RC Currency Conversion for Canadian Credit Cards

[jordansmom]

I'm just reviewing my Set Sail pass and have a question about the Currency Conversion Program. It appears that if I consent, there will be an extra 3 percent charged to my account if I use my credit card and have RC do the billing. I am quite confused and will appreciate any advice/tips. The Canadian dollar is terrible now and any further charges will make things even worse.

 

Thanks in advance.

[Ourusualbeach]

I'm just reviewing my Set Sail pass and have a question about the Currency Conversion Program. It appears that if I consent, there will be an extra 3 percent charged to my account if I use my credit card and have RC do the billing. I am quite confused and will appreciate any advice/tips. The Canadian dollar is terrible now and any further charges will make things even worse.

 

Thanks in advance.

 

Select the option to have Royal post the bill to your credit card in $US and have your credit card do the conversion to CDN$. It will be a little cheaper this way especially if your credit card does not charge fees or if you use a US$ credit card.

[SensFan11]

I'm just reviewing my Set Sail pass and have a question about the Currency Conversion Program. It appears that if I consent, there will be an extra 3 percent charged to my account if I use my credit card and have RC do the billing. I am quite confused and will appreciate any advice/tips. The Canadian dollar is terrible now and any further charges will make things even worse.

 

Thanks in advance.

 

Yes, this is a very confusing matter...and for most people it's not the 'service' RCCL suggests it is!

 

If you 'opt-in' to the currency conversion program, at the end of your cruise Royal Caribbean will convert your final on board bill to Canadian dollars, charging the exchange rate in effect on that day plus a 3% fee.

 

If you 'out-out', they'll charge your final on board bill in US dollars, which your credit card company will convert to Canadian dollars...for most credit cards, they charge the exchange rate plus a 2.5% fee.

 

One way to save is to use a credit card that charges 0% currency conversion fee...there's a handful in Canada...the one I suggest is the Marriott Rewards Visa from Chase.

 

The other thing to watch for is that Royal Caribbean may opt you in to the currency conversion program, regardless of what you select on the form! That happened to me on one cruise...I highlighted, circled and discussed with the check in agent that I wanted to 'opt out'...I was opted in anyway!

[Cruisin'Kim]

Yes, this is a very confusing matter...and for most people it's not the 'service' RCCL suggests it is!

 

If you 'opt-in' to the currency conversion program, at the end of your cruise Royal Caribbean will convert your final on board bill to Canadian dollars, charging the exchange rate in effect on that day plus a 3% fee.

 

If you 'out-out', they'll charge your final on board bill in US dollars, which your credit card company will convert to Canadian dollars...for most credit cards, they charge the exchange rate plus a 2.5% fee.

 

One way to save is to use a credit card that charges 0% currency conversion fee...there's a handful in Canada...the one I suggest is the Marriott Rewards Visa from Chase.

 

The other thing to watch for is that Royal Caribbean may opt you in to the currency conversion program, regardless of what you select on the form! That happened to me on one cruise...I highlighted, circled and discussed with the check in agent that I wanted to 'opt out'...I was opted in anyway!

That happened to me on one cruise as well, told them that I would like to be charged in US Funds as my credit card was less expensive, they charged me in Canadian and converted (with their fees) to U.S. - I then had to have it converted back to Canadian again!

[Ourusualbeach]

Yes, this is a very confusing matter...and for most people it's not the 'service' RCCL suggests it is!

 

If you 'opt-in' to the currency conversion program, at the end of your cruise Royal Caribbean will convert your final on board bill to Canadian dollars, charging the exchange rate in effect on that day plus a 3% fee.

 

If you 'out-out', they'll charge your final on board bill in US dollars, which your credit card company will convert to Canadian dollars...for most credit cards, they charge the exchange rate plus a 2.5% fee.

 

One way to save is to use a credit card that charges 0% currency conversion fee...there's a handful in Canada...the one I suggest is the Marriott Rewards Visa from Chase.

 

The other thing to watch for is that Royal Caribbean may opt you in to the currency conversion program, regardless of what you select on the form! That happened to me on one cruise...I highlighted, circled and discussed with the check in agent that I wanted to 'opt out'...I was opted in anyway!

 

 

Great card. No fee for the first year, 30,000 sign up points that we've used for 3 nights hotels in the US averaging $175 a night and a free certificate for a hotel night category 1-4 every year on your anniversary worth about $250 US for an annual fee of $129 CDN. DW just signed up for one as well to get some extra nights.

[GateGuardian]

So does RCL use rates that change daily or they have their own set rates? I always thought their US/CDN conversion rate was locked at 1.2 and changes every few months? (Though I could be thinking of NCL).

 

I also have the marriott visa card and it's a great card especially if you travel a lot. the free night certificate I found was a bit hard to redeem as there weren't many category 1-4 properties with good reviews. I would say the Chase Amazon card would be a tad better if you don't travel much.

Edited January 11, 2016 by GateGuardian

[setsail]

So does RCL use rates that change daily or they have their own set rates? I always thought their US/CDN conversion rate was locked at 1.2 and changes every few months? (Though I could be thinking of NCL).

