Can this possibly be right?

[Shir Kahn]

I just made a payment on our reservation using my Canadian Visa card. The payment amount was $900 USD. When I checked my Visa transactions, it came out to $1040.80 Canadian! The Canadian dollar closed at 1.0277 USD today and the rate that I got was 0.844. I knew I wouldn't be getting market rate, but I didn't think there would be a difference of 18 cents!! I've sent off an email and the reply said that I'd get a response in 10 days or so. Can Disney seriously be charging that horrendous of a rate or is something seriously wrong here?

 

[Stitch'sCousin]

Check with your bank who issuded you the Visa card. I believe they are the ones who take the $900 US and then convert it to $CAN, not Disney.

 

[Shir Kahn]

Ouch, that's a nasty cut for them then! Poor Disney getting the blame for something they didn't do!

 

[Stitch'sCousin]

It may be that you actually paid Disney more than $900 USD too so the exchange rate might not be that bad. I know we "lost" about 2-3% compared to the actual rate when we charged on our $CAN credit card. Double check with your bank to see the exact amount in $US that was charged.

 

[Polydweller]

The quoted rate from news services is not the rate you are charged on a transaction. The banks and credit card companies always charge a premium as a service charge. It's how they make money. A 2-3 % exchange service charge isn't unusual.

 

[Shir Kahn]

Oh I knew that Poly, but an 18 cent conversion difference is slightly more than 2-3%!

I'll explain a little more of the situation. I have a bit of a self-control problem when it comes to credit, so I purposely keep myself without a credit card. I use a prepaid credit card for all my online purchases so that instead of spending what I don't have, I spend only what I have. I never go overboard this way. The only problem is, it causes me a few different headaches. The prepaid Visa cannot be used at retailers or to pay for anything else in person. (even though it says it can be used that way). I can book hotels and do all sorts of phone transactions, but until now I didn't realize they killed me quite that badly on US conversion rates.

So now that I know, I have a bit of a problem. I have about $1300 USD left to pay for our trip and I really don't want to end up paying $1500 Canadian to do that. I've done that way too often in previous years and would like to actually take advantage of our stronger dollar! Does anyone know of any other way to pay off a WDW reservation?

 

[lizzyb]

Oh I knew that Poly, but an 18 cent conversion difference is slightly more than 2-3%!

I'll explain a little more of the situation. I have a bit of a self-control problem when it comes to credit, so I purposely keep myself without a credit card. I use a prepaid credit card for all my online purchases so that instead of spending what I don't have, I spend only what I have. I never go overboard this way. The only problem is, it causes me a few different headaches. The prepaid Visa cannot be used at retailers or to pay for anything else in person. (even though it says it can be used that way). I can book hotels and do all sorts of phone transactions, but until now I didn't realize they killed me quite that badly on US conversion rates.

So now that I know, I have a bit of a problem. I have about $1300 USD left to pay for our trip and I really don't want to end up paying $1500 Canadian to do that. I've done that way too often in previous years and would like to actually take advantage of our stronger dollar! Does anyone know of any other way to pay off a WDW reservation?

Use a US credit card or send them a US cheque.

 

[damo]

Oh I knew that Poly, but an 18 cent conversion difference is slightly more than 2-3%!

I'll explain a little more of the situation. I have a bit of a self-control problem when it comes to credit, so I purposely keep myself without a credit card. I use a prepaid credit card for all my online purchases so that instead of spending what I don't have, I spend only what I have. I never go overboard this way. The only problem is, it causes me a few different headaches. The prepaid Visa cannot be used at retailers or to pay for anything else in person. (even though it says it can be used that way). I can book hotels and do all sorts of phone transactions, but until now I didn't realize they killed me quite that badly on US conversion rates.

So now that I know, I have a bit of a problem. I have about $1300 USD left to pay for our trip and I really don't want to end up paying $1500 Canadian to do that. I've done that way too often in previous years and would like to actually take advantage of our stronger dollar! Does anyone know of any other way to pay off a WDW reservation?

You don't need to pay it off now to take advantage of the strong dollar. Just transfer the funds into US funds now and then put it aside for when you get there. Why pay Disney before you have to?

 

[Polydweller]

Also, it isn't Disney that's charging interest differences. That's the banks and the credit companies. Disney just sends the US dollar amounts to them. So take the argument to the bank. In addition to exchange service charges, these companies do apply service charges depending on your financial position and card rule for the prepaid card. You may also be getting ringed fees from either the issuing bank or the paying bank depending on where you got the card. You'll have to check the rules of everyone in the transaction stream.

 

[sjsjbrook]

It is the prepaid credit card. They charge more fees if it is used in the US. I know when my DD use one in the states she got $75 of the $100 she had on the card.

Prepaid Canadian credit card you have to read the fine print.

 

[Shir Kahn]

Yeah, guess maybe I should just bite the bullet and get myself a US visa. Those fees on the prepaid are nasty.

 

[2forMe]

Yep the prepaid ones are terrible for their fees! Is it easy to get a us visa??? I thought it was not possible...

 

[Brandilovesdisney]

That's a ridiculous amount of fees!!!
We just paid our deposit on my Visa (Canadian) - $200 US came to $197.00 CDN.

 

[Queenofallthings]

I finally got a USD visa before our trip last summer and I love it! I never worry about the rate anymore...when it's good I buy some and put in my USD account then when we go away and I purchase anything on it, I have the money in my account when I get home!!

 

[damo]

Scotiabank has US cards. They are issued through Puerto Rico. We've had ours for about 3 years.

 

[Tinkershelly]

That's a ridiculous amount of fees!!!
We just paid our deposit on my Visa (Canadian) - $200 US came to $197.00 CDN.

Yes, I just paid $198CAD for a $200USD deposit. They make those prepaid Visa cards sound like such good deals, I guess I now know where they make their money, since they can't charge interest fees! Outrageous!!!!

 

[lizzyb]

Scotiabank has US cards. They are issued through Puerto Rico. We've had ours for about 3 years.

You can only get that if you are in Puerto Rico.

 

[damo]

You can only get that if you are in Puerto Rico.

We've got one and certainly don't live Puerto Rico. We live in Canada and always have. We've had it for about 3 years now. I don't know if it is available to everyone but it is available.

 

[endy]

I think most Canadian banks issue US dollar credit cards. I have one from BMO for maybe 4 years now.
Everything I book that is in US money I use my card. I also have a US bank account thru BMO so I can transfer money into the account and pay credit card from there. Saves on other fees too.
I like that I only pay the exchange rate to transfer the money and not pay extra on the credit card chrages.
Glad I transferred money 3 weeks ago when it was 1.05, still need to transfer more and hoping the dollar climbs back up those couple of pennies.

 

[DaniB]

I do the same as Queenofallthings and Endy. We have a US account and US visa (through RB). I never have any issues, and I'm not overcharged. Love it!