Question re Canadians and Dynamic Currency Conversion

[harrowgirl]

I am a Canadian.

 

I just printed out my xpress pass and there is a question "Check here if you do not wish Celebrity Cruises to convert your charges to the currency of your card's billing as described above.

 

If I want my credit card charged in US dollars - can someone confirm that I am supposed to check this box?

 

Thanks!

[babylene]

Check the box. They couldn't make it more confusing if they tried!

[Eliger]

I completely agree. Check the box :mad: .

[Susan-M]

I would go a step further and highlight it as it sometimes gets missed by Celebrity staff. You could also keep a copy of the form for yourself and have someone at the check in desk sign your copy to acknowledge that you have made this request ... just in case your request does get missed.

[C 2 C]

I've checked this box and have still had problems. I now refuse to use a credit card to settle my account by specifying cash account for settlement prior to sailing. I either use the ATM on board or make arrangements with the purser's desk once on board... I have had the very same problems with Princess.:(

[dmk]

Check the box, highlite it, and check with the Bank on board to make sure that celebrity doesn't convert your bill to USD themselves.

[banchote]

it's funny originally the line read to check it if you wanted the charges converted and then they changed it to if you don't want it converted. but the problem is they never ever read that far down your agreements so you always end up with the stuff converted. the best is when you're like me and you buy art and they actually charge your card half way through the trip and they have made the conversion. than you have to fight to have it reversed and rebilled in the proper currency and lose anyway becasue instead of reversing the charge they do a credit on your bill (and believe it or not this makes a huge difference as if they do a credit and the currency fluctuates you can be out money, which has happened to me)

we now do the following: forget about the box. when we check it i make it extremely clear when they take my card imprint that i want to billed in us dollars and not canadian. i then almost always have to go to the pursers deaks for some reason or other have them confirm this (it's like the first thing i do on a cruise now) after that when i spend - if i buy any art or anything that's a significant cost we'll confirm everything prior to having our cards charged. i also push the purser to "bill" our card and not do simply an authorization. a couple years back we bought a significant amount of art and so we wanted the charges on a separate credit card, the purser complied and authorized the card i gave him. however, when it came time to bill our card at the end of the cruise they put it on the other credit card but didn't release the authorization. i was in nyc for a week and the first day i was in panic because it looked like both my credit cards had been stacked i was sooo angry. we did get it worked out and thankfully the credit card company simply upped my limit unitl things were settled as i was out of country but it could have been a disaster.

 

anyway i should mention that these experiences were all with roy carib, but since they are one and the same company i figure it's the same thing to give you this info here.

[RickT]

Going from memory (scary thing to do this hour of the day), the booklet they sent you has the wording so that you "don't" click the box if you want to be billed in U.S. $ and the on-line forms is the exact opposite where you "do" click the box if you want to be billed in U.S. dollars.

 

Made a mistake earlier in the year and at the end of the day it didn't matter. The exchange charged was almost identical to the exchange charged to me by VISA.

 

Just reminder to all of you, when booking a cruise, check out the rates (including flights) in both U.S. and Canadian currency. I've booked my last 3 cruises in U.S. currency and have saved money all 3 times (including accounting for the 2% charge from VISA).

[banchote]

i find that when i buy a cruise on the ship they force me to use my local currency, whereas my ta allows me to book in us funds which i always prefer to do as well. also i booked through C&A last time and they made me book in cdn funds as well. thank fully my ta works with rccl again and so i don't have these problems anymore but it was a hassle. i so prefer using the usd with our strong canadian buck it's a huge savings on cruises.

[numbersix]

Hi:

 

I have for some time been following the numerous currency/foreign exchange debates on these boards, and feel perhaps now is as good a time as any to jump in. I am an investment advisor/ stockbroker in Toronto, and as such, deal with similar issues virtually every day, and take a particular interest here as my DW and I love to cruise ( but then again, that's pretty much why we're all here !). I'll make a few points, in no particular order....

