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Old 06-04-2013, 05:10 PM
 
152 posts, read 481,691 times
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Hello all. I created a thread about being an american that will be relocating to canada and most specifically montreal. I will be renting a furnished studio thats just under 1k a month there short term. I will be flying into montreal airport from nyc. Im not very informed about currency rates and would like your help.


I have 3 us bank accounts. Bank of America, Ingdirect which is now capitalone. I also use a bank called allybank. I have a debit card for all of them. I only have a credit card for bank of america though. Ingdirect and Allybank i only have a credit card.


I researched online and if i use bank of america debit or credit card, i would be charged 3% extra fee when using it in another country. Allybank is 1% and Ingdirect... there seems to be some mixed information. Some ppl say there is a 2.2% fee whereas others say there is no charge at all and capital one is one of the few usa banks that doesnt charge anything.


I was planning to bring $2500 to canada and then exchange the money for canadian dollars but ppl say its bad idea because banks will overcharge you for exchanging money. Others say just order money at your bank such as bank of america but ppl say they will overcharge you as well. I'm planning to stay 3-6 months in montreal. I will be needing cash for food and any other expenses like transportation etc. I don't plan on spending much for entertainment when im there as i will be there myself.


I also will be opening a BMO account.


1. I will be using my credit card to pay for rent at the place im going to be renting from. They will be renting it furnished all inclusive and that includes absolutely everything. So my card will pay for that. So if my rent is $1000/month CAD and i use my CapitalOne Card to pay it assuming there is no fees for using it abroad... does that mean my account will be charged $966.46 in my capital one account? I used the 1000 CAD = 966.46 USD. If i use my allybank debit card to pay the monthly rent which has a 1% currency fee, then it would be 966.46 + (1% of 966.46) = 966.46 + 9.67= 976.13? Is that how you do the math? And thus using bank of america would be the worst idea since they charge higher? I only have a capital one debit card but i read the FAQ and they say it can be used as a credit card or debit card.


2. I will have money in my BMO account as well. So if i do, i guess once i have enough money in my BMO account, then i can basically just use that account for everything and not have to bother with my american debit cards anymore?
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Old 06-04-2013, 07:56 PM
 
Location: Vancouver
12,670 posts, read 8,737,253 times
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You answered your own question with point No. 2.
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Old 06-04-2013, 09:00 PM
 
Location: Oakland, CA
939 posts, read 1,260,545 times
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If you use your American credit card then you have to deal with both the foreign transaction fee and the conversion rate which always has a little commission added on top.

You can withdraw money from your Bank of America account using ScotiaBank ATMs (Scotiabank is one of the five major banks in Canada). You don't have to pay any fees other than the conversion rate. This is the second best option to using your BMO account.

IIRC Canada doesn't have VISA Debit, they have their own cute little Interac debit card system. So all VISA cards are treated as credit cards.
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Old 06-04-2013, 09:14 PM
 
Location: Vancouver
12,670 posts, read 8,737,253 times
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Quote:
Originally Posted by usuario View Post
If you use your American credit card then you have to deal with both the foreign transaction fee and the conversion rate which always has a little commission added on top.

You can withdraw money from your Bank of America account using ScotiaBank ATMs (Scotiabank is one of the five major banks in Canada). You don't have to pay any fees other than the conversion rate. This is the second best option to using your BMO account.

IIRC Canada doesn't have VISA Debit, they have their own cute little Interac debit card system. So all VISA cards are treated as credit cards.
Canada does have Visa Debit, it's just that it's hasn't really taken off probably because ever since ATM's started, people in Canada could use their cards right across the country. This was because of the big five. We didn't have to worry about finding our bank in whatever town or city we visited across the country, even the smallest ones.
Then when pay at the counter came around, Interact made it again very easy.
New Visa Cards | Visa.ca
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Old 06-04-2013, 09:59 PM
 
152 posts, read 481,691 times
Reputation: 46
Quote:
Originally Posted by usuario View Post
If you use your American credit card then you have to deal with both the foreign transaction fee and the conversion rate which always has a little commission added on top.

You can withdraw money from your Bank of America account using ScotiaBank ATMs (Scotiabank is one of the five major banks in Canada). You don't have to pay any fees other than the conversion rate. This is the second best option to using your BMO account.

IIRC Canada doesn't have VISA Debit, they have their own cute little Interac debit card system. So all VISA cards are treated as credit cards.

Thank you.


Okay so if i use BoA account in Scotiabank atm and dont have to pay any fees other than the conversion rate, how much is this?


For example, if i withdraw 500 CAD, that is 482.77 USD. How much would approximately be taken out of my BoA checking account?
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Old 06-04-2013, 10:10 PM
 
152 posts, read 481,691 times
Reputation: 46
Foreign Currency Conversion Fees are an Unwelcome Companion | Credit.com


Is this what you mean by the conversion fees? I see bank of america has a 3 percent fee. So its going to be 482.77 USD times 3 percent of that is the fee which would be close to 15 usd dollars?


I have ingdirect which is capitalone now and it says 0 percent. So would that mean withdrawing would cost me nothing for any charge? Thus 500 CAD atm withdraw would debit my capitalone account of 482.77? Which bank or atm can i use with my capitalone debit card where i won't incur a fee? Nova Scotia ATM or it could be other atm such as bmo or td bank?
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Old 06-05-2013, 10:02 AM
 
Location: Hougary, Texberta
8,565 posts, read 11,062,540 times
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Quote:
Originally Posted by lizardblizzard03 View Post
Foreign Currency Conversion Fees are an Unwelcome Companion | Credit.com


Is this what you mean by the conversion fees? I see bank of america has a 3 percent fee. So its going to be 482.77 USD times 3 percent of that is the fee which would be close to 15 usd dollars?


I have ingdirect which is capitalone now and it says 0 percent. So would that mean withdrawing would cost me nothing for any charge? Thus 500 CAD atm withdraw would debit my capitalone account of 482.77? Which bank or atm can i use with my capitalone debit card where i won't incur a fee? Nova Scotia ATM or it could be other atm such as bmo or td bank?
Plus you get the exchange rate, not the book rate. So exchange to sell would be higher, and sell would be lower. Check with CapitalOne and see if they have any agreements. Look specifically for Plus and Cirrus networks, and your best option is to not use the foreign cards at all, and deal locally.
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Old 06-05-2013, 02:11 PM
 
Location: CFL
903 posts, read 2,239,885 times
Reputation: 979
Usario stated that BOA will only apply a conversion rate. There is no fee whatsoever

I do this frequently . The exact amount i get deducted depands on that day's currency conversion rate. Sometimes when i withdraw $200 CAD from a scotiabank my BOA account is deducted $195 ish USD. Other time $190ish. a few times $203 ish..
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