Credit Cards

Credit Card foreign currency conversion fee

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  • Feb 21st, 2018 10:32 pm
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[OP]
Deal Addict
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Dec 14, 2006
3034 posts
222 upvotes
Montreal

Credit Card foreign currency conversion fee

Hello,

Is there a place where we can see all the fees charged by credit card for foreign currency conversion ?

I'm traveling quite a bit and i'm not sure what card have the lowest fee, anyone know if MBNA World Elite has better fees than Desjardins Visa Infinite Privilege for example ?
And i'm not talking USA only, Europe too.
I looked thru both of the credit card's website and didn't find anything.

Thank you
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10 replies
Deal Guru
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May 8, 2009
14490 posts
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Going to the Moon
On Desjardins or MBNA, should be standard 2.5% forex fee. In Canada, CC's "factor in" the 2.5% forex charge into the amount you then owe in CAD.

MBNA RWE gets you 2% CB, netting you only a 0.5% cost (fx-CB).

For a travel CC to US & EU, Fido's not a bad pick. 4% CB on forex, so after the 2.5%, that lands you 1.5% in your favour. This works great if you never have to do any returns or need any extended warranty, plus there's no AF and although you qualify for higher income CC's, Fido will probably still give you a relatively small CL (ok for travel).

Home Trust not available in QC so that won't help you any. Brim hasn't launched yet.
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Deal Addict
Mar 18, 2009
1448 posts
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Renous
You should be able to see the fees charged on your initial agreement. Or the fee structure the CC company sent to you. I find with forex fees, they will sneakily charge you the highest conversion between CAD / USD in the past 30 days - or something similar. It's an added sting to the 2.5% charge.

Not all cards do this, but a lot do.
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Sr. Member
Feb 2, 2007
935 posts
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GTA
patpond wrote: I find with forex fees, they will sneakily charge you the highest conversion between CAD / USD in the past 30 days - or something similar. It's an added sting to the 2.5% charge.

Not all cards do this, but a lot do.
You have a wild imagination, certainly. :twisted:
Deal Addict
Mar 18, 2009
1448 posts
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Renous
adrian2 wrote: You have a wild imagination, certainly. :twisted:
Not sure if serious...

If so, please elaborate.
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Deal Addict
Oct 4, 2009
2716 posts
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Montreal
patpond wrote: Not sure if serious...

If so, please elaborate.
He’s referring to this passage:
I find with forex fees, they will sneakily charge you the highest conversion between CAD / USD in the past 30 days - or something similar.
This is not accurate. They use the network’s(Visa/MC, etc) rate, which you can easily find online and does have a small spread from mid market, and then the 2.5% gets added.

Simple enough, no need for wild speculation.
Deal Addict
Mar 18, 2009
1448 posts
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Renous
S5 wrote: He’s referring to this passage:


This is not accurate. They use the network’s(Visa/MC, etc) rate, which you can easily find online and does have a small spread from mid market, and then the 2.5% gets added.

Simple enough, no need for wild speculation.
I see! I stand corrected. I saw the conversion at a higher rate than what was in effect and assumed they were up to shenanigans. I guess they are, but in a different way :P
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Sr. Member
Feb 2, 2007
935 posts
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GTA
patpond wrote: I see! I stand corrected. I saw the conversion at a higher rate than what was in effect and assumed they were up to shenanigans. I guess they are, but in a different way :P
There are no shenanigans, in the original way you concocted, or any other way.
No picking of the highest conversion between CAD / USD in the past 30 days - or anything similar.

As S5 has kindly explained to you, it's a published rate, on top of it a disclosed 2.5% surcharge is applied.

You could have just admitted you were wrong, period.
Deal Addict
Mar 18, 2009
1448 posts
284 upvotes
Renous
patpond wrote: I see! I stand corrected. I saw the conversion at a higher rate than what was in effect and assumed they were up to shenanigans. I guess they are, but in a different way :P
Not to hijack the thread, but I'm pretty sure above, is what you're asking for below
adrian2 wrote:
You could have just admitted you were wrong, period.
But hey, if it'll make you feel better -

As the poster of the following statement...
patpond wrote: You should be able to see the fees charged on your initial agreement. Or the fee structure the CC company sent to you. I find with forex fees, they will sneakily charge you the highest conversion between CAD / USD in the past 30 days - or something similar. It's an added sting to the 2.5% charge.

Not all cards do this, but a lot do.
... please be advised that I was wrong.

Happy?
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