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Chase Canada - All cards will be closed on March 15, 2018 | All debts wiped clear (Aug 8, 2019)

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Deal Expert
Mar 25, 2005
22706 posts
3697 upvotes
epiphano wrote: I'm not talking about credit cards, I'm talking about debit cards. Where does it say that banks charge 5% on international ATM withdrawals? I've never seen that in any bank's fee structure before.
That's right, it's built into the spread.
Newbie
May 27, 2013
2 posts
Barrie
downbytheriver wrote: Hi There, I just signed up for this card I am looking to add my son to it as well. Are you able to do this with this card? He has his own online business and needs to use it to fullfill orders. Will an additional user get their own card number and card with their name on it? Do they use their name when placing orders? Has anyone added additional people to their card and provide some insight. that would be great! Thanks so much!
bumpity, anyone gone through this?
thanks :)
Sr. Member
User avatar
Jun 6, 2009
981 posts
607 upvotes
Kasakato wrote: That's right, it's built into the spread.
I honestly don't know what you're talking about. First you're talking about a fee, and now you're talking about a "spread".

I wish someone else would butt and explain it better.
Deal Addict
Jul 15, 2009
3653 posts
3050 upvotes
This card is a great deal, but it's definitely flaky. Half the time it asks for a PIN and half the time it just asks for a signature. One time it rejected my (definitely correct) PIN as incorrect, then a few hours later at the same store it worked again.
Deal Expert
Mar 25, 2005
22706 posts
3697 upvotes
epiphano wrote: I honestly don't know what you're talking about. First you're talking about a fee, and now you're talking about a "spread".

I wish someone else would butt and explain it better.
Alright, lets start from the basics.

Banks and credit card issuers make their money from foreign transactions in two ways. The first is an access or usage fee. This is generally either a fixed amount or a percentage of the transaction. For example, Bank A may charge a fixed $5 for a foreign withdraw; Chase charges 1% or $5 ('cash advance fee'), whichever is higher, for the simple privilege of being able to use your card abroad.

The second method used to charge consumers is through a spread. Like a retail transaction, this is essentially a "mark-up" on the price of the currency. The advance with the Chase Amazon card is that there is a 0% mark-up applied by Chase. In other words, you are paying what Chase pays to Visa for your foreign currency. As an example, I pulled the price of 1 Euro from different sources:

XE (mid-market rates): 1.33713
Visa (zero forex fee card): 1.343687
Visa (standard 2.5% markup): 1.377279
TD (non cash transactions): 1.3774

As you can see, Visa has applied a 0.5% (50bp) markup over mid-market rate. This is vastly cheaper than TD's non cash rate.

You can read more about forex here: http://www.easy-forex.com/int/pipsandspreads/
Deal Addict
User avatar
Aug 1, 2008
1891 posts
312 upvotes
Montréal
Kasakato wrote: Alright, lets start from the basics.

Banks and credit card issuers make their money from foreign transactions in two ways. The first is an access or usage fee. This is generally either a fixed amount or a percentage of the transaction. For example, Bank A may charge a fixed $5 for a foreign withdraw; Chase charges 1% or $5 ('cash advance fee'), whichever is higher, for the simple privilege of being able to use your card abroad.

The second method used to charge consumers is through a spread. Like a retail transaction, this is essentially a "mark-up" on the price of the currency. The advance with the Chase Amazon card is that there is a 0% mark-up applied by Chase. In other words, you are paying what Chase pays to Visa for your foreign currency. As an example, I pulled the price of 1 Euro from different sources:

XE (mid-market rates): 1.33713
Visa (zero forex fee card): 1.343687
Visa (standard 2.5% markup): 1.377279
TD (non cash transactions): 1.3774

As you can see, Visa has applied a 0.5% (50bp) markup over mid-market rate. This is vastly cheaper than TD's non cash rate.

You can read more about forex here: http://www.easy-forex.com/int/pipsandspreads/
thanks for the explanation
I feel the need... the need for speed.
Deal Expert
Mar 25, 2005
22706 posts
3697 upvotes
downbytheriver wrote: bumpity, anyone gone through this?
thanks :)
Call in and ask about authorized users. It's in the terms so you should be able to. That being said, why does he not just apply himself? Keep in mind Chase is very risk adverse so expect a low limit.
Deal Guru
User avatar
Dec 25, 2003
11091 posts
3504 upvotes
Vancouver
downbytheriver wrote: bumpity, anyone gone through this?
thanks :)
1) You can add your son (don't mention it's for a business)
2) I think it's the same card # but not 100% (don't have her card in front of me)
3) Their name is on the card
4) Yes they would use their name when placing orders
Deal Addict
Apr 21, 2012
1770 posts
1140 upvotes
Markham
I got this card awhile back. I still haven't received my statement yet. I need it to register online. ANd my bill might be pass due lol.
Deal Fanatic
Nov 11, 2008
8976 posts
2827 upvotes
1226 wrote: 1) You can add your son (don't mention it's for a business)
2) I think it's the same card # but not 100% (don't have her card in front of me)
3) Their name is on the card
4) Yes they would use their name when placing orders
I have a secondary, and the card number is not the same but billed on the same account
Sr. Member
User avatar
Jun 6, 2009
981 posts
607 upvotes
Kasakato wrote: Alright, lets start from the basics.

