# USD Bank Accounts and Credit Cards



## JenH1969

I thought I read somewhere that there is one around- but I can't find the info- I know CIBC has one but it has an annual fee- anyone know about one without an annual fee?

TIA, Jen


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## Cruiser1969

JenH1969 said:


> I thought I read somewhere that there is one around- but I can't find the info- I know CIBC has one but it has an annual fee- anyone know about one without an annual fee?
> 
> TIA, Jen



I think I remember reading BMO has one, but it is not available online.  I'm thinking of getting one this week.

Can someone confirm this card has no fee?


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## bunnyfoo

I believe that BMO's Air Miles credit card is fee free as along as you pick the lowest reward option (1 AM/$40). I think you have to go into the branch to ask about it because I don't remember seeing anything on their web site. The last time I went to ask, the teller offered me some extra Air Miles if I brought back my application to her - I guess they get some kind of bonus for signing people up.


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## wee-haggis

Bank of Montreal Mosaik U.S credit card no annual fee
I think this is the link:
http://www.fcac-acfc.gc.ca/eng/publications/CreditCardsYou/pdfs/USDollar-e.pdf


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## luvdiz2

BMO's has no annual fee - just received mine today!


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## JenH1969

How did you apply for it?  I have looked at the BMO site online but do not see the US card- thanks, Jen


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## luvdiz2

I was accosted by an teller when I was in a couple of weeks ago.  He filled out the form and I signed.  It is the Mosaik (US dollar) if that helps...


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## Me2Me

Hi - 

It is difficult to find.  Even as you fill out the form it doesn't hit you in the face that it is a USD credit card.  Just google "BMO US dollar credit card" an see the sponsored link.


Here's the link:
http://www3.bmo.com/mosaik/perform_process_special_code?&PAGE_MODE=TA_BRIDGE&SPECIAL_CODE=6501007


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## Cruiser1969

Me2Me said:


> Hi -
> 
> It is difficult to find.  Even as you fill out the form it doesn't hit you in the face that it is a USD credit card.  Just google "BMO US dollar credit card" an see the sponsored link.
> 
> 
> Here's the link:
> http://www3.bmo.com/mosaik/perform_process_special_code?&PAGE_MODE=TA_BRIDGE&SPECIAL_CODE=6501007



Excellent!!  Thank you so much for posting this link


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## SaskDisNut

wee-haggis said:


> Bank of Montreal Mosaik U.S credit card no annual fee
> I think this is the link:
> http://www.fcac-acfc.gc.ca/eng/publications/CreditCardsYou/pdfs/USDollar-e.pdf



Thanks for this link.  I remember another post had this but I couldn't remember which one.


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## rjan67

I have a Target Visa which has no annual fee. This is easiest for me since I work in the U.S. I had a Citi bank U.S. dollar Mastercard previous to that, so when I called to cancel it once I got the Visa (because it had a $36 yearly fee) it magically got waived when they found out why I was cancelling. Amazing how that happens! Just have to ask!


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## red01

Hi Everyone,

I'm leaving for Disneyworld on Nov 25/07 and I have a quick question -
Does anyone know (or have done this) if you can use your canadian bank card to withdraw cash or pay for purchases when at shops, resorts, or in restaurants?

I understand there are ATM machines (Bank One, I believe) but all the info on these machines say they accept credit cards.
I have a TD Canada Trust card and get paid by direct deposit while at Disney and I'd like to withdraw some of this pay for purchases while there but I don't know if I can.  Help please!
Thanks, Laura.


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## tmli

It will work at ATMS for sure.  It will work for some purchases depending on whether the debit machines have a pinpad.  Many in WDW did not the last time I was there (October), but many of the stores offsite did.


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## wee-haggis

I would ask guest relations at Disney or go into an actual bank.


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## debbiet1

Last time we were there I used the ATM at the resort with no problems at all


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## CanadianGuy

On Disney property ... ATMs are a definite yes.

Disney does not have much by way of debit that works for Canadians.

Stores on US 192 however.. do.

Knox


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## disneyfan2

I can't remember if i used a TD in WDW but i know i can use my TD card in Buffalo where as others with me could not(eg-CIBC did not work in USA debit machines)  However, if you are staying on site,  You can use your hotel key to charge everything back to your room.  It is much easier then carrying around cash. When we went shopping at Walmart in Orlando,  i was able to use my bank card.  But on site,  i just charged everything to my room.


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## CanadianGuy

Found this



> Debit cards cannot be used unless they have a credit card option.



On this page..

http://www.wdwinfo.com/wdwinfo/paymenttypes.htm#credit

In a nutshell, regardless of whether you are a Canadian or an American, unless your debit card has Visa or Mastercard logo imprinted .. you can't use it at Disney locations.

Hope this helps.

Knox


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## Mr. & Mrs. Smith

We cross the border regularly and in Maine we cannot use our Scotia Bank card for debit.  However, they do accept Credit Union cards for some reason but I think that's it.


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## CanadianGuy

My TD Canada debit card works GREAT in Maine.  No additional charges for this feature, just the current exchange.. which is currently in our favor. 

TD uses the NYCE system for debit transactions.  So anywhere you see the NYCE logo, you can use your TD Debit Card.. But again - this is not possible on property at Disney.

Details here:
https://www.tdcanadatrust.com/ebanking/crossborder.jsp?referer=http://www.tdcanadatrust.com/

Knox


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## OntFamily

You will be able to use your debit card at almost any ATM in the USA (including ones at WDW).  I've never found an ATM that wouldn't accept my Scotiabank card.


If you want to use your debit card for POS purchases, you will be more restricted.  Each Canadian bank has their own agreements with the debit card networks in the USA.

In checking TD's website, I could not find any reference to TD having an agreement with a USA debit network, so I think you'll be restricted to ATM's only.


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## CanadianGuy

See link in my previous post.


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## Mr. & Mrs. Smith

Yes, my Scotiabank card works in the ATMs there but there's a couple of service charges that go along with it.   

Really, your best bet is to exchange your money before you go.  That way you get a good rate and no worries about things not working.  If you don't want to carry a wad of cash, go with traveller's cheques.


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## debbiet1

If you dont want to carry around a lot of cash why not put it on your room key and then you can use it like a debit card.  Just charge your purchases or dinners and the money is already there.


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## CanadianGuy

If I have a rental car, one of my tricks is to do a 'cashback' on a debit transaction at a Walgreen's or Walmart.  This eliminates the cost of the 3$ ATM fee and keeps me from having to carry around wads of cash etc.

Again - this works because I'm with TD.


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## debbiet1

how close is there a walmart or superwalmart we may rent a car for a day or two while we're there


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## tmli

My BMO card worked at any debit machine that had a pinpad.  The issue was that many of the US debit machines don't have a pinpad yet.  I found most places outside of Disney did but Disney did not.


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## Mr. & Mrs. Smith

Even some of the ones with pinpads though won't accept some bank cards.


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## Cdn Friends of Pooh

debbiet1 said:


> how close is there a walmart or superwalmart we may rent a car for a day or two while we're there



There are actually a couple within driving distance of Disney.  Probably the closest would be the new one on Turkey Lake Road not far from Seaworld and Universal.  If you take I-4 to Sand Lake Road, turn left on Sand Lake, then take another left on Turkey Lake Road, which should be your first left, it'll be a few blocks down on your right hand side.  

Bonny


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## CanadianGuy

Ok.. there is a little bit of confusion on this ... So I did some research today... and here are the results.

There are a number of large debit system clearinghouses in the United States.  Two of the biggest are NYCE (New York Cash Exchange) and Maestro (a division of Mastercard).  Generally speaking, most large retailers accept both of these.  Some of your mom & pop shops might accept one but not the other.  My own personal experience is that I have yet to find a merchant who didn't accept BOTH on my drives from Houlton, ME to Orlando, FL.  That said, you might just be lucky enough to find that one merchant that I could not.  

RBC, TD, ScotiaBank uses the NYCE system for debit in the United States.  If you are a customer of one those institutions, you're looking for the NYCE logo.  If the merchant's system refuses your transaction, they're probably not part of the NYCE network.  I'm with TD myself and have used this feature on NYCE merchants from Walmart and Walgreens, to Target, Chili's and even McDonalds.

BMO customers use the Maestro debit network.  So you're looking for the Maestro logo to know if you can use your debit card at that merchant.  The Maestro logo looks like the Mastercard logo, except it says Maestro.  Rule of thumb: If they have a debit machine AT ALL and accept Mastercard, generally that means it accepts Maestro as well.

CIBC does not have a webpage that explains whether or not U.S. debit options are available to their clientele.  So for now -- that one is a question mark.  President's Choice Financial is just CIBC rebranded.. so the same rules apply to PC Banking customers - call to find out but there doesn't appear to be a U.S. debit option available to you.

Most Canadian credit unions/Caisse Populaire branches actually offer the 'Mastercard' debit card option where your card has an MC logo and is accepted like a credit card without a PIN whereever MC is accepted.

ScotiaBank Info:
http://www.scotiabank.com/cda/content/0,1608,CID8186_LIDen,00.html

Royal Bank (RBC) Info:
http://www.rbcroyalbank.com/RBC:RyVkTo71JscAIKAQ2g0/products/deposits/debit-card.html[

Bank of Montreal BMO Info:
http://www4.bmo.com/bmo/popup_template/0,4442,35649_67222,00.html?pChannelId=0#acc_access

TD Bank Info:
https://www.tdcanadatrust.com/ebanking/crossborder.jsp?referer=http://www.tdcanadatrust.com/

If you bank at a location other than one of these listed, you should call your financial institution to find out what options are available to you for DEBIT purchases in the U.S.

ALL of the above providers allow ATM access in the states... usually for a fee.

Hope this clears it up.

Knox


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## debbiet1

are the walmarts within a taxi distance without paying a fortune for a taxi?


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## red01

Thanks everyone for your thoughts.
I called the Beach Club Resort where I'll be staying as they have one of the Bank One ATM's in their lobby.  They assured me that I could indeed use my TD Canada Trust debit card at this to withdraw funds if I wanted to.  My TD card had the PLUS symbol on the back of it which guarantees that the machine will recognize it and allow me to withdraw funds.  However the only 'downside' is that there may be a limit set at these machines of how much cash can be disperesed by these PLUS debit cards per day.  She said usually it's about $200-$250 per day.  This limit has nothing to do with my bank just with BANK ONE policies.
She also explained, as you all have, that debit purchases may not be allowed at most restaurants, stores, etc within the world as they are not set up for this.
It's all good as I have the dining plan, package paid for and can charge to my room if I want, Plus I'm taking about $800 US with me.
TD recommended that I take a US VISA with me for 'just in case' emergencies such as loosing my bank card or having the machines eat it up.  They say these things can happen when you least expect or want them to.
So I've applied for the US TD VISA and am hoping it arrives before the 24th of Nov/07.

Despite all of this I guess I'm just panicking that something will happen (usually requiring money)and I won't be able to access my funds.  I'm not overally fussy with taking the $800 with me and was looking to bank it and access it while down there.  Perhaps taking about $300 for incidentals while in the Parks and for tips.

Again THANK YOU for your help! 
Laura.


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## Cdn Friends of Pooh

debbiet1 said:


> are the walmarts within a taxi distance without paying a fortune for a taxi?



Unfortunately we can't answer that question for ya as we've always driven.  Hopefully someone who has taken a taxi can.


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## CanadianGuy

You're looking at a pretty expensive cab ride in my estimation.. to get from anywhere on-property to one of the Walmarts.    I'd suspect between 18$ and 25$ one way.

Knox


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## debbiet1

oh well thats not too bad. I looked into renting a car for the 2 weeks but we dont really need one for that entire time. I just want to go to a local mall or walmart to pick up a few things.


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## CanadianGuy

You can rent a compact car for a WEEK from Alamo for 86$* (taxes and everything in).. so that's why I view 50$ for a cab ride as pricey 

(This is rated for December 6 to 12 .. the rate for your travel times may be different)

Knox


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## Cdn Friends of Pooh

CanadianGuy said:


> You can rent a compact car for a WEEK from Alamo for 86$* (taxes and everything in).. so that's why I view 50$ for a cab ride as pricey



Exactly...we do quite a bit of comparison shopping when it comes to our rental cars and we usually end up renting from Alamo as they have excellent discounts and we've never had any problems with their service. When we were down there last month we only paid $75/wk (also with taxes) for an intermediate.


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## Mr. & Mrs. Smith

red01 said:


> TD recommended that I take a US VISA with me for 'just in case' emergencies such as loosing my bank card or having the machines eat it up.  They say these things can happen when you least expect or want them to.
> So I've applied for the US TD VISA and am hoping it arrives before the 24th of Nov/07.



Hi Laura,

Just wanted to say that you really don't need a US Visa.  You can use all your major Canadian credit cards at WDW.  The company simply does the conversion.  Some credit cards charge a fee when foreign currencies are used but none of mine do.  So, if you're just worried about emergencies, just take your regular cc's.  No need to bother with a US one.


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## tinkerone

bmo employee here.  no, we do not get any bonus for selling you a mastercard.  we are encouraged to get you to have one .  it makes for loyal clients and of course, the hope is that you will run a big balance and pay them interest and not another company.  putting all that aside, it is one great deal so i suggest to anyone that i know could possible have a need that they get one.  since there is no fee involved, even if you only us it say once every other year, why wouldn't you have one.  and with the dollar the way it is right now, i can see loads more people getting us charge cards.  i just do not see why anyone would pay for the privilage of having one .  after all, your doing the company a favor, not the other way around.


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## KiKi Mouse

Does anybody know how long it takes to get this card?
I just saw this thread and we leave for WDW in 1.5 weeks.


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## KiKi Mouse

Mine charges 2.5%.  Most do.


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## CanadianGuy

Capital One is the only major provider who does NOT charge this 2.5% fee... at least to my knowledge.

Knox


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## Mr. & Mrs. Smith

Actually there are some mastercards AND visas that don't as well.  American Express, however, does charge a fee.  Living right on the border, I'm getting pretty used to checking this stuff out.  

There was something on a news program recently that got people all upset about cc's charging them conversion fees that they weren't aware of.  After that, DH and I started looking at our statements very closely and doing some inquiring.  As with most news stories, they generated a bit of hysteria unnecessarily.  It's easy to find out.  Just contact your cc company.


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## tinkerone

KiKi Mouse said:


> Does anybody know how long it takes to get this card?
> I just saw this thread and we leave for WDW in 1.5 weeks.



if your a bmo client go in NOW and tell them you need this asap.  they can fast track your card, but they will only do this is your know to them.


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## KiKi Mouse

I applied online and told the guy I needed it rushed.  He told me he couldn't promise but he would try.  
If it comes in time it comes in time.
I wish I would have paid attention to this issue a month ago!


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## Eveningsong

I applied over the phone for my BMO US Dollar Mastercard.

Mine came in 1 1/2 weeks.


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## KiKi Mouse

Eveningsong said:


> I applied over the phone for my BMO US Dollar Mastercard.
> 
> Mine came in 1 1/2 weeks.




I am crossing my fingers it comes before I leave for Black Friday on the 22nd.
If not I'll take cash with me.  In WDW we are taking some cash and had planned on using our regular card.  The 2.5% conversion rate makes me mad though.  As if they don't ding us enough already!


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## CindyCan

Question for the BMO person, or anyone else that might know the answer.  I have a BMO US bank acct....if I get this card & use it on my trip, can I pay the card with my US acct?  I'd rather convert my money as the $ is good & not chance the rate for when the bill comes in.

I've been looking for an option for a while now.  Most places won't cash traveller's cheques anymore, and we try to do our trip all cash.  This would be the best, because we'd just put the card away with unused passes & only take it out when we're going south.

Thanks for the info!!


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## tinkerone

CindyCan said:


> Question for the BMO person, or anyone else that might know the answer.  I have a BMO US bank acct....if I get this card & use it on my trip, can I pay the card with my US acct?  I'd rather convert my money as the $ is good & not chance the rate for when the bill comes in.
> 
> I've been looking for an option for a while now.  Most places won't cash traveller's cheques anymore, and we try to do our trip all cash.  This would be the best, because we'd just put the card away with unused passes & only take it out when we're going south.
> 
> Thanks for the info!!



yup! you just wait for the bill to come in, go up to the teller and say 'pay this from my us acct please'.  this is how i do it.  it is just so much easier to pick up some us cash every pay and put it into my acct.  then i do not have to come up with large amounts for trips.  getting airmiles on the card is another bonus.  its win, win.  your going to be amazed how easy and convienent it is.  
now if i could only get bmo to give me a raise from all the us acts and us m/c i have helped them get.......


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## bunnyfoo

Well, I went in to BMO and applied for one today. The teller gave me a bonus of 50 Air Miles and said I should have it by December. I also didn't have much to fill out - she said it was because I already had the regular A/M MasterCard. Thinking a little more about it now, perhaps it wasn't the best thing to do since I'll probably just go shopping a lot more.


