We have a US account with BMO. I go to a local foreign exchange business (Accurate) and then take that US cash to the bank and deposit it. We have a USD credit card with BMO and transfer funds from our US account to the BMO CC to pay it. We are charged $1 for this transaction each time we do it. No annual fees on the account. The CC has a $35 annual fee which is waived if you spend $1000 in a calendar year.
We don't earn much interest on the US account but we don't get much interest on our savings account either. By doing things this way I control the exchange rate I convert funds at. When the rate is good (its a relative thing) I convert more and stock pile it to use later when needed.
Question about this (and any other actual credit card from a bank) what kind of application did you need to fill out? Reason I ask is this: last year we were short of US cash (our preferred method of travelling) and the exchange was the pits in January so we figured we'd get a card. Did research and decided on RBC since we have our US savings account there we figured good bet right? WRONG! They wanted us to fill out a mountain of paperwork, some of which would be forwarded to IRS since the account earns income. There's no way we wanted the sort of information those forms demanded floating around outside of Canada since the privacy rights aren't as tight as they are here. SO we raided the cash our daughter and her wife had received for wedding gifts and called it a day. It now seems like we'll be going most years at least once so the card is back on the table...I also have BMO mastercard but no other accounts with them. I've just been going in and paying with USD cash although it's a pain cause I can't pay at a machine and have to stand in line. God their tellers are slow
It was super easy -- we went to BMO and applied for the Mastercard -- he was chatting away and then did a double take "ok you've been approved! That doesn't happen very often, there's usually a wait to hear" We got the envelopes with our PINs in about 4 days and our cards came yesterday. I have NO IDEA why RBC wanted so much info from us.I don't remember filling in any paperwork. I went into the bank and spoke with one of the account managers told her what I wanted and she did it all up for us. The credit card I have is with BMO. It's a Canadian credit card in US$. We get interest on our account US$ savings but again we declare that (converted) on our Canadian tax return (all $2). RBC may be different if the credit card is issued in the US.
I don't think it matters what bank you have your credit card with. I would just have your US$ savings and Credit card with the same bank. Makes it easier to pay your credit card bills etc. When I put $ into the US Savings I do it the old fashioned way. I go to local foreign exchange place and get the US$ I want and take them to the bank and deposit them.
It was super easy -- we went to BMO and applied for the Mastercard -- he was chatting away and then did a double take "ok you've been approved! That doesn't happen very often, there's usually a wait to hear" We got the envelopes with our PINs in about 4 days and our cards came yesterday. I have NO IDEA why RBC wanted so much info from us.
RBC has two different types of USD products. One set is based in RBC in Canada. Then there's an account and credit card package that is actually run through a US based bank. If it was the US based one you were applying for there would be more paperwork. But if you only really go to the US occasionally for vacation the Canadian based products are easier to set up and will still work for you. It's weird and confusing, I know. But the US based packages work really well if you're going to be living or working in the US for any length of time.
At this point in time, the Sears Momentum Master Charge does not charge the conversion fee. This is because of an agreement when they took over Chase Sears MC accounts. I used the card during my Disney trip two weeks ago and I paid only the exchange. This may be temporary and not applicable to new accounts. But it was nice.
I do have the RBC US banking but since I have to pay bank conversion rates to deposit in the US account, it doesn't save anything short term.
So low and behold - I just got my Scotia Momentum Mastercard statement today and as of June 1, 2017, they will be charging the 2.5% foreign currency conversion fee! Sigh...this is the only reason I kept this card when they converted over from Sears - Guess I will be looking into other cards now...any recommendations? I will probably look into Amazon or Marriott but wondering if there are any other out there? Or alternatively a good combination of other benefits that help to negate the FCC fee? WestJet MC?
Same here now I need to find a new card for my Disney trips.So low and behold - I just got my Scotia Momentum Mastercard statement today and as of June 1, 2017, they will be charging the 2.5% foreign currency conversion fee! Sigh...this is the only reason I kept this card when they converted over from Sears - Guess I will be looking into other cards now...any recommendations? I will probably look into Amazon or Marriott but wondering if there are any other out there? Or alternatively a good combination of other benefits that help to negate the FCC fee? WestJet MC?
As I mention in the other thread: yes you can apply the cashback to your credit card bill (the cashback is not not just for Rogers/Fido bills, and spent in their stores) -- however, you can only do it once a year.[snip]
Also, the cashback must be applied to your Rogers/Fido bill or spent in their stores. It doesn't look like you can just apply it to your credit card bill. But if you have Rogers and/or Fido services (cell phone or cable, etc), then it can be applied to that bill, which you probably charge to your credit card, so in a roundabout way, it lessens your credit card bill.