Cash & Foreign transaction fee in Canada?
#16
Join Date: Jun 2006
Location: KIX, ITM, UKB, YVR
Programs: Star Alliance - AC
Posts: 2,356
I see you're Canada-based. Can you clarify which card (debit, credit) hits you with the 19.5% interest? Is it, like Fredd suggests, a cash advance on a credit card? I've only done that once in the last 20 years in Sweden when the ATM network was down and I needed immediate cash. Strictly for emergencies.
I keep the cards in the safety deposit box. Never consider using those cards anymore. Come to think of it, my Capital One card should have expired by now and they haven't sent me a replacement.
#17
Join Date: Feb 2009
Location: YYC
Programs: BA bronze, Aeroplan peon
Posts: 4,746
For most purchases though, just using your credit card is the easiest, and then Visa or MC does the currency conversion for you on your statement. Most Canadian cards have about a 2.5 or 3% foreign exchange fee if the transaction isn't in Canadian dollars.
Some places you'll need cash, I don't think the Toronto transit system takes cards of any kind, but I've never tried.
#19
Join Date: Apr 2000
Location: Toronto, Ontario, Canada
Posts: 3,665
I see you're Canada-based. Can you clarify which card (debit, credit) hits you with the 19.5% interest? Is it, like Fredd suggests, a cash advance on a credit card? I've only done that once in the last 20 years in Sweden when the ATM network was down and I needed immediate cash. Strictly for emergencies.
#20
FlyerTalk Evangelist
Join Date: Nov 2007
Location: Denver • DEN-APA
Programs: AF Platinum, EK Gold, AA EXP, UA 1K, Hyatt Globalist
Posts: 21,602
I'm in Canada 6-8 times a year. Just use ATMs. The exchange rate is very good and ATM fees are less than the typical US bank. Some US banks rebate any worldwide ATM fees. Do not use currency exchanges (anywhere) and don't use US currency as it will be discounted way more than the official rate.
#21
Original Poster
Join Date: Jun 2007
Posts: 1,406
OP's Summary w/ Priority
Thanks for all suggestions folks. My Plan/Suggestions:
1) Use a no or 1% foreign transaction fee CC as a first choice.
Since I only have the Fidelity AMEX, 1%, I will use it as a first choice. I don't have a CC with 1% that is Visa or MC - Any suggestions?
2)
Yes, you put enough money in that (checking) a/c where money is withdrawn. As long as there is your money still in there, there won't be any cash advance interest rate - you never loaned any of Banks money
3)
Not really. I would use CC at any big shops (say Safeway) without any embarrassment. I surely be embarrassed at small shops, owned by an individual.
1) Use a no or 1% foreign transaction fee CC as a first choice.
Since I only have the Fidelity AMEX, 1%, I will use it as a first choice. I don't have a CC with 1% that is Visa or MC - Any suggestions?
2)
3)
Agreed. I think it's embarrassing to pay for anything under $10-20 with a credit card, and the ATM cards charge the merchant a fee (at least they do in the US - something in the news lately) and again you might not get as good an exchange rate as you would with your credit card.
#22
Moderator: Budget Travel forum & Credit Card Programs, FlyerTalk Evangelist
Join Date: Aug 2002
Location: YYJ/YVR and back on Van Isle ....... for now
Programs: UA lifetime MM / *A Gold
Posts: 14,429
You don't really say what you want to use CC for, but most major hotels will accept AMEX, certainly the chains. For smaller purchases use your ATM and pay cash. Or use your ATM as a credit card if it's a large purchase and you don't want to carry large amount of cash.
Never tried this in Canada, but just returned from Peru where I used Discover Card to pay for an apartment. How so, since they probably never heard of it there?
Well, I prepaid my apt using PayPal which is linked to my Discover card. This card is also rarely (almost never) used in Canada, but since OP does not have one should not be a problem.
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