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## tinkerone

bunnyfoo said:


> Well, I went in to BMO and applied for one today. The teller gave me a bonus of 50 Air Miles and said I should have it by December. I also didn't have much to fill out - she said it was because I already had the regular A/M MasterCard. Thinking a little more about it now, perhaps it wasn't the best thing to do since I'll probably just go shopping a lot more.



ata girl, make us proud!


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## JenH1969

I had to title it as that cause I just can't get it all straight in my head.

I did get a BMO no fee US card.  It is my understanding I don't pay any conversion and it is dollar for dollar when I buy in US- however- I have to pay the bill in US money right?  Well I have to pay a conversion to change my Canadian money to US so I am still paying the conversion- therefore I am wondering why having the US card is better overall?  I am probably just confused- as usual-  - please help me clarify- thanks so much for all your wisdom- Jen


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## son3disfan

Yes, you are paying a fee to transfer money to US funds, but it is my understanding that it is a smaller percentage then a credit card .And when you are dealing with thousands of dollars, it really makes a difference!

A credit card has alot of " hidden fees" that I think alot of consumers are not aware of when shopping in the US with a Canadian card.

 And, while the dollar is at par ( ish), you can transfer money to a US account and wait to pay off your trip ( instead of paying Disney ahead of time). I made $68.00 in Nov. by transfering my Canadian money into a US account, and will collect interest until my trip. Not alot, but at least it's a little profit. When my trip is due, I'll pay it with the US credit card, withdrawl US funds from my US account, and pay the credit card. No additional fees. By that time , if the dollar returns to what it was in the summer,( 85 cents to the US dollar) I am ahead! If the dollar remains high, I haven't lost out.

Hope that helps.


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## JenH1969

Thanks for the response- 

K- I am wondering- If we are talking about $5000 does anyone know how the figures would go- having the money on a Canadian Credit Card  and paying exhange on card or having US Card and paying just to exchange money then pay bill

Also- I have the BMO US Card- there is no BMO close to me.  Can I pay on the BMO card at CIBC where I do my banking?  I am trying to simplify - It might just be easier to get a CIBC US Card and pay the annual fee- I dunno
 

Still a tad confused- thanks, Jen


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## son3disfan

JenH1969 said:


> Thanks for the response-
> 
> K- I am wondering- If we are talking about $5000 does anyone know how the figures would go- having the money on a Canadian Credit Card  and paying exhange on card or having US Card and paying just to exchange money then pay bill
> 
> Also- I have the BMO US Card- there is no BMO close to me.  Can I pay on the BMO card at CIBC where I do my banking?  I am trying to simplify - It might just be easier to get a CIBC US Card and pay the annual fee- I dunno
> 
> 
> Still a tad confused- thanks, Jen



That's a question that your bank should answer. The exchange rate changes daily, and as far as fees go, they difer from bank to bank. Just call and ask.
I refuse to pay a $35.00 annual fee to HAVE a credit card. I have a US account with CIBC, and BMO card, so call and ask if you can pay your BMO bill at CIBC ( they might charge a fee.....hehehe!)


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## JenH1969

Another question- can you use the US card in Canada?  

TIA, Jen


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## klam_chowder

JenH1969 said:


> Another question- can you use the US card in Canada?



Absolutely, but again you'd pay the conversion of the CAD prices being converted to USD.

cheers,


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## Stitch'sCousin

If you get a US $ credit card you have to pay it off in US$ which you buy at the going exchange rate.

If you use a Can$ credit card you get charged the going exchange plus an additional 2.5% service charge.  They won't come out and tell you about the extra 2.5% fee directly but it is buried in the fine print of your credit card agreement.

On our trip this summer this 2.5% meant an additional $100 on top of the exchange rate just to use the Can $ credit card. Needless to say, I got the BMO no fee US$ and saved the $100.


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## claire_ont

At one point in time there was a thread about USD credit cards and USD Canadian Bank accounts.  As we visit the Mouse frequently I was thinking of getting a USD Credit Card that I could use a USD bank account to pay and have some control over exchange rates.  I searched for the thread and found one on Bank accounts but not credit cards.
Does anyone have any advice on which account/card to get?

Claire


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## CanadianGuy

Bumping Up..


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## CanadianGuy

Bumping up


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## CanadianGuy

Bumping up..


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## CanadianGuy

I've bumped up a number of the most recent threads about US Credit Cards, Canadian Debit cards and so forth..

You'll see them here in the Canadian Forum on the first screen.. near the top!

Knox


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## claire_ont

Thank-you.  Just what I was looking for!


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## Newcastle

CanadianGuy said:


> I've bumped up a number of the most recent threads about US Credit Cards, Canadian Debit cards and so forth..
> 
> You'll see them here in the Canadian Forum on the first screen.. near the top!
> 
> Knox



For a minute there, I thought that I'd stepped into some strange Twilight Zone where all the threads are eerily similar (and all about the US dollar at that!).  Thanks for clarifying Knox!


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## bunnyfoo

Well, I finally got my BMO MasterCard on Friday. I was a little (a lot) disappointed in the credit limit - $1K. Don't they know how much I like to spend when I'm at Disney  Reminds me of when I got my very first credit card. Too bad I can't transfer some of my credit from my Canadian A/M card onto this one ... oh well.


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## tinkerone

bunnyfoo said:


> Well, I finally got my BMO MasterCard on Friday. I was a little (a lot) disappointed in the credit limit - $1K. Don't they know how much I like to spend when I'm at Disney  Reminds me of when I got my very first credit card. Too bad I can't transfer some of my credit from my Canadian A/M card onto this one ... oh well.



theres an 800 number on the back of the card.  give them a call and they can raise your limit right over the phone.  
on the other extreme, when i received mine they had given me a $12,000 limit.   i mean really.  i like to spend but come on!


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## CindyCan

Alternatively, let's say you wanted to spend $2,500.  You could pay $1,500 on the card before you go & then that gives you the ability to charge up to $2,500.

At least, I'm assuming it will work the same as the Cdn one.  When I got my BMO Cdn Mosaik MC (about 8 years ago) the limit was only $500!  I just prepaid on it, and was able to pay for something that was over $500 with no problem at all.


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## bunnyfoo

Thanks for the replies tinkone and CindyCan! I'll give them a call tomorrow and see what happens. Is it going to be bad for my credit limit to ask for a credit increase? I've never really asked for one before - with my Canadian MC, it's always been automatically raised every so often.


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## tinkerone

bunnyfoo said:


> Thanks for the replies tinkone and CindyCan! I'll give them a call tomorrow and see what happens. Is it going to be bad for my credit limit to ask for a credit increase? I've never really asked for one before - with my Canadian MC, it's always been automatically raised every so often.



there should be not problems and it will not be bad for your credit in anyway.  they will look at it while you are on the phone and since they have already done the credit check when they got the original ap they will be able to yeh or neh it right away.  sometimes they do not know people need it for travel.  we have had a large infux of apps because people want to do things over the internet and only want a small limit to minimize an internet fraud.  
you'll be ok but let me know how you make out.


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## CanadianGuy

We've merged these threads into one and 'stuck' it at the top of the forum since this comes up a LOT.. (along with the cell phone and flying out of Buffalo/Detroit stuff..)


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## talicskai

Me2Me said:


> Here's the link:
> http://www3.bmo.com/mosaik/perform_process_special_code?&PAGE_MODE=TA_BRIDGE&SPECIAL_CODE=6501007



I applied online about 3 weeks ago for this BMO US credit card and just received it in the mail!  Great service!  This is perfect as I sail on the Magic Eastern two weeks from today!  I finally have a US credit card!!!!

Thanks for the link!
Teresa


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## talicskai

bunnyfoo said:


> Well, I finally got my BMO MasterCard on Friday. I was a little (a lot) disappointed in the credit limit - $1K. Don't they know how much I like to spend when I'm at Disney  Reminds me of when I got my very first credit card. Too bad I can't transfer some of my credit from my Canadian A/M card onto this one ... oh well.



LOL ~ I only wanted $500 to pay for my shore excursions and stuff and when I look at my paperwork they gave me $7500!!!!   That is a little scary  ~ I'm a single mom and could see me getting carried away at the World of Disney Store!


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## Lillian68

CindyCan said:


> Alternatively, let's say you wanted to spend $2,500.  You could pay $1,500 on the card before you go & then that gives you the ability to charge up to $2,500.
> 
> At least, I'm assuming it will work the same as the Cdn one.  When I got my BMO Cdn Mosaik MC (about 8 years ago) the limit was only $500!  I just prepaid on it, and was able to pay for something that was over $500 with no problem at all.



Got to watch about paying large amounts on to a credit card when you don't have a balance like it.  I was going to do this, but banks look at this as money laundering.  Wouldn't try it.

As for using ATM, transaction fees apply like $2.50 per when you are in US.

I have a BMO MC with $10 000, so it depends on your credit history, and they aren't likely to increase it as soon as you get the card.  If you mainitain good history from the time you get it, perhaps six months down the line can you ask for an increase.


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## oholly

O.K. this might be a silly question but if you have a US card, how do you pay it in US funds.  Do I need a US bank account??


----------



## tinkerone

Lillian68 said:


> Got to watch about paying large amounts on to a credit card when you don't have a balance like it.  I was going to do this, but banks look at this as money laundering.  Wouldn't try it.
> 
> As for using ATM, transaction fees apply like $2.50 per when you are in US.
> 
> I have a BMO MC with $10 000, so it depends on your credit history, and they aren't likely to increase it as soon as you get the card.  If you mainitain good history from the time you get it, perhaps six months down the line can you ask for an increase.



i work in a bank and i can tell you that people pay large amounts in advance all the time.  we have snow birds who do this because they don't want to be bothered having to make a payment while they are away for 3-6 months and do not know how much they spend.  
as for the increase, if you were to call and tell them why you wanted the increase (going on a trip) they may increase it now.  that is as stated above, it all depends on your credit.


----------



## tinkerone

oholly said:


> O.K. this might be a silly question but if you have a US card, how do you pay it in US funds.  Do I need a US bank account??



you don't have to have a us acct but it is handier.  you can purchase the us funds at the time you wish to pay the bill.  you still have the advatage of not paying the 2.5 percent premiun.  
i say go with a us acct.  that way you can buy when its low and have it ready for use when you need it for your vacations .


----------



## esdras

Here's a bit of a crazy question regarding exchanging currency for the best deal, and I'm wondering if anyone has tried this...

First, what is the most economical method of exchanging currency:

Straight exchange at your bank/exchange house, etc. - call around for the rate of the day type deal and go there.
Open up a U.S. Dollar account and electronically transfer Canadian dollars into that account - later, withdraw the cash in U.S. funds from that account.

After doing the cheapest of the above options, we have the advantage of living close enough to the border that we drive into the U.S. every once and a while.  We are close enough to a Disney Store to go there and purchase Disney Gift Cards.

Apparently, the Disney Gift Card can be used virtually everywhere on property except some of the "carts" - no big deal for us.  Also, you can call Disney and use a Gift Card to pay off your vacation package.

So, since we are planning to go, use Magical Express and never leave Disney property while we are there (although I know we'll need a little U.S. Cash), would it make sense for us to go the Gift Card route?  It seems to have the added benefit of budgeting how much you will spend - and while I realize that you can't get cash back off the card, I'm sure we could get close enough to make this worthwhile.


----------



## realfam

we applied online for the US BMO m/c.  had it within 10 days.  All set for our next US holiday.
Great advice....thank you


----------



## canadaman

Would it nor be asier to just carry cash???


----------



## tinkerone

canadaman said:


> Would it nor be asier to just carry cash???



easier than what?  we carry cash but i'm always afraid that i may find something i want and not have enough cash.  with a us mc i don't have to worry.  same with renting things like cars or hotels.  why carry the cash that could possibley be lost when i can carry a cc.
just my thoughts.


----------



## realfam

We only carry so much cash.  You never know what your gonna buy.  We like having a credit card for big ticket items, and just in case of emergency.


----------



## Skitch7

I've read that several U.S. gas stations are no longer accepting payment by Canadian bank-issued credit cards. 

Here's the source: i75online.com/CreditCard

Has anyone run into this issue recently? Is it just isolated to gas stations or more widespread?

Cheers...


----------



## tinkerone

Skitch7 said:


> I've read that several U.S. gas stations are no longer accepting payment by Canadian bank-issued credit cards.
> 
> Here's the source: i75online.com/CreditCard
> 
> Has anyone run into this issue recently? Is it just isolated to gas stations or more widespread?
> 
> Cheers...



i could not get into your source artical but clarify this for me.  do you mean a us cc that was issued in canada or do you mean a cc that is in canadian funds?  there is no way they would be able to know where your card was issued so i don't get it.  mastercards are issued from the us as are visas.


----------



## Skitch7

I can't seem to post links here... 

To clarify, it appears that some gas stations in the southeast US require you to enter your 5-digit zip code when paying via cc.  Zip code verification used for fraud prevention I presume.


----------



## knitdiva

yes, many gas stations at least in the Orlando aera now require you to punch in your 5 digit zip code. Know that in your rush to get back to the airport!! No zip code, you have to prepay your gas.


----------



## Yzma and Kronk

knitdiva said:


> yes, many gas stations at least in the Orlando aera now require you to punch in your 5 digit zip code. Know that in your rush to get back to the airport!! No zip code, you have to prepay your gas.



I'll second that.   We ran into that last week when we were gassing up the rental to take back.   If you don't know how much gas you need - they will hold your credit card (ummm, I don't think so....) or you can give them a cash deposit and they will either give you back the cash and put it on your credit card - or give you the change from the purchase.

Very complicated..... 

Also, watch the cost of gas near the airport in MCO.  The one across from Thrifty was over a $1. per gallon more than other stations.   Gas up on the way to the airport.


----------



## bluenosemickey

Yes, there is definately an issue with US gas stations and Canadian addresses on file for the credit card. We have a US dollar RBC ventura visa card and we have to pre-pay for our gas. It's a pain, but there's no other way around it, you just have to guess at how much you need.

We even had some nice attendant try to put in his ZIP code and because it's not the one associated with the cc, it didn't work. It amazed me how the system knows this!

To get back to the topic though, we have an american RBC ventura account and this is what we use to pay off the american visa card. This way we can transfer american funds when the exchange is exceptionally good some days and get some "dollar cost averaging" during the months leading up to our trip.

There is an annual fee associated with the visa card, $100 I think, but we are able to get visa points for our purchases and use them towards airfare in the future.


----------



## LuvSnowWhite

Okay, I must be slow but what exactly is the advantage of having a USD credit card over a Canadian one? Also does anybody have or know if the Disneycard is worth having? 
Maybe a USD card is better for families?
Can someone please go over this again?
Thanks.
Gina in Vancouver BC


----------



## bunnyfoo

LuvSnowWhite said:


> Okay, I must be slow but what exactly is the advantage of having a USD credit card over a Canadian one? Also does anybody have or know if the Disneycard is worth having?
> Maybe a USD card is better for families?
> Can someone please go over this again?
> Thanks.
> Gina in Vancouver BC



For me, the advantage is that I have a little more control over the exchange rate and my vacation purchases (ie. hotels, meals souveniers). 

If you use a Canadian credit card in the US, you could end up paying a different exchange rate on each purchase because the rate fluctuates daily. Most credit card companies will also add on a small percentage to the actual exchange rate - it's usually something like 2.5%. It doesn't make a difference on small purchases but I notice it a little more on bigger items.

Another thing I like about US $ credit card is that if you ever need to make a return or have money refunded to your account, you'll get the exact amount returned to you. Last year when I stayed at the Polynesian, for some reason I was charged an extra night. When I called Disney, they reversed the charge but I had to argue with MasterCard as to why they should refund the entire amount - my refund was charged at a different exchange rate than my purchase. 

Also if you have a friend or family member who works at a bank, they probably get a small discount on purchasing foreign currency. So when you pay off your US$ credit card, that's another way to save money.

Btw, I don't think Canadians can apply for the Disney Visa since it's from a US bank.

HTH


----------



## KLondon

The big advantage of a USD credit card is that you avoid the hidden conversion fee. When you use a CAD credit card to make purchases in other countries (i.e. the USA), you pay the exchange rate PLUS a conversion fee in the neighbourhood of 2% of your transaction total. 

With the USD card, you avoid the conversion fee and you can take advantage of exchange rates that will always be better than what you would pay on a CAD card - i.e. you are in control of when you convert cash from CAD to USD to pay off your USD card.

Bottom-line: You save significant dough.

Disclaimer: I working in the banking industry


----------



## LuvSnowWhite

OMG I had no idea about this conversion fee. Makes sense then even for singles who go to disney alone to have one of these. 
thanks guys.
Gina in Vancouver BC


----------



## beavdisfan

try t.d. u.s. visa
no fee that i know of just got it last month


----------



## Exp.626Stitch

I went to the TD US visa site and it says that there is ana annual rate of $25.
Other than BMO is there any other banks that offer a no fee US visa?


