Need advice- best exchange rate regardless of dollar value

[Perpetuallydisneyplanning]

Hi everyone,
Normally when we cross boarder shop we just use our Mastercard and pay the exchange they are charging on that day.
With planning this very long, expensive Disney trip and our dollar being so low right now, I want to make sure I maximize our exchange rate. Are there any experts out there that can tell me some tips? Better to use our Credit cards or exchange money and carry cash?
Thanks for your help!

 

[ABCanada]

Check the US bank account and credit card thread at the top. There is quite a number of discussions that are helpful.

Our approach.
We have a USD bank account and a USD charge card. If we have funds coming in in USD we use this.
(Some people will fund their USD bank accounts on a regular basis over time. Reducing the impact of a spike in the rate.)
The USD charge card does allow some timing on the exchange rate but obviously not a lot.

We also have the Marriott Visa through Chase. It converts at the current rate but does not charge the 2.5% exchange fee most of the other cards charge. It does have a $120 annual fee but you get a free night with this and it earns points. The Amazon Visa does not charge the exchange fee and I believe does not have an annual fee.

I would avoid converting a large sum to cash at one time. We take $100-200 cash for cash tips etc and charge everything else to the room. The last thing you want to do is to get hit both exchanging to USD and then back to CDN. If we need a bit more cash we just use a bank machine but try to avoid doing this too frequently.

There are a number of bankers on the forum who will provide more details

(We have DVC so we are usually not paying for accommodation. If we were I might be funding the USD bank account on a monthly basis or when I thought the rates were good.)

 

[Aladora]

We have an Amazon Visa and use it whenever we go to the USA because there is no extra foreign exchange over and above the regular exchange rate.

 

[von Monster]

We have an Amazon Visa and use it whenever we go to the USA because there is no extra foreign exchange over and above the regular exchange rate.

This. Plus the 1% cashback make it by far the best method of paying for things in the US. Another option would be the Marriott rewards VISA.

It should mentioned that it has not additional fees over the VISA exchange rate, which will be somewhat higher than the mid-market rate of the day but still was less than bank rate.

 

[samsteele]

Like one of the PP, I set up a US $ account (with Tangerine/formerly ING) years ago and have linked it to a Cdn bank US $ account. I did this yrs ago & it helped immensely with larger purchases such as WDW vacation pkgs & cruises with Royal Caribbean out of Florida. I also have an amazon.ca credit card plus a TD bank US dollar VISA card for smaller purchases. PS the amazon.ca card is actually a Chase Bank credit card & it got me into Epcot's Chase lounge a few wks ago. A small perk (and not that exciting once you get in) but still something different for Canadians. It takes some time & work to set the US $ accounts up but over time, they have saved me money. But the key is that it is a long term strategy. They are not a short-term fix for a last minute WDW trip or cruise this year. The Cdn & US dollars will cycle over time and our buying power will likely increase over the next yr or so. When the Cdn dollar was high, I bought US dollars in my Tangerine/ING US dollar account & held them there earning a small interest rate. I then used them to fund 2 or 3 WDW vacations over the past few yrs & avoided the nasty exchange rate.

 

[Fabooliss]

I came to say "get a Amazon Visa card". But now, I'm excited.... Can you give more details on how you used the Amazon card to get into Epcot's Chase lounge???

Like one of the PP, I set up a US $ account (with Tangerine/formerly ING) years ago and have linked it to a Cdn bank US $ account. I did this yrs ago & it helped immensely with larger purchases such as WDW vacation pkgs & cruises with Royal Caribbean out of Florida. I also have an amazon.ca credit card plus a TD bank US dollar VISA card for smaller purchases. PS the amazon.ca card is actually a Chase Bank credit card & it got me into Epcot's Chase lounge a few wks ago. A small perk (and not that exciting once you get in) but still something different for Canadians. It takes some time & work to set the US $ accounts up but over time, they have saved me money. But the key is that it is a long term strategy. They are not a short-term fix for a last minute WDW trip or cruise this year. The Cdn & US dollars will cycle over time and our buying power will likely increase over the next yr or so. When the Cdn dollar was high, I bought US dollars in my Tangerine/ING US dollar account & held them there earning a small interest rate. I then used them to fund 2 or 3 WDW vacations over the past few yrs & avoided the nasty exchange rate.

 

[samsteele]

Can you give more details on how you used the Amazon card to get into Epcot's Chase lounge???

Yes . . . just bring your card with you to the park & show it to the CM standing just outside the entrance to the lounge at the American Pavilion. "Chase Bank" is in small print on the back of the card. Just point it out to the CM & no problem. You can also bring a guest in with you. Not much actually in the lounge but there is a complimentary coke freestyle machine if you haven't tried one before. Plushy blue carpet & a neat little elevator up and down. Still fun & something different to do. Think also wi-fi inside the lounge?

 

[Fabooliss]

Thanks!