Canadian credit card search

[Mike OReilly]

Originally Posted by Vasco

1. Open a US $ bank account (Canada Trust)
2. Get a US $ credit card (Canada Trust) $35 per annum
3. Buy US $ from a foreign exchange dealer (Much better than bank prices) and deposit in account.

This is the cheapest way to do it.

This does look pretty darn good Vasco. I wonder if Sociabank has a similar offering. They do seem to be the strongest CND bank in the Carib, especially with their links to BofA.

[Mike OReilly]

Originally Posted by Vasco

1. Open a US $ bank account (Canada Trust)
2. Get a US $ credit card (Canada Trust) $35 per annum
3. Buy US $ from a foreign exchange dealer (Much better than bank prices) and deposit in account.

This is the cheapest way to do it.

Just noticed that this option is fine for US travel, but for VISA purchases outside the US, you're still subject to the currency conversion charge (presumably 2.5%)

"Purchases and Cash Advances made in currencies other than U.S. Dollars will be converted to U.S. Dollars on your TD Credit Card statement and are subject to a currency conversion charge."

[Teknav]

Hiya Mike! Check a credit card (VISA/MasterCard) from Bank of Montreal. They now own a US bank; Harris Bank. No foreign transaction fees, is shown on their US website. Good luck!

Mauritz

[Vasco]

Originally Posted by Mike OReilly

Just noticed that this option is fine for US travel, but for VISA purchases outside the US, you're still subject to the currency conversion charge (presumably 2.5%)

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You're right. I only do US and Bahamas (no foreign currency as their $ is the same as US.) Also I keep my credit card transactions to the minimum once out of the US. It seems there are more crooks outside the US. Just seems that way but my card had never been compromised in the US. Actually cash is best. And by cash I mean US$. Funny how everyone say the US is going down the tubes but their dollar is still king.

[gunkylump]

Hi Mike!

How are things up there in the Great White North? How's the boat prepping coming along?

We have a Bank of Montreal US American Express Platinum credit card, $25 or $35 a year, but you get that back with your first transaction covering that amount.

It works for us...but we haven't had the opportunity to really abuse it in the Caribbean.....YET!

gunk

[gunkylump]

Mike:

Sorry, screwed up. The card from BMO is a Mastercard....US funds. Interac capable as well.

The joys of old age...which I am obviously rapidly approaching<grin>

We have used it for about 2 years now....there are some grocery stores and gas stations that for some reason won't take it, but any of the major stores, restaurants etc. do. Living right across the ditch from Detroit we use it a lot.

gunk

[bgallinger]

Originally Posted by Vasco

1. Open a US $ bank account (Canada Trust)
2. Get a US $ credit card (Canada Trust) $35 per annum
3. Buy US $ from a foreign exchange dealer (Much better than bank prices) and deposit in account.

This is the cheapest way to do it.

I just did that last month. It's a new thing TD offers. To transfer funds from your CDN TD account to your US TD account or vice versa, just call them up toll free. I expect you will be able to transfer funds online in the near future.

[Mike OReilly]

Originally Posted by gunkylump

Hi Mike!

How are things up there in the Great White North? How's the boat prepping coming along?

We have a Bank of Montreal US American Express Platinum credit card, $25 or $35 a year, but you get that back with your first transaction covering that amount.

It works for us...but we haven't had the opportunity to really abuse it in the Caribbean.....YET!

gunk

Thanks for the info Gunk. Plans are moving along, hence my query here. We move on board in about six months, and start floating downstream. Eventually expect to end up someplace warm, but we'll take our time (as usual).

The BMO package looks good ... similar to TD's. Would be great for our travels through the US, but then we'll be faced with the same issue of foreign transaction fees once we move further south. Still, it might be a good solution. Thanks!

[Mike OReilly]

Just wanted to thank everyone for your help with this. It's why I appreciate CF.

to you all!

[Lodesman]

Originally Posted by Mike OReilly

I'm researching which credit cards to leave Canada with. Am looking for low/no fee cards, and especially those offering zero foreign currency transaction fees. This is a common offering in the US, but seems to be rare for Canadian institutions.

The four I've found are:

• Amazon.ca VISA
• Sears Financial MasterCard (two versions)
• Marriott VISA

Are there other options I'm missing?

I have a Capitol One card that was advertised as having "no foreign transaction fees", but the rate of exchange they billed made up for it. My RBC Platinum Visa is the card I use most in the US - they tell you upfront that they charge 2.5% above the benchmark set by the "payment card network." I don't think there is much of a chance of getting around foreign transaction fees - just a fact of life.

Both cards are "no fee", but with the Visa I can pay at the pump - when it asks for a zip code, I punch the 3 numbers from my postal code, then 2 zeros - it has worked every time. With RBC I could also set up an automatic minimum payment, which is handy for travelling when you don't know the next time you'll get an internet connection. As has been mentioned, it can be a bugger ordering things over the 'net in the US, as they will often ask for a zip. I haven't tried the Visa that way, as I've been able to use paypal instead.

[robert sailor]

Mike how far and wide are you traveling? Is it just US funds or are you looking at other countries?
The transaction fees are small potatoes compared to the actual exchange rates you are charged and that's where you can achieve the biggest savings.

[Mike OReilly]

Originally Posted by Lodesman

I have a Capitol One card that was advertised as having "no foreign transaction fees", but the rate of exchange they billed made up for it. My RBC Platinum Visa is the card I use most in the US - they tell you upfront that they charge 2.5% above the benchmark set by the "payment card network." I don't think there is much of a chance of getting around foreign transaction fees - just a fact of life.

Really? If that is as clear as you say (and I'm not doubting you), then wouldn't that be fraud? Given the litigious nature of our societies, wouldn't this be the perfect class action law suite? Any lawyers reading this?

Originally Posted by robert sailor

Mike how far and wide are you traveling? Is it just US funds or are you looking at other countries?
The transaction fees are small potatoes compared to the actual exchange rates you are charged and that's where you can achieve the biggest savings.

Not just the US, but we will be spending at least 6-months to a year in the States. Almost all cards charge an additional 2.5% for foriegn currency purchases, on top of their chosen exchange rate. That does't sound insignificant to me, but you may be right. How do you ensure you're getting the best exchange rate Robert? I think AVB suggested using: Get the best international wire transfer online. No transfer limit and often no fee..

[Jim Quibell]

Hi Mike,
From past experience (travel to Mexico, USA, Cuba and so on) we have always used our TD/Canada Trust US Visa card. We also have a TD/Canada Trust high interest savings account that is always available.
These are managed on line with them.
Cheers,

[robert sailor]

Do you have a hundred thousand sitting around that you could use for awhile in getting a super US currency exchange rate??

[Mike OReilly]

Originally Posted by Jim Quibell

Hi Mike,
From past experience (travel to Mexico, USA, Cuba and so on) we have always used our TD/Canada Trust US Visa card.

Thanks Jim, nice to hear this option gets high praise.

Originally Posted by robert sailor

Do you have a hundred thousand sitting around that you could use for awhile in getting a super US currency exchange rate??

That's kinda funny Robert... If I had a $100K just sitting around I probably wouldn't care that much about these fees . But I get where you're going. If I broke all my piggy banks, and consolidated, then perhaps. How would this work?

P.S. Isn't it funny that the richer you are, the cheaper things become? What a wield world we live in.