I live in Canada, and I visit the USA often.

What the Canadian banks do is to manipulate the rate. That is, if the
"prime" exchange rate posted is that $1 US dollar is worth $1.10, then
what the bank states is that they will "buy" US$ from you for $1.05 or
they will "Sell" US$ to you for $1.15.

In essense, the fee is burried in the point spread between "buy" and
"sell" around prime rate.

When I visit the USA and use my credit card, the exchange rate spead
is quite good, but there is small fee added to every transaction.
Still, it does not work out too badly.


On Sun, 27 Jul 2008 20:34:26 -0400, "Tom J"
wrote:

Hatunen wrote:
On Sun, 27 Jul 2008 12:46:05 -0400, "Tom J"
wrote:

I don't think you can get a credit card from anyone anymore that
doesn't charge a fee for Foreign exchange.

Also, the next time you visit Canada, ask if there is a fee before
exchanging cash. I have never paid a fee to exchange cash in
Canada.
I have walked out the door of a few banks and gone down the street
to
another bank.

Do be prepated with the current "real" exchange rate from a
source like Oanda. Many exchange desks and companies don't charge
a fee, but they get you with a bad exchange rate.

I do know what the official exchange rate is before I walk into a bank
when in Canada. Haven't been the last 2 years, but in 15 trips with
the RV & over 30 with an 18 wheeler, I never paid a bank a fee above
the standard exchange, even when it was $1.00 US to $1.56 Canadian.
There was a time in the early 90's that the 5th Wheel Truck Stops
would even pay a premium for US cash.

Tom J