Exchange Rate + HT

[Capelli11]

Hey everyone!

 

Quick question...I have narrowed my HT docs down and a few are in Canada and I live in USA. I am curious to see how the whole exchange rate works. I obvious know how to convert the rate but wanted to see how everyone chose to pay for the procedure meaning did you find a benefit to pay on a credit card or is there a better way to finance it to avoid exchange fees. I called a few of my credit cards today and they said it would be a 3% transaction fee but apparently they don't charge on the conversion rate which I find that to be not true based on my experience but was having trouble getting the rep to tell me anything further. So I ask everyone who has had a HT in canada from USA, is there anything you can add to this in order to illustrate the best way to pay and your experience with any "hidden" fees charged? Thanks!!!

[Sean]

Hey Capelli, Just got your message regarding exchange rates. I'll try to help you out with some valuable info. PM me if you need any other help or you want to talk to me.

 

I had trouble getting an answer out of credit companies on exchange rates. They seem to lie, they told me they will match the rate according to the market rate, but I too have found out some of those guys lie. I know if you have a Capital One credit card, they may not charge any transaction fees so look into that. Call Capital One to confirm this. I have read about it all over the web.

 

On another note, talk to a couple of banks, not the tellers, but the people sitting inside the bank helping new customers etc (experienced agents with college degrees). Ask them how their exchange rate system works and if they are able to send money to any bank in Canada. That is because some banks may not directly transfer money to a Canadian bank. Take a look at TD BANK, and a couple of others. Like I said before, Wells Fargo is anything but competitive. They do not give you the live rate, yet give a higher rate but don't tell you it's a hidden premium, they just tell you that's what the computer and their system is telling them and that they do not know how their rates are calculated. Yes, that was the answer given to me by them. I had no choice but to use them as I had to pay 2 weeks prior to my surgery date as that is when the money was due and couldn't transfer my funds to another bank or another cheaper service, so I got screwed.

 

Now, there was an online service that transfers FUNDS at the LIVE MARKET rate, that may save you TONS of money, but they said it takes them anywhere between 2-3 days to 2 weeks to transfer the funds directly to the receiving bank. That service is called OANDA. They are probably your best bet you might want to call them. I wanted to use them, but like I said, my payment was due 2 weeks prior to surgery, and at the risk of them taking 2-3 days to 2 weeks to transfer, it would have collided with my surgery date or after. I found out about them the same day I was getting ready to transfer money. Was too late, unfortunately. So, take a look. Give them a call. Here is their website link. I am not promoting them, but rather helping you out by using them to save money possibly. Here is the link:

 

Money Transfer | Send Money Online | OANDA FXGlobalTransfer

 

You can calculate the LIVE market rate and the amount you will pay right now at the link I posted above. You are going to convert USD to send Canadian. I think their services are only available for American and Canadian consumers. So, foreign customers may have to find their own service to transfer large sums of money. Call and ask them all questions regarding the bank you will transfer to, how long will it take, your total costs, how it works, and etc.

 

If you want to book surgery in Canada, i'd use a credit card to pay for deposit and then pay the rest using the service that gives you the BEST rate of transfer. Again, stay away from Wells Fargo, I say this from experience. Good Luck.

Edited September 13, 2011 by Sean

[Capelli11]

Thanks Sean! Has anyone else had experiences with foreign transaction fees...curious to see how others approached this. I really don't see anyway around it...seems like Capital One has no foreign transaction fee but I heard they bake it into the exchange rate which makes sense as a ploy to lure someone in. I really don't see any way around this fee...I'm gathering I will have to bit the bullet and get charged 3 %...sucks. Again...any other suggestions?! Thanks!

[Sean]

Capelli, take a look into the Chase Sapphire Preferred Card. I just saw the commercial on tv. The card claims to have no foreign transaction fees & currently offers 50,000 rewards point bonus if you spend $3,000 in the first 3 months. It does have a $95 annual fee, but that is waived the first year. So, you can call them up and find out about it. Good Luck.

[HARIRI]

Capelli, Just for you info, I was never charged 3% when I paid for my surgery using credit card at Dr. Rahal clinic this summer.

[Capelli11]

What card name was it? Do you mean Rahal didn't charge you an additional 3%? Because he wouldn't...it is the credit card company that would charge you. Please clarify...thanks!

[HARIRI]

Well, whenever you use Credit card anywhere in the world, they always charge the shop or merchant 3%. But thats life everywhere. However Rahal clinic wouldnt ask you for this. You just pay the exact amount by cash or credit card. Whether VISA or mastercard but dont use American express as they charge too much.

 

I used Visa credit card. I love it.

[wildflowerwildflower]

Anyone find any more research on this question - about best way to pay from US to Canada? Please help a brother out...thanks!

[Capelli11]

I am still trying to research! Doesn't really seem to be any real way around paying a foreign transaction fee...apparently Capital One credit cards do not charge you this fee. I will look into that. I am not paying cash upfront so charging it is where I am doing my research...at this point it is what it is...not sure if there is any real way around it. When is your surgery? With who?