Canadian Residents: Bank Charges Info For You

4 replies
  • OFF TOPIC
  • |
I live in Canada and as I've done tons of business with US companies over the last two decades I thought it was about time I tried to somehow minimize my foreign exchange fees. So I opened an account with RBC which allows me to open a US Funds accounts located in the States. This is turn allows me to get a USD funds Visa Card which is located in the States. So for the last month I've been happily buying services and WSO's on my US funds Visa card. I say happily until I saw my statement. . ....

Although every transaction was in US funds and my Visa card was US funds I was charged a CROSS BORDER FEE/FOREIGN EXCHANGE FEE for merchants that were based in Canada. So Canadian people be aware of the nickle and diming that's going to go on if you're thinking of doing something similar. Well I was on the phone with them as I typed this and got all the fees waved but now I will have to ask every single time, "Are you in Canada?"

Now the other question being. . .... Are US citizens who are paying in US funds getting charged this Cross Border fee????

:rolleyes: yet one more reason to "Blame Canada!"
  • Profile picture of the author seasoned
    Generally, you get charged a feee for changing currencies. I have dealt with several canadian companies, and never noticed a fee, but THEY dealt in US dollars!

    Steve
    {{ DiscussionBoard.errors[5207372].message }}
    • Profile picture of the author stiflex
      Originally Posted by seasoned View Post

      Generally, you get charged a feee for changing currencies. I have dealt with several canadian companies, and never noticed a fee, but THEY dealt in US dollars!

      Steve
      Same here, i have never gotten a fee
      Signature
      Best Cash! Earn Loads of cash!
      Get 35$ For 1000 Downloads! NO SURVEYS!!!
      Test out a downlaod here

      ***********************************
      {{ DiscussionBoard.errors[5207386].message }}
  • Profile picture of the author Power Solutions
    The reasoning was that Paypal is only the transaction processor but the merchant was actually in another country so the "Cross Border" fee applied. When I've bought from US WSO's there has been no such charges.

    seasoned and stiflex are you two in US buying from Canadian companies and did not get charged any fees?

    If there's other Canadians who are avoiding these type of charges let me know how!
    Signature
    -=: Internet Marketing News :=------=: Resources I Use :=------=: Prime Ad Network :=------=: ?Profit? :=-
    {{ DiscussionBoard.errors[5207643].message }}
    • Profile picture of the author seasoned
      Originally Posted by khawaja1971 View Post

      The reasoning was that Paypal is only the transaction processor but the merchant was actually in another country so the "Cross Border" fee applied. When I've bought from US WSO's there has been no such charges.

      seasoned and stiflex are you two in US buying from Canadian companies and did not get charged any fees?

      If there's other Canadians who are avoiding these type of charges let me know how!
      YEP! I bought stuff from at LEAST two companies that are in canada. One I started about 12 years ago, and another like 3 months ago. BOTH are in US dollars though! Although they ARE canadian with the main branch and who I do business with in CANADA, they price things in US dollars. The prices are also consistant.

      Steve
      {{ DiscussionBoard.errors[5207952].message }}

Trending Topics