Need Help with exchange rate

[PandaBear & Boo]

I am looking at booking a trip thru the Disney website which is all quoted in US funds. How much of a difference in price exchanging to Canadian funds if I was to book thru them? I normally book thru Westjet vacations but they really don't have much to offer for the dates I'm looking at. Any insight into this would be very helpful. I just dont want to spend too much with the exchange rate

 

[mjhtvchick]

I am looking at booking a trip thru the Disney website which is all quoted in US funds. How much of a difference in price exchanging to Canadian funds if I was to book thru them? I normally book thru Westjet vacations but they really don't have much to offer for the dates I'm looking at. Any insight into this would be very helpful. I just dont want to spend too much with the exchange rate

You would multiply whatever your total is by the USD-CAD exchange rate, which is 1.35 today (you can find this doing a quick google search). This varies day to day so it could be higher or lower when your final payment is due (if you are not paying in full today). You also need to take into account whether or not your credit card charges a foreign exchange fee (most do), which is usually an additional 3%.

 

[PandaBear & Boo]

You would multiply whatever your total is by the USD-CAD exchange rate, which is 1.35 today (you can find this doing a quick google search). This varies day to day so it could be higher or lower when your final payment is due (if you are not paying in full today). You also need to take into account whether or not your credit card charges a foreign exchange fee (most do), which is usually an additional 3%.

Thank you

 

[efrant]

This isn't exact, but it gives you a rough indication:

If you convert your Canadian dollars at a bank, you will typically get USD converted at the spot CAD/USD rate (which right now is 1.350) plus ~2.7%, unless you have preferred rates with the bank.
If you convert your Canadian dollars at a local f/x shop, you will typically get USD converted at the spot CAD/USD rate (which right now is 1.350) +/- some amount which is usually better than using a bank.
If you use a typical Canadian credit card, you will typically get charged the USD cost converted at the spot CAD/USD rate (which right now is 1.350) plus a 2.5% f/x fee, plus ~0.4% Visa/MC markup.
If you use a no-f/x fee Canadian credit card (Scotia Passport Visa Infinite, HSBC World Elite MC, Brim MC, Hometrust Visa, Rogers World Elite MC), you will typically get charged the USD cost converted at the spot CAD/USD rate (which right now is 1.350) plus ~0.4% Visa/MC markup.
If you use a USD-denominated Canadian credit card, you will get charged the USD cost, but you still have to find some way to pay that card off off in USD, by converting your CAD to USD (see first two bullets), unless of course you have USD income or have saved up USD.

So, unless you have USD income or have USD savings, the least expensive option would be to use a no-f/x fee Canadian credit card (Scotia Passport Visa Infinite, HSBC World Elite MC, Brim MC, Hometrust Visa, Rogers World Elite MC). To put it in perspective, if your trip costs US$5k, you will save at a minimum $170 by using a no-f/x fee credit card (and that's without even taking into account the value of the points you'll get from the credit card)

 

[cdnSpinalTap]

If you happen to be using a MasterCard, you can go here to enter the charge amount and your credit card's exchange fee to determine what the resulting CDN charge will be.

If you are using a VISA, you can do the same here.

 

[hdrolfe]

You can also buy Disney giftcards, and not get charged the F/x fees, so it would be 1.35 today (is that right? I didn't check myself). So if you are booking a package and want to put down the $200, you need a CAD giftcard of about $270.

 

[FigmentSpark]

Keep in mind, if you're putting the transaction on a credit card, it might not clear for a day or two, which will affect the rate, but realistically, using the numbers PP gave you will be a good ballpark of your final bill.

You can check the Visa and Mastercard rates online, assuming your credit card uses those rates and not their own. Typically, cards add 2.5% FX fee.

https://usa.visa.com/support/consum...%2F2017&submitButton=Calculate+Exchange+Rates


Or Mastercard:
https://www.mastercard.us/en-us/consumers/get-support/convert-currency.html

 

[Susan2771]

If you happen to be using a MasterCard, you can go here to enter the charge amount and your credit card's exchange fee to determine what the resulting CDN charge will be.

If you are using a VISA, you can do the same here.

This is a great tool. Thanks for sharing it