USD account or Visa or what?

[LuvSnowWhite]

I went into my bank today (CIBC) to get a USD bank account because I wanted to use that bankcard when I was in WDW. I am going two times this year.
When I got there I was told that I cannot use it there but would be a usd 5$ charge each time!
Then was told I should get BOTH the account and a USD visa.
Then the rep said that when she travels she just uses her Canadian visa and I should get travellers cheques.
Now I am confused.
What does everyone do. The rate is very good right now so I want to change some money but need somewhere to stash it.
Who uses travellers cheques anymore?
I have to decide by end of April.

 

[Tower]

What does everyone do. The rate is very good right now so I want to change some money but need somewhere to stash it.
Who uses travellers cheques anymore?
I have to decide by end of April.

I'm no expert, but what I've heard is that the rate is expected to be high for a little while now. If you're leaving at the end of April, our dollar may be above parity by then (even better). It's always a gamble, but if you want to get that USD account, go ahead, and just cash out before you leave Canada.
Also, if you run out of cash, don't go to an ATM anywhere, go to Wal-Mart. Buy something you'll need anyway, maybe a Mickey T or something and pay with your debit card. Then get cash back on that payment (I think up to $200). The cost of the T will be as little as the ATM charge, and you'll have something in your hands rather than a 'convenience fee' on the bill.

 

[LuvSnowWhite]

Is it possible to just get a USD visa or MC and then add money onto that whenever the rates are good?

 

[Tower]

Is it possible to just get a USD visa or MC and then add money onto that whenever the rates are good?

I'm not sure if those are available, but you're talking about a prepaid Mastercard? If it's available in US Dollars, go for it! You may have to get it in the US though. Do you happen to have or know someone who has a PO box across the border? My brother has one for his ebay purchases. He just doesn't go often enough to collect his mail for my purposes.

 

[ABCanada]

We have both. We use very little cash at WDW, charge everything to the room and pay off the room with the US visa.

Advantages
Not tied to converting on a specific date, have up to the due date to get a better rate. (This can go against you as well.)
We convert money when we think the rate is good.
Avoid the conversion fee on the C$ charge card.
(Also any cash coming in in US$ we leave it in there to avoid getting hit twice.)

The US visa also comes in handy when ordering on line from US suppliers.

 

[LuvSnowWhite]

No not a prepaid credit card, a regular USD credit card but just pay to it when the exchange is good so there will be a credit on it all the time. Can you do that?
I will charge everything to my room and I want to use the USD credit card to pay it. I don't want to rely on a bad rate day and that 2.5% the banks charge.
I can get a USD account at the coast captial credit union or I was thinking of a USD Mastercard from BMO.
Disney accepts MC right?

 

[ont/ohana]

I was told at RBC that a pre paid Visa could only be a maximum of $500 and not in USD. We bring some cash and the rest in travellers cheques. The disney resorts will cash the travellers cheques for you at the front desk. I think the max they are allowed to cash daily is $200.

 

[minnie56]

Why don't you open a USD account and when the rate is good, just transfer from your CAD acct into it? That's what I do. I also have a USD account in Florida as well as a USD Visa here and also in Florida. I have a debit/check card on the Florida acct and can use that there, the same as a debit card here, without fees. Again, I transfer from my CAD/ USD acct into that one online...but have already secured the decent rate at the 1st transfer. Confused? I am! LOL...

 

[Mom of a *Princess*]

I have both a CIBC US Account as well as a CIBC US Visa card. I use my visa exclusively for travels to the US and when purchasing on line. I use the $ accumulated in my US account to pay for the visa bill. As for the OP's question about putting money on your visa card before incurring any visa transactions, yes you can do that....although I think keeping your money in a US savings account would be better as you can earn interest (even if its minimal).

I also recently opened up (thanks to numerous posts on this thread)a ING US account online (and also a Canadian ING account) which I have linked to my CIBC US savings account. I buy US dollars at a better rate than from the banks and then electronically transfer the US dollars to my CIBC US account....the savings definitely help when you are buying alot of US dollars.

