Canadians exchange question??

[GLCAS]

When filling out the information on the Princess site, they asked if we wanted them to do the exchange or let our credit card do it. Anyone know which would be better?

[paul929207]

Usually, Princess will not give you a great exchange rate. Let your credit card do it.

[Cruise Junky]

definitely let your credit card do it.

[robgvic]

Princess will charge you the exchange rate plus 3% while your cc probably exchange rate plus 2%

[GLCAS]

thanks again. Now I have one less thing to think about. On to what to do in the ports.:D

[vickie_bernie]

tell them to let your credit card do the exchange, but note that the last two cruises I marked to NOT have the charge converted, and highlighted it but they converted it anyways. The only way to avoid them converting it is to go to the purser's desk on the last night and close the account by having them charge your credit card there.

[Tweedy]

as everyone has said... let the CC company do the conversion for you.

[daisy-mae]

Better yet, settle your account in US cash, and cut both the CC company and the cruise line out of the deal.

[D&N LUV 2 TRAVEL]

If you have a US credit card by all means use that. If you only have a Cdn Credit card I would avoid using that at all and instead purchase US travellers cheques. You can purchase those for no commission depending on what bank a/c you have or you belong to CAA.

Just make sure you settle your account on the afternoon of your last day so they do not process anything against your credit card (if it's Cdn).

[Cruise Junky]

If you have a US credit card by all means use that. If you only have a Cdn Credit card I would avoid using that at all and instead purchase US travellers cheques. You can purchase those for no commission depending on what bank a/c you have or you belong to CAA.

Just make sure you settle your account on the afternoon of your last day so they do not process anything against your credit card (if it's Cdn).

 

Bad advice! The bank's exchange rate on US $ is worse than your credit card. My Ruby expenses last week came through at 3% my banks exchange rate for US is 5% right now. Commission isn't the evil part, it's the rate your bank charges for US $

[Colo Cruiser]

I agree let the CC do the conversion.

[Cruise Junky]

To the OP, to be absolutely sure they're going to bill you in US $ and not do the conversion, just go down towards the end of the cruise and have them swipe your card for your current expenses but an extra $50 or $100 whatever you think you'll spend. We had a problem once, but lately, they've been pretty good about following the US $ instruction.

[Steelers36]

If you have a US credit card by all means use that. If you only have a Cdn Credit card I would avoid using that at all and instead purchase US travellers cheques. You can purchase those for no commission depending on what bank a/c you have or you belong to CAA.

Just make sure you settle your account on the afternoon of your last day so they do not process anything against your credit card (if it's Cdn).

 

Bad advice! The bank's exchange rate on US $ is worse than your credit card. My Ruby expenses last week came through at 3% my banks exchange rate for US is 5% right now. Commission isn't the evil part, it's the rate your bank charges for US $

 

 

CruiseJunky, I think you missed the point. Any Canadian who regularly visits or shops in the USA (in person or online) would be well-served to possess a VISA that bills in USD. That was LUV 2 TRAVEL's point - if you are consuming goods and services in USD and charge to a USD credit card, you can then pay your monthly statements in USD. I would also couple that with a USD bank account. These are very common financial products in Canada. This way you can buy USD in bulk and save on exchange and buy when the rates are favorable. You will be ahead of the game.

 

And if your bank is adding 5% "juice" to the exchange rate to sell you USD, then I suggest you find a new banker. That is way too much.

[robgvic]

But how much does the US cc card cost. I looked into it and TD canada trust charges a fee

[vickie_bernie]

If you have a US credit card by all means use that. If you only have a Cdn Credit card I would avoid using that at all and instead purchase US travellers cheques. You can purchase those for no commission depending on what bank a/c you have or you belong to CAA.

Just make sure you settle your account on the afternoon of your last day so they do not process anything against your credit card (if it's Cdn).

