If you are planning to make a large purchase or simply going to spend some time in the US, you may be wondering if the exchange rate from Canadian dollars into the US dollars is going to affect your travel. It most certainly will, and there is not much you can do about the rate itself, however, there are opportunities to get a better rate than what your bank offers.
Credit Card With No Foreign Transaction Fees
As a general rule of thumb, airport exchange booths are the worst places to get a good exchange rate. So avoid those, and since its just south of the border, they are not necessary to use. The next step is to check with your credit card. Your credit card company may charge you foreign transaction fee – usually 2.5 %. In fact, about 99% of them do. So call the number on the back of your card and find out if you are being charged for making purchases in the US.
If you are charged, consider applying for a credit card that doesn’t, like Home Trust Preferred Visa Card. Its one of the very few cards that charges no foreign transaction fees and offers 1% cashback with no limits. There is also $0 annual fee. This card is one of the best to keep in your wallet if you are going to the US and are planning to make a payment for your surgery using a credit card.
Foreign Exchange Service
Another option is to use a low fee foreign transaction service like Knightsbridge Foreign Exchange. It takes a bit of a setup, but the savings can be significant if the amount is over CAD $5000. They can save you up to 2% of your total amount, when compared to the rate exchange at your local bank. For example, if you plan to pay USD $10,000 for a purchase and need to do so by wire transfer, Knightsbridge can save you CAD $210. It may be a hassle for smaller amounts but definitely worth it if you plan to purchase something big.
Specialty Mobile Apps
And last, but not least, all of you snowbirds out there – download Canadian Snowbirds US Stay Counter App. Created by Gerry Scott, it is designed to ease your pains of losing money to conversions fees at your bank and offer you great savings. How does it work? Click here to watch a very short video.
Have any questions about private clinic health expenses in USD and the best way to save money on exchange rates? Contact us – toll free 1 877 344 3544.