Between commissions, fees, and surcharges, ever felt like you were getting donna forex calculators short end of the stick when exchanging your Canadian dollars? Are you getting the best currency exchange rate?
The best currency exchange rate available to Canadians is the use of a no foreign transaction fee credit card. It offers a near perfect foreign exchange rate. All you get charged is the foreign exchange rate for that day, set by Mastercard or Visa, which is based on the market rates as seen in Bloomberg, Reuters and the Central Banks. There is no additional foreign exchange fee. As a result, when using your travel credit card out of country or at a U.
The best way to get the lowest currency exchange rate is to use a credit card without a foreign transaction fee. You’ll get the best currency exchange rate, the most convenience and you won’t have to worry about carrying cash in your wallet. It’s one of the few credit cards left in Canada that waives foreign transaction fees completely. Both cards seem downgraded a little bit. Rogers and Fido cards now include the 2.
Hey Jimmy, thanks for your comment. We’re sorry to confirm that the Home Trust card isn’t available to residents of Quebec, but a comparable alternative that Quebecers are eligible for is the Rogers Platinum Mastercard. You’re correct that it imposes a 2. BMO US dollar credit card and scan pas or with a Canadian US checking account. Hey Marie, thanks for your questions. US dollars, even from Canada, are not subject to transaction fees. You can go to the United States and purchase without fear of being charged extra, or buy from US retailers that ship to Canada.
If you could elaborate a bit we can reply with a more accurate answer. I’ve always used Global Transfer Partners for my international payments, check them out for the best rates I’ve ever been able to find. As everyone else seems to comment, great info. I have a question for you. My son will be attending a school in Vancouver area for one year starting in September, and I live in US. I want to transfer funds to the school to cover his tuition.
CIBC took so much in the conversion process. 15, but the converted funds was quite a bit lower than what the daily rates would indicate should have ended up at the school. Do you have any suggestions for transferring funds to the school from the US? BTW, I have traveled in Europe recently using a Chase Sapphire card and they did not charge transaction fees. I got the daily exchange rates as you discuss. I also took cash out of machines using a Charles Schwab Debit card from a USD checking account I setup with them and again, foreign currency with no fees and no loss from daily currency rates. Hi Donald, thanks for your interesting question.
You’re from the US, so converting any US dollars to their Canadian counterparts will cost a foreign transaction fee. If you equip your son with a Canadian credit card for the purpose of paying tuition, when funding the card from your US account, you will still need to pay a transaction fee. You may be able to explore getting him an American credit card without foreign transaction fees, but as we only review Canadian cards, we cannot recommend a suitable solution for you. Perhaps look into getting a secondary Chase Sapphire card, as you’ve enjoyed using it, and give it to your son. If you’re able to get approved for a credit greater to or equal than a single tuition payment, this could be an option.