 

getting a US credit card is an option, but you still may be charged in Cdn, our friends have a US credit card, were asked on boarding pass if they should convert to Cdn, they said NO, but Princess still converted it to Canadian, credit card converted it to US again as it was a US card, then she had to pay for it in US (converted again) :(

 

Only way to prevent is to close account

[Cruise Junky]

CruiseJunky, I think you missed the point. Any Canadian who regularly visits or shops in the USA (in person or online) would be well-served to possess a VISA that bills in USD. That was LUV 2 TRAVEL's point - if you are consuming goods and services in USD and charge to a USD credit card, you can then pay your monthly statements in USD. I would also couple that with a USD bank account. These are very common financial products in Canada. This way you can buy USD in bulk and save on exchange and buy when the rates are favorable. You will be ahead of the game.

 

And if your bank is adding 5% "juice" to the exchange rate to sell you USD, then I suggest you find a new banker. That is way too much.

 

How did I miss the point? he said get Traveller's Cheques. No mention of getting a US Visa. I work in the banking industry and am fully familiar with how to get the best exchange rates. TCs aren't it. Nor do I get my US $ from my bank. Nor did I say my bank was "Adding" 5%, I said their exchange rate was 5% which is 2% higher than my credit card.

 

And you suggest a US Credit Card...how do you think it get's paid? you need US $ to pay it, you're still being gauged by your bank on the exchange rate.

[mississauga]

But how much does the US cc card cost. I looked into it and TD canada trust charges a fee

 

BMO Mastercard just this year started to charge a yearly fee of $25.00 too. However, if you charge at least $500.00 annually on the card, the fee will be credited back to your account.

[rajones007]

But how much does the US cc card cost. I looked into it and TD canada trust charges a fee

If you have the TD Borderless US$ Account then the annual fee on the TD US$ Visa is waived. The Borderless Account is $4.95/month, but if you keep more than $3k in the account then that fee is waived too.

 

I use TD and the best deal going is the Select Service Chequing Account. Normally it's $24.95/month, but they waive that if you're daily balance is over $5k. The only drawback is the account pays no interest, so the $5k isn't working for you.

 

However, it's still a great deal because the loss of interest is more than made up by the perks Select Service gives you:

 

-annual fee is waived for their high-end Visa cards, including the First Class Travel Infinite Visa. Resulting in a savings of up to $120/yr. I think they also give you 1 free supplementary card too.

 

-I have the Gold Elite Visa, and the $99 annual fee is waived. This Visa provides me with TD Auto Club Deluxe membership (same as CAA) which saves me the $120/yr I was paying CAA.

 

-free personalized cheques of your choice saves about $30 every couple of years, depending on how many cheques your write.

 

-free Borderless US$ account. No monthly fee whatsoever and no minimum balance to keep in US$'s. (note: this also gives you the US$ Visa for zero annual fee.) This account is also a chequing account and you get free basic personalized cheques too. I honestly don't know when I'll ever need to write a cheque in US$'s, but they're free so I'll take them.

 

-free safety deposit box (saves about $45/yr)

 

-free certified cheques, bank drafts, travellers cheques, etc

 

-with the Borderless US$ account, the rate to buy US$'s is very good. The best of the big 5 banks for consumer level purchases, in my opinion. You can do it all online and in real-time based on the current US/CDN exchange rate. It's all set up in TD Easyweb and you can transfer money in-and-out, back-and-forth, and also pay the US$ Visa.

 

-a bunch of other stuff that I can't remember off the top of my head. When you have to call or visit a TD branch and they see you're a Select Service account holder they seem to perk right up and give you the absolutely best customer service in the country. Trust me. My branch bends over backwards for me whenever I visit or call them.

 

Anyways, sorry for the perceived advertisement. I don't work for TD, but I'm very impressed with the Select Service chequing account. Not many people take the time to figure out all the benefits. They look at the $24.95/month fee and never give a second look. No other bank has this much rolled up into one. RBC has an account that comes close, but not quite. I've been a TD customer since I was a kid because it was the only bank in the small town I grew up in.

