Watch out for Credit Card fees when travelling to Canada
Rtavi
and loved it despite $1.59/Liter for diesel!
I have always been told to use a credit card when out of the US since you
get the benefit of paying in Canada Dollars which are running at about $.95
US then the credit card company converts your charge to $US. As far as this
goes, it is true and I saved about $25 when the transactions were posted.
What I was not aware of was that CITI card charges a "Foreign Transaction
Fee" on every purchase. This totaled up to a charge of over $100 US. It's
my fault for not reading all the fine print but this didn't happen 7 years
ago when I was using an ATT card in Canada. I just wanted to let you guys
to be aware of this. I should have done what I did with some of my cash on
hand which was to go to a Royal Bank of Canada and have them change $100 US
to Canadian for a $3 fee so that I would have pocket money.(btw Canadian
money is pretty) that would have been cheaper .
Anyway we had a great trip and I wanted to save you guys some cash. Don't
be a dummy like me!
Dennis
"Rtavi" <rt...@eudoramail.com> wrote in message
news:AradndX-vYelBhHV...@comcast.com...
Tom J
> transactions were posted. What I was not aware of was that CITI card
> charges a "Foreign Transaction Fee" on every purchase. This totaled
> up to a charge of over $100 US. It's my fault for not reading all
> the fine print but this didn't happen 7 years ago when I was using
> an
> ATT card in Canada. I just wanted to let you guys to be aware of
> this. I should have done what I did with some of my cash on hand
> which was to go to a Royal Bank of Canada and have them change $100
> US to Canadian for a $3 fee so that I would have pocket money
I don't think you can get a credit card from anyone anymore that
doesn't charge a fee for Foreign exchange.
Also, the next time you visit Canada, ask if there is a fee before
exchanging cash. I have never paid a fee to exchange cash in Canada.
I have walked out the door of a few banks and gone down the street to
another bank.
Tom J
Bill B
They will only convert *paper*, no coin.
"Rtavi" <rt...@eudoramail.com> wrote in message
news:AradndX-vYelBhHV...@comcast.com...
Alex
wrote:
The following site has a discussion and table listing the fees charged
by many US-issued debit and credit cards:
http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange
Alex
CalifBill
"Bill B" <ibh...@comcast.net> wrote in message
news:eP6dnZEZDossLhHV...@comcast.com...
The fee is built in. There are buy and sell rates. The 3% foreign exchange
fee has always been excessive to me.
Hatunen
Do be prepated with the current "real" exchange rate from a
source like Oanda. Many exchange desks and companies don't charge
a fee, but they get you with a bad exchange rate.
--
************* DAVE HATUNEN (hat...@cox.net) *************
* Tucson Arizona, out where the cacti grow *
* My typos & mispellings are intentional copyright traps *
Hatunen
Bookmarked!
Thanx...
Robert Bonomi
Tom J <tom...@earthlink.net> wrote:
>
>Also, the next time you visit Canada, ask if there is a fee before
>exchanging cash. I have never paid a fee to exchange cash in Canada.
>I have walked out the door of a few banks and gone down the street to
>another bank.
You've *always* paid a fee for exchanging currency. Whether you knew it
or not.
Some places quote a single exchange rate, plus a transaction fee. (This _is_
preferable if you're exchanging a large amount of currency.)
Others quote different rates depending on which side of the transaction
they're on. (They make their money on the differential in the rates.)
Tom J
>> I don't think you can get a credit card from anyone anymore that
>> doesn't charge a fee for Foreign exchange.
>>
>> Also, the next time you visit Canada, ask if there is a fee before
>> exchanging cash. I have never paid a fee to exchange cash in
>> Canada.
>> I have walked out the door of a few banks and gone down the street
>> to
>> another bank.
>
> Do be prepated with the current "real" exchange rate from a
> source like Oanda. Many exchange desks and companies don't charge
> a fee, but they get you with a bad exchange rate.
I do know what the official exchange rate is before I walk into a bank
when in Canada. Haven't been the last 2 years, but in 15 trips with
the RV & over 30 with an 18 wheeler, I never paid a bank a fee above
the standard exchange, even when it was $1.00 US to $1.56 Canadian.
There was a time in the early 90's that the 5th Wheel Truck Stops
would even pay a premium for US cash.
