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Anubis

CAD credit cards for US citizens?

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I travel to Canada quite frequently, and many of my Canadian friends have "US dollar" credit cards.

 

Has anyone heard of the opposite for Americans who would like to avoid paying foreign transaction fees and unfavorable exchange rates?

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I believe the largest contingent of "US dollar" cards are actually from Canadian banks. I only know of one that's actually from the US which is Nordstrom's. Have you checked with your local banks/CU's? Our anti-money laundering laws make it pretty difficult for non-residents/non-citizens to have a bank acct let alone credit products.

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Has anyone heard of the opposite for Americans who would like to avoid paying foreign transaction fees and unfavorable exchange rates?

There are ways to avoid Forex fees without that with cards like Capital One or certain other cards (Schwab visa, but I believe that's closed to new applicants). I have a debit card with Schwab bank and I'm charged right at the interbank rate and they refund ATM fees.

 

One reason to get a Canadian card is that they have begun adopting the Chip/Pin system and the US hasn't.

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Yes, but again... it's difficult for non-citizens and non-residents to get credit in Canada. Many Canadians with USD credit cards either have them from a Canadian bank, have a US address/residency, or have a Nordstrom's card. Also, having a Canadian credit card and paying from the US involves a complicated bit of nonsense usually involving a paper cheque mailed across the border. It's a tad ridiculous, imho.

 

I don't see how getting a Cap1 card would avoid Forex fees? They're pretty clear about their fee on top of the exchange.

 

You'd be better off staying with a US bank to give you a Canadian dollar credit card which you'd pay from your US bank Canadian dollar bank acct.

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from http://www.capitalone.com/creditcards/help...ing.php#7_pg_sl

7.

Will Capital One® charge me a fee if I use my credit card overseas?

 

Capital One does not charge a fee for using your credit card for foreign currency transactions. Foreign purchases will be converted at the foreign exchange rate in effect at the time of posting the charge.

 

http://www.flyerguide.com/wiki/index.php/C...oreign_Exchange this wiki also lists them at 0%.

 

Do you have any banks to suggest for the OP to get a Canadian$ account from a US card issuer since that was the question after all. I presented a way to avoid forex fees with 2 examples based on my info (charles schwab debit card which i just used last week and didn't pay any forex fees or a US-issued capital one card which I don't have, but is consistently reported to not have forex fees).

Edited by gj83

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That only says that there isn't a foreign transaction fee. It doesn't say anything about the fees for forex.

 

The second link is the same - it's fee only and doesn't speak about forex.

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I'm lost in this thread.

 

The original question was whether US banks offer a credit card in Canadian dollars. Similar to how Canadian banks offer a credit card in US dollars.

 

The answer is...I don't know. A quick view of some of the big USA banks doesn't confirm anything.

 

The original poster would be further ahead, in my opinion, either asking directly in the Credit Forum where there are many others who would have a definite answer. OR. Calling his local bank/CU and asking if they carry one. And if they don't, asking if they know of any banks/CU's that do.

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Well then please explain to me the difference between trading at interbank rates and not paying forex fees. With my Schwab Debit card for my high yield checking account I calculate the rate and it is spot on to the calculation from popular foreign exchange sites. It is not 1% off, it is spot on.

 

If I'm exchanging at exactly what the interbank rate is, how is this different that trading without foreign exchange fees?

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Well the form you showed was for foreign transaction fees not for forex premiums - there is a difference as the transaction fees are either a line item on the statement or built into the fees paid by the merchant. Still though, what the OP is looking for in Canada I do not believe to exist. Cap1 in Canada DOES have a forex premium attached on the exchange.

 

The OP would be better off using a US based credit card, imho, as what they're looking for I just don't believe to exist in Canada and if it does it's a PITA to pay it from a US bank or CU acct.

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Everything I've read about Cap1 US is that they absorb the 1% MC exchange fee and don't impose any of their own so they exchange at interbank at the time the transaction posts. I don't have a Cap1 so I don't have any real life experience.

 

As an American who travels to Canada about 5 times a year I have a Schwab checking account and I withdraw from the ABMs in Canada at interbank and they refund any fees also. I also have used it at at point-of-sale and I've exchanged at interbank.

 

I've also used it online for a purchase in Australia and it exchanged at interbank for the day it posted (which was higher than the purchase date, but still lower than the fees Paypal wanted.)

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Traveling to Canada vs traveling to the US are very different beasts where banking & forex are concerned. I grew up within 45 min of the border and crossed often for things as simple as groceries - still do - and having a Canadian $$ cc from a Canadian bank vs having a Canadian $$ cc from a US bank/CU are very different things when talking about cross border shopping. One is easily paid via the US and one is not.

Edited by Quasei2

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My business partner and I are from NYC. We travel a lot to Montreal, just open a bank account in BMO(Bank Of Montreal) or RSBC. Deposit American dollars in canadian bank and use their debit card. Avoid a lot of fees. Bring licence and passport with you.

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