Exchange Rates

[sunshine 229]

As a Canadian travelling on Celebrity I have to make a choice if I want to have the cruiseline do the conversion from US to CDN dollars for my on board account or if I want to have them charge my credit card in US and let the credit card company convert. Anyone have any experience with which is the better option?

[disneyfolks]

We have done it both ways on several cruises, and overall I think it was just a little better to allow the credit card company do the conversion.

[sunshine 229]

Thanks for the quick response. I've been on several cruises and always asked them to let the credit card company do it but just wondered if i was making a mistake. In either case probably not a huge difference. It is nice to be travelling at this time when the exchange isn't too bad.

[spearmint]

Thanks for the quick response. I've been on several cruises and always asked them to let the credit card company do it but just wondered if i was making a mistake. In either case probably not a huge difference. It is nice to be travelling at this time when the exchange isn't too bad.

 

It can be a huge difference; sometimes Celebrity has a much higher rate in place. From these boards, I understand that they set the rate and leave it for the year. If there is a more favourable rate of exchange on the dollar at a later time, they don't change.

 

We always choose the credit card company. Their rate is the rate of the day that they receive the charge plus 2.5%.

 

By the way. Be sure to check the box on your express pass....we even highlight it....which indicates what you want. Then, you can check with the folks at the check-in counter to be sure that it is recorded properly. You can later check with guest relations to be sure that your wishes are being carried out. Despite the check mark, there have been instances where Celebrity ignored it and did the coversion. It happened once to us, and there was a difference of over $50 (Celebrity's calculation, not mine.)...not a great amount in the overall cost, but still worth a nice bottle of wine onboard. We only found out about this when we received out credit card bill and had then to contact Celebrity to get it fixed. The advice I am giving you, above, is what other posters on Cruise Critic have suggested over the years.

 

With the exchange as good as it is now, you might also want to consider what other charges could be on your account when you sail, and whether or not the exchange will be the same. We have booked whichever shore excursions from Celebrity that we want and, for the first time, have told our Travel Agent to prepay our gratuities for our upcoming back to back cruise in September-October. That way, not only do we not get those on our onboard account at the end of the cruise (which will be high enough anyway:rolleyes:), we get them probably at a better rate of exchange.

 

This was probably more information than you wanted to know, but it might help you out.

 

Have a great cruise.

[disneyfolks]

What you say Spearmint is only partly correct. Yes, Celebrity does set a Canadian exchange rate that does not change very often, but that applies only to purchasing a cruise. When paying for on-board purchases, Celebrity has, to the best of my knowledge, used the exchange rate plus a very small percentage usually equal to what a bank changes on the day they apply to your credit card for funds. Their standard exchange rate does not apply for any on-board purchases. If you are very fortunate, and the day they do the conversion is a day that has an exchange rate favorable to Canadians, you certainly would be better off with Celebrity converting funds.

 

Just words of lots of experience here.

[dmk]

What you say Spearmint is only partly correct. Yes, Celebrity does set a Canadian exchange rate that does not change very often, but that applies only to purchasing a cruise. When paying for on-board purchases, Celebrity has, to the best of my knowledge, used the exchange rate plus a very small percentage usually equal to what a bank changes on the day they apply to your credit card for funds. Their standard exchange rate does not apply for any on-board purchases. If you are very fortunate, and the day they do the conversion is a day that has an exchange rate favorable to Canadians, you certainly would be better off with Celebrity converting funds.

 

Just words of lots of experience here.

 

Hi disneyfolks:)

I have to disagree with you here. I have found the opposite to be true. I have found X's exchange rate to be higher than the banks and my credit card.

I usually have opted for Celebrity not to do the conversion. Sometimes they forget or ignore it and do the conversion. After a few phone calls to straighten it out, I have each time received a refund.

A good guide is to take a look at the bottom of your On board Bill. You will see X's conversion rate at the bottom. It is higher than you can do through your CAD credit card or cash.

[Mikey2611]

Here are some facts. The exchange rate used by celebrity is not competitive. Simply look at the price of the cruise in Canadian as opposed to the rate posted for US Clients. The rates offered by Visa and Master Card are better but still not very good. I believe that they also have a hidden charge over and above the exchange rate. Call Visa and Master card and ask them what charges they impose on US Exchange. I always use Amex and find their rate the best. None of this really matters on a small amount but if your on board account is $1000 or more it can make a big difference. The other option is buying Amex Travellers Cheques in US Dollars at the bank rate and simply paying your account with them. Any you have left can be cashed when you get home. (as if).

[RickT]

Hi disneyfolks:)

I have to disagree with you here. I have found the opposite to be true. I have found X's exchange rate to be higher than the banks and my credit card.

I usually have opted for Celebrity not to do the conversion. Sometimes they forget or ignore it and do the conversion. After a few phone calls to straighten it out, I have each time received a refund.

A good guide is to take a look at the bottom of your On board Bill. You will see X's conversion rate at the bottom. It is higher than you can do through your CAD credit card or cash.

 

Just received my credit card bill from my March 5th sailing on the Millennium. As usual, X ignored my request to leave the shipboard account in Canadian $ and converted it themselves. What is odd is that rather than the $1.11 rate listed on the bill, they used $1.05 which is basically the same as my credit card used for other US $ purchases while away. So, they screwed up but I lucked out...

[derf5585]

Universal Currency Converter

from

http://www.xe.com/ucc/

 

Works anywear in the universe:D

[Ruthk]

The best thing (for me) is to have a US Mastercard. But that being said, I have almost always had Celebrity still do a conversion. I think they just see that you are Cdn and automatically convert. What ever you do, check your bill when it arrives to you house - dimes to donuts - Celebrity did their conversion, even if you didn't have a US charge card. I then have to call Master Card to refuse the charge and have Celebrity's final bill to support it. It always gets fixed.