----------



## minnie56

I have an RBC USD Visa. No annual fee.
I think fees are often related to what kind of bank account you have with the Bank? I also have no fees on my RBC Avion Visa.


----------



## fanoftinkerbell

RBC US dollar visa... I was just on the phone with them and they told me that it's a min $5000.00 limit and there is a $65 fee with it.   

I spoke to the bank and was talking about travellers cheques and other various ways to hav emoney down there without having an extra charge on my CC.


----------



## minnie56

As mentioned above..the fee is often related to the type of account you have with the Bank. That's pretty hefty..


----------



## realfam

We have a BMO USD no fee mastercard and its fantastic!   Just wish I could get one of those Chase Disney Visa's though


----------



## shydonna

I have an RBC USD Visa for four years, and I pay the annual fee, and I earn reward points to use toward park tickets, airfare, etc.  It is definitely worth the fee IMOA on this card as the "perks" attached to it save me money on car rental, insurances, etc.  
Plus, I don't have the pay the exchange rate on my CAD visa card (2.5% additional exchange fee on all card conversions, with all Banks).
Best option out there!


----------



## DearDaisyinDurham

realfam said:


> We have a BMO USD no fee mastercard and its fantastic!   Just wish I could get one of those Chase Disney Visa's though



ditto! bring the Chase Disney Visa to Canada!!!


----------



## redrosesix

DearDaisyinDurham said:


> ditto! bring the Chase Disney Visa to Canada!!!



I want one too!

We just got back from a trip and are considering opening a US $ bank account for our left-over cash, plus all the US coins that accumulate throughout the year -- we don't really want to pack the pennies again.  Does anybody do this?


----------



## CindyCan

redrosesix said:


> I want one too!
> 
> We just got back from a trip and are considering opening a US $ bank account for our left-over cash, plus all the US coins that accumulate throughout the year -- we don't really want to pack the pennies again.  Does anybody do this?



I have a USD acct & MC at BMO.  My experience is the only drawback is that they will NOT take US change.  I can give them bills to put in my US acct or apply against the MC, but they will not take US change (as US money...they'll take it rolled as Canadian, or mixed with rolled Canadian).

Don't know if any other banks take it, but I doubt it.


----------



## bunnyfoo

I don't think that most banks will take US change. One thing you can do is to stop by the gift shop or the front desk before you leave the hotel and get them to convert your coins into dollar bills.


----------



## CdnKayDee

shydonna said:


> I have an RBC USD Visa for four years, and I pay the annual fee, and I earn reward points to use toward park tickets, airfare, etc.  It is definitely worth the fee IMOA on this card as the "perks" attached to it save me money on car rental, insurances, etc.
> Plus, I don't have the pay the exchange rate on my CAD visa card (2.5% additional exchange fee on all card conversions, with all Banks).
> Best option out there!



How do you get park tickets from RBC points?  I was cruising the site and couldn't see park tickets.


----------



## Honeystar120608

Hello, question on the us dollar bank account.  We use TD, love love love TD. WE have a newly opened savings account with a 2.5 interest tax free.  Which is great, but would a US bank account be better? How do they work in fact?  Im so new to the idea, I really dont know anything.  DO you trade when the dollar is good?  Im not sure of the right questions to ask exactly.
Hope someone can help.


----------



## theweave

I have a US$ Visa from TD. It is only used for my home based business though. I pay the $25 annual fee. Now seeing the BMO card for no fee, I am wondering if I phoned TD Visa and told them I was going to switch to BMO and cancel their card, would they waive it for me?

I never knew that BMO had this card, thank goodness I joined this forum yesterday! No April Fools Joke for me!


----------



## MicheleLeigh

Honeystar120608 said:


> Hello, question on the us dollar bank account.  We use TD, love love love TD. WE have a newly opened savings account with a 2.5 interest tax free.  Which is great, but would a US bank account be better? How do they work in fact?  Im so new to the idea, I really dont know anything.  DO you trade when the dollar is good?  Im not sure of the right questions to ask exactly.
> Hope someone can help.



Each account has their place, they are different accounts for different purposes.  

I'm a bank teller (not at TD) the account you opened is the new one offered by the gov't, it's more of an investment account than a regular savings account.  

A US $ account is a regular savings account that earns interest, but not very much.  The advantage of a US$ account is that you can buy USD when the rates are lower and deposit it to the account and then when you are ready to use it you can withdraw US cash (or make a US$ MO or draft) without worrying about the exchange rate.  The $ sit in the account as US $ no matter what the exchange rate is.  If you travel frequently to the US, you can deposit any US $ you have left over from your trip to save for the next trip, without worrying about exchange rates,  you will always lose money selling it back to the bank if you exchange it for Canadian, but you avoid this if you deposit it to your US $ account 

I opened a US$ account last summer when the exchange rate was about par, I managed to buy $100US at 1.03, then the next week the exchange rate went bonkers lol   So I didn't buy any more US$ till the last couple weeks.   If I was to withdraw it for CAD today I'd make about $25 on it   But I need it for Disney next month!  

As for US coin.  No Canadian bank will take it as US currency.  It costs the bank $'s to ship foreign currency in and out, which is why you will never buy US$'s from the bank at the same rate it's shown trading on TV, coin is heavy and too pricy to ship, we only ship full boxes of rolled coin, it's not worth it for the banks.  Spend your coin trade it for bills before you leave the US.
HTH!


----------



## MicheleLeigh

oholly said:


> O.K. this might be a silly question but if you have a US card, how do you pay it in US funds.  Do I need a US bank account??



Not sure if someone has answered this yet.  You don't have to have a USD$ account. You can pay with CAD$, but you pay whatever the exchange rate is that day.  Alternatively, if you have US cash laying around you can pay with it as well


----------



## Salinger

Thanks Michele, that's all very useful info!

Also good to know that you can pay a US Visa from your Canadian account.  That's something I didn't realize.


----------



## brock20l

MicheleLeigh: I'm going to address this to you, since you're the banker, but everyone else, feel free to voice your opinion as well!

...to get the best "bang for my buck," so to speak, for my trip in December, I am assuming I should watch the dollar over the summer and buy some US currency when the loonie is up.

But, what's the benefit in applying for a US$ credit card?  I have looked at the no fee one from BMO, but I'm not sure what advantage that will give me....  I have no qualms about doing it, if there is a benefit, but if I don't gain anything, I might as well stick to my old faithful Mastercard?....


----------



## bunnyfoo

brock20l said:


> MicheleLeigh: I'm going to address this to you, since you're the banker, but everyone else, feel free to voice your opinion as well!
> 
> ...to get the best "bang for my buck," so to speak, for my trip in December, I am assuming I should watch the dollar over the summer and buy some US currency when the loonie is up.
> 
> But, what's the benefit in applying for a US$ credit card?  I have looked at the no fee one from BMO, but I'm not sure what advantage that will give me....  I have no qualms about doing it, if there is a benefit, but if I don't gain anything, I might as well stick to my old faithful Mastercard?....



You have a little more control over the exchange rate that you want to pay with a US$ credit card. Meaning, you can watch the exchange rate and buy when you notice the rates are dropping or when they're increasing. When you pay with a Canadian credit card, you pay the exchange rate on the date that the transaction is processed (or posted - I forget). Also when you buy at the bank, you also don't have to pay the 2.5% the credit card adds on top of the exchange rate. I also like that you can return things without having to worry about losing money - the buy and sell rates for currency exchange are different.

In all honesty, the difference isn't really that big - I have one because I can get a slight discount on the US$. One thing about the BMO credit card is that you have to withdraw US cash and pay it in person at the bank. I don't care because I work downtown but I can see how it might be a hassle for some others.

HTH


----------



## Alderbrook

I just opened a CIBC US account today.  No fees & 75 cents US per transaction.  $6.50 to do a bank draft.  So I'm going to plunk our vacation $$$ for next year into it & then pay off our balance with a bank draft.

I was going to get a US credit card as well but now I don't think it's worth paying the annual fee if I'm only going to have to pay $7.50 to pay off Disney in case the exchange next year is awful when we go (Sept 2010)


----------



## YukiPhnx

I'm about to open a new bank account at BMO and I just applied for a BMO airmiles Mastercard. 

I didn't know about a US card until just now, after reading this thread. Would I be able to change my Mastercard to a US card? 

The whole point of this new account and credit card was to pay for my Disney vacation. 

Also, I've never bought US dollars before. How would I do that?


----------



## Salinger

YukiPhnx said:


> I'm about to open a new bank account at BMO and I just applied for a BMO airmiles Mastercard.
> 
> I didn't know about a US card until just now, after reading this thread. Would I be able to change my Mastercard to a US card?
> 
> The whole point of this new account and credit card was to pay for my Disney vacation.
> 
> Also, I've never bought US dollars before. How would I do that?



Most banks will allow you to change the type of credit card you have with them with no hassle whatsoever.  I'm not sure if you'd be able to change from a CAD based card to a USD based card though.  Best to check that directly with BMO to be sure you get the right answer.

One thing to note though, the USD Mastercard from BMO is no longer "no fee".  It now has a $25 annual fee.  That was the last no-fee USD card from the big 5 banks in Canada, now there aren't any.  

You can just go in to your bank and purchase USD.  They'll withdraw the money from your account, or you can even just give them CAD cash on the spot.  If you do online banking, you can open a US account and some banks will allow you to transfer from your Canadian into your US account online automatically doing the conversion for you. (CIBC doesn't allow this, Scotiabank & TD do, the others I don't know).


----------



## YukiPhnx

thank you so much, Salinger, I was so confused!

I guess I'll just have to go see BMO and get all these questions cleared up.

That online transfer bit sounds really convenient. I often do my banking online anyways.


----------



## bestjsg

I just applied for a TD USD card, (btw , super nice phone agents..), $ 39 USD annaul fee , since I will be spending at least $ 3000 - $ 4000 for this entire WDW trip I will be saving at least $ 36 ($3000 x 0.025 = $ 75 in forgien ex fee on top of the exchange rate) compare to using a CDN credit card.  I meant it is not a lot of money but for me is more a principle thing, I usually do whatever it takes to avoid bank service fees since I am doing them a favour by putting my money into their accounts and that servicing me should be part of the deal not charging me on top ...beside they pay their employees peanuts and work them to dealth....(no , I don't work at a bank..  )


----------



## minnie56

Not sure about the working them to death bit..I know a lot of folks at various banks and they are living prettttty nicely!!

I have 2 USD bank accts w/RBC. One is based here..the other in Florida. That one is a lot easier to use as far as cheques etc as more and more US companies are getting very sticky with Canadian Bank Cheques even if it is in USD. I also have a RBC USD Visa which works like a charm. I can now pay that online from my US based acct as it is underwritten by Chase and before I had to call to make the transfer of funds from the Canadian based acct. Have I lost you?   My DD is also off in May for a year working at WDW so I will add her to the acct and hopefully her pay can be deposited into that acct and she can withdraw with no fees....

Hopefully-key word!


----------



## mkmommy

What Canadian banks have a US account that you can withdraw US money from a bank machine in Canada?

RBC and BMO are telling me that with their US accounts to get US you have to go to the branch.


----------



## minnie56

I could be wrong but I thought my DH told me some RBC branches had ATM's that held USD. I am not sure though if you can withdraw from a USD account or it merely converts and you withdraw from a CAD account? I have an RBC USD account here and as far as I know I cannot withdraw at an ATM from it.

I do also have an RBC USD account with a debit/check card that I can withdraw cash from an ATM in the U.S though as well as use to make purchases State Side.


----------



## LuvSnowWhite

I noticed now that the BMO USD credit card has a 25$/yearly fee. However, this is less than the CIBC @~35$USD and TD@~37or39$USD. I don't know about RBC and I think all the interest rates are 19.5%
Anyone know different?

Also, do any of these banks have a plain old US dollar account that I can deposit money into and then when I am IN WDW (or anywhere else in US) I can withdraw with my bankcard for that account?


----------



## Salinger

mkmommy said:


> What Canadian banks have a US account that you can withdraw US money from a bank machine in Canada?
> 
> RBC and BMO are telling me that with their US accounts to get US you have to go to the branch.



You can definitely do it with CIBC.

That's who I use and do it regularly.  The account has no monthly or annual fee and no minimum balance requirements, which is good if you don't use it often or keep a low balance sometimes.  It is $0.75 per withdrawal so just make sure you only need to do one withdrawal when you're ready to take your money out for WDW.

When withdrawing from a USD ATM, it will tell you the exchange rate which is kind of confusing.  After all, you're taking US cash out of a USD account.  I asked about this at my branch.  They said it's just for the bank's end of day clearing as they have to clear everything in CAD.  Just ignore it.  At the end of the day, you'll just see the straight USD amount withdrawn from your account.


----------



## canabrits2

This was just very annoying...I was able to open a US funds bank account through Scotiabank (who I usually bank with) but they said they don't have a US credit card.  poo.  I walked down the street and opened one with CIBC ($35 per year annual btw) ....it's irritating because I wanted all my banking in one place and all online.  Oh well.  

I missed the boat anyway since I did this after booking and putting a deposit on my cruise with my Canadian VISA.  At least I'm smart going forward.


----------



## minnie56

Unfortunately, you can't transfer online from your CIBC acct into the USD account which is annoying. You can with RBC..and perhaps others?


----------



## canabrits2

minnie56 said:


> Unfortunately, you can't transfer online from your CIBC acct into the USD account which is annoying. You can with RBC..and perhaps others?



Ahhh....I can transfer online with Scotia from my CAD to my US account...I just did it...but no US credit card with Scotiabank.  

Is there anywhere that has everything and all accessible and transferable online?


----------



## minnie56

RBC do..I have a USD acct here and an RBC USD Visa..I can transfer from my CAD acct into my USD account when I see the rate good. I also have a USD acct with RBC-Centura in Florida and a USD Visa based in the U.S. I cannot pay my USD Visa here online though..I have to call and they make the payment from my USD bank acct. I can however pay the USD Visa that is Stateside from the Florida acct.

Wow--that sounds confusing!!!! You should see the home page of my online banking!!

There are also some RBC ATM's that have US funds available for withdrawel.


----------



## ykmom

minnie56 said:


> Unfortunately, you can't transfer online from your CIBC acct into the USD account which is annoying. You can with RBC..and perhaps others?



BMO allows you to do the transfer online too but once you do the transfer it takes about a day as a person at the message center has to actually complete the transfer.


----------



## minnie56

I can transfer online and it is instantaneous. These days, I am doing it daily lol...
I select an amount..it gives me the conversion rate and if I like, I click! Done.


----------



## JumpinJ

I'm not sure if this was posted somewhere else in the thread or not..... but I also bank with RBC and have the US accounts through RBC Centura (or whatever they are calling it right now), and depending on the type of account you have, you can actually get free ABM withdrawls and free POS transactions at US locations, even with your Canadian debit card. 

It depends on the banking package you have. I believe it is the VIP Signature or something like that which allows you the free POS transactions in the US. Not having to pay those transactions fees if you want to use your debit is excellent! 

I have nothing to say but good things about RBC. They make it easy to use the online functions to transfer money back and forth from the Canadian to the US accounts. And one other perks is that if you are a client you can also purchase their travel insurance (if you're not already covered by your credit card) and they have some of the best plans available out there. My parents are also DVC members and are over the age of 65 so they don't have out of country health coverage on their credit card anymore, so they have an annual plan through RBC. We did some serious research before buying and the prices/coverage were tops.

I know... rah rah rah about RBC, but honestly I've been super happy with them and can't say enough nice things. 

J


----------



## minnie56

Totally agree. I don't even go into my branch..I email my banker and she takes care of everything, no matter how big or small. I have the VIP acct..it's excellent. I pay zero annual fee's on my Avion Infinite card or my USD Visa. I can't think of one thing that they don't offer for my needs.


----------



## 4boys4us

We have the RBC US gold....you can link your rewards to your avion to get the good flight deals


----------



## minnie56

You can? I have both...I can do that?

I have the Avion-Infinite..is that the same?


----------



## 4boys4us

I have the infinite avion as well, you can link your RBC rewards points and merge them whenever  you want....we have done it just through telephone banking.  We bought our DVC membership on our USD visa and got the points that way as well.  I am a bit of a points junkie.


----------



## minnie56

4boys4us said:


> I have the infinite avion as well, you can link your RBC rewards points and merge them whenever  you want....we have done it just through telephone banking.  We bought our DVC membership on our USD visa and got the points that way as well.  I am a bit of a points junkie.



Me too! I am devastated I didn't know this! LOL...
So I can take the points from the USD Gold and just add to the Avion? Same rate? Point/Mile per dollar of spending or different?


