Canadian credit card with no foreign exchange surcharge..does one exist?
Sep 29, 2009, 9:50 am
#1
Original Poster
Join Date: May 2004
Location: Toronto
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Posts: 2,979
Canadian credit card with no foreign exchange surcharge..does one exist?
I know this product exists in the US of A but does anyone know of a CND. CC that doesnt charge a surcharge (I know my Amex is 2.7%) when you are using your card in foreign lands?
Any help appreciated.
Any help appreciated.
Sep 29, 2009, 10:02 am
#2
Join Date: Feb 2007
Location: YHZ. Previously YYC
Posts: 1,924
I am not aware of any Canadian card that does not charge the conversation rate.
My understanding is this is something VISA charges the bank, who inturn charges the consumer.
Sep 29, 2009, 10:04 am
#3
Join Date: Apr 2005
Location: YUL
Programs: AC SE
Posts: 2,103
http://cibc.com/ca/visa/us-dollar-visa-card.html
No points earned.
Or get the BoA aeroplan mastercard in USD
https://www6.bankofamerica.com/credi...estTimeout=120
Last edited by fly-yul; Sep 29, 2009 at 10:09 am
Sep 29, 2009, 10:10 am
#4
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Join Date: Jun 2007
Location: Toronto
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I have the BMO US Mastercard with 0.5% cash back. I had the option of Air Miles, but the cash back is a better deal. There is also a higher cash back percentage, but there is a fee for that card, I forget how much. Mine is no fee, and for the < $500/yr I charge on it, it's the best deal for me. (I have to use a corporate card for all my business travel.)
My BMO statement is in US funds, and I pay it by transferring money from my US chequing account or my US BMO Investorline account. No fees, no exchange rates to deal with.
Don't know about other foreign lands.
My BMO statement is in US funds, and I pay it by transferring money from my US chequing account or my US BMO Investorline account. No fees, no exchange rates to deal with.
Don't know about other foreign lands.
Sep 29, 2009, 10:33 am
#5
Join Date: Feb 2007
Location: YHZ. Previously YYC
Posts: 1,924
I have the BMO US Mastercard with 0.5% cash back. I had the option of Air Miles, but the cash back is a better deal. There is also a higher cash back percentage, but there is a fee for that card, I forget how much. Mine is no fee, and for the < $500/yr I charge on it, it's the best deal for me. (I have to use a corporate card for all my business travel.)
My BMO statement is in US funds, and I pay it by transferring money from my US chequing account or my US BMO Investorline account. No fees, no exchange rates to deal with.
Don't know about other foreign lands.
My BMO statement is in US funds, and I pay it by transferring money from my US chequing account or my US BMO Investorline account. No fees, no exchange rates to deal with.
Don't know about other foreign lands.
Sep 29, 2009, 11:06 am
#7
Join Date: Jul 2005
Location: MSP
Programs: SPG Gold;NWA gold;Hyatt Plat
Posts: 1,458
Do any of the credit unions offer credit cards? I'm in the US and my credit union has a 1% international fee card (they claim the 1% is charged by visa, but its still substantially less than most cards)
Sep 29, 2009, 12:33 pm
#8
FlyerTalk Evangelist
Join Date: Aug 2001
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US Based card that offer no forex fees are:
Charles Schwab Invest First Visa (Issued by BofA/FIA, no annual fee)
All Capital One cards (most have no annual fee)
PNC Bank Signature Visa ($95 annual fee)
Charles Schwab Invest First Visa (Issued by BofA/FIA, no annual fee)
All Capital One cards (most have no annual fee)
PNC Bank Signature Visa ($95 annual fee)
Sep 29, 2009, 1:20 pm
#9
Join Date: Nov 2001
Location: Ontario, Canada
Programs: AC*SE MM, Hilton Gold, Marriott Gold, IHG Plat Amb
Posts: 3,439
Most of the suggestions above only work in _one_ foreign land (the US.)
