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Getting money abroad, is Chase Amazon still best option?

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  • Aug 13th, 2017 10:06 am
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Aug 4th, 2017 8:21 pm
Messerschmitt [OP]
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Aug 4th, 2017 8:21 pm

Getting money abroad, is Chase Amazon still best option?

Phoned Chase Amazon and they said they charge 1% or 5$ whichever is lower. I'll need Euro so I assume it's going to be the equivalent in Canadian. I believe even for cash advance and withdrawing from an ATM is the same 0% forex fee.

Contrary to what I thought I knew, the customer service said for cash advance I don't need to pre-pay my card as long as I stay within my limit. I thought for cash advance the fee will start accruing instantly, but she said that as long as I pay the bill before the due date in full, no interest charge for cash advance either. Anyone else knew that cash advance interest starts accruing immediately and doesn't get reverted by paying before the due date like it is with normal purchases.

Besides this, I'm afraid that I might also get charged by the ATM where I withdraw the money from? Any way to know which ones charge and how much?

Any other ideas for getting Euro's now that I'm already here and I need some cash in Euro? I bank with pc financial so not sure if using the debit card it's cheaper (or if they even allow it)
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Aug 5th, 2017 12:40 pm
Kiraly
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Aug 5th, 2017 12:40 pm

It sounds like everything that CSR told you is wrong.

"There is no interest-free grace period for cash advances"
"Interest is charged on cash advances, balance transfers, convenience cheques, cash-like transactions and applicable cash advance fees from the date of the transaction until paid in full."
Cash advance fee is "1.0% of the Cash Advance amount, minimum $5.00

https://www.chase.com/online/canada/canada-home-en.htm, click Pricing & Terms for the PDF.
Aug 5th, 2017 12:45 pm
Pete_Coach
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Aug 5th, 2017 12:45 pm

I just use my debit card (with 4 digit PIN) and take what I need. Yes, there is a fee but considering you need money, it is better than taking it out from Visa or equivalent where it is considered a load.
Aug 5th, 2017 3:41 pm
Messerschmitt [OP]
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Aug 5th, 2017 3:41 pm

Yea i thought the agent is full of bull since i knew cash advances with credit cards have no grace periods. Hence my plan to prepay and only write what I have extra.

I don't think the debit card (i use pc) has better fees then 5$ or 1%. And especially since i think the atm here will dispense euros no?
Aug 5th, 2017 4:02 pm
Pete_Coach
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Aug 5th, 2017 4:02 pm

Messerschmitt wrote: ↑ Yea i thought the agent is full of bull since i knew cash advances with credit cards have no grace periods. Hence my plan to prepay and only write what I have extra.

I don't think the debit card (i use pc) has better fees then 5$ or 1%. And especially since i think the atm here will dispense euros no?
As I said, I use my debit card for cash (euros or pounds or whatever the local currency). My RBC charges a fee regardless of the amount so I take out what I need for a week or so. I never take out just a few dollars (or equivalent). I normally pay for most things b credit card (even meals if I can) and have enough cash for sundries.
Yes, the ATM will dispense euros if in Europe or whatever currency of the Country is.
Aug 5th, 2017 5:43 pm
Kiraly
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Aug 5th, 2017 5:43 pm

Messerschmitt wrote: ↑ Yea i thought the agent is full of bull since i knew cash advances with credit cards have no grace periods. Hence my plan to prepay and only write what I have extra.

I don't think the debit card (i use pc) has better fees then 5$ or 1%. And especially since i think the atm here will dispense euros no?
PC FInancial's foreign ATM charge is $3, no matter how much you withdraw. You're paying a minimum of $5 in fees by using the credit card. DON'T use the credit card to get cash advances, even if you prepay. Just make withdrawals with the debit card.
Aug 5th, 2017 7:31 pm
aznrsx1979
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Aug 5th, 2017 7:31 pm

Kiraly wrote: ↑ PC FInancial's foreign ATM charge is $3, no matter how much you withdraw. You're paying a minimum of $5 in fees by using the credit card. DON'T use the credit card to get cash advances, even if you prepay. Just make withdrawals with the debit card.
Withdrawing by credit card is fine as long as it's with a card without any foreign exchange fee.
PC Financial is $3 per transaction and a 2.5% foreign transaction fee.
If you use a card like the Chase Amazon Visa as long as you prepay it's 1% or a $5 minimum per transaction and no foreign transaction fee.

For example with $500:
PC Financial = $3 + ($500 * .025) = $15.50
Chase Amazon Visa = $500 * .01 = $5.00
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Aug 5th, 2017 11:08 pm
Kasakato
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Aug 5th, 2017 11:08 pm

Kiraly wrote: ↑ PC FInancial's foreign ATM charge is $3, no matter how much you withdraw. You're paying a minimum of $5 in fees by using the credit card. DON'T use the credit card to get cash advances, even if you prepay. Just make withdrawals with the debit card.
This is a terrible idea as you will eat the 2.5% on the forex buy with PCF.
Aug 6th, 2017 2:27 am
Messerschmitt [OP]
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Aug 6th, 2017 2:27 am

aznrsx1979 wrote: ↑ Withdrawing by credit card is fine as long as it's with a card without any foreign exchange fee.
PC Financial is $3 per transaction and a 2.5% foreign transaction fee.
If you use a card like the Chase Amazon Visa as long as you prepay it's 1% or a $5 minimum per transaction and no foreign transaction fee.

