Posted on: 08-06-04 16:23:48
Thanks Aparna,
We completed our landing process thru windsor and I have a few inputs for Aseem and for anybody planning t use their US credit cards. Check for the additional charges that you might incur while using the card and also convert your USD in a reputed bank counter. Reason am saying this is belive it or not, I got better rate from the RBC exchange counter than the 'Foreign exchange counters' in downtown Toronto on the same day with a difference of just two hrs. There was a diff of 0.02 cents , and I lost twenty dollars when I exchanged in Toronto. The cent diff may be marginal depending on the amount you want to convert.
Secondly the other option is banks like TD give you a debit card immdtly after opening an account with them so that should take care of using electronic money while in Canada as opposed to using cash.
Regards,
All the best to you both.. Shree65 & aseem_mal.
Have a safe trip and Welcome to Canada.
Quote:
Orginally posted by Shree65
Secondly the other option is banks like TD give you a debit card immdtly after opening an account with them so that should take care of using electronic money while in Canada as opposed to using cash.
Just a word of caution on those "debit cards" - when using those, the money goes directly out of your checking account.
Also, you get no fraud protection and no charge back rights with those, unlike credit cards.
They are probably ok for using in gas stations while filling gas, etc. but I wouldn't use it for bigger purchases.
I opted to continue using my US credit cards in Canada as well, especially for all larger purchases.
Yes, I did pay the forex charge for CAD transactions, but it was only like 1.5% or so.
But I look at it as the price for peace of mind and fraud protection, charge back rights, etc.
Thankfully, unlike the US, the debit cards here are not the fake MasterCard/Visa cards that you can also use on the Internet like a credit card and the $$$ goes directly out of your checking account - those are the worst of all.
P.S. Not all US credit cards have the forex charge - I have one that has the 1.5% and the other one doesn't. Check with the bank first.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
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