Personal Finance

Looking for US$ CC to be used for US orders

  • Last Updated:
  • Feb 27th, 2021 12:24 pm
[OP]
Member
Apr 20, 2011
305 posts
39 upvotes
Toronto

Looking for US$ CC to be used for US orders

I have setup a dropshipping business which is doing good. One of the thing that i have identified that i am losing money on conversion rates since i am using my person CAD CC to pay for goods in USD. So looking for a CC recommendations which i can use to do online US$ transactions.
12 replies
Deal Guru
User avatar
Jan 9, 2011
10215 posts
12213 upvotes
Vancouver
A USD credit card has to be paid off in USD, so unless you have USD income or some way to get US cash on the cheap, you’re still going to pay a FX fee, but at bill pay time rather than at purchase time. You might consider a CAD credit card like Brim that doesn’t mark up the FX rate if that is the case.
If you do have access to cheap USD, TD Cash from TD’s US subsidiary is the RFD favourite. Nearly every Canadian bank also has a USD credit card but these are generally ripoffs with their $30-50 annual fees.
[OP]
Member
Apr 20, 2011
305 posts
39 upvotes
Toronto
Kiraly wrote: A USD credit card has to be paid off in USD, so unless you have USD income or some way to get US cash on the cheap, you’re still going to pay a FX fee, but at bill pay time rather than at purchase time. You might consider a CAD credit card like Brim that doesn’t mark up the FX rate if that is the case.
If you do have access to cheap USD, TD Cash from TD’s US subsidiary is the RFD favourite. Nearly every Canadian bank also has a USD credit card but these are generally ripoffs with their $30-50 annual fees.
So with this dropshipping going in, I will be getting monthly payments from US accounts. I was thinking to just open a BMO e business account (US) to get that money and use those US$ to pay off the CC
Deal Addict
User avatar
Nov 18, 2007
3501 posts
586 upvotes
Valleywood
BMO US$ Mastercard. Yearly fee waived if $1000 worth of transactions charged to card over the year.
Newbie
Aug 30, 2020
44 posts
26 upvotes
Toronto, ON
hyph3n wrote: So with this dropshipping going in, I will be getting monthly payments from US accounts. I was thinking to just open a BMO e business account (US) to get that money and use those US$ to pay off the CC
In that case, IMO, get the TD Cash Visa. This thread will provide you with a ton of info: td-cash-visa-td-bank-n-2201330/ .
Canadian USD cards are mostly trash. At least with this, you get a US domestic card (some places won't accept international cards) and you'll get cash back on your purchases. If you get a limit of over 5,000, you'll get the signature version of the card.
They'll mail the card to your Canadian address and will do a pull on your Canadian Transunion history.

You could also go the Amex global "transfer" route if you have an existing relationship with Amex. I ended up getting the Hilton Honors card (no FX fee), but the Cash Magnet card and the Blue Cash Everyday card would be more comparable to the TD Cash Visa.
Deal Addict
Sep 14, 2012
1279 posts
882 upvotes
Montreal, QC
hyph3n wrote: I have setup a dropshipping business which is doing good. One of the thing that i have identified that i am losing money on conversion rates since i am using my person CAD CC to pay for goods in USD. So looking for a CC recommendations which i can use to do online US$ transactions.
If you have US money or can get US money at a decent rate, I would recommend the TD Bank NA Visa: td-cash-visa-td-bank-n-2201330/

I have this card and even though they've reduced some of the benefits of this card, I still use this card for my US purchases and pay with my US dollars with my TD Bank NA convenience checking account (which I obtained at TD Canada Trust's cross border services).
Deal Addict
User avatar
Dec 24, 2007
1459 posts
1683 upvotes
BC
If your business sales receipts are in US dollars then it is best to use US dollars to pay a US$ denominated credit cards so you don't lose on the exchange spread converting back and forth from US to Canadian and back to US plus the bank FX fee.

Just go with a low fee US$ credit card.

RBC has a no annual fee Visa Signature Black card
BMO charges $35 annual fee but waives it if total charges are over $1000.
Deal Fanatic
Apr 5, 2016
5058 posts
3586 upvotes
Calgary/Vancouver
hyph3n wrote: So with this dropshipping going in, I will be getting monthly payments from US accounts. I was thinking to just open a BMO e business account (US) to get that money and use those US$ to pay off the CC
You can’t open an ebusiness amount in USD at BMO. You’ll have to open a US Current account which is pay per use and can be quite expensive.
Current Fido and Rogers customer.
Ex Koodo customer.
Newbie
Sep 9, 2019
56 posts
28 upvotes
hyph3n wrote: I have setup a dropshipping business which is doing good. One of the thing that i have identified that i am losing money on conversion rates since i am using my person CAD CC to pay for goods in USD. So looking for a CC recommendations which i can use to do online US$ transactions.
Not about credit card, buy I’m in the process of starting a dropshipping business as well and I’m overwhelmed with all the info out there. Any advice?
Jr. Member
User avatar
Apr 23, 2016
103 posts
28 upvotes
Montr
Checkout Brim, it's not a USD card but it's a Canadian credit card (easy to get and easy to pay), there are no foreign exchange fee and it's cheap to use there is even a free version. Been using it for all my foreign transaction (online and travelling) and some more.
Deal Addict
User avatar
Aug 3, 2009
1991 posts
448 upvotes
Nova Scotia
Look at doing a global transfer with amex. Various high rewards now on various business and personal cards. Google it and you'll find more details about it and using ITIN. Very lucrative. Either use bmo Harris or TDUS (not TDCT) to pay the bills.
Member
Mar 31, 2013
224 posts
940 upvotes
Courtenay, BC
Scotia Passport Visa and Home Trust Visa also have no fx charges.....Scotia has annual fee, Home Trust doesn't.

Top