 

I also have the marriott visa card and it's a great card especially if you travel a lot. the free night certificate I found was a bit hard to redeem as there weren't many category 1-4 properties with good reviews. I would say the Chase Amazon card would be a tad better if you don't travel much.

 

Rci is not a bank and does not set rates. They use Bloomberg and then add a fee for converting

 

Yes the rates change daily

Edited January 11, 2016 by setsail

[Ourusualbeach]

So does RCL use rates that change daily or they have their own set rates? I always thought their US/CDN conversion rate was locked at 1.2 and changes every few months? (Though I could be thinking of NCL).

 

I also have the marriott visa card and it's a great card especially if you travel a lot. the free night certificate I found was a bit hard to redeem as there weren't many category 1-4 properties with good reviews. I would say the Chase Amazon card would be a tad better if you don't travel much.

 

The locked rate that you are thinking of is the locked rate that they use for setting the cruise prices, shore excursions, drink packages and other items that you can purchase ahead of time through the cruise planner. This rate is set every 3 months and published in their quarterly reports. It was about 1.31 until last week when it took a jump.

[nosmothj]

Working in banking and being a Diamond RCCL customerI would recommend one of two things.

 

First I have never let RCCl charge my credit card directly. Giving them access to your account opens up the door to extra charges as the banks and visa charge a premium. I have always settled in cash that way I know how much I am paying and for what.

 

Second if plan to us Visa strongly suggest getting a Cdn Bank US visa that way you can pay off when you get home and know how much you spend. Do not pay the Bank or Visa US premium fee.

[SensFan11]

 

Second if plan to us Visa strongly suggest getting a Cdn Bank US visa that way you can pay off when you get home and know how much you spend. Do not pay the Bank or Visa US premium fee.

 

I used to do it this way, but don't any more. I have a US dollar via (from TD Canada Trust) and I used to use it for my on board account...until 2014 when RCCL converted my final bill to Canadian dollars (despite my explicit instructions not to opt in to the currency conversion program).

 

So, in the end, with the US dollar credit card I paid:

 

3% RCCL currency conversion fee

+

2.5% TD Visa fee to convert it to US dollars

+

1.8% approx fee to purchase US dollars with my TD borderless account

 

In the end, my US$1000 in on board charges ended up costing me C$1140...and that was when the dollar was at par!

 

Since then, I only use the Marriott Visa. Even if RCCL screws up again and opts me in to the currency conversion program, I'll only pay their 3% fee once!

[jordansmom]

Thanks for the advice. I agree that cash may be the way to go. I pre booked and paid for packages and booked trips with outside groups, so wont anticipate lots of extra charges.

I'm glad I asked and will insure that I opt out of the credit completely.

[skatie]

I have signed up for my account to be cash, but if I have any leftover OBC, I was going to give them my US TD Visa and ask that they refund anything back to this US VISA card. Is this ok and will they just refund the U.S. OBC back to the Visa in USD - no exchanges?? Thx

[Ourusualbeach]

I have signed up for my account to be cash, but if I have any leftover OBC, I was going to give them my US TD Visa and ask that they refund anything back to this US VISA card. Is this ok and will they just refund the U.S. OBC back to the Visa in USD - no exchanges?? Thx

 

Yes that will work.

[nosmothj]

I used to do it this way, but don't any more. I have a US dollar via (from TD Canada Trust) and I used to use it for my on board account...until 2014 when RCCL converted my final bill to Canadian dollars (despite my explicit instructions not to opt in to the currency conversion program).

 

So, in the end, with the US dollar credit card I paid:

 

3% RCCL currency conversion fee

+

2.5% TD Visa fee to convert it to US dollars

+

1.8% approx fee to purchase US dollars with my TD borderless account

 

In the end, my US$1000 in on board charges ended up costing me C$1140...and that was when the dollar was at par!

 

Since then, I only use the Marriott Visa. Even if RCCL screws up again and opts me in to the currency conversion program, I'll only pay their 3% fee once!

 

Thats why it is my second choose first is pay with cash. and that must be a problem with TD visa others it can not convert!!

[nosmothj]

I have signed up for my account to be cash, but if I have any leftover OBC, I was going to give them my US TD Visa and ask that they refund anything back to this US VISA card. Is this ok and will they just refund the U.S. OBC back to the Visa in USD - no exchanges?? Thx

 

I do not think they will refund OBC only cash you have paid on the account.

[Ourusualbeach]

I do not think they will refund OBC only cash you have paid on the account.

 

Some OBC is refundable and they do use the non refundable OBC first so there is a good chance that you could have a refund owing.

[Alaska Newbie]

We have OBC of $600. When arriving do we have to put more cash on our account or will they ask for a CC? I think our TA had said we have a cash account.

[Ourusualbeach]

We have OBC of $600. When arriving do we have to put more cash on our account or will they ask for a CC? I think our TA had said we have a cash account.

 

A cash account will be fine. You would be able to spend up to $1100 before being asked to pay down your account.

[Alaska Newbie]

Thank you. Not sure if we will be spending much or not. Drinks seem out of control and I'm not spending $5 for a can of Diet Coke. This may break my Diet Coke addiction, lol.