----------



## JumpinJ

I 'think' that what you do is transfer the rewards points from one card account to the other. When you call the redemption center you can do this I believe.

I was actually so happy dealing with RBC, I ended up applying for a job there a few months ago! (sort of like those old Saturn commercials) Started earlier this year and I work for the travel insurance division. So if anybody has any questions about their RBC credit card travel benefits or travel insurance throw them at me.  I've only heard from customers calling in asking for their Visa travel benefits in regards to the transferring of points, haven't done it myself yet, but I believe you just request the transfer and you can use them on a different Visa account.

J


----------



## TheSixOfUs

Slightly off topic, but I would like to open up a US bank account.  I am a Canadian citizen who travels to the US often.  Does anyone know how I do this?


----------



## minnie56

You can open an RBC Centura account here..with RBC.
Pick your Florida Branch location and they will have you complete the paperwork. Easy. I pay my U.S credit cards via online banking..transfer to my daughters account there also...have a U.S Debit card. Works like a charm.


----------



## iluvflorida

Check out Royal Bank.  Do not have one but they were actively solicting business at our resort last year in Florida.  Talking to some they were very happy.


----------



## bfost87

Hi there,
   First posting on here. I was just curious if anyone knows the answer to this. If I open a US Bank Account with Scotia, can I access this account via my Scotia Debit Card while in WDW?


----------



## kittycat7

hmm interesting question, not quite sute you'll be able to access it...


----------



## DTFVolunteer

Not 100% sure re: Scotia, but I do work at BMO.  

BMO USD accounts cannot be accessed with debit cards as I believe the cards are coded as CDN and the conflicting currencies creates an issue.

Haven't really read through the whole thread - but for BMO customers out there - did you know that transferring funds to your USD account and then withdrawing the USD cash gives you a better (slightly) exchange rate than if you take it right out of the CDN account?  I had three or four customers who didn't know this trick today and so I thought I'd pass it on.

A


----------



## DTFVolunteer

TheSixOfUs said:


> Slightly off topic, but I would like to open up a US bank account.  I am a Canadian citizen who travels to the US often.  Does anyone know how I do this?



Should be able to go to your local branch - depending on your bank of choice, of course - and just ask.

As an employee who opens accounts at BMO, the process is the same as opening a CDN account, but we need to record country of citizenship per US banking regulations.  At BMO you do not need to provide proof, just telling us is sufficient.

Check into fees for your accounts - BMO links the USD account to your current banking plan for no additional fee, transfers to/from can be done online with a 12-24 hour delay on processing, payments to BMO USD MC can be done online also.

Edit:  I saw this on an earlier post and didn't want to clutter the board:  BMO offers its USD MC for $25 per year, however, if $1000 (think hotel, food, spending, car rental, online shopping ) is spent in one year, the annual fee is waived the following year.  So in theory you only have to pay the first year fee, then depending on your spending habits, the card can be free after that.


----------



## momtolots

CIBC now has a debit card that can be used in the US..as well as the INTERAC sign, it has a VISA sign...you use it like a debit card in the US..takes it right from your CAN$ account..it's great!


----------



## minnie56

RBC does also...I have a USD acct here but I also have a USD account with RBC Centura in Florida. I opened it here with my Banker.It has a Debit card with the Visa sign on it also...and is usable all over the U.S with no fee attached. I transfer money online directly into my Florida account and it's so easy. I also applied for a USD Visa there as well and got it though not really sure why because I have a USD one here....I think I thought if I get that one then I could apply for a Disney Visa though I haven't yet

Banking is getting easier all the time cross border!


----------



## corster

TheSixOfUs said:


> Slightly off topic, but I would like to open up a US bank account.  I am a Canadian citizen who travels to the US often.  Does anyone know how I do this?



I realized your question is almost a year old at this point, but for the benefit of everyone on the site, i'll share my answer.

If you want a REAL US-Based bank account and not just a Canadian Bank Account in USD, there's four options:

1) RBC has a US Banking for Canadians package which includes a real US Account (through RBC Bank USA), Real US Cheques, Real US Debit Card. You can open this at any RBC branch in Canada.

2) HSBC offers their Premier and Advance clients the ability to open real US Accounts through HSBC Bank USA (No fee for Premier clients, there are fees for Advance clients)

3) Harris Bank (Chicago-area bank owned by BMO) allows Canadians to open real US accounts online on their website - they'll mail you a real US debit card, real US cheques, etc...

4) You can walk in to most US banks and open an account in person. 

The US Dollar accounts offered by Canadian Banks are not the same as US-based Bank Accounts. You'll need a real US account to do things such as use a USD Debit Card in stores, or many services which require a US cheque drawn on a US bank.

If you choose option 3 or 4, you can transfer funds between your US bank and your CAD bank through a service such as XEtrade with decent exchange rates and minimal fees.


----------



## minnie56

Just to add...if you open the U.S based account with RBC in Canada (in a Florida location for example) you can also transfer from your Canadian account directly into the Florida account via their online banking site not to mention also the 'other way' should you want to send money back!


----------



## glendalais

It should be noted that RBC is apparently considering selling off it's U.S. retail banking operations. If it were to occur, it's highly unlikely that the purchasing bank, particularly if it's American-based, would be willing to maintain such a focus on cross-border transactions.


----------



## minnie56

Well that would be lousy...

I love how easily I can move $$ back and forth..my daughter lives in NYC and I pay her rent so easily month to month..my U.S credit cards...transfer when the rates are great LIKE TODAY  

Fingers crossed they don't!


----------



## scrappinginontario

minnie56 said:


> Banking is getting easier all the time cross border!



You're so right!  In 2009 I travelled to China with my parents when I adopted my amazing DD.  It was recommended by my agency that we take CDN travellers chqs and exchange there which ended up being a 1+ hour process each transaction!

Dad was wandering around our hotel in Beijing and noticed a bank machine with an Interac symbol.  Figuring he had nothing to lose he popped in his debit card and within seconds had RMB in his hand and no service fee!

Banking is getting much easier!  Now.....if only CDNs could be eligible to open a Disney Visa, then I'd get excited!


----------



## marryjacob22

Very nice and informative discussion. Thank all for the bulk of information.


----------



## glendalais

The CBC is reporting that the Royal Bank of Canada has decided to sell it's RBC Bank chain in the U.S. to PNC Financial Group.

The new owners are solidly U.S.-based. As such, I imagine the connections (account transfers, etc.) with RBC Royal Bank accounts in Canada will eventually be severed.

Those looking for account access options in the Central Florida area might try TD Bank, the U.S. subsidary of Toronto-Dominion Bank (TD Canada Trust). They've been doing better than RBC Bank, and recently expanded their presence in Central Florida - at least two branches have just opened up near my house. I don't believe they allow the direct transfer of funds across the border. But, with RBC now shutting down here, they might in the future.


----------



## minnie56

Well that is a HUGE bummer! I do so much banking back and forth with my Florida accounts! Ugh....

As for TD..my DD banks with TD in Manhatten, N.Y and we cannot transfer into her account from here...they say "that is a work in progress" and have been saying that for the 2 years we have had that account there. I can't even go into a TD branch here and send money to her account. So when she is short..she takes one of my RBC Florida cheques I have signed and deposits into TD that way.

Think I will call the Florida branch and see if they can enlighten me at all.....


----------



## minnie56

I emailed my Banker here at RBC ..her reply:


*Here is a blurb from the circular we got today 
"We will continue to offer RBC Access USA® products, including funds transfer between Canada and the U.S., the option of preferred foreign exchange rates and a no fee RBC Royal Bank US Dollar Visa Gold card. Cross-border banking clients will continue to have seamless access to funds and banking products such as mortgages, loans, automated teller machine (ATM) access, U.S. dollar accounts, debit and credit cards and integrated online banking." 

I'll keep you in the loop as more information becomes available. 
*

So, I guess we sit back and wait and see!!!! Grrrrrrrrr


----------



## minnie56

Got this today:



To Our Valued Canadian Clients,


RBC recently announced that it is refocusing its U.S. growth strategy and has entered into an agreement with PNC Financial Services Group, Inc. to sell its regional U.S. retail banking operations, RBC Bank, to PNC. 

RBC remains fully committed to the U.S. market and this transaction allows us to focus our efforts on our cross-border banking service, as well as our two largest U.S. businesses, RBC Wealth Management and RBC Capital Markets. If y ou have an existing relationship with either of these businesses, please know that this relationship is not impacted by the sale of RBC Bank.

As a highly-valued client to RBC in both Canada and the U.S., you can be assured we will continue to meet your consumer banking needs on both sides of the border with the same high quality service and products you expect.   As such, subject to regulatory approval, RBC will maintain our existing cross-border banking platform to serve the cross-border consumer banking needs of current and future clients across the U.S. 

We will continue to offer products such as RBC Access USA®, on-line funds transfer and foreign exchange capabilities that make it easy for you to manage your personal finances and consumer banking needs in Canada and in the U.S.  In fact, we are committed to improving and expanding capabilities in this area in the future. RBC will also ensure access to funds through ATMs and day-to-day account servicing and support through our dedicated service number at 1-800-769-2553.  

At this time there is no change or impact to your banking services or your accounts.  The sale of RBC Bank is expected to close in March 2012, subject to regulatory approval.  Over the coming months, you will receive further information about this transaction and any impacts to you as a result.  In the meantime, please contact your banker either in Canada or the U.S. for any needs you may have.  

On behalf of RBC Bank, thank you for your busin ess and we look forward to continuing to serve your needs on both sides of the border.  

Sincerely,

Jim Westlake 
Group Head, International Banking & Insurance
Chairman and CEO, RBC Bank


----------



## glendalais

Honestly, I'm not buying it.

I cannot really see how they expect PNC to continue supporting bank transfers to and from a foreign bank that is not part of their organisation. They'll likely want to quickly integrate RBC branches into their network, not maintain a separate network of banks solely for the purposes of cross-border banking.

I pulled all my money out and closed my accounts with them today. There were a number of people (basing solely on accents, mostly other expat Canadians, with a few Americans here and there) who were at the branch seemingly to do the same thing.


----------



## minnie56

I hear you...I have 2 accounts there. One with a somewhat substantial balance. I think that one I will transfer into my USD account here...just to be sure. The other one I keep minimal amount in basically to pay U.S credit cards as I use and for my DD to get money in N.Y. Worst case scenario...she can access her RBC acccount here and be assessed the ATM fee..no biggie.


----------



## corster

glendalais said:


> Honestly, I'm not buying it.
> 
> I cannot really see how they expect PNC to continue supporting bank transfers to and from a foreign bank that is not part of their organisation. They'll likely want to quickly integrate RBC branches into their network, not maintain a separate network of banks solely for the purposes of cross-border banking.
> 
> I pulled all my money out and closed my accounts with them today. There were a number of people (basing solely on accents, mostly other expat Canadians, with a few Americans here and there) who were at the branch seemingly to do the same thing.



They don't. The Access USA accounts aren't being sold to PNC.

RBC wants to keep their US banking license, and essentially become a virtual US bank (similar to ING) without a physical branch network, which will continue to serve Canadian customers.

I just opened an RBC Canada USD account, and still undecided on opening Access USA. Might wait and see how this all sorts out first.


----------



## DTFVolunteer

Just to add a little info: BMO is doing a trial run in 4 branches of an ATM that will dispense common foreign currencies (USD, Euro, Pound Sterling), and if the trial is successful, the machines may be rolled out nation-wide.  

I'm crossing my fingers that I will be able to withdraw from my USD account from that machine.

Allie


----------



## minnie56

RBC have been doing this for some time now..

http://www.rbcroyalbank.com/usd-2011/?ProspectID=4DDF9B28031C4870B490EE14577832C9

I use it all the time......


----------



## lisalonglash

We're looking into getting a US ING checking account (we do most of our grocery shopping in WA State, so a US account is becoming a necessity lol).  Any thoughts on this?


----------



## minnie56

Sounds reasonable though I know little about ING banking I have insurance with them and they have always been excellent!

Seems RBC will continue to own the Canadian U.S banking within the PNC system so I am delighted! Business as usual for me.


----------



## KNovacovschi

I'm sorry if this has been posted previously, there is just to many pages to go through to verify. If you have a CIBC account I would suggest to get their advantage card. It is a debit card however is used as a visa in the States. I have this card as I do not have a credit card. I shop in the States at least once a month and just state I'm using visa. It's good to use as well cause you can only spend whatever amount you have in your account and the rates are not bad either. There are no other fees for it either.


----------



## Sue M

KNovacovschi said:


> I'm sorry if this has been posted previously, there is just to many pages to go through to verify. If you have a CIBC account I would suggest to get their advantage card. It is a debit card however is used as a visa in the States. I have this card as I do not have a credit card. I shop in the States at least once a month and just state I'm using visa. It's good to use as well cause you can only spend whatever amount you have in your account and the rates are not bad either. There are no other fees for it either.



I have one of these, and they do charge a fee, it's a % of your purchase.  Can't remember what it is, but if it's a large purchase, then the fee will be too.  Wasn't happy when I read this.

I just got the CIBC U.S. Dollar credit card.  $35 yearly fee, and if you pay it off right away, no other fees or interest.  Don't know what will be better to use, the Advantage Debit/Visa card where they nickel & dime you, or the US credit card?  We'll see.


----------



## KNovacovschi

Sue M said:


> I have one of these, and they do charge a fee, it's a % of your purchase.  Can't remember what it is, but if it's a large purchase, then the fee will be too.  Wasn't happy when I read this.
> 
> I just got the CIBC U.S. Dollar credit card.  $35 yearly fee, and if you pay it off right away, no other
> fees or interest.  Don't know what
> will be better to use, the
> Advantage Debit/Visa card where
> they nickel & dime you, or the US
> credit card?  We'll see.



I have never been charged a fee.
 If something costs say $10, 
depending on what the exchange rate is, I only pay that amount. A 
couple of mths ago when the 
exchange was really good I would 
actually paid less, for example if it 
was $10.60 US it would be like 
$10.40 CDN. I actually really enjoy 
my debit visa card. I would recommend it to anyone. I also got a prepaid travel MasterCard from BMO. There is a one time $10 fee for it but is great as well. Since I don't have credit cards this was great to have to book vacation & airline tickets.


----------



## mommyof2girlies

KNovacovschi said:


> I have never been charged a fee.
> If something costs say $10,
> depending on what the exchange rate is, I only pay that amount. A
> couple of mths ago when the
> exchange was really good I would
> actually paid less, for example if it
> was $10.60 US it would be like
> $10.40 CDN. I actually really enjoy
> my debit visa card. I would recommend it to anyone. I also got a prepaid travel MasterCard from BMO. There is a one time $10 fee for it but is great as well. Since I don't have credit cards this was great to have to book vacation & airline tickets.



Can you fill me in on where you got the debit visa you referred to? We are tired of paying the extra transaction fees on our canadian credit card for the exchange!


----------



## minnie56

mommyof2girlies said:


> Can you fill me in on where you got the debit visa you referred to? We are tired of paying the extra transaction fees on our canadian credit card for the exchange!



It must be a USD debit card with a visa logo??
All credit cards add a service fee on top of the conversion rate.


----------



## KNovacovschi

mommyof2girlies said:


> Can you fill me in on where you got the debit visa you referred to? We are tired of paying the extra transaction fees on our canadian credit card for the exchange!



I bank with CIBC & it is my regular debit card. I just went into the bank and asked for the new Debit Visa card. I have never had to pay a fee to use it. I always use it when I go to Buffalo shopping.


----------



## lisalonglash

We ended up opening an account at Bank of America - no fees, free debit/VISA card.  It was funny when we were opening the account - the manager was handling our paperwork and mentioned that 90% of his bank's account holders are Canadian LOLOL


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## minnie56

Is it this one?
https://www.cibc.com/ca/features/cibc-advantage-card.html

It's a debit card..so you just pay the regular conversion rate. With 'Visa' that's not the case.

I use my RBC debit (Canadian) and the same applies, no service fee ..I also have a Florida based RBC USD debit card and I like that even better. I transfer into my Florida acct when the rate is best ..and the $$ sits there till I go shopping!!


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## shpirks

Cruiser1969 said:


> I think I remember reading BMO has one, but it is not available online.  I'm thinking of getting one this week.
> 
> Can someone confirm this card has no fee?



There is a 25 annual fee but if you spend 1000.00 over the year it is generally waved! Hope this helps


----------



## Lizard Valley

I posted this in a different thread, had no idea there was a sticky for this . Anyhow, I thought I'd update with current information, in case anyone is interested...

 So, I've done some research, and I've come up with some good stuff for us Canadian DVC owners:

RBC has a unique product, that is aimed at Canadian snowbirds. You can open up an RBC Bank US Access bank account right from a Canadian RBC branch. It's a real US bank account, with free cheques, and a Visa debit card, for $2.95/mth. It can be fully linked with an RBC Canadian $ bank account (free), as well as an RBC Canadian USD bank account (also free), with one sign in. This allows you to move money from your US Access account in the US to either account in Canada, instantly and online. You can use the US Access account to set up monthly payments for your DVC Annual dues.