 

[minnie56]

Oh one thing I thought of after the fact...sometimes when you have a credit on a credit card..after a certain amount of time they automatically refund the credit in the form of a chq? Not sure of the time frame..but I know I have a chq sitting here that I have yet to deposit (it's $12--keep forgetting) that was sent to me a few months after an overpayment on a Visa acct.

Just a thought...if you have the credit there for awhile, It might happen ??

 

[rxs148]

I m looking at both my CDN Bank accnt a CDN MC.
I have been transferring into a US bnk accnt... and I recently made US purchase using my CDN MC.

Does not matter which way you do it the bank gets their 2.5%.
Do not use ATM interantional transaction fess are crazy.
This is why CDN banks make a Billion $$$ profit in 3 months.
This is why I bought CDN bank Stocks when they Tanked.

So watch the rate buy somw when its good keep in a USD accnt ... If you don't feel comfortable with alot of cash convert USD bnk accnt cash o travellers chqs... Where in Disney will they refuse travellers chqs... Use a $50 or $100 travellers chq to but a $10 item and now you have more cash.

Of coure this all mute if you stay on site ... Charge to the room. then use CDN CC..
You're overthinking this you just spent ... in my case alot.... lets not bicker for 1 or 2% on a $2000 charge (= $40) come on.

BTW 3 weeks togo for me

 

[deanie]

We stay on site also and I do charge most things to the room and then pay off the Cdn Visa card as soon as my bill arrives. I also take USD in cash with me but not too much. I used to take travellers cheques but now I rarely do.

 

[minnie56]

I agree with the PP...a lot of folks are overthinking this.
Unless you are spending upwards of $10,000 !! a few percent here or there are not going to be that noticeable! Although I have 2 USD accts (1 here, 1 in Florida) and 2 USD Visas (also here and there) more often than not when I do Disney I pay using either Aerogold/Infinite Visa or my Avion/Infinite because for a good sum of spending I want the air miles!! Makes the bill a little less painful knowing it will buy me a flight!

 

[Mom of a *Princess*]

I agree with the PP...a lot of folks are overthinking this.
Unless you are spending upwards of $10,000 !! a few percent here or there are not going to be that noticeable!

I agree that using a US Visa might not work for everyone nor provide any real savings when you consider the annual cost of the card. ...but in our case we're going to WDW at Christmas and staying at the Poly (think no discounts) so any savings we can get are helpful. Although the aeroplan points were great, I got tired of seeing the fees the bank was taking.

 

[minnie56]

I don't have an annual fee on my Visa..but the point is, the bank still has a fee in there when you change the $$ from CAD to USD. Even when you do the transaction online. It's still factored in..unless like my friend, you work for the bank! So we are talking bank fee opposed to Visa fee...not much difference I would think?

 

[DaniB]

I wanted to deal with US funds and not have to worry about figuring out conversions and such..

So I opened a US Funds bank account and I keep putting money in there as we have extra money.

We also applied for a US Visa card so all our transactions can be done on it, and paid off with the funds from the US Funds account.

 

[LuvSnowWhite]

So I guess I will just use my CAD visa and leave it at that. And I will change the money I have right now into travellers cheques and put the rest into a US dollar account. I don't know now I'm more confused.
I only travel to the states once or twice a year (wish it was more).
Question for the person with the Florida account: Why don't you have a Disney visa?
Last time I went I took travellers cheques. This time I will be charging as much as I can to my room bill (which is on my CAD visa).
Oh dear.....I'm getting a headache overanalyzing all of this

 

[minnie56]

Well, I have an RBC USD Visa at the Florida bank and only just got this visa down there.., give me time to think about the logistics lol...

 

[CanadianPaco]

I have both a US account and a US Visa. I transfer a set amount into the US account each week = forced savings. DD travels a fair bit for work in the US and I like having an account just for US purchases. Sort of the same way I have an credit card just for internet purchases. My card annual fee was $25 and second card free. To me, it made the most sense for us.

 

[ykmom]

We just opened up a USD account at the Bank of Montreal today mostly for simplicity sake so we can transfer into it regularly. There are no fees attached and it earns the same interest - a entire .25% as our regular savings account so we figured we weren't losing anything.