Credit card conversion fees

[envy4u]

We are going to use a Canadian CIBC Visa card on our upcoming cruise. Shall we let our credit card do the conversion or Princess? Thanks for any feedback.

 

 

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[Desinico]

We are going to use a Canadian CIBC Visa card on our upcoming cruise. Shall we let our credit card do the conversion or Princess? Thanks for any feedback.

 

 

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I work for a bank...yes you should. But, I know with my cc with capital one they said there was no need, doesn't hurt to call anyway. That way your card will not be restricted.

 

 

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[thinfool]

Let your CC do the conversion. Princess will add a little bit for their efforts.

[CruisinFinsUp]

http://boards.cruisecritic.com/showthread.php?t=1968249

 

Big thread with lots of info.

 

We let the cc do the conversion. At least then we KNOW its only 2.5% added to the "market" rate of the day. There are a couple Canadian credit cards with no forex fees (Chase I think?). With Princess, you don't really know what their add on is.

 

Also, depending on the current rates at the time, if you bought your cruise in $CAD, you can buy refundable OBC at that same rate to cover your onboard expenses. Then you know for sure what rate you are paying. It may even be better than the market rate. We buy enough OBC to cover any excursions and on board purchases. Anything remaining will be refunded (slowly in my experience, but eventually), and anything you spend over will be charged to your cc on file, or you pay cash before you disembark.

 

 

We also prepay for drink stickers / coffee cards at that same rate we bought our cruise at so we know our currency costs.

[Desinico]

We are going to use a Canadian CIBC Visa card on our upcoming cruise. Shall we let our credit card do the conversion or Princess? Thanks for any feedback.

 

 

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Whoops [emoji51] yes let the cc do the conversion. I red that too fast ha

 

 

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[envy4u]

Thanks for the quick responses

 

 

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[paul929207]

Princess uses very poor(for passengers) exchange rates. Let your bank handle the conversion

[ghstudio]

Always let your credit card company do the conversion....not just on your cruise. You'll find car rental firms, stores, restaurants that are more than willing to "help" by converting for you. Always turn it down....all charges should be in the currency of where you are making the charge.

 

There is one exception....we have occasionally bargained for something in a foreign country in $'s. If that's the case, then make sure the charge is in $'s...don't let them convert to the native currency unless you know the official exchange rate and that's what they use.

[caribill]

If Princess does the conversion they will use a poor conversion rate and then tack on 3% for the convenience of overcharging you.

 

If your bank then charges for foreign transactions (even if in your own currency), you will pay even more as that will based on the amount that includes the poor conversion rate and the 3% convenience charge.

[spearmint]

We always let the Credit Card make the conversion for the reasons stated. Everyone on Cruise Critic suggested that to us many years ago when we asked a question just like yours. :)

 

When our dollar was (almost) at par, we opened an small account in our bank in U.S. dollars and did not use it much. There is still some cash in there, and, with the horrible exchange rate today, we now use it to pay for onboard expenses; we take what we think we will need. If we run out, we put it on our credit card. This has helped a bit in saving that 35% dollar difference. If the dollar comes close to par, we will try to add to the account for future use.

 

Bill

Edited October 8, 2016 by spearmint

[mattie00]

We agree that you should let the credit card do the conversion. We have used a capital one plain mastercard for years during many trips to the U.S. and overseas. They seem to have the lowest conversion fee of any of the Canadian banks.

[senior lady]

Get a credit card that doesn't charge the extra charge. I have a Scotia Bank Mastercard and use it for all foreign charges

[Bill B]

So, what's the catch when Princess says (from my booking > Guest Information >Shipboard Account) -

 

"Remember, princess will refund the difference in cost between your bank’s rate and our rate if our rate results in a higher charge to your card."

[mattie00]

Get a credit card that doesn't charge the extra charge. I have a Scotia Bank Mastercard and use it for all foreign charges

 

Wow! Will you send me the exact name of this card please. We are ScotiaBank customers and recently spoke with our account exec. about this very thing. She said nothing about a ScotiaBank card with no extra currency exchange charge so I would like to follow up with her. Thanks. :D

[senior lady]

I got it originally through Sears and then they ended that program

Its just a .. Scotiabank Momentum Mastercard.

No foreign currency surcharge. I use it for all my traveling outside of Canada.

[Northern Light]

I got it originally through Sears and then they ended that program

Its just a .. Scotiabank Momentum Mastercard.

No foreign currency surcharge. I use it for all my traveling outside of Canada.

 

Thanks for the info, Karen. Now know what cc we will be using. We sure miss those at par days. :(

 

Sandy:)

[jefa]

Can you pay your onboard account with a cheque drawn on an American bank?

[TravelingEA]

If Princess does the conversion they will use a poor conversion rate and then tack on 3% for the convenience of overcharging you.

 

If your bank then charges for foreign transactions (even if in your own currency), you will pay even more as that will based on the amount that includes the poor conversion rate and the 3% convenience charge.

 

I have a card that I use specifically for foreign travel. I get the most current exchange rate and no convenience charge.

[ghstudio]

So many cards today advertise no foreign transaction fee....and consumers just aren't aware that the foreign transaction fee is added on after the card does the conversion. Few cards state that they convert at the official rate...and that's the got you.

 

If you are considering a card, call them and ask how much 100 Euros would be in your home currencyl. Then compare it to the official rate.

 

Trust me...there is wide variation as banks try to make a profit on unsuspecting consumers.

[caribill]

So many cards today advertise no foreign transaction fee....and consumers just aren't aware that the foreign transaction fee is added on after the card does the conversion. Few cards state that they convert at the official rate...and that's the got you.

 

If you are considering a card, call them and ask how much 100 Euros would be in your home currencyl. Then compare it to the official rate.

 

Trust me...there is wide variation as banks try to make a profit on unsuspecting consumers.

 

For those in the USA, CapitalOne Mastercard and Visa credit and debit cards have no foreign transaction fees and conversion is at the official rate at the time the conversion is actually made.

[mattie00]

I got it originally through Sears and then they ended that program

Its just a .. Scotiabank Momentum Mastercard.

No foreign currency surcharge. I use it for all my traveling outside of Canada.

 

Thank you Karen. I will follow up with ScotiaBank tomorrow. Happy Thanksgiving.:D

[CruisinFinsUp]

Thank you Karen. I will follow up with ScotiaBank tomorrow. Happy Thanksgiving.:D

 

I don' t think BNS offers any MC anymore.

 

Last time I looked, the only cc's in Canada that don't charge the 2.5% conversion fee are offered by Chase Canada. I don't know where their exchange rate falls in comparison to others.

 

Let us know if you find another fee free card!

[Logger1]

CIBC just came out with a prepaid Visa card. You can get them in multiple currencies too. I just got a US dollar one for travelling. I use Knightsbridge for currency exchange for any amount I want and they deposit into my CIBC American dollar account. I can load the card from that account and save a lot from Banks exchange rates. Can load up to $7000 max. Cruise coming in Jan. No more having to figure out where I stand. Just go to my CIBC online banking and know.

[jefa]

Can you pay your onboard account with a cheque drawn on an American bank?

 

Sorry to bump this, but wonder if people have overlooked my question? I have funds in the US but no ATM or credit card.

[Bill B]

So, what's the catch when Princess says (from my booking > Guest Information >Shipboard Account) -

 

"Remember, princess will refund the difference in cost between your bank’s rate and our rate if our rate results in a higher charge to your card."

 

Nobody has answered the above question either.