![]() ‘No Foreign Transaction Fee’ Credit Cards Generally speaking, if you’re trying to get USD from your bank, the rates will be comparable to what your credit card charges, but if you need a currency that’s not commonly held such as the Turkish lira or Brazilian real, there could be a markup of up to 10%! Other Ways to Save on Foreign Currency Purchases 1. That being said, if you were to compare what you’re charged by your credit card provider to what banks or foreign exchange offices will charge you for exchanging currency, you’re likely getting the best rates by using your credit cards.īanks and exchange offices set their own individual rates and the markup can be quite high depending on the currency you’re getting. Are You Getting the Best Currency Exchange Rate Possible?Īlthough the exchange rate fluctuates daily, the markup that Visa, Mastercard and American Express charge compared to the Bank of Canada rate appears to be fairly consistent.īased on the straight math, you would pay the least exchange fees with American Express, but it’s pretty minimal and likely won’t make a huge difference unless you’re charging $10,000+ USD to your credit card. All three card processors do charge a slight markup compared to the Bank of Canada’s, with Mastercard’s markup the highest at between 2.45% to 2.61%, depending on the currency exchanged. Figures are averaged from daily exchange rates between Novemto November 29, 2022.īased on the data we pulled for these three currencies, the Mastercard exchange rate is the highest and the American Express exchange rate is the lowest estimated rates for Visa sit between the two.īut ultimately the differences between the three are quite marginal. The Bank of Canada’s exchange rate is listed as a point of reference to indicate how much each processor marks up the exchange rate. The American Express exchange rate is no longer made public, so for the purposes of this article, we’ve given estimated rates based on past precedent and reports from Amex cardholders. To figure out who charges the lowest fees, we looked at the exchange rates posted by Visa and Mastercard. Visa, Mastercard and Amex Exchange Rates Compared What if I Need To Exchange Cash Currency?.Which Credit Card Has the Best Exchange Rate?.Other Ways to Save on Foreign Currency Purchases.Are You Getting the Best Currency Exchange Rate Possible?.Visa, Mastercard and Amex Exchange Rates Compared.How to Make Your Mortgage Interest Tax Deductible.Should I Use a Personal Loan to Pay Off My Credit Card Debt?.Tax Changes Canadians Need to Know About.A Look Into A Decade of Canadian Spending.Crypto Trading Tips You Need to Know About.Should I Invest During a Market Downturn?.Investment Glossary: The Terms You Need To Know.Should You Keep All Your Money In One Bank?.Is a Hybrid Bank Account Right For You?.Best High-Interest Savings Accounts in Canada.Can You Get a Loan While Receiving ODSP?. ![]() Are Premium Cards Worth the Annual Fees?.How to Increase Your Credit Card’s Limit. ![]()
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