Tom J
Ralph E Lindberg
> Rtavi wrote:
>
> > transactions were posted. What I was not aware of was that CITI card
> > charges a "Foreign Transaction Fee" on every purchase. This totaled
> > up to a charge of over $100 US. It's my fault for not reading all
> > the fine print but this didn't happen 7 years ago when I was using
> > an
> > ATT card in Canada. I just wanted to let you guys to be aware of
> > this. I should have done what I did with some of my cash on hand
> > which was to go to a Royal Bank of Canada and have them change $100
> > US to Canadian for a $3 fee so that I would have pocket money
>
> I don't think you can get a credit card from anyone anymore that
> doesn't charge a fee for Foreign exchange.
>
Capital One
--
--------------------------------------------------------
Personal e-mail is the n7bsn but at amsat.org
This posting address is a spam-trap and seldom read
RV and Camping FAQ can be found at
http://www.ralphandellen.us/rv
Ralph E Lindberg
"CalifBill" <bmcke...@ix.netcom.com> wrote:
You are correct, Bill just isn't asking what the fee is (I always have
ended up paying a fee, I travel so often I keep a separate Canadian
wallet)
Josh S
"Dennis" <no...@sprynet.com> wrote:
> Yep, and it didn't cost CITI one penny more to do the Canadian transactions.
Just covering the big money they lost on their dumb sub prime
investments.
Josh S
> I don't think you can get a credit card from anyone anymore that
> doesn't charge a fee for Foreign exchange.
M<y CDNbank includes the (~2%) fee in their exchange rate.
>
> Also, the next time you visit Canada, ask if there is a fee before
> exchanging cash. I have never paid a fee to exchange cash in Canada.
> I have walked out the door of a few banks and gone down the street to
> another bank.
The fee for cash exchange is in their exchange rate.
Tom J
No it's not!! You can get the official exchange rate from the news
every morning!!
Tom J
PeterL
Even better still is to get a no fee ATM card and withdraw cash from
ATM's. Don't even have to pay that $3 fee.
PeterL
> I convert to Canadian currency at my local bank, there has not been a fee.
> They will only convert *paper*, no coin.
But what was the conversion rate?
Hatunen
Or more specifcally, were there two rates, one for buy and one
for sell? If so, the "true" rate is, to first order, the average
of the two rates.
I remember about ten years ago checking the American Express
office near my workplace and finding that on dollar-pound
conversions they were charging a spread of about 14%, meaning you
were getting screwed out of 7% if you exchanged either way.
who
Hatunen <hat...@cox.net> wrote:
> Or more specifcally, were there two rates, one for buy and one
> for sell? If so, the "true" rate is, to first order, the average
> of the two rates.
Correct you've got it. After all they have to make money on the
exchange.
In Vancouver BC the best rates I've found is at a money exchange place
downtown, but it's only worthwhile going down there for a large amount.
My travel approach is some cash for small purchases, credit card for
most of my purchases, but I don't use the credit card at smaller
businesses for security reasons.
Ken Harrison
> I don't think you can get a credit card from anyone anymore that
> doesn't charge a fee for Foreign exchange.
I'm told that Capital One does not assess this fee, but I have no direct
knowledge.
I always use a debit card affiliated with a checking account whilst
traveling in other countries. That is the *only* time I use a debit
card, there being no transaction safeguards on them. I also use an
account separate from my usual one so that if I do get stung, the
thieves won't have access to the vast majority of my money.
This fee, which is simply a "junk" fee providing no service, can also be
avoided by taking travelers cheques, whose commission is generally much
less than the credit card junk fees. And, if one is a member of AAA, he
can probably get those cheques for no charge at all. More's the better!
Ken H
Ralph E Lindberg
Ken Harrison <sptr...@earthlink.net> wrote:
> Tom J wrote:
>
> > I don't think you can get a credit card from anyone anymore that
> > doesn't charge a fee for Foreign exchange.
>
> I'm told that Capital One does not assess this fee, but I have no direct
> knowledge.
>
I do, they don't
Rog'
> I always use a debit card affiliated with a checking account whilst
> traveling in other countries. That is the *only* time I use a debit card,
> there being no transaction safeguards on them. I also use an account
> separate from my usual one so that if I do get stung, the thieves won't
> have access to the vast majority of my money.
Even for everyday use, I keep debit-ATM money in an account
that separate from my other accounts, and transfer $$ into it only
as I forseeably may need, month-to-month.
pltrgyst
wrote:
>This fee, which is simply a "junk" fee providing no service, can also be
>avoided by taking travelers cheques, whose commission is generally much
>less than the credit card junk fees. And, if one is a member of AAA, he
>can probably get those cheques for no charge at all. More's the better!
