Making Payments and Exchange Rates

[wisnieea]

Hey everyone!!!
The dollar is doing really well right now so I think I am going to make a payment on my trip. I was wondering, if I pay with my Canadian Tire Mastercard directly to Disney, when does the balance change from USD into CAD. Is it Canadian Tire?? Is there a way to check their exchange rate and make sure it is accurate??

I hope this makes sense.

Thanks

 

[tiggerrr]

The way my Mastercard works is that it takes the exchange rate at the time the transaction is processed by Mastercard. This may be 1-2 days after you submit the payment to Disney (depending on how fast Disney is at submitting to Mastercard). My Mastercard charges 2.5% over and above the current exchange rate. You should be able to phone your card's customer service area and ask what their foreign exchange "fee" is.

 

[DutchsMommy]

Tiggerrr is correct, and I would say that the 2.5% premium is pretty standard across all Mastercards. Canadian Tire is not actually the 'issuer' of the Card. They have a contract in place with a Bank or other Issuer to issue on their behalf. In any case, it's either the Issuer or Mastercard International that sets the exchange rate so you dont have to worry about it being accurate. Apparently some analysts are saying we will be up around par in June-ish and may even go beyond that! I tell you, if that happens I am going to buy some USD this time....last time we were up to $1.10 and I didnt and have been kicking myslf since!