Canadians using Chase Bank Visa to Avoid FX charges

[iancal]

In addition to using this card (Amazon, Sears, Marriott, etc) to avoid the 2.5 percent service fee that Canadian banks charge on foreign transactions, you can also use it as anATM like card.

 

Canadian retail banks are infamous for high cost and for hidden service fees. When you withdraw money from a foreign ATM your bank is more than likely charging you THEIR retail exchange rate. This rate is about 2.5 to 3 points higher than the actual spot rate.

 

Load up you Chase Visa with cash and then do cash advances on this card in foreign ATMs. The foreign funds will come across at the spot rate..same one Chase uses for your foreign Visa purchases. One proviso...Chase charges 1 percent fee with a five dollar minimum. We pay by cash often when we travel..our average withdrawal is $700. You need to have a positive balance otherwise the interest on the cash advance is userous. We can save about $300 in hidden bank ATM FX fees each year simply by doing this.

Edited January 14, 2015 by iancal