Comments on: Dynamic Currency Conversion | How to avoid it

By: Barry Choi

Barry Choi — Wed, 10 Jul 2019 18:14:47 +0000

Paul,

You’d have to check the fine print of your U.S. credit card to see what they charge for forex fees. I suspect it’s also 2.5% so you’d be better off using your Canadian card. That said, your best bet is getting a no fee card with no forex fees.

By: Paul Eudore

Paul Eudore — Wed, 10 Jul 2019 17:03:19 +0000

Speaking of different credit cards
As a Canadian I have one visa credit card IN CDN$ and an another in US$
When travelling to let’s say Europe or Asia which one would you suggest for the best deal

By: Barry Choi

Barry Choi — Wed, 10 Jul 2019 15:19:57 +0000

In reply to Kevin. Kevin, Yes, the foreign exchange fees are incredibly valuable to credit card companies.

By: Kevin

Kevin — Wed, 10 Jul 2019 12:39:13 +0000

What burns me is that Canadians pay the 2.5% fee while all the US credit card issuers scrapped that few a few years ago. There’s no reason for this fee, it’s pure profit for the banks.

PS. Good article.

By: Barry Choi

Barry Choi — Wed, 10 Jul 2019 10:38:38 +0000

In reply to Paul Eudore. Paul, Yes that works too, you just want to double check with your credit card provider to ensure it doesn't count as a cash advance.

By: Paul Eudore

Paul Eudore — Wed, 10 Jul 2019 03:01:07 +0000

Does it make any sense to load up your credit card so as it in a credit or surplus position and then to withdraw your own money rather than a cash advance of the bank s money
Paul Eudore

By: Barry Choi

Barry Choi — Tue, 02 Jul 2019 14:24:00 +0000

In reply to Jon.

Jon,

I’ve been told but credit card companies that it doesn’t affect what you pay in the end, but I’ve never personally verified that.

By: Jon

Jon — Tue, 02 Jul 2019 13:13:12 +0000

Just a note, that some CC’s convert the originating currency to USD before converting to CDN. Not sure it this adds to the conversion fees?