During our travels for the past twenty years in Europe, we've had great
difficulty finding businesses other than hotels which will take traveler's
checks. We find them pretty useless, unless they're AmEx and you're going to be
staying near an AmEx location.
-- Larry
Robert Bonomi
Depends _who's_ cheques they are. :)
Barclays of London meet a lot less resistance than those of domestic U.S.
issuers.
MI
On 8/10/08 2:07 PM, in article
e7Kdnd8LIboTxQLV...@posted.nuvoxcommunications, "Robert Bonomi"
<bon...@host122.r-bonomi.com> wrote:
A number of years ago, I took Bank of America Travelers Cheques to a Bank of
America in San Francisco. They didn't want to take them and when I persisted
they charged me a fee. Can't remember what it was---a couple of bucks I
think.
--
Martha Canada
Steve Wolf
If my debit card is used improperly and I conform with the requirements,
such as reporting the violation within forty-eight hours of my learning
of it, I am protected. The difference between my credit card and my
debit card has to do with what happens when it is used. My credit card
bill describes the violation and I don't pay for it. My debit is
deducted immediately. That deduction is recovered within ten days of
the report. The immediate deduction sucks. You can get really screwed
up if you have automatic payments get boggled in that ten day period.
I also use my credit card for all purchases. It is safer. But there
are safeguards on my debit card.
Steve
www.wolfswords.com under the motorhome link
Robert Bonomi
*THAT* conversation proceeds:
"Would you put your refusal to honor these checks in writing, please?"
"Why?"
"For my formal complaint to the State Banking Commission, FTC complaint for
false advertising, and possible criminal charges for 'conversion'."
I once had a local bank (initially) refuse to cash a _cashiers_check_ drawn
on that bank, "because I didn't have an account there". The check in
question was issued by a different branch of that institution, *closing* my
account with them -- had a business deal come up an hour or two later where
I needed funds _now_, and hadn't opened an account at the new bank yet.
I made an *awful* scene in the lobby -- yelling about how that attitude was
_why_ I was closing my account (they had just acquired my old bank), demanding
the presence of a bank officer to come to the teller station, making other
loud noises about the 'bank examiners', etc. Lots of very defamatory things,
that, unfortunately for the bank, were absolutely true, as established by
their teller's action. Eventually, a more senior official shows up, takes a
half-second glance at the instrument I've presented, and tells the casher two
words: "cash it". Whereupon I got _somewhat_ less noisy.
Rog'
> If my debit card is used improperly and I conform with the requirements,
> such as reporting the violation within forty-eight hours of my learning of
> it, I am protected. The difference between my credit card and my debit
> card has to do with what happens when it is used. My credit card bill
> describes the violation and I don't pay for it. My debit is deducted
> immediately. That deduction is recovered within ten days of the report.
> The immediate deduction sucks. You can get really screwed up if you
Aye, and there's the rub, matey. If something goes awry and its tied to
your checking account, sure you can get your $$ back fairly quickly
(once you notice), but in the meantime...
-- Without OD protection, your vendors could be seriously unhappy.
-- With OD protection, your notice could be significantly delayed.
I simply prefer that the bank draw the money from an account where
there is a limit, and it would not affect my other financial dealings.
Jochen Kriegerowski
> Depends _who's_ cheques they are. :)
>
> Barclays of London meet a lot less resistance than those of domestic U.S.
> issuers.
No, not really. A cheque is a cheque, and is definitely a thing of the past
in Europe. The major hotel chains will still take travellers cheques, or you
can cash them at the bank; but anything else? Forget it!
Jochen
Ken Harrison
> A number of years ago, I took Bank of America Travelers Cheques to a Bank of
> America in San Francisco. They didn't want to take them and when I persisted
> they charged me a fee. Can't remember what it was---a couple of bucks I
> think.
>
The price of doing business with Bank of America is doing business with
Bank of America. Was it any better when it was Bank of Italy?
kh
wwe...@mungedhughes.net
Very much so!!! I left the "Bank of Italy" over forty years ago when
they refused to cash a government check because my account was not in
that branch. I went to the Bank of Ft Sam Houston which was renown
for its service to military. Never had a problem though all was done
by either phone or mail. Unfortunately the Bank of Ft Sam was bought
up by Republic Bank of Texas which promptly went belly up. The
proceeds were taken over by the Bank of North Carolina that changed
its name to Nations Bank. Then Nations Bank bought out Bank of America
and I found myself bank with the one I had left so many years ago.