 

1) I have yet to see an onboard ATM offer anything other than laughable exchange rates....it must be a great business....for someone....at the risk of offending any onboard ATM operators out there....I wouldn't use one unless I were in absolutely dire staits.

 

2) Doing what I do for a living, I tend to watch things such as exchange rates, and cross-border pricing rather carefully. I know that in the past, cruise lines (in general) would tend to set a $USD/$CAD exchange rate, and adjust it once a year or so. They would always build in a rather large spread as a margin of error, if you will, and we Canadians were always "happy" to pay it....of course, the large spread was always in the cruise lines' favour. But....we started to wise-up to this, and started to get $USD credit cards, and the snowbirds had their $USD bank accounts in the US, and as financial markets continue to evolve, and open up, cruise lines began to let people pay in either $CAD or $USD. Spreads began to narrow, to the point (and to X's enormous credit) where the pricing on X's web site is entirely reasonable in $CAD' as compared to $USD. For example, at 1:20 pm today I did a comparison, on (my) Infinity 22April07 Hawaii cruise, and found that the ratio of the $CAD price over the $USD price price was 1.12033.....VERY reasonable as compared to the up-to-the-minute (wholesale) "spot" price on my screen of 1.1173, or 1.11861 on the OANDA web site, or rates of 1.1392 (cash) or 1.14 (cheque) at (a major CDN bank....don't know if I should mention by name), or at a rate of 1.1365 with my (Big CDN Bank) Gold VISA. In other words, given that X/RCI is a US-based business, they are offering Canadians the facility of paying in their home currency, and "charging" them 0.00303 (3/10 ths of a cent) over the wholesale rate for the convenience.....awfully reasonable, in my books. So, for example, Canadians booking today could book in $CAD, on their $CAD credit card, and still pay less than if they booked and paid in $USD on their $CAD credit card.

 

3) Please know that when one places a $USD charge on their Canadian ($CAD) credit card, first the exchange rate is done at the credit card company's (VISA, Mastercard, Amex, etc.) rate for that day (generally an ok rate , but not a great rate), and then they generally ADD an additional 2.0-3.0 % ON TOP OF THAT(Big CAD Bank charges 2.5 % FYI....I just checked)......so to think that, with current X pricing, one is saving by booking in $USD with a $CAD credit card, one is probably mistaken.

 

4) Having said all that, I have booked my 22April2007 Infinity cruise in $USD with a $USD credit card....but I am a currency speculator by nature, and by some extent, profression, and believe that by next February (final payment) currencies will have moved in a favourable fashion for my purposes....we'll see.

 

5) Cruise lines usually offer lousy rates of exchange for settling onboard accounts....unless they change their tune (or have changed since I last cruised in April '06), I would NEVER let them convert my onboard charges to my currency and then charge my $CAD credit card.....as with any $USD purchase, just let them, or MAKE them, charge the $USD charge to your %CAD credit card....you'll be (far) ahead).

 

Sorry for the long, and hopefully not too wordy:confused: post, but I've been frustrated for years by people, unfamiliar with the process (and why should they be familiar with it??) get ripped of in the currency game. Do the math, and (always) keep your eyes open.

 

Happy cruising, all.

 

Questions??

 

Flames??

[nosmothj]

Being a Banker from Canada eh! I would settle in cash. The exchange rate is generally better at your Bank in Canada and you have control over what the rate is.

 

Credit cards generally have a bite higher rate than Branch rates.

[numbersix]

Nos....agreed. Cash works....just don't get it from the ATM onboard !! (But I know you wouldn't!)

 

Kevin

[RickT]

Don't want to quible with a banker but... my March 17th cruise on the Radiance is booked at $2931.00 US (including air and all taxes). The exact same category in Cdn $ is $3461.00. Unless I'm fat fingering the calculator this works out to about an 18% exchange rate. Not a huge difference but enough to buy me a bottle of wine or two.

 

To the earlier point, they are getting better using a realistic exchange rate but they are still not that great. And, this isn't all bad news. I booked a cruise a few years ago when the exchange rate was over $1.50:$1 and they were only using $1.35:$1.

