 2-3%. And many Canadian banks allow you to have a uSD account, so you could even use something like TransferWise to make it even cheaper.
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Old Mar 27, 20, 11:34 am
  #10  
 
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I too have stopped using my AMEX Plat when travelling and have opted for the HSBC mastercard. Amount save easily pays the annual fee and the rewards are pretty good.
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Old Mar 28, 20, 2:17 am
  #11  
zaf
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AmEx Plat is my travel partner. I almost always pay tickets & hotels with it and enjoy the FHR benefits. That is said, the ~3% FX change is starting to take its toll on me with the increasing expenses on my travels (I've been travelling more for work and its out of pocket).
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