Banks and credit card issuers make their money from foreign transactions in two ways. The first is an access or usage fee. This is generally either a fixed amount or a percentage of the transaction. For example, Bank A may charge a fixed $5 for a foreign withdraw; Chase charges 1% or $5 ('cash advance fee'), whichever is higher, for the simple privilege of being able to use your card abroad.

The second method used to charge consumers is through a spread. Like a retail transaction, this is essentially a "mark-up" on the price of the currency. The advance with the Chase Amazon card is that there is a 0% mark-up applied by Chase. In other words, you are paying what Chase pays to Visa for your foreign currency. As an example, I pulled the price of 1 Euro from different sources:

XE (mid-market rates): 1.33713
Visa (zero forex fee card): 1.343687
Visa (standard 2.5% markup): 1.377279
TD (non cash transactions): 1.3774

As you can see, Visa has applied a 0.5% (50bp) markup over mid-market rate. This is vastly cheaper than TD's non cash rate.

You can read more about forex here: http://www.easy-forex.com/int/pipsandspreads/
I understand all of what you're saying. But this is where we're having a disagreement. You're saying that if, for example, I use a TD debit card outside Canada on a Plus ATM, TD's non-cash rate applies (even though this is a cash transaction). I'm arguing that since Plus (aka Visa) is processing the transaction, then Visa's rate should apply. So which one is it? I'd like to see solid evidence.
Deal Expert
User avatar
Dec 11, 2005
20136 posts
2964 upvotes
Kasakato wrote: That's right, it's built into the spread.
TD does not have a 5% charge built into the spread. It is closer to 2%.
epiphano wrote: I understand all of what you're saying. But this is where we're having a disagreement. You're saying that if, for example, I use a TD debit card outside Canada on a Plus ATM, TD's non-cash rate applies (even though this is a cash transaction). I'm arguing that since Plus (aka Visa) is processing the transaction, then Visa's rate should apply. So which one is it? I'd like to see solid evidence.
It's not up to plus it is up to TD. There is a premium but it is not 5%, that would be insane.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
Deal Expert
Mar 25, 2005
22706 posts
3697 upvotes
epiphano wrote: I understand all of what you're saying. But this is where we're having a disagreement. You're saying that if, for example, I use a TD debit card outside Canada on a Plus ATM, TD's non-cash rate applies (even though this is a cash transaction). I'm arguing that since Plus (aka Visa) is processing the transaction, then Visa's rate should apply. So which one is it? I'd like to see solid evidence.
Go try it. I was charged a crap rate with TD SS withdraws with Euros, at least when compared to Amazon. TD has to make their money too, it's the same case as using another Visa, a 2.5% fee is added, despite using Plus.
brunes wrote: TD does not have a 5% charge built into the spread. It is closer to 2%.


It's not up to plus it is up to TD. There is a premium but it is not 5%, that would be insane.
5% between bid and ask, or buy sell so to speak.
Deal Addict
Feb 2, 2007
1108 posts
1118 upvotes
GTA
epiphano wrote: I'm curious to know why people are using this card to withdraw money internationally. Why not withdraw directly from your bank account? The Big banks charge a flat fee of $5. ING charges $2.
ING claims they charge a flat fee and no forex markup. They lie; the embedded markup is about 2.5%.
Deal Addict
Oct 4, 2009
3590 posts
2953 upvotes
Montreal
The TD ATM markup is 2.5%, this has been confirmed by many travelers including myself in a variety of countries on several continents.
Deal Addict
User avatar
Aug 1, 2008
1891 posts
312 upvotes
Montréal
S5 wrote: The TD ATM markup is 2.5%, this has been confirmed by many travelers including myself in a variety of countries on several continents.
2.5% is kinda like standard
I feel the need... the need for speed.
Deal Fanatic
User avatar
Nov 18, 2008
9291 posts
2352 upvotes
Mont-Royal
I have a question.
if you balance is +1000, and then you take 900$ cash, it will become +100.
If you pay with ur cc 150$ os stuffs, it will be -50.

Now, is the -50$ subject for the finance rate? Or it is the balance of your account right AFTER the cash advance (fees, amounts you cashed,..) that will be subject of interest?
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Newbie
May 27, 2009
19 posts
2 upvotes
Hi guys, how long dose it take to get the card after online application submission?
Jr. Member
Apr 25, 2013
154 posts
14 upvotes
MISSISSAUGA
dtth wrote: Hi guys, how long dose it take to get the card after online application submission?

Very fast. I think it was less than a week for me before I had my card.
Newbie
May 27, 2009
19 posts
2 upvotes
Really? I'll do it right away. Thanks.

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