 

But, we should stay on topic with the original post!

[elena7seas]

My experience with Celebrity has followed exactly the experience outlined by numbersix in his detailed post.

[banchote]

hey number 6 great to have someone who knows the market on here giving us tips!

i have only 1 point that i differ with you -- but since you've obviously got more experience in the field i won't belabor the point. my amex actually doesn't charge an extra percentage anymore ( i don't know if that is the case with all amex's or just particular one i have) i know my visa and mcard always add a percentage like you mention though.

having said that i'm a fan of paying in usd on my cdn or my usd ccard. (i used to use my cdn amex and still won after conversion, however now i do use my american card which always has me win)

 

anyway just my thoughts/points

i agree with you on everything else. my only point about there being an atm on board was simply that if it was truly needed it was there. personally when on the ship if i am using my cdn card i won't let them convert the currency into cdn as it's a stoopid rate (as you mentioned)

[numbersix]

RickT: Would RCI and X handle their currency conversions differently (as far as cruise pricing goes)? My comments were based on X pricing for my 22APR07 Infinity sailing....haven't checked RCI pricing, but will now that you mention that.

 

Rev. Dr.: I don't know how AMEX handles their currency exchange, but I imagine that all cards arrive at a final exchange rate (the one that shows when a transaction is posted on your statement) through pretty much the same process: either they charge an "exchange rate " + a fixed percentage, or they merely charge an "exchange rate", where the fixed percentage portion is already embedded....either way, you can be sure they're making out like you-know-whats on the deal. I guess my point is, really, to be careful and watch them (all) like hawks!!

[numbersix]

RickT: You're right! But there is a difference between cruise only rates and cruise + air rates.....for the Radiance, 17 MAR, I found that $CAD cruise only rates were, basically, at an exchange rate of 1.133-1.136....not too bad. Then I found that Cruise + air fares were at an exchange rate of 1.168 !! Wonder what that's about??:confused:

[nosmothj]

I agree with Rick I think it was.In booking deals it is some times better to pay the US rate. However what I was stating, is that in general a visa purchase has a higher exchange rate than what you can get at a Bank or a money trader.

 

I regularly refer clients to check rates a money traders.

 

Also on a regular bases I have clients bring in Visa statements, with concerns over the higher than usual exchange rate.

 

Regardless of which way you go, you are talking maybe a cent difference on the exchange.

 

Other reason to not use visa or watch the usage. Visa security monitors usage and unless you travel regularly out of country purchases are flag and could cause a freeze on your account. If travelling and your intent is to use Visa advise you Bank ahead of time.

 

A lot of fraud and theft of ID abroad. It can be hard some times to notify your Bank of a lost card or for them to contact you.

 

Finally I recommend having access to Visa Master Card as well as debit and some cash.

 

AND ENSURE YOUR BANK KNOWS YOU ARE TRAVELING!!

[banchote]

hey numbersix. i think that's one of the benefits of having the centurion card from amex you get little perks like no added points on the exchange (supposedly) or low enough that it's worthwhile to makethe purchase.

hey nosmothj i agree with you re visa and in fact mcard does it too and now that diners is an mcard as well it does it as well. it of course being flagging your account unless you let them know you're out of country. out of the three i just mentioned diners handles things the best. however again (can you tell i'm a fan) if you have an amex you don't have to call them. they authorize your travel purchases always. before i was such a big amex fan and when i was getting ready to propose to my now wife i had my mcard in the carib and used it to buy her ring. well that was fine and all except when i tried to use it later they had frozen the account becasue they couldn't get a hold of me to confirm i made the purcahse! so here i am trying to buy other goods and i can't use my card and to make matters worse because they could tell i was calling them from the caribbean they couldn't unlock the card! huh??? turns out i had to call from my home to authorize the unfreezing of my account for security purposes. and i should have called prior to leaving canada. that's all fine and all but security when it goes overboard is just a pain. well suffice it to say i stopped using that card company real quick.