For example with $500:
PC Financial = $3 + ($500 * .025) = $15.50
Chase Amazon Visa = $500 * .01 = $5.00
This is exactly what I was thinking.
Kiraly wrote: ↑Wow, you are right. I stand corrected. I never would have imagined a 2.5% forex fee on a cash withdrawal with a debit card. I'm not aware of any other bank that does that. Scotiabank, RBC, and my credit union sure don't.
So some big 5 don't charge forex fees? I thought all do including my pc debit.

But for 2 extra $ it's a no brainer not to use the Amazon cc as long as i prepay it.

The other question is, how do i name sure I also don't get charged by the atm I'm withdrawing at?
Aug 6th, 2017 2:36 pm
Conquistador
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Aug 6th, 2017 2:36 pm

Kiraly wrote: ↑ Wow, you are right. I stand corrected. I never would have imagined a 2.5% forex fee on a cash withdrawal with a debit card. I'm not aware of any other bank that does that. Scotiabank, RBC, and my credit union sure don't.
I think you may be wrong again. There's no way that banks aren't charging FX fees. Any debit card, unless there are some premium bank accounts(?) that preclude them, is going to result in a FX amount added into the exchange.

I use the Chase Marriott Visa for international travel including the last three years traveling throughout Europe.
Aug 7th, 2017 2:05 am
Messerschmitt [OP]
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Aug 7th, 2017 2:05 am

Conquistador wrote: ↑ I think you may be wrong again. There's no way that banks aren't charging FX fees. Any debit card, unless there are some premium bank accounts(?) that preclude them, is going to result in a FX amount added into the exchange.

I use the Chase Marriott Visa for international travel including the last three years traveling throughout Europe.

Which is pretty much similar to Chase Amazon correct? Did you use that card to withdraw cash? What was the best way, pre-pay the card and withdraw as cash advance and not pay any interest? Would any ATM work or it's best to go to a local bank in the country you visit to waive any potential ATM commission?

And I believe the cash withdraw has to happen before any positive balance starts accruing from normal purchases since then if you cash advance after, you would need to cover the normal purchases too to avoid the cash advance interest right?
Aug 7th, 2017 2:24 am
Conquistador
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Aug 7th, 2017 2:24 am

Messerschmitt wrote: ↑ Which is pretty much similar to Chase Amazon correct? Did you use that card to withdraw cash? What was the best way, pre-pay the card and withdraw as cash advance and not pay any interest? Would any ATM work or it's best to go to a local bank in the country you visit to waive any potential ATM commission?

And I believe the cash withdraw has to happen before any positive balance starts accruing from normal purchases since then if you cash advance after, you would need to cover the normal purchases too to avoid the cash advance interest right?
Correct on all counts. Use major local banks and there shouldn't be any additional charges by the institution.
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Aug 7th, 2017 5:58 pm
muskokathompson
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Aug 7th, 2017 5:58 pm

Just wanted to add that PCF converts to USD then into foreign currency so you get hit with the 2.5% forex fee twice...
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Aug 8th, 2017 9:04 am
Phils
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Aug 8th, 2017 9:04 am

I don't know if this is relevant to this thread but I made some purchases in the US over the weekend with my Chase Amazon card. I was charged a $1.266 exchange rate when I reviewed them online this morning. I didn't withdraw any money.

Capital One charged me $1.30 for purchases on the same days.
Phils
Aug 8th, 2017 9:28 am
itIsI
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Aug 8th, 2017 9:28 am

muskokathompson wrote: ↑Just wanted to add that PCF converts to USD then into foreign currency so you get hit with the 2.5% forex fee twice...
No you don't. The conversion is indeed done to USD and then to CAD, but the 2.5% is only charged once
Aug 8th, 2017 9:41 am
muskokathompson
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Aug 8th, 2017 9:41 am

itIsI wrote: ↑ No you don't. The conversion is indeed done to USD and then to CAD, but the 2.5% is only charged once
Well that's a relief! I read somewhere that you were charged twice and was thinking of others ways to get cash while in Europe...
Aug 9th, 2017 2:25 pm
Ferkner
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Aug 9th, 2017 2:25 pm

Does anyone know if you can have Chase increase the cash advance limit, at least temporarily? I plan on using my Amazon Visa to get Euros when in Italy next month, and I am doing the same for my father. I would like to be able to withdraw it all at once instead of being limited and having to do it over several days.
Aug 9th, 2017 2:36 pm
eblend
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Aug 9th, 2017 2:36 pm

I used my Amazon card in Brazil for 3 weeks, and yes, you have to prepay, plus make sure you have enough to cover the charges you would put through directly. The exchange rate is very good, and you just pay the $5 fee, or 1%, so make sure you take out $500 at a time at least to maximize the fee. I have friends how have lived in Brazil for like 3 years, and they work for Canadian consulate and get paid in CAD, and they use their Amazon card to take out the local Brazilian currency, as it makes the most sense and the cheapest option.

And yes, look online to see if ATMs charge fees. In Brazil, Bradesco banks were no fees at all, whereas Santander charged something like $5 in fees on top of your CC fee, basically added $5 to the withdrawal.
Aug 9th, 2017 3:30 pm
glover78
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Aug 9th, 2017 3:30 pm

Good timing of this thread.

I'll be in New York this weekend so would anyone be able to advise me if it's better to withdraw money from a TD bank using my TD debit card or should I use my Chase Amazon card to withdraw cash?

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