The other unique feature is that these are (reportedly) the only USD bank accounts that can be fully linked to your Canadian Paypal account and will allow you to move USD from Paypal into either your US Access account, or into your Canadian USD account, therefore keeping the money in USD's and not having to incur Paypal's crazy foreign transaction fees. If you're regularly renting out points, this can save quite a bit of money.

So, I have gone ahead and set this all up . Note: I don't bank with RBC. I just walked into my local branch, told them I wanted to open a US dollar savings account (called e-savings) and a US Access account. They knew exactly what I was talking about. Someone was available, and we got everything done in about 45 min's (including chit chat). I also opened a free Canadian $ everyday banking account, to get the debit card and be able to do online banking. The two RBC Canada bank accounts were good to go right away, the US Access application was sent to the U.S. from the bank.

A week later, I received my US Access banking information. I called the number, and a very efficient employee from RBC Bank (USA) talked me through setting up my online banking, subscribing to e-statements, linking this account to my Canadian RBC accounts, ordered my cheques, and my Visa debit account. Easy-peasy.

I have since successfully linked both the US Access account and the USD e-savings account to Paypal, and confirmed that I can send money both ways, with no fees. (There is a trick here, you have to use a very specific routing number for the e-savings account, and it's not the one the bank will give you, this is where the research helped). I have also sent money to both USD accounts using XE.com.

So now, I can pay my mf's monthly, and I can accept point rental payments via paypal without paying a currency conversion transaction fee.


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## minnie56

This isn't new..I've had it for about 2 years now
Works like a charm!!!


----------



## Lizard Valley

Yeah, sorry, I had written this in response to a post in a different thread, and just copied and pasted here.  In the other thread, the posters seemed to think that they had to go to the US to open a bank account. 

Here, the last post about this account goes back to 2011, and there was some question then as to whether the account would still be available.  So I thought I'd give some current information about it.

And I'm very happy with it.  Too bad BMO didn't have the same kind of product.


----------



## tania7424

I just opened my US Access account with RBC Bank today.  I'm in BC and across the WA border a couple times a month and I'm tired of paying fees either on my credit card for commissions on exchange or from using my Canadian debit card at POS.  $2.95/mo, $25 opening balance.  I can transfer direct from my regular RBC chequing to my Access checking.  Will come in very handy for WDW in the summer, as well as all my usual Amazon, grocery and Target spending.


----------



## mamaCta

I don't think this has been posted recently, but I wanted to put a plug in for the Amazon.ca visa. They don't charge the 2.5% conversion fee that all the other credit cards charge, you get 1% cash back on all your purchases, and there are no fees. 

I've had it for over a month now. It's perfect.


----------



## lawboy2001

Does anyone have experience with BMO Harris bank?  I just purchased DVC and bank with BMO so thought their US affiliate would be a good choice for upcoming banking needs, but now...I'm not sure it really is helpful?  How am I going to get funds into my US account, there is no linkage as there is with the RBC accounts discussed in this thread.


----------



## stefanospops

I came here looking for the same info regarding BMO and Harris. Since there hasn't been a response to the question I presume the answer is no. From what I have read the RBC product is the most seamless. TD has a similar product but you need to call in every time you want to do a transfer as opposed to just doing it yourself online. 

Aside from RBC and TD are there any other Canadian banks with such products?


----------



## rodeo65

I was just in to our TD branch this week and when I mentioned getting travellers cheques for our upcoming trip she told me to consider the credit and debit cards they offer.  We haven't decided to do this because we are rarely in the US (once every two or three years) and it just seemed easier to get travellers cheques when we do go.  She was suggesting they are obsolete and not recognized may places anymore.

Anyone with experience with this?  On our last trip (three years ago) we had the occassional gas station that gave us a little flak but otherwise we had no trouble.


----------



## mamabear0222

My Mom is like that as well and likes to travel with travellers cheques.  You won't have a problem at the bigger stores (Walmart, Target etc) but we found smaller vendors would not cash them at all.


----------



## pangyal

So....seeing as this thread hasn't been updated in a while, I thought I'd check in and find out what the current options are for Canadian citizens who want to have a US bank account (not just a USD account)? I tried looking on the various bank websites and got confused between the two .

I was told by our loan company for a short term DVC finance that we needed a U.S. bank account with a U.S. routing number. Does anyone have any good suggestions?


----------



## minnie56

Nothing's changed for me...I have a USD account here and a USD Visa? I still have a USD account in Florida which I transfer in and out of easily. I have a debit / Visa card associated with this acct and It works for me..


----------



## pangyal

minnie56 said:


> Nothing's changed for me...I have a USD account here and a USD Visa? I still have a USD account in Florida which I transfer in and out of easily. I have a debit / Visa card associated with this acct and It works for me..



Did you have to go to a bank while you were in the U.S. to open the account or could you do it from home?


----------



## minnie56

I opened it whilst in Florida about 5 yrs ago...it was RBC Centura. I believe they sold off the US side but my statements still come from RBC ..I pay all of my US bills from this account so easy


----------



## Starwind

pangyal said:


> So....seeing as this thread hasn't been updated in a while, I thought I'd check in and find out what the current options are for Canadian citizens who want to have a US bank account (not just a USD account)? I tried looking on the various bank websites and got confused between the two .
> 
> I was told by our loan company for a short term DVC finance that we needed a U.S. bank account with a U.S. routing number. Does anyone have any good suggestions?



As has been noted elsewhere in this thread, RBC probably has the best solution.  TD apparently also has a solution.

Info about it is here: http://www.rbcroyalbank.com/usbanking/

And also here on the RBC Bank (USA) site:  http://www.rbcbank.com/banking-in-the-us/checking-accounts/index.html  This goes into details about what is available.

The key is that the US bank account needs to be an actual USA bank, not just a Canadian bank's USD account.  RBC's product is exactly this.  The US account is an account at RBC Bank (USA), which is owned by Royal Bank Canada, but is an actual USA bank.  An account with an actual USA bank allows direct deposits, and other electronic transactions (eg Bill Pay) to/from other US entities.  In contrast, with a Canadian bank's USD accounts, to move money to/from entities with USA bank accounts you are looking at having to do actual or the electronic equivalent of wire transfers, which have fees that are usually not cheap.

The RBC USA account can be opened at any RBC branch in Canada.  You can link your online RBC Canada accounts and your RBC USA account so you have a single sign-in.  This also lets you easily transfer funds between the two accounts online (in either direction, at the bank's prevailing exchange rate; it is done very similar to how you would do a transfer between your Canadian accounts or a bill pay online). 

SW


----------



## Starwind

minnie56 said:


> I opened it whilst in Florida about 5 yrs ago...it was RBC Centura. I believe they sold off the US side but my statements still come from RBC ..I pay all of my US bills from this account so easy



RBC sold off the old USA bank they had (RBC Bank, formerly RBC Centura), sort of. The USA retail side - bank and its branches and credit card operations was sold off to another USA bank company, PNC Bank and rebranded under the PNC banner.  ( see http://www.theglobeandmail.com/glob...tail-banking-with-sale-to-pnc/article4260245/ and http://www.reuters.com/article/2011/06/20/us-rbc-pnc-idUSTRE75I2V520110620 )

HOWEVER, they kept the RBC cross-border accounts (not sure what else was kept) and put them into a new unit, RBC Bank (USA), a wholly owned subsidiary of RBC Canada.  For those of us who were customers before and after, there was a transition period where our accounts were changed over (new routing #; they issued new cheques, etc).

While I am loathe to refer to wikipedia, there is a wiki article that explains the transition:  http://en.wikipedia.org/wiki/RBC_Bank

SW


----------



## pangyal

Starwind said:


> RBC sold off the old USA bank they had (RBC Bank, formerly RBC Centura), sort of. The USA retail side - bank and its branches and credit card operations was sold off to another USA bank company, PNC Bank and rebranded under the PNC banner.  ( see http://www.theglobeandmail.com/glob...tail-banking-with-sale-to-pnc/article4260245/ and http://www.reuters.com/article/2011/06/20/us-rbc-pnc-idUSTRE75I2V520110620 )
> 
> HOWEVER, they kept the RBC cross-border accounts (not sure what else was kept) and put them into a new unit, RBC Bank (USA), a wholly owned subsidiary of RBC Canada.  For those of us who were customers before and after, there was a transition period where our accounts were changed over (new routing #; they issued new cheques, etc).
> 
> While I am loathe to refer to wikipedia, there is a wiki article that explains the transition:  http://en.wikipedia.org/wiki/RBC_Bank
> 
> SW



Thanks so much for your helpful and comprehensive posts! I did end up opening a U.S. account through RBC and found it super easy. I could apply for a U.S. Visa over the phone as well to save on the 2.5% conversion fees when in the US.


----------



## taffy

Our TD account we have a US account and US $ VISA card. All the fee's are waived for us.


----------



## bankr63

Starwind said:


> RBC sold off the old USA bank they had (RBC Bank, formerly RBC Centura), sort of. The USA retail side - bank and its branches and credit card operations was sold off to another USA bank company, PNC Bank and rebranded under the PNC banner.  ( see http://www.theglobeandmail.com/glob...tail-banking-with-sale-to-pnc/article4260245/ and http://www.reuters.com/article/2011/06/20/us-rbc-pnc-idUSTRE75I2V520110620 )
> 
> HOWEVER, they kept the RBC cross-border accounts (not sure what else was kept) and put them into a new unit, RBC Bank (USA), a wholly owned subsidiary of RBC Canada.  For those of us who were customers before and after, there was a transition period where our accounts were changed over (new routing #; they issued new cheques, etc).
> 
> While I am loathe to refer to wikipedia, there is a wiki article that explains the transition:  http://en.wikipedia.org/wiki/RBC_Bank
> 
> SW


Think it's interesting to see how RBC pulls back from the US market as powerhouse TD has grown to be one of the top ten banks in the United States.  TD Ameritrade is now the worlds largest online broker.  There is a book out now called "Banking on America" that documents the rise of TD; fascinating reading.  Makes you proud to be a Canadian!


----------



## smashing

I haven't had time to read through everything, so please forgive me.  
Why does the account and visa need to be from an actual bank in the US?  

I just opened a US visa through my bank last week.  There are no annual fees and no 2.5% fee .   My issue now is getting a US bank account to pay it without charges.  

It sounds like a US Account at my bank would work easily.   However if its better to actually have one in the US, what do I need to pie an account there? 

Thanks!


----------



## mom_rules

We have a US bank account, debit card and a US visa through RBC.  Applied here in Canada and do all transactions on line-money transfers, bill payments etc.  Visa card is no fee-they charge $2.95 for the bank account.  The Visa card earns reward points that we use for Gift cards (in US dollars) for hotels, car rentals or restaurants.


----------



## brighteyes

[QUOTEjust at TD asking about this and was told about the TD NOffy, post: 53436710, member: 508832"]Our TD account we have a US account and US $ VISA card. All the fee's are waived for us.[/QUOTE]
I was just at TD and asked about using my regular debit while at Disney. They told me about a US account through TD's US bank, called TD North. Is this what you have?


----------



## trimad22

Looking into this as well as I noticed when banking online with BMO something pops up about BMO Harris US Account -- I don't have one but looking into getting one for next year.
Anyone deal with BMO?

Reading up as well on the BMO  U.S Dollar mastercard.

Wondering if I need a US credit card with a yearly fee or can just open an account and debit from that. I mean if I am adding US money for the next 316 days and just debit the US account would that make more sense then a credit card? 

Will call the bank Monday but would love to hear everyone else's opinion on it.


----------



## brighteyes

As usual I procrastinated getting a US account with TD's US Bank so now looks like I will be taking cash.


----------



## Cruise-n-2015

I'm horrible with all this stuff so can someone simplify for me. Which is the best / easiest way to go?

TD (which I did see often in Florida)
RBC
BMO


----------



## tmh43

Is the 2.5% fee the bank few on exchanging USD to CAD? Or just an account fee? Do you save on exchange?

I just exchanged some USD to CAD yesterday and took a huge hit vs the posted exchange rate. Do those accounts prevent that?


----------



## pkhosla

HI All-- If someone would be so kind to reply and let us know what the current info is on this that would be great!  Thanks all.


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## Fennella Brewer

RBC has what they call a Cross Border Shopping package.

They set you up with a US Debit account ($50 US deposited in the account required at the time of opening.) and a US RBC Visa card. There is no fee for the credit card and no 2.5% conversion transaction fee. You make payments on the card from your US debit account.

So, basically, if you watch the exchange fees, you can purchase money when the rate is favourable and deposit in the US debit for future US purchases. There is a $3.95US/mth service fee on the debit account. From what I understand, you can pay on the US Visa at the current exchange rate and no transaction fee.

This is all through a US bank, so if you have enough money to gain a lot of interest, you will have to pay both the tax men, as per the US/CAN tax treaty. Easy solution, don't put your family fortune in your RBC US debit account. 

Clear as mud?


----------



## Donald - my hero

*OK so we thought the RBC Cross Border account would be ideal .... until i actually went in to apply. Since the account pays interest in US funds you also need to fill out a form that goes to the IRS. NOPE, no way I'm not giving the IRS my SIN. So back to square one for us. Looks like BMO has a US Mastercard that will eliminate the transaction fee and so long as you don't us it for cash advances (ATM machine) since that carries a massive 23% fee or carry a balance since that is 20% i guess it's a decent option?*

*Must admit i'm getting pretty close to picking up what's now called "Cash Passport" which looks like it's a pre-loaded US card?? It's getting to be clear as mud and since we leave in just a bit more that 3 weeks i really need to figure this out !*


----------



## bankr63

Donald - my hero said:


> *OK so we thought the RBC Cross Border account would be ideal .... until i actually went in to apply. Since the account pays interest in US funds you also need to fill out a form that goes to the IRS. NOPE, no way I'm not giving the IRS my SIN. So back to square one for us. Looks like BMO has a US Mastercard that will eliminate the transaction fee and so long as you don't us it for cash advances (ATM machine) since that carries a massive 23% fee or carry a balance since that is 20% i guess it's a decent option?*
> 
> *Must admit i'm getting pretty close to picking up what's now called "Cash Passport" which looks like it's a pre-loaded US card?? It's getting to be clear as mud and since we leave in just a bit more that 3 weeks i really need to figure this out !*


 One thing you MUST do when considering this is follow the money all the way from your Canadian dollar account to your paid balance on the US$ CC.  Sure there is no forex on the CC - since there is no foreign exchange occurring that makes sense.  But most likely when you convert dollars from your C$ account to your US$ account that you use to pay your US$ CC, you are paying the "bank rate" which is 2.5% higher than the Bank of Canada spot exchange rate.  This is the same when you convert at the counter.  They are still getting their 2.5 (or more) percent, just at a different point in the transaction chain. 

Honestly, aside from losing the ability to perform dollar cost averaging, you are generally better off just using one of the very few C$ Credit Cards that truly charge no forex fees.  Your purchases are converted at the current Bank of Canada rate at the time of posting, no fees added, and no fees for changing your money to US$.


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## isabellea

I simply use my Amazon VISA for my purchases in the USA. Simple, in canadian and no extra 2.5% fee. I am considering a US account but only as a saving account. 

Anyone knows if the RBC cross-border account and the VISA attached to it helps build a credit score in the USA so that I could apply for a Disney VISA one day? I have an American address I can use since my parents own a condo in FL.


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## tombrady1212

The cheapest way to convert CDN to US is with a no foreign transaction fee credit card. All you'll be charged is the spot rate, with no foreign exchange fee. This will also beat exchanging money at the branch, where they embed the foreign transaction fee into the exchange rate they offer, often between 2% to 3%. Chase is the only issuer in Canada that currently does not charge foreign transaction fees on its credit cards.


----------



## Fennella Brewer

tombrady1212 said:


> The cheapest way to convert CDN to US is with a no foreign transaction fee credit card. All you'll be charged is the spot rate, with no foreign exchange fee. This will also beat exchanging money at the branch, where they embed the foreign transaction fee into the exchange rate they offer, often between 2% to 3%. Chase is the only issuer in Canada that currently does not charge foreign transaction fees on its credit cards.



Did Chase recently sell their Canadian credit card accounts to Scotiabank? If so, I would assume that there is a transaction foreign exchange fee.


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## isabellea

Fennella Brewer said:


> Did Chase recently sell their Canadian credit card accounts to Scotiabank? If so, I would assume that there is a transaction foreign exchange fee.



I have a Chase Amazon Visa card and no 2.5% fee. To see my account I also log in on Chase Canada website. Never saw a mention they sold to Scotiabank from them.