 

i'm not sure if it's the same in the usa as it is in canada but i remember afew years a go with my visa card i could notifiy them of all of the creidt cards i kept in my wallet and if i ever got robbed i 'd only have to call them and thye would then proceed to call the rest of my card companies. -- cool service...until you realize it gives visa way too much info, but it also breaches privacy laws now and not to mention the fact that visa has had personal info ripped from their computers ... how many times in the last few years.

 

on any cruise i take a couple cards, my debit card and a whack of cash. although i always settle accounts via credit card. i try to have enough cash on hand in port for any meals and incidentals. my wife always wants to buy drinks (pop) to throw in the fridges when we get back to the ship.

[campingman]

Hi:

 

I have for some time been following the numerous currency/foreign exchange debates on these boards, and feel perhaps now is as good a time as any to jump in. I am an investment advisor/ stockbroker in Toronto, and as such, deal with similar issues virtually every day, and take a particular interest here as my DW and I love to cruise ( but then again, that's pretty much why we're all here !). I'll make a few points, in no particular order....

 

Number Six thanks so much for your advice im to the point of opening up a US bank account. They want a $6000 minimum deposit so i can get credit.

Wells Fargo.We did 5 cruises last year and i use US agencies.I hope its worth it?

[Wilcoam]

It's quite the analysis here, but most of us work more off simple math. (lol):confused:

Since if you book X, as a CDN they only allow you to buy in CDN FUNDS, right away, that's a tip off it ain't a good rate.

 

I recently purchased a galaxy east med cruise, and got a direct rate of approx 1.19. Through a USA TA via *****.com, I got a USD rate, when it came on the CC it was at 1.12. So, 7 cents on the dollar (we're talking sky suite here) the savings by buying is USD was $935.77 CAD.

 

'nuff said....

 

PS: I not only check off the doc on-line that I want everything paid on CC in USD Funds, I also keep my own photocopy, remind them on check-in, and will check with the purser that it is so. I also re-iterate at time of settling/disembarking, and if I win big at bingo/casino (lol), I always pay in CASH.

 

jc

toronto

Galaxy Sept 25-06

Pricness Star Jan 27-07

[RickT]

RickT: Would RCI and X handle their currency conversions differently (as far as cruise pricing goes)? My comments were based on X pricing for my 22APR07 Infinity sailing....haven't checked RCI pricing, but will now that you mention that.

 

I think the key is cruise + air. Don't know why and guess I don't care. Took a Baltic cruise on Celeb this summer and saved big $. Cruise only pricing was close but when you added air there was a huge difference... perhaps Air Canada hasn't figured out exchange rates yet... who knows.

 

Back to my original points:

 

1) Always compare pricing in US and Cdn dollars and book which ever is less (and to those of you who say the cruise line won't do it, just ask, that's who I book with and haven't had a problem)

2) Don't be too concerned about whether your ship board account gets billed in US or Cdn as they seem to have that pricing very close.

 

Less than 6 mths until my next cruise!!

[babylene]

We have taken quite a few cruises in the last few years. We have booked in Can $ and in US$. Somehow, whichever I choose, it's the wrong one! At the time of booking (I book way ahead), I choose whichever looks better. But, as we all know, the winds of exchange rates blow south and north...often. By the time final payment rolls around, my choice often misses the mark! If I could predict! I'd go straight to the casino!!!!!

 

Just have fun.In the big picture it doesn't make much difference.

[banchote]

hey campingman who asked you for a 6k deposit to give you credit in the usa? wells fargo? citibank will likely just give you a cc in usd. some cdn banks offer us cards as well. (rbc)

[nosmothj]

A few Canadian Banks do offer US credit cards, however unless you use them the fees sometimes can be high. Also some had mentioned 19 cents on the dollar exchange. It should be not even close tot that. 10 ot 11 cents max. I have seen it down as low as 5 cents with in the last 60 days.

 

Two trains of thought on that. One if you are going to travel regularly by $50 biweekly. When you see a good price load you. Or save and but in one large some prices are sometimes lower and shop around.

 

I recommend dollar cost averaging and when you see a good price load up!