Since the name, Bank of America, was better known than Nations Bank,
the new owners chose to retain that name for all operations.
Two things that were good. First, through all the transitions, the
parent bank kept their hands off Ft. Sam and left them to operate as
they had been. The only change that I saw in my service was that it
was now the "military branch of the Bank of America". One other
difference is that we can go into any Branch of BoA and cash checks,
etc with no problems, in fact they all have much more courtesy than
before.
George
Mimi
"pltrgyst" <pltr...@spamlessxhost.org> wrote in message
news:02ku94lfu22piknpg...@4ax.com...
I'm surprised you found hotels in Europe that cashed travelers' checks.
They're just an inconvenience now. ATM for cash, credit card for bigger
amounts. And we use our credit union account, for which there's only the
normal 1% fee.
Marianne
pltrgyst
>I'm surprised you found hotels in Europe that cashed travelers' checks.
I didn't. But they accepted them for the hotel bill.
>They're just an inconvenience now. ATM for cash, credit card for bigger
>amounts. And we use our credit union account, for which there's only the
>normal 1% fee.
Agreed.
-- Larry
David "The Hamster" Malone
> I didn't. But they accepted them for the hotel bill.
I wouldn't believe anything this unmitigated troll says... he just
comes waltzing in here making grandiose claims about travellers checks
and hotels and stuff... and he's probably never even been out of
state, let alone the country.
Hey, I wouldn't be surprised if he spends his spare time playing pool
or some other such mindless occupation.
(Hi, Larry. :-)
David "The Hamster" Malone
1100GS_rider
> Debit cards have safeguards.
> If my debit card is used improperly and I conform with the requirements,
> such as reporting the violation within forty-eight hours of my learning
> of it, I am protected.
I believe those safeguards are just policies your bank offers, but not
required by law.
My bank offers debit card holders full coverage for fraud, too, but it's
their marketing strategy. They could cancel that policy tomorrow.
--
You can trust me; I'm not like the others.
Hatunen
<pltr...@spamlessxhost.org> wrote:
>On Mon, 11 Aug 2008 09:40:52 -0700, "Mimi" <jo...@doe.com> wrote:
>
>>I'm surprised you found hotels in Europe that cashed travelers' checks.
>
>I didn't. But they accepted them for the hotel bill.
I can't help wondering what exchange rate they gave....
Dash Riprock
the exchange. Last December I was accidentally charged $1,300(usd) for a
conference that I was attending in Vancouver BC. (I am Canadian, and so was
the MasterCard company just not the event organizer). Well the MasterCard
company charged the 1,300, the applicable exchange rate and of course their
fee. I should not have been charged at all so I contacted MasterCard to
have the charge removed, and since the event organizer agreed this wasn't an
issue.
Skip ahead to the end of the month, on my MasterCard invoice I noticed that
they removed the $1,300, but since the exchange rate fluctuated and they
always charge a fee on currency conversions I still ended up owing $65.00 in
exchange/fees.. It was quite a fight, and since I didn't give a dam I
issued the ultimatum that I did not authorize the charge so I wasn't paying
a cent to have it removed and they could take me to court or collections to
recover it... and I was going to drop their card if I had to spend another
minute discussing it over the phone with the multitude of people that didn't
know or care what they were talking about. I won, but the lady on the phone
snottily said next time have the company do a void on the transaction so
this wouldn't happen again. If I knew they were going to do it, I would have
stopped it at the instant it happened not the next month when I noticed it
on my invoice.
Banks/Lawyers/Insurance Companies and the Oil Companies all have one thing
in common... and it has something to do with bending people over.
DR
"Rtavi" <rt...@eudoramail.com> wrote in message
news:AradndX-vYelBhHV...@comcast.com...
Rog'
> Credit card fees are inevitable and they charge a fee either way you make
> the exchange. Last December I was accidentally charged $1,300(usd)
> for a conference that I was attending in Vancouver BC. (I am Canadian,
> and so was the MasterCard company just not the event organizer). Well
> the MasterCard company charged the 1,300, the applicable exchange
> rate and of course their fee. I should not have been charged at all so I
> contacted MasterCard to have the charge removed, and since the event
> organizer agreed this wasn't an issue.