 

In my own personal case, I calculate that the Select Service chequing account would have pay somewhere between 5% and 6% interest before the loss of interest makes it uneconomical for me, considering all the benefits I get from it. And I somehow doubt we'll ever see a chequing account paying 5% or more. Not in my lifetime, at least.

[Iceberg2]

I have an American account at RBC and went to buy some travellers cheques and now there is a 1% fee for the purchase. Being a senior, I never had to pay this in the past - what a rip-off.

[D&N LUV 2 TRAVEL]

It all depends on what type of account you have. I have a borderless a/c and save 1.50 % off their posted rate which makes it better than the credit card.

 

Bad advice! The bank's exchange rate on US $ is worse than your credit card. My Ruby expenses last week came through at 3% my banks exchange rate for US is 5% right now. Commission isn't the evil part, it's the rate your bank charges for US $

[D&N LUV 2 TRAVEL]

Can not agree more. For $5k into a select account DW and I each get a Visa Travel Infinite card as well as a US card and all premiums are waived as long as we keep $5k in that account. Add up the price of the 2 cards ($120 + $50 + $39(US card) ='s $209 or 4% on my $5k I have in the select account. Add on the other perks of a free safety deposit box, free bank drafts along with a few other perks as suggested here and we felt it was a good deal even if you get no interest.

 

If you have the TD Borderless US$ Account then the annual fee on the TD US$ Visa is waived. The Borderless Account is $4.95/month, but if you keep more than $3k in the account then that fee is waived too.

 

I use TD and the best deal going is the Select Service Chequing Account. Normally it's $24.95/month, but they waive that if you're daily balance is over $5k. The only drawback is the account pays no interest, so the $5k isn't working for you.

 

However, it's still a great deal because the loss of interest is more than made up by the perks Select Service gives you:

 

-annual fee is waived for their high-end Visa cards, including the First Class Travel Infinite Visa. Resulting in a savings of up to $120/yr. I think they also give you 1 free supplementary card too.

 

-I have the Gold Elite Visa, and the $99 annual fee is waived. This Visa provides me with TD Auto Club Deluxe membership (same as CAA) which saves me the $120/yr I was paying CAA.

 

-free personalized cheques of your choice saves about $30 every couple of years, depending on how many cheques your write.

 

-free Borderless US$ account. No monthly fee whatsoever and no minimum balance to keep in US$'s. (note: this also gives you the US$ Visa for zero annual fee.) This account is also a chequing account and you get free basic personalized cheques too. I honestly don't know when I'll ever need to write a cheque in US$'s, but they're free so I'll take them.

 

-free safety deposit box (saves about $45/yr)

 

-free certified cheques, bank drafts, travellers cheques, etc

 

-with the Borderless US$ account, the rate to buy US$'s is very good. The best of the big 5 banks for consumer level purchases, in my opinion. You can do it all online and in real-time based on the current US/CDN exchange rate. It's all set up in TD Easyweb and you can transfer money in-and-out, back-and-forth, and also pay the US$ Visa.

 

-a bunch of other stuff that I can't remember off the top of my head. When you have to call or visit a TD branch and they see you're a Select Service account holder they seem to perk right up and give you the absolutely best customer service in the country. Trust me. My branch bends over backwards for me whenever I visit or call them.

 

Anyways, sorry for the perceived advertisement. I don't work for TD, but I'm very impressed with the Select Service chequing account. Not many people take the time to figure out all the benefits. They look at the $24.95/month fee and never give a second look. No other bank has this much rolled up into one. RBC has an account that comes close, but not quite. I've been a TD customer since I was a kid because it was the only bank in the small town I grew up in.

 

In my own personal case, I calculate that the Select Service chequing account would have pay somewhere between 5% and 6% interest before the loss of interest makes it uneconomical for me, considering all the benefits I get from it. And I somehow doubt we'll ever see a chequing account paying 5% or more. Not in my lifetime, at least.