? about paying deposit

[weswife]

Hello,

My question is what do you use to pay your deposit? Last year I sent in cheques after I made my deposit. I used a pre paid mastercard to make the $200 deposit. The $ has been almost par but the M/C only gave m about $85 on the $100. I could not understand the big $$$ difference?We do not use credit cards its cash only for us.

Any ideas?

Thanks!

 

[Macduffy]

We opened up a US $ chequing account at RBC last year and when the dollar gets high and/or we have extra cash we transfer it to that account. You can then sign up for a US $ credit card and pay it off immediately with the funds in your US account?
I also have a friend who signed up for the CIBC Advantage banking card which allows you use your debit as a visa card.

 

[lady_bug_888]

We pay our deposits with a credit card but since you use cash only, have you considered a money order? That's how I would pay if I was strictly going cash. You would get the exchange rate the bank offers and depending on your banking plan you could get the money order free or for a small fee.


_________________

214 days until our 1st family vacation to WDW!!!

 

[dishguy1977]

Hello,

My question is what do you use to pay your deposit? Last year I sent in cheques after I made my deposit. I used a pre paid mastercard to make the $200 deposit. The $ has been almost par but the M/C only gave m about $85 on the $100. I could not understand the big $$$ difference?We do not use credit cards its cash only for us.

Any ideas?

Thanks!

I work for a bank and I would NOT recommend sending a draft/money order in the mail. If it ever got lost in the mail it is a HUGE pain to get replaced and takes a really long time and that's IF the bank decides to replace it for you as they are under no obligation to do so. They are not like travellers cheques where you have protection against loss/theft. If you do end up deciding to do this PLEASE send it via some sort of registered/trackable mail service so the chances of it getting lost/stolen are reduced.

The big discrepancy ($85 for $100) on that prepaid mastercard must have been some fees directly related to being a prepaid mastercard and not just exchange. Credit card companies do charge a conversion fee but it wouldn't be anywhere near that difference. Also, when you say the dollar is near par keep in mind that the rate in the "news" is not the actual exchange rate you pay - the financial institution that is doing the conversion has a spread and that's where they make money. Most credit cards do charge an extra foreign currency exchange fee on top of their exchange rate of about 2.5%.

Personally, I would just pay it using a my CDN VISA as I get a 1.5% travel reward which somewhat offsets the foreign currency exchange fee and is simplest and most convenient solution for me. In fact, if I book the trip through my credit cards "travel agency" they give you 3 times the points so you end up with a 4.5% reward which isn't bad at all. I'm not sure if I'm going to do this though as I am a control freak and like to book the trip myself directly through Disney online.

The other option someone mentioned of a US$ bank account coupled with a US$ VISA is a good solution as well especially if you want to "save up" for the trip or take advantage of fluctuations in the exchange rate as long as the savings isn't eaten up by any monthly or annual fees on the acct and credit card (if applicable).

Hope this helps!

 

[NancyDee]

I also do not use a credit card.
I usually put my deposit on my sister's card and pay her the cash.
I am thinking of getting a CC for my trip this summer only because we are driving and I will need one for the hotel on the way down. Most hotels want one on file, even if you pay the room in cash.

 

[bonjoe07]

Hello,

My question is what do you use to pay your deposit? Last year I sent in cheques after I made my deposit. I used a pre paid mastercard to make the $200 deposit. The $ has been almost par but the M/C only gave m about $85 on the $100. I could not understand the big $$$ difference?We do not use credit cards its cash only for us.

Any ideas?

Thanks!

We used to use a Prepaid CC from Money mart. It is called Titanium Plus I believe, anyways it is a good prepaid CC. WDW and DCL allow us to use this CC for deposits. I would only use this CC. My DH would load and it and got what ever the exchange was at that time. We have never hadany problems with this credit card at all! The dont take any hotel fees or any other un-necessary charges off
Hope this helps

 

[bonjoe07]

Forgot to mention... The Prepaid CC cost $20 or $25 for the initial fee.