The best way, in your favour, is to NOT have Celebrity convert your bill.

 

Ruthk

St. Catharines, Ontario

[anniversay/grad trip]

We try to pay off our on board account and not have much (if any) charged to our cc. The exchange rate Celebrity uses for Cdn exchange is terrible. We are casino goers and on our last cruise (Aug 2009) we about broke even so we had some extra US cash and put it directly towards our on board account. There was about $300 remaining and after conversion (keep in mind rate wasn't quite as good, but not bad either) and any other charges they imposed, it cost me about 25%.... personally I am bringing enough US (Travelers cheques or otherwise) to pay off my on board account before I disembark (just makes sense for Canadians)

[Cruise Junky]

I've never seen a case where it's advantageous to have the cruise line do it for you. Definitely let your credit card do it. There's no reason for the Cruise Line to be taking their cut before you bank gets it which is exactly what they do if you let them do the exchange.

[cruisemuse13]

Hi I just posted a new thread about the exchange rate and excursions booked online. if anyone has a chance to read my thread and offer advice i would appreciate it. Thank you.

[Project_gal]

You have to be clear that there are a number of things to consider:

1. The fee charged by the credit card and Celebrity for the conversion [which is what I believe the OP asked about]. This one is easy. Check both Celebrity's small print and that of your credit card company and choose the one that is lower - usually your credit card company's.
   
2. The exchange rate used at the time of conversion. I believe, like other posters, that for settling your onboard account, Celebrity uses the current rate. Your credit card will use the current rate at the time the item hits your account. These may be a day or two apart. It will be in the lap of the gods [or the devil] which of these is better. There is also the possibiity that the actual calculation of the exchange rate used by the two companies will be different but I doubt that you will get either to tell what these are. The rates charged will also vary according to the time of day they set the rate because international exchange rates can vary by the second. Thus, you have little control over this aspect. Exchange rates are a gamble.
   
3. You can "hedge" this risk by buying onboard credit. The exchange rate used by Celebrity for this is fixed periodically and, when rates are volitile, you can hit lucky. OBC is sold in US$25 units and you can check the rate being used online by seeing what a unit will cost you. It can also be purchased online. In the UK [at least], OBC purchases are charged in sterling and, therefore, you do not get charged a fee by your credit card. Take care about how much you purchase. Purchased OBC is fully refundable if not spend but any refund will also be hit by exchange rate fluctuations.
   
4. As others have suggested, you can also purchase items such as shore excursions and speciality dining in advance. Rates and charging for this is the same as OBC.
   

Hope this helps!

 

Sue

[anniversay/grad trip]

You have to be clear that there are a number of things to consider:

1. The fee charged by the credit card and Celebrity for the conversion [which is what I believe the OP asked about]. This one is easy. Check both Celebrity's small print and that of your credit card company and choose the one that is lower - usually your credit card company's.
   
2. The exchange rate used at the time of conversion. I believe, like other posters, that for settling your onboard account, Celebrity uses the current rate. Your credit card will use the current rate at the time the item hits your account. These may be a day or two apart. It will be in the lap of the gods [or the devil] which of these is better. There is also the possibiity that the actual calculation of the exchange rate used by the two companies will be different but I doubt that you will get either to tell what these are. The rates charged will also vary according to the time of day they set the rate because international exchange rates can vary by the second. Thus, you have little control over this aspect. Exchange rates are a gamble.
   
3. You can "hedge" this risk by buying onboard credit. The exchange rate used by Celebrity for this is fixed periodically and, when rates are volitile, you can hit lucky. OBC is sold in US$25 units and you can check the rate being used online by seeing what a unit will cost you. It can also be purchased online. In the UK [at least], OBC purchases are charged in sterling and, therefore, you do not get charged a fee by your credit card. Take care about how much you purchase. Purchased OBC is fully refundable if not spend but any refund will also be hit by exchange rate fluctuations.
   
4. As others have suggested, you can also purchase items such as shore excursions and speciality dining in advance. Rates and charging for this is the same as OBC.
   

Hope this helps!

 

Sue

 

Unfortunately (or fortunately for Canadians as of late) the exchange rate is almost at par with the US dollar but, Celebrity only changes their rate quarterly I believe so therefore, as a Canadian citizen it is not advantages for us to prebook anything online or pay for anything while on board for Celebrity to convert. Whenever possible (unless you have a US CC) it is more advantageous for Canadians to pay in US currency either via cash, travelers cheques etc...

[Project_gal]

Unfortunately (or fortunately for Canadians as of late) the exchange rate is almost at par with the US dollar but, Celebrity only changes their rate quarterly I believe so therefore, as a Canadian citizen it is not advantages for us to prebook anything online or pay for anything while on board for Celebrity to convert. Whenever possible (unless you have a US CC) it is more advantageous for Canadians to pay in US currency either via cash, travelers cheques etc...

 

Yes, early planning for currency exchange is to be highly recommended. I watch the exchange rate movements daily from the moment we book a cruise [usually about 18 months out] and try to plan when is likely to be the best time to make currency purchases. Believe me, the pound can be more volitile than the Canadian dollar. My brother lives in Vancouver so I monitor your dollar too.

 

Sue

[Dunmore2]

We have found it to be to Celebrity's/RCI"s advantage to do the currency conversion, not ours. When we check in at the pier I make sure that I see the actual words "charges will be in US funds", so I know that it is my credit card company that will be doing the conversion.

 

As someone posted earlier though, be sure your credit card company is one that does not have a separate charge for each transaction.