Personal Finance

Amazon visa vs. tangerine debit card international atm withdrawals

  • Last Updated:
  • Jun 20th, 2017 2:47 pm
[OP]
Newbie
May 13, 2016
28 posts
15 upvotes

Amazon visa vs. tangerine debit card international atm withdrawals

Hi folks,

I'm trying to identify if it's worth it for me to open up a tangerine account as I travel a decent amount internationally.

I know that tangerine charges $2 for an atm withdrawal not part of the global alliance. But i want to get a sense of the FX that is charged. Does tangerine assign the FX or is it determnined by the atm/bank that the money is being withdrawn from.

WIth the amazon visa I can prepay and know I'm only paying $5/1% and getting the visa exchange rate.

If anyone has experience between these two products for ATM withdrawals, please let me know.

Thanks!
4 replies
Deal Addict
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Dec 17, 2008
2495 posts
1496 upvotes
Winnipeg
There is about 2 to 5 pages of calculations in the Amazon visa thread. I'm sure someone will point in the right direction... Or they will start to do it all over again in this thread as this seems to be a question that comes up every two weeks.
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Deal Addict
Jul 21, 2005
1428 posts
531 upvotes
I just did the overpayment/withdrawal with Amazon visa in brazil for 3 weeks, the exchange rate was very good. I did pay $5 withdrawal fee (or 1%) on 3 occasions, but paid no interest at all as I overpaid and my account was in a credit. The exchange rate was great.

My friend's sister has been living in Brazil for 3 years, and works for the Canadian consulate, which means she gets paid in CAD. She uses her Amazon card there for everything, and then just pays it off, and she said that this is the best way hands down for the exchange rate. She has been doing it for 3 years this way, so I followed her advice and I she was right.
Deal Guru
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Aug 8, 2012
10198 posts
3956 upvotes
BC
Shawguy wrote:
Jun 19th, 2017 1:30 pm
There is about 2 to 5 pages of calculations in the Amazon visa thread. I'm sure someone will point in the right direction... Or they will start to do it all over again in this thread as this seems to be a question that comes up every two weeks.
This is true, but I don't recall a solid data point on Tangerine's actual international debit card FX rates.
sirstroud wrote:
Jun 19th, 2017 1:16 pm
Does tangerine assign the FX or is it determnined by the atm/bank that the money is being withdrawn from.
If the foreign ATM supports DCC (Dynamic Currency Conversion) then you'd have the option of the charge happening in CAD instead of the foreign currency. This is where the ATM will rip you off on the FX. If you choose to be charged in the local foreign currency then Tangerine will calculate the FX rate. If you are offered no such choice then the ATM doesn't do DCC and they will just charge you in their local currency and it will be Tangerine that does the FX.

Their MasterCard used to be 1.5% but changed recently. Someone reportedly said their debit card was also 1.5% but I don't recall seeing any solid data points on this in the Amazon thread or elsewhere.
I intended to test it out eventually myself but haven't got around to it yet.
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[OP]
Newbie
May 13, 2016
28 posts
15 upvotes
WHen I talked to one of the reps, they said the rate is determined by the atm for which you are withdrawing the cash from. Is this correct or is the rate determined by tangerine? Does anyone have examples of the fx they had been charged on their trips?

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