> company do a void on the transaction so this wouldn't happen again. If
> I knew they were going to do it, I would have stopped it at the instant it
> happened not the next month when I noticed it on my invoice.
You made a good point about the transaction fee, but I also wonder if
or why you did not contact the vendor about reversing charge. To me,
that's a quicker and more certain solution than waiting for the CC issuer
to consider your dispute.
Recently, I was accidentally double-charged by a local restaurant. I
simply called the manager, gave him the date + transaction #'s, and a
few days later received a credit for the second charge.
Dave Smith
> Recently, I was accidentally double-charged by a local restaurant. I
> simply called the manager, gave him the date + transaction #'s, and a
> few days later received a credit for the second charge.
You're lucky. It must have been an accident and they corrected it. I once got a
Visa statement and there were two charges for a restaurant where I had used my
Visa card, one for the day we ate there and one for two days later. I called
Visa right away. They called the restaurant and they said they would credit my
account. They didn't. I called again, Visa said they would ask the restaurant
for a hard copy and if they didn't get it I would not be liable for the charge.
Still didn't get it.
It went on for 5 or 6 months, until I happened to be going by the place and
went it (in uniform|) and demanded payment. They gave me a cheque and I cashed
it immediately. A few days later someone from Visa called and asked if the
problem had been resolved. I told her about the cheque, and she said that was
good because...... after so much time had passed there wasn't much they could
do.. The bastards!!! I had contacted them as soon as I got the statement and
saw the fraudulent charge. If they had contacted the restaurant and demanded a
hard copy and didn't get on within the specified time, Visa should have credited
my account and gone after the restaurant.
MI
On 8/11/08 7:21 PM, in article 48A0F38C...@sympatico.ca, "Dave Smith"
<adavid...@sympatico.ca> wrote:
I once had the same thing happen. I phoned MasterCard and they checked, saw
what had happened and just charged it back to the restaurant. From the
sounds of things around here, I was lucky.
--
Martha T2 Canada
1500mg. Metformin, 4mg. Avandia
Rog'
> I once had the same thing happen [double charged]. I phoned
> MasterCard and they checked, saw what had happened and
> just charged it back to the restaurant. From the sounds of things
> around here, I was lucky.
Once, a waiter changed a digit on my charge slip to increase their
tip. The restaurant, of course, had no idea what I was talking
about. The CC issuer sent me a copy of their slip and asked if I
had a copy that showed anything different. As luck would have it,
I had saved my carbon copy.
OTOH, some CC issuers are pro-consumer. Chase has called
me about questionable charges B4 I saw them (and they were
right!), they have been quick to credit disputed charges when
my claim was subjective, and once accidentally gave me double
credit (which I called to correct).
NewMan
What the Canadian banks do is to manipulate the rate. That is, if the
"prime" exchange rate posted is that $1 US dollar is worth $1.10, then
what the bank states is that they will "buy" US$ from you for $1.05 or
they will "Sell" US$ to you for $1.15.
In essense, the fee is burried in the point spread between "buy" and
"sell" around prime rate.
When I visit the USA and use my credit card, the exchange rate spead
is quite good, but there is small fee added to every transaction.
Still, it does not work out too badly.
On Sun, 27 Jul 2008 20:34:26 -0400, "Tom J" <tom...@earthlink.net>
wrote:
>Hatunen wrote:
>> On Sun, 27 Jul 2008 12:46:05 -0400, "Tom J"
>> <tom...@earthlink.net> wrote:
>
>>> I don't think you can get a credit card from anyone anymore that
>>> doesn't charge a fee for Foreign exchange.
>>>
>>> Also, the next time you visit Canada, ask if there is a fee before
>>> exchanging cash. I have never paid a fee to exchange cash in
>>> Canada.
>>> I have walked out the door of a few banks and gone down the street
>>> to
>>> another bank.
>>
>> Do be prepated with the current "real" exchange rate from a
>> source like Oanda. Many exchange desks and companies don't charge
>> a fee, but they get you with a bad exchange rate.
>
>I do know what the official exchange rate is before I walk into a bank
>when in Canada. Haven't been the last 2 years, but in 15 trips with
>the RV & over 30 with an 18 wheeler, I never paid a bank a fee above
>the standard exchange, even when it was $1.00 US to $1.56 Canadian.
>There was a time in the early 90's that the 5th Wheel Truck Stops
>would even pay a premium for US cash.
>
>Tom J
>