Jump to content

Exchange Rates


Montrealfan
This topic is 5956 days old and is no longer open for new replies.  Replies are automatically disabled after two years of inactivity.  Please create a new topic instead of posting here.  

Recommended Posts

Not all VISA cards are created equall.

 

My previous VISA card (through my credit union) would charge 3% of the total amount charged for each and every foreign transaction (which includes Canada).

 

I believe Capital One VISA card is the only credit card that doesn't charge anything for using it in a foreign country. My "No Hassle" rewards VISA card through Capital One is awesome. It has no fees and pays ME back 1% on every purchase instead of charging me fees like the other guys.

 

Some credit card offers claim to give 3% back, but the catch is they cap it at a max of $12 per month and charge 3% foreign transaction fees.

 

Discover Card is misleading because even though the yclaim to give 1% back, they really only give 0.25% back for the first $3,000, the nslowly increase the cash-back percentage. Plus Discover Card is notorious if you ever have to do a charge-back.

 

Capital One charge-backs are simple and painless and consumer-friendly.

 

Capital One VISA No Hassle Rewards card is simply the best credit card I've ever had, especially while in Canada.

 

I use my credit union ATM check card to withdraw cash while in Canada, but my credit union charges a "foreign transaction" fee of $1.50 for using ATM's in foreign countries. They previously never charged a fee for using an ATM in Canada.

Link to comment
Share on other sites

  • Replies 34
  • Created
  • Last Reply
Guest zipperzone

I have never been able to understand why some people object to paying a small transaction fee when using an ATM to obtain cash.

 

Some will use the argument "why should I have to pay to get to my own money". To me, this argument makes no sense.

 

What you are paying for, is the convenience of being able to get hold of cash anywhere in the world. Do they ever stop to think that someone has to haul the money to the machine and load it in. That is a cost to the ATM operator. Drivers, guards and armoured car don't work for free. If you want the convenience of on the spot cash, you should be willing to pay for it.

 

Frankly, I think a $1.50 fee is a bargain.

Link to comment
Share on other sites

I don't think that I would use an ATM machine, I would take my Visa card (after notifying the credit card company, as recommended); and use the Visa card for most purchases. As far as the spending money goes, I am not travelling to some bank in Miami to do a foreign currency exchange. I would probably pay for items or services as appropriate or necessary with American currency; and even tip with American currency. A long time ago I used to sometimes do American Express Travelers Checks for trips to Canada and such, I don't know, I guess they are still a possibility (I found the paperwork, etc. for getting them and using them and later redeeming unused ones a bit inconvenient.) I don't think there is an ideal solution (It is sort of like coupons, you save here, maybe save there, ultimately, even if you save a bit, you get ripped off by other unrelated things or impulse shopping (and it all balances out hopefully in the long-run).

 

A toast to frugality!

 

Mikey

Link to comment
Share on other sites

>

>Canadian dollar tumbles after Canada cuts interest rates!

 

Since more than 30% of Canada's economy relies on exports, a sizeable chunk of that is with the US, the central bank is going to do whatever is necessary to keep the CDN $ depressed. There's been a significant drop in exports and a number of manufacturers have indicated the strong CDN $ is killing their business.

Link to comment
Share on other sites

To put it bluntly. Roughly 2,000 people have been laid off in Northwestern Ontario. Several sawmills will be shut down until the end of January or February. The paper industry is doing poorly too, and five mills have been shut down for good. Maybe some will start up again, but its highly unlikely. The American economy is one factor, just not enough new houses being built. The other factor is news paper circulation is falling yearly. I think I read somewhere that news paper circulation is down something like 15 percent in maybe five or seven years.

Industries are not adapting to the times, and have this tunnel vision with regards to what can be made from wood fibre. They keep thinking in traditional ways, but times are changing.

The auto market in Canada is also in a slump because of the high dollar. I blame a lot of our problems on the government, and executives that run various companies.

Link to comment
Share on other sites

In response to MIKEY08:

 

Depends on your objectives. I disagree, there is

nothing more convenient than going to an ATM in Canada

or anywhere else, taking out money and then going on your way.

My bank does not charge me for any ATM withdrawals worldwide.

Also, it is nice to avoid ATM fees. I found a Canadian site

with every no-fee ATM in each city and province. Took a couple

of clicks and about 20 seconds, and I found three ATMs a block

from where I was staying. When I withdrew cash, I received the

best exchange rate automatically.

($300 CDN / $301.92 USD on my statement).

 

I do agree that you save money taking travellers checks (in

Canada they're "cheques"). My local bank also doesn't charge me

for travellers checks, but only those denominated in US dollars.

I guess my hotel would have cashed them, but I found using credit

and also getting cash more convenient. Since I only took out a

few hundred at a time, I ended up with only $5 Canadian left over

at the end of my trip which I will save for my next visit.

 

Lookin4hotties

Link to comment
Share on other sites

Guest zipperzone

>I found a Canadian site

>with every no-fee ATM in each city and province.

 

I Googled, but no can find.

 

Could you send us the link? Thanks......

Link to comment
Share on other sites

Guest zipperzone

>I want to go to Paris, France, I don't want to go to Canada

>at present.

>

>Mikey

 

Good news for Canadians. Not so good for France.

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

  • Recently Browsing   0 members

    • No registered users viewing this page.

×
×
  • Create New...