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Old 08-02-2008, 11:31 AM   #14
SebC
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Join Date: Mar 2006
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Quote:
Originally Posted by @theCBE View Post
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.
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
Quote:
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.
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.
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