----------



## isabellea

From this article, it seems they only sold Sears MasterCard to Scotiabank. No mention of the other other Chase credit cards like Amazon.

http://www.theglobeandmail.com/repo...nadian-credit-card-portfolio/article26821243/


----------



## Fennella Brewer

isabellea said:


> From this article, it seems they only sold Sears MasterCard to Scotiabank. No mention of the other other Chase credit cards like Amazon.
> 
> http://www.theglobeandmail.com/repo...nadian-credit-card-portfolio/article26821243/



Thanks, I will look into an Amazon card.


----------



## bankr63

Actually, the entire Chase portfolio had been sold to Scotiabank, this was mentioned in another thread here, and I know one of the principals at Chase that was involved.  The no foreign exchange is still in effect and will remain there until such time as the cardholder agreement is updated, and that will likely take some time.  I do expect it will go away eventually, but probably not for several months yet - and it better stay in effect for my March vacation!!


----------



## ShaunaM

Hi all
I am pondering a Chase card ; does anyone know if any of them offer travel insurance with he card. Our existing card provides insurance for travel booked with the card; for example trip interruption..


----------



## bankr63

ShaunaM said:


> Hi all
> I am pondering a Chase card ; does anyone know if any of them offer travel insurance with he card. Our existing card provides insurance for travel booked with the card; for example trip interruption..


Not certain, but I would check the Marriott card as the most likely.  I know my Amazon card does not, but I tend to book the travel portion locally using a C$ card that does.


----------



## bankr63

bankr63 said:


> Actually, the entire Chase portfolio had been sold to Scotiabank, this was mentioned in another thread here, and I know one of the principals at Chase that was involved.  The no foreign exchange is still in effect and will remain there until such time as the cardholder agreement is updated, and that will likely take some time.  I do expect it will go away eventually, but probably not for several months yet - and it better stay in effect for my March vacation!!



Replying to my own post here with an update.

The piece I read in one of the banking industry press sites indicated that the entire portfolio sold, but when checking my statement this month the Chase site certainly makes it sound like Scotiabank only picked up the 3 Sears cards from them.  So it may be business as usual for the other Chase cards including Amazon and Marriott.  Doing a little Happy Dance!


----------



## ShaunaM

bankr63 said:


> Not certain, but I would check the Marriott card as the most likely.  I know my Amazon card does not, but I tend to book the travel portion locally using a C$ card that does.


I called and neither one does, the Marriott has a bit for car rental but that is it.  We are staying on site and the balance is due next week, so not enough time to get the new card here anyway. So I will keep that on my existing card, I think we will largely just the Marriott going forward on in park expenses. I shifted my park hoppers to flight centre.ca and can pay in Canadian funds with my existing card and all the insurance built in and avoid FOREX that way at least for that. Now if we were staying off site and did not to pay up front I would have charged hotel too, I sleuthed around and could not get the same onsite rate or even close to it in CAD which is a bummer, but the hotel will be the only thing we will pay with our other card in USD.


----------



## bankr63

ShaunaM said:


> I called and neither one does, the Marriott has a bit for car rental but that is it.  We are staying on site and the balance is due next week, so not enough time to get the new card here anyway. So I will keep that on my existing card, I think we will largely just the Marriott going forward on in park expenses. I shifted my park hoppers to flight centre.ca and can pay in Canadian funds with my existing card and all the insurance built in and avoid FOREX that way at least for that. Now if we were staying off site and did not to pay up front I would have charged hotel too, I sleuthed around and could not get the same onsite rate or even close to it in CAD which is a bummer, but the hotel will be the only thing we will pay with our other card in USD.



A quick tip for the hotel.  I generally give them my Canadian card with coverages to hold the deposit against.  This doesn't cause any forex unless they actually put a charge through.  On checkout, I swap the balance over to my Amazon with no forex.  That way if there is an issue, you can lean on the card with the coverage, but when you are done you can skip the forex.  Watch for some hotels (including Disney Resorts) that will actually place a charge on your card each time you go over a preset limit.  This only works if the balance isn't charged until checkout.

As someone who worked in Credit Card for several years, I am all about maximizing the benefits I get from the cards I choose to carry (and I choose my cards carefully), while minimizing the amount of money I actually give the CC companies (in both fees and interest).


----------



## ShaunaM

bankr63 said:


> A quick tip for the hotel.  I generally give them my Canadian card with coverages to hold the deposit against.  This doesn't cause any forex unless they actually put a charge through.  On checkout, I swap the balance over to my Amazon with no forex.  That way if there is an issue, you can lean on the card with the coverage, but when you are done you can skip the forex.  Watch for some hotels (including Disney Resorts) that will actually place a charge on your card each time you go over a preset limit.  This only works if the balance isn't charged until checkout.
> 
> As someone who worked in Credit Card for several years, I am all about maximizing the benefits I get from the cards I choose to carry (and I choose my cards carefully), while minimizing the amount of money I actually give the CC companies (in both fees and interest).


We are staying on site and package needs to be payed in full 30 days out...


----------



## disneymath

The scotiabank replacement for the Chase Sears Mastercard is maintaining the no for-ex fee ... at least for now.  It's the only reason I opted to keep it.


----------



## Tam&Sam

My fiance and I research the topic of USD credit cards this weekend and found that 2 really stood out: Amazon and Marriott Visa.  The common advantages of both of these cards are the *absence of the 2.5% commission on foreign currency transactions* and the cards are issued in CAD meaning you *do not need a USD bank* account to pay them.

_Your USD expenses are converted to CAD on the credit card with the rate trading at the moment of processing +/- spread_ which means you're getting the same conversion rate you would if you would take your $CAD and deposit them into a USD bank account.  This is a neat option since it eliminates the need of a USD account and potential bank fees from keeping the account active while making sure you get the best conversion rate possible.

The cards differ when it comes to the annual fee and rewards.  The *Amazon* credit card has *no annual fees* whatsoever and rewards you with a *2% cash back on your amazon.ca expenses and 1% for everything else*.  The *Marriott* credit card has an *annual fee of $120* which is w*avered the first year* and it rewards you with *points for their hotel chain *as well as *a free night per year*; we analysed that the annual fee = the free night. 

The choice to go with one card or the other is highly personal and will vary on your needs and/or consumption behaviour.  We ultimately decided to go with the Marriott Visa since we do not make many purchases on Amazon.ca and we wanted this card to be a secondary card used only for our USD expenses and vacation.  We also go to the Marriott on a regular basis to visit family; therefore, the annual fee doesn't really bother us since it's giving us a free night that we would have paid for otherwise. Instead of costing us $150-$200 it's costing us the annual fee of $120 if you're looking at numbers closely so it's not "free" but definitely cheaper and the points have a use to us since we visit the Marriott chain often.

There are other strategies to cut on cost when it comes to the foreign exchange costs going from CAD to USD in this period where our currency has depreciated but we found that this one was the easiest and it didn't require much effort.  One of them is to open up a $USD account from a USA bank (like many mentioned in earlier posts RBC and TD offers it) and transfer money when the exchange is low and transfer it back to CAD when the exchange rate is closer to par.  This is doable but I would like to refer to this as scientific lottery; it's hard to predict the exchange rate in the global economy we are part of so it might be difficult to get the best return and it will require a lot of time and dedication.  

I hope this post helps out a few people and thank you for reading if you got to here...quite lengthy post!


----------



## bankr63

Tam&Sam said:


> _Your USD expenses are converted to CAD on the credit card with the rate trading at the moment of processing +/- spread_ which means you're getting the same conversion rate you would if you would take your $CAD and deposit them into a USD bank account.  This is a neat option since it eliminates the need of a USD account and potential bank fees from keeping the account active while making sure you get the best conversion rate possible.



Not quite true. When you deposit C$ to a US$ account through most major banks you will pay a fee or spread charged by the bank.  Generally 2.5 to 3%. These two cards charge the going Visa or MC exchange rate (with no spread), that I generally find to be within 0.1% (one tenth of one percent) of the Bank of Canada noon rate.  You are actually getting a better deal with the these cards than from your bank.  But otherwise, an excellent post!

And a good argument for why each person needs to make their own choices.  We pick Amazon because we like cash back in hand.  The rewards always mean that you have to take the night; if you don't take a vacation, or worse, take a vacation to "use up" the reward, you are losing.  And you have to stay in Marriott hotel whether you want to or not.  Fact is, MOST rewards go unredeemed in the credit card business.  Cash, well, that always gets used.  Take that from a former credit card banker, we bank on you not using these rewards...


----------



## Tam&Sam

Thank you bankr63 for the precision on the bank accounts! Always something new to learn!


----------



## Fennella Brewer

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.


----------



## ottawamom

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.


----------



## Kontos

ottawamom said:


> 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.



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


----------



## Schooner

I just paid for the entire DVC membership on my RBC US Visa, and they told me that if I call them directly, they'd let me transfer my points into Avion points (As long as it's under 30,000 points). Just some information for any Avion people out there.


----------



## KNovacovschi

ottawamom said:


> 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.





Kontos said:


> 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



I'm glad you brought this up as I was just going to ask. We just received a BMO US CC and paid off our trip with it however didn't realize or know how to pay off the card since we have no accounts with BMO. What I'm wondering though, just to be clear, is we can take out the equivalent in US that we need and just take that US to BMO and pay it off?


----------



## ottawamom

Yes, just take the US cash to the teller and pay off the CC.


----------



## Kontos

Yup cash is fine...don't bring US change as I'm pretty sure they won't take it.


----------



## Alistair Meikle

As much as it pains me to say the Rogers credit card doesn't charge f/x fees either


----------



## Donald - my hero

ottawamom said:


> 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.





Kontos said:


> 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


*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...*
*Long story short (ship sailed on that!) Paperwork required and personal experiences on the ease of obtaining a US Credit card? Thanks gang!*


----------



## ottawamom

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.


----------



## Donald - my hero

ottawamom said:


> 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.*


----------



## Beccabeca

Donald - my hero said:


> *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.


----------



## MaMudduck

I didn't check to see if this was already posted or not, but I work for CIBC and as of Sept. CIBC has PREPAID U.S. $ visa cards (well they have 5 different currencies) so once you load it from account your no longer at the whimes of the exchange changes. Example: if you loaded it today for $1000.00USD and you are charged @1.35 = $1350.00 Cad $, but then you use it when the rate is 1.40 you still have only paid for it at the time of loading it. 
There are no extra service fees when you use as a regular visa card, like paying for your hotel. Its not a credit card, but it is better than taking cash to pay with everything.


----------



## wuwutrain

Beccabeca said:


> 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.



I have the RBC US-based bank account and Visa, and find that even though I don't go to the states extremely often, it's still very useful. The exchange rate you get is as close to the live rate as you'll get (I've worked at several financial institutions, and this beats my staff rate), and if you like shopping online at American retailers, using the US Visa gives you a great rate since you largely avoid the service fees etc. The transfer from your CAD account to USD account is immediate too, so there's no delay. Of course, you need an RBC CAD account first though in order to make the transfer.


----------



## mjhtvchick

Fennella Brewer said:


> 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?


----------



## disneymath

mjhtvchick said:


> 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?



Guess I'll be cancelling mine too as the only reason I kept it was because Scotia was keeping the no forex perk, which was nice for the odd time our international travel wasn't to the US.

I have had a CIBC US Visa for years, it's convenient because I bank with CIBC and have a US savings account, but there's really no perks and it costs $35 or $40 per year.


----------



## DiaryofaDisneyKid

mjhtvchick said:


> 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.


----------



## squirrel

I signed up for the Amazon reward card online.  I was given a $25 gift card/discount after my first purchase.  I have been using it here and there, not much but just had enough points they took off another $20 off my bill.  I use it mostly for my US purchases since I don't have to pay the extra fees.

I signed up for the Marriott Visa and will use it for the first year, I already used the points for one free night on my trip in Aug/Sept.  I will cancel so I don't get charged the annual fee.

I also have had the Alaskan Airlines Credit Card for years.  I do not pay the annual fee on this one as I tried cancelling after the first year and they waived the annual fee for me.


----------



## FigmentSpark

Amazon.ca is no longer taking applications, as of April 3, 2017


----------



## FigmentSpark

I'm trying to figure out if there's a downside to the Fido/Rogers card with 4% cash back and 0 annual fee.  It sounds too good to be true.  Does anyone have that one?


----------



## FigmentSpark

I found the 'catch', if you want to call it that. There are no extras with the Fido/Rogers cards, like purchase insurance, etc.  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.


----------



## efrant

FigmentSpark said:


> [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.


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.


----------



## DVC_Dad_Canada

I have a US based TD bank account, with their debit visa card. I simply transfer money from my Canadian account to the US account through online banking. Both are hooked up to my paypal account, so if I buy anything online in US funds, it's paid for by the US account, and Canadian purchases go through the Canadian bank account.

I set it up this way because I can pay my DVC maintenance fees monthly rather than getting one huge bill in January.


----------



## JeannieJay

I called RBC yesterday about getting a US visa.  We have a US$ account with them.  He told me that unless we do a high volume of shopping in the U.S., it's not worth it.  And there is a $60 annual fee.

He suggested going with their U.S. based Visa.  I'm debating whether I want to even have an account based in the U.S. or not.


----------



## FigmentSpark

We have a BMO US Mastercard... there's a $25 (or $35?) fee, but it's waived if you even use it once a year.


----------



## DiaryofaDisneyKid

We like the FIDO (Rogers) MC. You get charged a 2.5% foreign transaction fee but get back 4% in rewards.


----------



## minnie56

JeannieJay said:


> I called RBC yesterday about getting a US visa.  We have a US$ account with them.  He told me that unless we do a high volume of shopping in the U.S., it's not worth it.  And there is a $60 annual fee.
> 
> He suggested going with their U.S. based Visa.  I'm debating whether I want to even have an account based in the U.S. or not.



Depends on your regular RBC banking accounts , I have two USD Visa accounts with RBC and pay no annual fee on them.


----------



## JeannieJay

minnie56 said:


> Depends on your regular RBC banking accounts , I have two USD Visa accounts with RBC and pay no annual fee on them.



I have everything with them - all of my accounts, WJ M/C, mortgage, etc.  This is for the US Visa based in Canada that he told me has an annual fee.  He said if we went with the US Visa based in the U.S., that's different.  I really had not wanted to have any accounts based in the U.S., but may have to change that, as we travel down there more than we used to.


----------



## minnie56

JeannieJay said:


> I have everything with them - all of my accounts, WJ M/C, mortgage, etc.  This is for the US Visa based in Canada that he told me has an annual fee.  He said if we went with the US Visa based in the U.S., that's different.  I really had not wanted to have any accounts based in the U.S., but may have to change that, as we travel down there more than we used to.



I have one based here, one RBC Visa stateside.


----------



## JeannieJay

minnie56 said:


> I have one based here, one RBC Visa stateside.


 
The rep I spoke to about the Cdn based one certainly wasn't trying to get me to sign up for it.  He actually seemed to be encouraging me NOT to get it.  He expressed to me that it was time consuming and a real "pain for me" to apply over the phone and that he'd have to run a full credit check, etc. on me, even though I already had a Mastercard with them and had had an RBC credit card and other RBC accounts for almost 40 years.  Ahh, maybe it was coming up on his break time, and he didn't want to miss his break!!!!!


----------



## minnie56

JeannieJay said:


> The rep I spoke to about the Cdn based one certainly wasn't trying to get me to sign up for it.  He actually seemed to be encouraging me NOT to get it.  He expressed to me that it was time consuming and a real "pain for me" to apply over the phone and that he'd have to run a full credit check, etc. on me, even though I already had a Mastercard with them and had had an RBC credit card and other RBC accounts for almost 40 years.  Ahh, maybe it was coming up on his break time, and he didn't want to miss his break!!!!!



For the U.S based one?
Maybe..
I opened mine when RBC was conducting business as RBC Centura in Florida and still have the bank acct there as well as a US account here. Bit overkill I guess ..


----------



## JeannieJay

minnie56 said:


> For the U.S based one?
> Maybe..
> I opened mine when RBC was conducting business as RBC Centura in Florida and still have the bank acct there as well as a US account here. Bit overkill I guess ..



No, he was discouraging me against the Canadian based one.  And encouraging me to get a U.S. based one.  And this was through online banking here in Canada.

Who knows. I'll just stick with my Canadian cc for now and suck it up.


----------



## minnie56

JeannieJay said:


> No, he was discouraging me against the Canadian based one.  And encouraging me to get a U.S. based one.  And this was through online banking here in Canada.
> 
> Who knows. I'll just stick with my Canadian cc for now and suck it up.


Hmmm wonder why?


----------



## sweethannah

I'm sure it's been mentioned but it's a looong thread so bear with me. BMO offers a USD MC with a 35$ annual fee which is waived if you charge a minimum 1000$ per year. You don't need an account with them to apply for the card and you can bring in US cash to pay the bill. CIBC offers prepaid credit cards in USD EURO and GBP but you do need an account with them to purchase.


