Compiled Credit Card ForeignExchange Fee Compendium
I took this from the thread regarding Aerogold's foreign exchange commission, so I apologize if there are any incorrect numbers. Post in the thread if something's wonky.
Laurentian Bank Visa 1% (Thanks parnel)
ScotiaBank Cards 1.8% (Thanks Szut)
Mosaik M/C 1.8%
Diners Club 2.0%
TD Travel 2.0%
AmEx Platinum 2.2%
CIBC Aerogold 2.5%
RBC Avion 2.5%
MBNA M/C 2.5%
AmEx Cashback 2.75%
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[This message has been edited by YYCOllie (edited Jan 12, 2004).]
When I noticed it I contacted the conference organizer and they refunded the money to my credit card but with RBC the US$1700 converted with fees both ways ended up being a C$120+ difference to my detriment :( Avion is now making it difficult to get the money back by asking me to write and provide back up documents when they can clearly see 2 charges and 1 refund for the same US$ amount and the spread with the errornous 2nd charge and the refund. ...
I had a similar problem with Avion when National in the UK overcharged me. I phoned National when I received the bill, they apologized and said they would issue a credit. But instead of a credit, they reversed the first charge and put through a second (correct) charge. I got caught paying conversion fees both ways, which ended up costing me ~$40. That's not a lot, but I was upset over the principle of the thing and decided to kick up a fuss. I called Avion to complain, talked to an agent and then a supervisor, refused to accept their explanation about fluctuating bank rates (which only proved that they had no idea what I was talking about), and eventually they gave me a $30 credit I think to shut me up since they still did not seem to understand why I was upset.
Two of us booked/cancelled tickets on a web site for full fare tickets and WOW its a huge difference.
Amex for the transaction worked out to be + $30 and my Avion card worked to be -$500.
the tickets were both booked online and cancelled online and the exact same time! Just two different cards were used.
The tickets were purchased then cancelled two days later.
Interesting when I called Avion they "just acted stupid" They did not understand even after speaking to a supervisor how they could be so uncompetitive to Amex.
I have written a letter over 1 month ago and still not heard from Avion.
Anyhow just a heads up not all card companies use the same exchange rate! So the 1 to 2.5% fees are not that important if they use a poor exchange rate.
For example, buying an intra-European or intra-Asian ticket from Canada?
You would have to look for a fare that is SOTO. Sold out of country, Ticketed out of country.
The SITI is Sold in country, Ticketed in country. This means that you have to be there to get the fare. Even if buying on the internet you need to fool the website into believing that you are somewhere that you are not.
This is not the only credit card company to do this. I now only pay cash (i.e. use an ATM) if I think there is any chance I may return an item for a refund. I also use a BMO US$ card for US$ purchases to avoid this charge. Since I have a US$ account, I figure I save money even if I do not get my normal amount of aeroplan points from CIBC or wherever. The US card is included free as part of their iconnect plan, which is free to seniors, otherwise $11/ month. It also includes 2 free foreign interac withdrawals per month.
http://www.fcac-acfc.gc.ca/eng/publications/ccc/0104/pdfs/SFees-e.pdf
is updated as of March 2005.
Anybody have an updated URL?
The SITI is Sold in country, Ticketed in country. This means that you have to be there to get the fare. Even if buying on the internet you need to fool the website into believing that you are somewhere that you are not.
That's what I thought. Err... proxies? :D
SITI, SOTO, SOTI and SITO indicate where the ticket was issued ie SITI appears on most tickets sold. It means the ticket was sold and ticketed within the country.
You only need to worry whether a ticket is SITI or SOTO when you are buying certain first or business class full-fare tickets where a routing might involve higher intermediate points.
Assume the following (the fares are fictional): [we will use CAD in our examples and roundtrip routings]
YVR-TYO is CAD 6900
YVR-HKG is CAD 5500
In this case TYO is the higher intermediate point.
When ticketed SITI, the following fares apply: (X/ denotes connection less than 24 hours)
1) YVR X/TYO HKG X/TYO YVR TOTAL FARE: CAD 5500
2) YVR TYO HKG TYO YVR TOTAL FARE: CAD 6900
When ticketed SOTO, the following fares apply:
1) YVR X/TYO HKG X/TYO YVR TOTAL FARE: CAD 6900
2) YVR TYO HKG TYO YVR TOTAL FARE: CAD 6900
http://www.fcac-acfc.gc.ca/eng/publications/ccc/0104/pdfs/SFees-e.pdf
is updated as of March 2005.