Sep 30, 2009, 4:26 am
#10
Join Date: Jun 2000
Location: Usually on a ship looking for oil and gas; Uruguay, Malaysia, Turkey, Nigeria, Libya, Egypt, Norway, Scotland, India, Congo & Angola, next project who knows? Agreed to CC rules
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Oct 7, 2009, 2:30 pm
#11
Join Date: Feb 2005
Posts: 7,156
The BMO US$ M/C has a $25 annual fee too. I am not too sure about the cashback and Air Mile options.
Oct 17, 2009, 5:35 pm
#12
Join Date: Mar 2008
Location: Suzhou, China
Posts: 44
Wirelessly posted (BlackBerry9000/5.0.0.238 Profile/MIDP-2.1 Configuration/CLDC-1.1 VendorID/107)
I use the hsbc premier mc which doesn't charge forex fee. The benefit is not very good...
Visa and MC both charge 1%+ for forex which is their interbank rate, then credit card issuer charge an additional 2%+ on top
That's the bread and butter for banks...
I use the hsbc premier mc which doesn't charge forex fee. The benefit is not very good...
Visa and MC both charge 1%+ for forex which is their interbank rate, then credit card issuer charge an additional 2%+ on top
That's the bread and butter for banks...
Oct 18, 2009, 9:44 am
#13
Join Date: May 2007
Location: YYZ, but my heart is in Asia
Programs: AC-SE, CX-DM, DL-G, Hyatt-DM, Hilton-DM, Fairmont-Plt, Marriott-S, Accor-Plt, SPG-G, IHG-Plt
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Oct 18, 2009, 9:48 am
#14
Join Date: May 2007
Location: YYZ, but my heart is in Asia
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I'd have to check it out then!Edited to add:
Just checked the HSBC website. You're wrong.
They charge 2.5% Forex fee. See this link.
Foreign Currency Transactions:
You are charged the MasterCard conversion rate for transactions in a foreign currency, plus an administration fee of 2.5% of the converted amount, on both debits and credits.
You are charged the MasterCard conversion rate for transactions in a foreign currency, plus an administration fee of 2.5% of the converted amount, on both debits and credits.
Last edited by jarusoba; Oct 18, 2009 at 5:29 pm
Oct 25, 2009, 10:50 am
#15
Join Date: Aug 2009
Location: YLW
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Posts: 4,309
There is no Canadian Credit Card that does not charge an exchange fee, its an easy revenue maker. Depending on your relationship with your FI, you can obtain a US dollar C/C to avoid those fees and then transfer between the US account and the US Credit Card. This works nicely for me with TD, where the US VISA is free, transfers are free, the US Account is free and I get a discount when buying US cash from my Free Canadian Bank Account to put into my, did I mention Free US Chequing account. FREE IS A GOOD WORD!
Yes I am a bank Shareholder and I love those dividends, but I hate paying fees or service charges so I enjoy those profits made off the backs of others
. I tried getting a BoA Aeroplan MC but I have to have a US address and be a US Citizens. You can log onto their website and have a chat with a live person and ask. It took me a few minutes to learn I cant, as for $65 US a year that is cheap and of course you get 25,000 welcome AP. I tried the funny line of 25,000 AP in US so that is 30,000 cdn AP points, but she did not laugh?
Good luck in your search
Yes I am a bank Shareholder and I love those dividends, but I hate paying fees or service charges so I enjoy those profits made off the backs of others
. I tried getting a BoA Aeroplan MC but I have to have a US address and be a US Citizens. You can log onto their website and have a chat with a live person and ask. It took me a few minutes to learn I cant, as for $65 US a year that is cheap and of course you get 25,000 welcome AP. I tried the funny line of 25,000 AP in US so that is 30,000 cdn AP points, but she did not laugh? Good luck in your search
Last edited by HerpaYvr; Oct 25, 2009 at 9:38 pm