----------



## efrant

sweethannah said:


> [snip]
> 
> CIBC offers prepaid credit cards in USD EURO and GBP but you do need an account with them to purchase.


If you are talking about this card (https://acconversion.cibc.com/cholder/ccartwelcome.action) then you don't need an account with CIBC to get one. Keep in mind that the card still dings you for the 2.5% f/x fee, just like most other cards.


----------



## sweethannah

It's these cards here: https://www.cibc.com/en/personal-banking/prepaid/cibc-smart-prepaid-travel-visa-card.html


----------



## LoveMMC

So we used our amazon for every us purchase to save the conversion fee. Husband just found out it’s folding in March!!!! Any other options that a free and don’t charge the extra per purchase.


----------



## Donald - my hero

LoveMMC said:


> So we used our amazon for every us purchase to save the conversion fee. Husband just found out it’s folding in March!!!! Any other options that a free and don’t charge the extra per purchase.


*There's a whole thread about this change ..here's the link*
*Amazon Visa Card*


----------



## Tam&Sam

Donald - my hero said:


> *There's a whole thread about this change ..here's the link*
> *Amazon Visa Card*


Same with the Marriott card. We looked around and there are 2 cards available, it’s either the Rogers or the Fido MasterCard. 
If I remember properly, the Fido is free (or very small fee) and both give you cash back that can be applied on a punctual basis towards your Rogers/Fido account or you can receive the whole cash back at the end of the year in a form of a cheque. 
There is a 3rd option from Home Owner Equity bank but the reviews online where terrible, it seemed like a very unreliable card. 
Unrelated P.S. For Marriott cardholders, they will issue the one night certificate for 2018 as a gift and there are rumours of an offer to switch to the SPG Amex. The rumoured bonus is 25K points which can give you a couple nights at the Swan & Dolphin.


----------



## jelo

We are planning on an October 2019 trip.

I see this thread hasn't been updated in awhile and wondered whate the best way to avoid the foreign conversion rate is now?

I do have a US account with Meridian Credit Union, but my CC is Capital One.
We will have the $$ to pay for the trip, but I would like to know if I should get Disney gift cards or a US account.

We've travelled in the US a lot, I just never realized I was getting charged extra until I read these pages!


----------



## efrant

jelo said:


> We are planning on an October 2019 trip.
> 
> I see this thread hasn't been updated in awhile and wondered whate the best way to avoid the foreign conversion rate is now?
> 
> I do have a US account with Meridian Credit Union, but my CC is Capital One.
> We will have the $$ to pay for the trip, but I would like to know if I should get Disney gift cards or a US account.
> 
> We've travelled in the US a lot, I just never realized I was getting charged extra until I read these pages!


Hopefully if I find the time, I'll put together a bunch of info in a new thread, as most of the content here is old.

To answer your question, the best way to avoid the 2.5% f/x fee that's charged in the U.S. when you use Canadian debit cards and most Canadian credit cards is to use either a no-f/x fee Canadian credit card or get a U.S. credit card. The easiest and most cost-effective method is to use a no-f/x fee Canadian credit card.

These are the only credit cards in Canada currently that do not charge you the f/x fee:


Home Trust Preferred Visa. No annual fee. https://www.hometrust.ca/credit-cards/preferred-visa-card/
Brim MasterCard. No annual fee. https://brimfinancial.com/
Brim World MasterCard. $99 annual fee. https://brimfinancial.com/
Brim World Elite MasterCard. $199 annual fee. https://brimfinancial.com/
Scotia Passport Visa Infinite. $139 annual fee. https://www.scotiabank.com/ca/en/personal/credit-cards/visa/passport-infinite-card.html
HSBC World Elite MasterCard. $149 annual fee. https://www.hsbc.ca/1/2/personal/banking/credit-cards/hsbc-world-elite-mastercard?pid=QTT0000566

There is also the Rogers World Elite MasterCard (no annual fee), though this card charges you the 2.5% f/x fee but gives you 4% cashback to offset it. https://rogersbank.com/en/rogers_worldelite_mastercard_details

I've included links for all the cards, so you can compare, as each card has a different sign-up bonus, annual fee, reward structure, and benefits/insurance. For example, the Home Trust Visa is a straight 1% cashback on all your USD purchases, but it has a 10 transaction/day limit. The Rogers MC has a net 1.5% cashback on all your USD purchases, but you don't get refunded the 2.5% fee if you return a purchase. The Scotia Visa and HSBC MC have great insurance packages and other benefits (lounge access on the Scotia card, travel credit on the HSBC card, etc), but they have hefty annual fees. Everyone of us has different needs/wants, so you need to choose the best card for you.

Do not get fooled into getting a USD credit card from a Canadian bank. Those credit cards are touted as "no f/x fee" cards, but in reality they are not: you are getting charged in USD, and you need to pay it off in USD. So, unless you have USD income, you will get dinged the 2.5% fee when you convert your CAD to USD to pay off the card. Moreover, most of those cards have annual fees and no rewards, which makes them doubly bad. If you want a credit card that bills in U.S., I would get a credit card from one of the Canadian bank's U.S. subsidiaries. One of the best ones, and one of easiest for Canadians to get, is the TD Bank (as opposed to TD Canada Trust in Canada) Cash Visa: https://www.td.com/us/en/personal-banking/credit-cards/cash-card/ Please note that you will need to have a U.S. bank account to pay off U.S. credit cards, as they cannot easily be paid from a Canadian bank.


----------



## MaMudduck

I have posted this at least 3 times in this thread, but I know it’s a long thread and nobody wants or has time to read the whole thing. First let me disclose: I’m a Financial Sales Rep for CIBC (for 15 yrs).
Just so everything is clear: You are NOT being charged an additional 2.5% fee to when you charge something on any Canadian credit card. What the 2.5% “conversion” fee, that is in your credit card disclosurer is the exchange rate difference (spread) between the trading rate (stocks market) and the sell rate for you to buy US dollars. Eg: The news says: “The US dollar is trading at 1.34 Cdn” If you were to go to your bank and buy US cash you would be paying 1.3668 Cdn (1.34 + 2.5%= 1.3668)
If you buy cash, charge it on a credit card, or use debit you are ALWAYS paying 2.5% somewhere in the exchange process. It is NOT an additional fee. The reason it is worded like that on the banks/credit card companies disclosures is because many years ago credit card had all different “spread” amounts on foreign currency purchases. One card would be as high as 4%, some 3.6% ripping off the customers by not disclosing the true amount of exchange fees. It was hidden in the exchange rate. That’s why it was legally changed to protect the consumer. There are still cards that charge higher exchange fees but it has to be disclosed in the fine print.

****Main point*****
There is NOT an additional fee to make foreign purchases on most Canadian credit cards!
You pay the same 2.5% when buying cash, use a credit card or debit card.
Having a prepaid US Debit Card or US Visa card is only for convenience! Someway or other you will be converting Cdn dollars into US and be paying 2.5% to do that.
I can (as many others here also have already done too) list the reasons why those other methods are convenient and would work.


----------



## lilsonicfan

That's very helpful, MaMudduck.  I have a US$ Visa card and US$ bank account through TD (in Canada), but the way I try to lessen the hit of exchange is to exchange money at a private currency exchange place.  E.g. right now, the place that is across the street from me sells USD at $1.345 Canadian.  TD's posted cash exchange rate is $1.3741.  Their non-cash rate is $1.3709.  Even the preferred rate they have right now for me is $1.3648.  So I buy USD, then walk it over to the TD, deposit it in my USD bank account and transfer it to my US$ Visa.


----------



## efrant

MaMudduck said:


> I have posted this at least 3 times in this thread, but I know it’s a long thread and nobody wants or has time to read the whole thing. First let me disclose: I’m a Financial Sales Rep for CIBC (for 15 yrs).
> Just so everything is clear: You are NOT being charged an additional 2.5% fee to when you charge something on any Canadian credit card. What the 2.5% “conversion” fee, that is in your credit card disclosurer is the exchange rate difference (spread) between the trading rate (stocks market) and the sell rate for you to buy US dollars. Eg: The news says: “The US dollar is trading at 1.34 Cdn” If you were to go to your bank and buy US cash you would be paying 1.3668 Cdn (1.34 + 2.5%= 1.3668)
> If you buy cash, charge it on a credit card, or use debit you are ALWAYS paying 2.5% somewhere in the exchange process. It is NOT an additional fee. The reason it is worded like that on the banks/credit card companies disclosures is because many years ago credit card had all different “spread” amounts on foreign currency purchases. One card would be as high as 4%, some 3.6% ripping off the customers by not disclosing the true amount of exchange fees. It was hidden in the exchange rate. That’s why it was legally changed to protect the consumer. There are still cards that charge higher exchange fees but it has to be disclosed in the fine print.
> 
> ****Main point*****
> There is NOT an additional fee to make foreign purchases on most Canadian credit cards!
> You pay the same 2.5% when buying cash, use a credit card or debit card.
> Having a prepaid US Debit Card or US Visa card is only for convenience! Someway or other you will be converting Cdn dollars into US and be paying 2.5% to do that.
> I can (as many others here also have already done too) list the reasons why those other methods are convenient and would work.


That is very misleading. Particularly this part: "If you buy cash, charge it on a credit card, or use debit you are ALWAYS paying 2.5% somewhere in the exchange process. It is NOT an additional fee. "

You are correct, it is not an additional fee. When I go to the bank to buy USD, I get charged the 2.5% as well. However, some cards, i.e., the cards I listed above charge you 2.5% less than other Canadian cards.

For example, let's assume the USD is trading at 1.34 CAD. if I use my CIBC AeroGold Visa Infinite to purchase an item worth US$100, the charge that will appear on my credit card will be around C$137.62. If I purchase the same item using my Scotiabank Passport Visa Infinite, that same item for US$100 will generate a charge of US$134.27. That is because the Scotia uses the Visa rate, while the CIBC card uses the Visa rate + 2.5%. So, even though it's not disclosed as an extra fee, i.e., when I look at my statement, all I see is a charge of US$100 @1.3762, the CIBC card has an additional 2.5% charge built into its exchange rate over the Scotia Passport Visa Infinite exchange rate. A quick look at the disclosure documents for each card will clearly show you the difference in fees (highlighting is my own):

*CIBC AeroGold Visa Infinite: *"We will convert Transactions or credits for returns in a foreign currency to Canadian dollars at the rate of exchange charged to CIBC *plus the administration fee* set out in the Summary of Rates and Fees." 

*Scotia Passport Visa Infinite:* "With your Scotiabank Passport Visa Infinite card, you will not be charged a foreign currency conversion mark-up on international foreign currency purchases online or outside of Canada. Only the exchange rate will continue to apply."

But hey, don't take my word for it. Try making a US$1 purchase on the same day using one of the credit cards in my list, and then try with a different credit card and see the difference in the purchase charge to your credit card yourself. And if you don't believe it after one transaction, try again on a different day for confirmation.

So while yes, you generally get charged the same 2.5% fee whether you use a debit card (actually, some debit cards are even higher, e.g., the TD debit card is 3.5%), credit card or buy USD from the teller at the bank, you do not get charged that 2.5% on the credit cards I listed.


----------



## MaMudduck

lilsonicfan said:


> That's very helpful, MaMudduck.  I have a US$ Visa card and US$ bank account through TD (in Canada), but the way I try to lessen the hit of exchange is to exchange money at a private currency exchange place.  E.g. right now, the place that is across the street from me sells USD at $1.345 Canadian.  TD's posted cash exchange rate is $1.3741.  Their non-cash rate is $1.3709.  Even the preferred rate they have right now for me is $1.3648.  So I buy USD, then walk it over to the TD, deposit it in my USD bank account and transfer it to my US$ Visa.


Excately my point, that’s the advantage of having a US bank account and US Visa card, to lessen the exchange rate flucations, buying it when its lower somewhere else, instead of being subject to the rates at the time of your vacation.


----------



## lilsonicfan

efrant said:


> These are the only credit cards in Canada currently that do not charge you the f/x fee:
> 
> 
> Home Trust Preferred Visa. No annual fee. https://www.hometrust.ca/credit-cards/preferred-visa-card/
> Brim MasterCard. No annual fee. https://brimfinancial.com/
> Brim World MasterCard. $99 annual fee. https://brimfinancial.com/
> Brim World Elite MasterCard. $199 annual fee. https://brimfinancial.com/
> Scotia Passport Visa Infinite. $139 annual fee. https://www.scotiabank.com/ca/en/personal/credit-cards/visa/passport-infinite-card.html
> HSBC World Elite MasterCard. $149 annual fee. https://www.hsbc.ca/1/2/personal/banking/credit-cards/hsbc-world-elite-mastercard?pid=QTT0000566



Thanks for posting these, efrant.  The Brim M/C is tempting, esp as we will be in Europe next year and it would be nice to make purchases there without worrying about extra forex fees.  I haven't heard many good things about the Home Trust one.  And am hesitant to pay annual fees on any other card esp as I have the TD US$ Visa card already.


----------



## efrant

lilsonicfan said:


> Thanks for posting these, efrant.  The Brim M/C is tempting, esp as we will be in Europe next year and it would be nice to make purchases there without worrying about extra forex fees.  I haven't heard many good things about the Home Trust one.  And am hesitant to pay annual fees on any other card esp as I have the TD US$ Visa card already.


I don't have the Brim card myself, but it seems pretty good (now that they have gone through their growing pains). For my purposes, the Scotia card was the one I went with, and I'm pretty happy with it.

As for your TD US$ Visa, I have that as well (I get it for no annual fee with my package), but I would not recommend using it at all, unless you have USD income or financial assets. And even then, the card doesn't earn rewards, so your opportunity cost is the value of the unearned rewards. There are plenty of reward-earning US credit cards available to Canadians that you shouldn't have to use a non-rewards earning card. I spend a substantial amount in USD, and if I wasn't collecting rewards on that spend, I would have lost thousands of dollars over the years. If you want a USD card (and have the means to buy USD cheaply to pay it off), I suggest the TD card I mentioned in my post. It is issued by TD Bank N.A., a full-fledged U.S. bank, not by TD Canada Trust. It is very easy to get as a Canadian (as long as you have an address, mailing or otherwise, in the U.S.). It gives you 3% cashback on dining spend and 2% on grocery spend. Plus it has no f/x fee, so you can use it in Canada (if you wanted) and not get charged the 2.5% fee. (The TD USD Visa card you have does charge the 2.5% fee, so if you use it in Canada, you will get dinged.)


----------



## lilsonicfan

It's a fine balance for me, I don't really spend much in USD - really, the biggest spend has been the two Disney cruises I've put on there (getting Costco rewards instead for that).  Good tips though, really appreciate it.  The USD card has been helpful (I also don't pay an annual fee on it) for cross-border shopping trips and such, but I spend far and wide more money in CAD.  I think the hassle so far of getting a US-based card and account has been what has stopped me - but food for thought, for sure.


----------



## isabellea

I have Brim and so far I like it.


----------



## efrant

lilsonicfan said:


> It's a fine balance for me, I don't really spend much in USD - really, the biggest spend has been the two Disney cruises I've put on there (getting Costco rewards instead for that).  Good tips though, really appreciate it.  The USD card has been helpful (I also don't pay an annual fee on it) for cross-border shopping trips and such, but I spend far and wide more money in CAD.  I think the hassle so far of getting a US-based card and account has been what has stopped me - but food for thought, for sure.


I hear you. The U.S. setup may not be worth it if you don't spend a lot of time/money down there. But as an existing TD Canada Trust customer, you'd be surprised at how easy it is to arrange. I set up my TD Bank N.A. checking account in less than 10 minutes, done completely on line. Then I called the cross-border team the next morning to transfer US$100 from my TD Canada Trust US$ account to my TD Bank checking account. The funds showed up a couple of hours later in the U.S. (no fees to transfer from TDCT to TDB or vice-versa), and with a minimum US$100 balance in my TDB checking account, the monthly fees are waived. And they send you a U.S. Visa Debit card to your Canadian address. Getting a credit card is just as easy. Like you said, food for thought. Something to keep in mind if you ever do feel its worth getting a cross-border set-up.


----------



## goalcam

Does anyone have any experience with Banner Bank? I'd read about them on RedFlagDeals and signed up but they didn't give me the debit card on the spot.. I'm hoping that it arrives in the mail before my trip down to DL in a few weeks. I think combined with a Transferwise account I should be fully set up for incurring a minimum amount of foreign exchange fees.


----------



## jelo

lilsonicfan said:


> Thanks for posting these, efrant.  The Brim M/C is tempting, esp as we will be in Europe next year and it would be nice to make purchases there without worrying about extra forex fees.  I haven't heard many good things about the Home Trust one.  And am hesitant to pay annual fees on any other card esp as I have the TD US$ Visa card already.



