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Originally Posted by @theCBE
I used my CIBC VISA and my RBC VISA all the time when I was in Europe and neither of them charged me any "administration charge". It might be specific to the type of card you get. The exchange rates I got with them were pretty good as well. Far better than any of the exchange rates I would get from currency exchange booths.
As for cash I used my debit card to take out cash from any machine that had PLUS whenever I needed too, usually 200-250 euro's at a time. It was little enough so that if it got stolen I wouldn't be totally screwed but enough cash that I only had to take it out once a week at the most. I tried to use my credit card as much as possible. It was a $5 charge but if you only do it 4 times a month its pretty much equal to the TD premium account mentioned above.
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Looks to me like CIBC still has the currency exchange surcharge. Either you're getting special treatment somehow or you didn't check your bills closely enough.
http://www.cibc.com/ca/visa/article-...es-n-fees.html
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Foreign currency transactions:
You are charged the same conversion rate CIBC must pay, plus an administration fee of 2.5% of the converted amount, on both debits and credits.
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TD doesn't have this charge and still gives you a competitive exchange rate. Of course, what this means is that
3 Justin 3 should switch his credit card to TD as well. Which means give yourself enough time for them to get the new card to you before you leave.