Beautiful! Thanks!
One thing I've wondered for a while. Is it possible to ask for a SITI ticket while in another country?
For example, buying an intra-European or intra-Asian ticket from Canada?
[This message has been edited by Szut (edited 07-27-2003).]
"We will bill you in Canadian currency. If you use your card outside Canada, charging amounts to your Visa Card in a foreign currency, we will convert your charges into Canadian dollars at the exchange rate set by Visa International in effect at the time we post the transaction to your Visa Account.
We will charge you a currency conversion fee of 2.5% for every transaction that is not in Canadian dollars. This amount is included in the effective exchange rate. We will show the effective exchange rate for each transaction on your Visa Statement."
I suspect that all banks use the "VISA" rate.
Cute how they bury their fee into an "effective rate".
[This message has been edited by YYCOllie (edited Jan 12, 2004).]
You mean "Compiled Credit Card Currency Conversion Cost Compendium"?
If you buy a ticket say SEA-LAX-SEA and it is priced in USD, it is better to buy it through a Canadian website as the airline computer system would use the IATA BSR (Bankers Selling Rate) to convert the USD fare into CAD. This often works out to be less than if you booked and paid for the fare in USD and have the credit card company convert it to CAD for you.
MBNA Creditcards in the States: 1%
This gov't brochure:
http://www.fcac-acfc.gc.ca/eng/publications/ccc/0104/pdfs/SFees-e.pdf
is updated as of March 2005.
http://www.fcac-acfc.gc.ca/eng/publications/ccc/0104/pdfs/SFees-e.pdf
"Amex for the transaction worked out to be + $30 and my Avion card worked to be -$500."
This sounds like more than an exchange rate differential for purchase/refund. Sounds like an error of some sort. Please let us know how this was resolved and what the underlying problem was. Curiosity gets the better of me--I would like to know if it is exchange rates, what was the charged exchange rate and what was refunded exchange rate?
So far the difference is "currency rate" of the day the two cards use different rates! Some of it is AMEX lower fees.
I am still waiting for a reply from Avion!
Isn't there sometimes issues in terms of where the itin is ticketed?
SITI, SOTO, SOTI and SITO indicate where the ticket was issued ie SITI appears on most tickets sold. It means the ticket was sold and ticketed within the country.
I couldn't think up of any more C's)
Compiled Canadian credit card currency conversion charges compendium ?
Originally posted by daniellam:
When possible, why not let the airline do the currency conversion for you?
If you buy a ticket say SEA-LAX-SEA and it is priced in USD, it is better to buy it through a Canadian website as the airline computer system would use the IATA BSR (Bankers Selling Rate) to convert the USD fare into CAD. This often works out to be less than if you booked and paid for the fare in USD and have the credit card company convert it to CAD for you.
Isn't there sometimes issues in terms of where the itin is ticketed?
It works for US itins that are ticketerd in CAD. The charge is in CAD and it is cheaper.
Compiled Canadian credit card currency conversion charges compendium ?
http://www.flyertalk.com/forum/biggrin.gif
I think I may send Avion a little note about how uncompetitive their currency fee is. It's like paying for points when using the card outside of Canada.
This sounds like more than an exchange rate differential for purchase/refund. Sounds like an error of some sort. Please let us know how this was resolved and what the underlying problem was. Curiosity gets the better of me--I would like to know if it is exchange rates, what was the charged exchange rate and what was refunded exchange rate?
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I attended a conference and since it was a last minute registeration and they have not had it process before I turned up, they had me sign another form for registration and promised to check if I had paid or not before processing. Something happened and it was not done so I ended up being double charged.
When I noticed it I contacted the conference organizer and they refunded the money to my credit card but with RBC the US$1700 converted with fees both ways ended up being a C$120+ difference to my detriment :( Avion is now making it difficult to get the money back by asking me to write and provide back up documents when they can clearly see 2 charges and 1 refund for the same US$ amount and the spread with the errornous 2nd charge and the refund. The vendor even called them and said the CC should refund me the money but still no resolution since that dept only work bankers hours.
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Posted by jane under xn--g2x675c.com edit