I hope Home Trust is okay, I just applied for one!!  :}


----------



## bcwife76

Since my trusty Amazon card went the way of the do-do bird last year I've been looking for another card to avoid the Forex fee. Bit the bullet and DH and I got the Scotia Passport Visa. Though it does charge an annual fee (which we always avoid with other credit cards), we cruise a lot with Disney etc so the savings from the 2.5% fee will more than cover that yearly fee. Plus the free airport lounge visits are a nice touch


----------



## Rangers67

efrant said:


> Hopefully if I find the time, I'll put together a bunch of info in a new thread, as most of the content here is old.
> 
> To answer your question, the best way to avoid the 2.5% f/x fee that's charged in the U.S. when you use Canadian debit cards and most Canadian credit cards is to use either a no-f/x fee Canadian credit card or get a U.S. credit card. The easiest and most cost-effective method is to use a no-f/x fee Canadian credit card.
> 
> These are the only credit cards in Canada currently that do not charge you the f/x fee:
> 
> 
> Home Trust Preferred Visa. No annual fee. https://www.hometrust.ca/credit-cards/preferred-visa-card/
> Brim MasterCard. No annual fee. https://brimfinancial.com/
> Brim World MasterCard. $99 annual fee. https://brimfinancial.com/
> Brim World Elite MasterCard. $199 annual fee. https://brimfinancial.com/
> Scotia Passport Visa Infinite. $139 annual fee. https://www.scotiabank.com/ca/en/personal/credit-cards/visa/passport-infinite-card.html
> HSBC World Elite MasterCard. $149 annual fee. https://www.hsbc.ca/1/2/personal/banking/credit-cards/hsbc-world-elite-mastercard?pid=QTT0000566
> 
> There is also the Rogers World Elite MasterCard (no annual fee), though this card charges you the 2.5% f/x fee but gives you 4% cashback to offset it. https://rogersbank.com/en/rogers_worldelite_mastercard_details
> 
> I've included links for all the cards, so you can compare, as each card has a different sign-up bonus, annual fee, reward structure, and benefits/insurance. For example, the Home Trust Visa is a straight 1% cashback on all your USD purchases, but it has a 10 transaction/day limit. The Rogers MC has a net 1.5% cashback on all your USD purchases, but you don't get refunded the 2.5% fee if you return a purchase. The Scotia Visa and HSBC MC have great insurance packages and other benefits (lounge access on the Scotia card, travel credit on the HSBC card, etc), but they have hefty annual fees. Everyone of us has different needs/wants, so you need to choose the best card for you.
> 
> Do not get fooled into getting a USD credit card from a Canadian bank. Those credit cards are touted as "no f/x fee" cards, but in reality they are not: you are getting charged in USD, and you need to pay it off in USD. So, unless you have USD income, you will get dinged the 2.5% fee when you convert your CAD to USD to pay off the card. Moreover, most of those cards have annual fees and no rewards, which makes them doubly bad. If you want a credit card that bills in U.S., I would get a credit card from one of the Canadian bank's U.S. subsidiaries. One of the best ones, and one of easiest for Canadians to get, is the TD Bank (as opposed to TD Canada Trust in Canada) Cash Visa: https://www.td.com/us/en/personal-banking/credit-cards/cash-card/ Please note that you will need to have a U.S. bank account to pay off U.S. credit cards, as they cannot easily be paid from a Canadian bank.




I just tried to apply for the TD Bank card and the eligibility requirements say that you must reside in the US and have a US address. Is this a change?


----------



## efrant

Rangers67 said:


> I just tried to apply for the TD Bank card and the eligibility requirements say that you must reside in the US and have a US address. Is this a change?


After re-reading my post, I realize that I should have been more clear and provided more details.

You do not need to be a U.S. resident to apply for the TD Bank Cash Visa, however, yes, you do need a U.S. address (and it has to be in TD Bank's U.S. footprint, i.e., mostly in the North East) for TD Bank's file.

Additionally, you cannot apply online for a TD Bank credit card as a non-resident. TD Bank has a separate credit card application form for foreign nationals that you have to fax in. The form is here: https://www.tdbank.com/exc/pdf/Foreign-National-Application.pdf  What many people do for the U.S. address requirement is to use a mail forwarder (like mymallbox or something similar) or a pick up location or a relative's address.

I'm happy to answer any questions about filling out the form.

EDIT: Another option (though the card is not as good) is a Visa card through RBC Bank: https://www.rbcbank.com/cross-border/us-credit-cards.html#newcreditcard I not 100% sure, but I don't believe RBC Bank has any U.S. address requirement.


----------



## minnie56

I have 2 RBC USD Visa cards 
One here and a USD chequing acct here and the Black one in the link above ..I do also have an RBC USD Bank account that I opened years ago in Florida with RBC Centura. They closed the physical branches down but my account is still there - somewhere - in Georgia I think? No matter , it allows me to pay US bills including the Blk Visa and I have a debit/visa card for it as well. It’s very convenient.


----------



## Rangers67

efrant said:


> After re-reading my post, I realize that I should have been more clear and provided more details.
> 
> You do not need to be a U.S. resident to apply for the TD Bank Cash Visa, however, yes, you do need a U.S. address (and it has to be in TD Bank's U.S. footprint, i.e., mostly in the North East) for TD Bank's file.
> 
> Additionally, you cannot apply online for a TD Bank credit card as a non-resident. TD Bank has a separate credit card application form for foreign nationals that you have to fax in. The form is here: https://www.tdbank.com/exc/pdf/Foreign-National-Application.pdf  What many people do for the U.S. address requirement is to use a mail forwarder (like mymallbox or something similar) or a pick up location or a relative's address.
> 
> I'm happy to answer any questions about filling out the form.
> 
> EDIT: Another option (though the card is not as good) is a Visa card through RBC Bank: https://www.rbcbank.com/cross-border/us-credit-cards.html#newcreditcard I not 100% sure, but I don't believe RBC Bank has any U.S. address requirement.



Thank you!


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## FigmentSpark

BMO has a USD MasterCard.  There is no requirement for a US address.  $35 or spend $1000 in the calendar year on it to waive the fee.  Pretty reasonable.


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## efrant

FigmentSpark said:


> BMO has a USD MasterCard.  There is no requirement for a US address.  $35 or spend $1000 in the calendar year on it to waive the fee.  Pretty reasonable.


Yes, that's reasonable if you spend at least $1,000 a year and not a lot more. I think I mentioned it earlier: USD cards issued by Canadian banks don't give you any rewards/points/cashback (or whatever you'd like to call it) on your spend. And you have to buy USD to pay it off (assuming you have no USD income of course).

Let's run through a little scenario, and I'd like to hear your thoughts. Assume annual spending is US$10,000, and for simplicity, let's assume all of that spending is on "travel" (hotels, car rentals, cruises, vacation packages, airfare, etc) and "dining" categories.

Using the BMO USD MC, you would pay no annual fee, and get nothing in return for your spending. Your only cost would be the fee to convert your CAD to USD to pay off the card. (I realize everyone can buy USD at varying fees over spot, but let's assume worst case of 2.5%.) With this card, you are now down US$250.

Using an annual fee US-based card (e.g., Chase's Sapphire Reserve Visa, which gives you 4.5% return on travel and dining spend), you would pay the annual fee (which is US$150 net of a travel credit it gives you), and get US$450 for your spending. Again, you would have the cost to convert your CAD to USD to pay off the card. Assuming the same 2.5%, now with this card, you are up US$50 (or a US$300 savings vs the BMO MC). On top of that, you get free airport lounge access for you and two guests, and some other benefits.

Using the no annual fee Brim card or the Home Trust card (both are Canadian no-f/x fee, 1% earning cards), you would pay no annual fee, and get US$100 clear. There's no need to buy USD, because the card charges in CAD, not USD.

Using a regular Canadian no annual fee, 1% earning CAD card, you would get US$100, but you would be paying US$250 in f/x fees on the card, so you are down US$150.

Now, granted, this is a specific example (US$10k spend, worst f/x fee to buy USD, etc), but for someone who does spend ~US$10k annually and has no USD income, it's pretty clear (at least in this specific example) that USD cards issued by Canadian banks are the worst of all the options, because they don't provide any rewards for your spending AND you have to buy USD to pay them off.


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## kjoneill

Wouldn't it be great if Canadians could get the Disney Rewards Visa card?


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## efrant

kjoneill said:


> Wouldn't it be great if Canadians could get the Disney Rewards Visa card?


You actually can, but it takes a bit of work. (I don't have either of the Disney cards, but as a Canadian, I was able to get approved for two other Chase cards.) That said, if you are going to go through the effort to get U.S. credit cards, and particularly Chase cards, then you should go for other cards, because the Chase Disney cards are among the poorest value cards that Chase offers (despite their cool look!  ). The Disney Visa (no annual fee) gives you 1% back on all your spend, and the Disney Premier Visa (US$49 annual fee) gives you 2% on gas/grocery/restaurants and at most Disney locations and 1% everywhere else. Every other card that Chase offers beats the Disney Visa, and many of them beat the Disney Premier Visa. Additionally, as a Canadian, you'll be losing money each time you use those cards, unless you have USD assets or income, because there are fees to convert CAD to USD in order to pay off the card.


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## yowcruiser

In the no FX Markup category, Scotiabank is "upgrading" their Gold American Express card.  Effective August 1st, FX markup will no longer apply. Annual fee will go up though and it is Amex - so really good for travel but so so for everyday spending.  This is a card with a great reward program (moving to 5X and 3X rewards on select categories). However, all spending in foreign currency will only see 1point per $ spent, regardless of category.


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## Skjhjb

Just thought I'd post this here for an FYI in case nobody knew.

We mainly bank with Simplii (formerly President's Choice). But I have my business account at a local credit union -Meridian is the one we have locally. I'm not sure how far reaching their branches are. I recently opened a US account with them, so that I can transfer money to it to have a US slush fund for my son's basketball travel and an upcoming California/Disneyland trip.

A few months after I opened the account, we got a mailer for a US dollar credit card through Meridian. It charges in US funds so no extra fees. And no exchange - because I can only pay it using money from my US bank account. I earn 1 reward point for every $1 US spent. The card carries trip cancellation or interruption insurance as well.

The only drawback I find is that when I pay the card, it isn't an instant transfer (like from my Simplii account to my Line of Credit, or like my DDs CIBC account to her CIBC credit card). It takes a few days.

I've used it for a few US purchases, and we used it for hotel/meals while in Rochester for basketball. Super easy to use and no issues!


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## AngelDisney

bcwife76 said:


> Since my trusty Amazon card went the way of the do-do bird last year I've been looking for another card to avoid the Forex fee. Bit the bullet and DH and I got the Scotia Passport Visa. Though it does charge an annual fee (which we always avoid with other credit cards), we cruise a lot with Disney etc so the savings from the 2.5% fee will more than cover that yearly fee. Plus the free airport lounge visits are a nice touch


Thanks for sharing this card here! I currently use the BMO World Elite (non-AM) Mastercard and it has a $150 annual fee. This one offers better features and costs less. Just applied for it online, and it will be mailed to me just in time to book flights for our cruise next summer. We already have the BMO USD Mastercard for Disney/US travel. This card is great for non-Disney/US travel. Too bad I didn’t check this thread earlier. Otherwise we could have used it during our recent trip to Japan.


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## FigmentSpark

Amazon.ca has a new MasterCard issued by MBNA.

https://www.amazon.ca/gp/product/B0...e=vc&imp=1c82f112-d5b1-4f3c-95be-e6f711756073
Looks like if you're a prime member, you can get 2.5% cashback on your foreign transactions.  But you are still charged 2.5% in the first place.

https://www.amazon.ca/gp/help/customer/display.html?nodeId=GHLPTKJMPSWGJC4D


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## qbacreative

good info!


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## FigmentSpark

BMO offers up to 20 accounts for one price a month.  So if you were doing all your banking with them, having one or two USD accounts would cost no more than having none.  Their USD Mastercard is I think $35 a year, but that is waived if you spend at least $1000 on it in the calendar year.


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## qbacreative

Thanks that info FigmentSpark!


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## Grandstander1

We used the BMO US$ MC for a long time. We always covered the 1000$ with Disney cruise bookings. We have dropped the card because we got a card with a better deal (my wife works for a competing bank). Were this not the case we would still have it


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## FigmentSpark

Just got my Rogers' World Elite statement.  As of June 2, they are changing the perks from 4% to 3% and they will be requiring an annual spend of $15000 a year to keep the card (or be downgraded to something else).


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## FigmentSpark

These are the Rogers/Fido changes:

Fido Mastercard:



Rogers Platinum Mastercard:



Rogers World Elite Mastercard:




For more details:
https://rogersbank.com/en/changes


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## bankr63

So it will be over a year from now before we drop down from Elite to Platinum, and since the only reason I have the card is to reduce my Forex to zero effectively, then the Platinum card will do just fine for me.  Yes, I won't be getting any real cash back, but the 3% is still better than the 2.5% forex.  Might feel differently if I actually used the benefits, but we use PC for all our household purchases in Canada as it gets us thousands of $$ off groceries per year.  
I guess I will miss the dropping of the cash back on ALL foreign currency the next time we head down to Mexico, but in the age of COVID I have no idea when that might be.


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## Queenjacko

Finally figured out the RBC US thing to pay my DVC dues. Made a Canadian cross boarder savings account and also made a US RBC account (based out of Georgia) so I can transfer USD from one to the other with no fees. They are also sending me an American debit card which will be handy to withdraw American spending money while I am on vacation. Thanks for pointing me in the right direction with this thread y’all.


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## minnie56

Queenjacko said:


> Finally figured out the RBC US thing to pay my DVC dues. Made a Canadian cross boarder savings account and also made a US RBC account (based out of Georgia) so I can transfer USD from one to the other with no fees. They are also sending me an American debit card which will be handy to withdraw American spending money while I am on vacation. Thanks for pointing me in the right direction with this thread y’all.


RBC also have a USD Visa based out of the US that’s handy ..


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## bfost87

minnie56 said:


> RBC also have a USD Visa based out of the US that’s handy ..



It sure is! I used it as my first US card, now I’ve for a few other US AMEX cards as well


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## VGF-Home

Is it possible for Canadians to get the Disney Visa card.  I am interested in this credit card not for the points but because it gives discounts off meals and merchandise at Disney.  I purchased my DVC second hand and as such do not get the same discounts as members that purchased directly from disney.


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## efrant

VGF-Home said:


> Is it possible for Canadians to get the Disney Visa card.  I am interested in this credit card not for the points but because it gives discounts off meals and merchandise at Disney.  I purchased my DVC second hand and as such do not get the same discounts as members that purchased directly from disney.


It is, but it is not an easy or quick process.

You need to have:

1) a U.S. address
2) a SSN or ITIN
3) at least one year of U.S. credit history


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## Dmbpjfan

efrant said:


> It is, but it is not an easy or quick process.
> 
> You need to have:
> 
> 1) a U.S. address
> 2) a SSN or ITIN
> 3) at least one year of U.S. credit history



 I got the disney chase visa in January and it was painless. I went with the no annual fee. I have a us address, used my Canadian sin and the only us credit I have is a target card that I’ve had since 2012


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## efrant

Dmbpjfan said:


> I got the disney chase visa in January and it was painless. I went with the no annual fee. I have a us address, used my Canadian sin and the only us credit I have is a target card that I’ve had since 2012


If you used your Canadian SIN, then you are essentially using someone else's credit profile. Canadian SINs are the same format as U S. SSNs, but that doesn't mean you can use them on U.S. credit applications. The U.S. credit card issuer has no idea that it's a SIN and not a SSN/ITIN. Now, your name is attached to a SSN that may belong to someone else, or that may not have been assigned yet. It's akin to someone using your SIN here in Canada to open a new credit account.


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## bfost87

efrant said:


> It is, but it is not an easy or quick process.
> 
> You need to have:
> 
> 1) a U.S. address
> 2) a SSN or ITIN
> 3) at least one year of U.S. credit history


Confirmed. It’s not easy. I have a US address, a US SSN, and have more than 2 years of credit history (including 5 cards over 3 different companies), and I’ve been unable to crack Chase.


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## efrant

bfost87 said:


> Confirmed. It’s not easy. I have a US address, a US SSN, and have more than 2 years of credit history (including 5 cards over 3 different companies), and I’ve been unable to crack Chase.


I got lucky and managed to get a first card with them after a year's worth of credit history. Had three other credit cards at the time of application (Amex, RBC Bank, TD Bank). What I've seen (from others who've had difficulty) that helps in getting approved is opening a checking account with them (and remember that Chase won't approve you for any credit card if you've opened more than four credit cards in the past 24 months). I've gotten several Chase cards since then. I still plan to get a Disney card, but it's last on my list. (Although it would be cool to pull out a Disney card from my wallet, I find I get much more value from their other cards).


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