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Tag: foreign transaction fee

  • Wise card Canada review 2024 – MoneySense

    Wise card Canada review 2024 – MoneySense

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    Is the Wise card a credit card?

    Often referred to as the Wise credit card, the Wise card is actually a prepaid card available to residents of Canada and dozens of other countries. To use the card, you must have funds loaded into your Wise account. What makes Wise appealing is that it allows you to hold multiple currencies. That means you could potentially purchase some foreign dollars when the exchange rate is in your favour and then spend it as needed when you’re abroad. 

    No additional fees apply when making purchases with a currency you currently hold in your Wise account. However, if you don’t hold the currency in which you’re making a purchase, Wise will automatically deduct the funds from the currency in your account with the lowest conversion fees. That said, when making a purchase abroad and given the option to be charged in the local currency or Canadian dollars, always choose the local currency for the best exchange rate.

    The Wise card also allows you to withdraw money from ATMs while abroad. Think of it as a Wise debit card, since you can use it for purchases and ATM withdrawals. Oddly enough, you can’t use the card within Canada.

    The first two ATM withdrawals are free, up to a cumulative value of CAD$350 per calendar month. Any additional withdrawals will cost you $1.50 each, and a 1.75% fee will be added to amounts over $350. Also, note that the ATM provider may charge its own fee when you withdraw cash. Wise withdrawal fees and third-party ATM fees count towards your withdrawal limits—so plan accordingly.

    How long does it take to get a Wise card?

    You must have a Wise account if you want to apply for a Wise card. The registration process only takes a few minutes and is done completely online. Once your account is active, you need to add funds. Doing so is simple, as you have many options including Interac e-Transfer, direct debit from your bank, and wire transfer. 

    Each loading method has a fee. Interac e-Transfer typically has the lowest fee, and your money will arrive in about five minutes. How much you’ll pay in fees depends on the currency and how much you’re loading.

    To order your Wise card, log into your account and click on Wise Card on the side bar. The physical card will arrive within 14 days, and you also get a digital card you can use immediately. While the digital option is convenient, it won’t help people who are travelling soon and may need ATM access.

    Wise card pros and cons

    The Wise card is a unique option that many people will naturally be attracted to. That said, you should consider the pros and cons before you open an account.

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    Barry Choi

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  • How to save money on a Disney Cruise – MoneySense

    How to save money on a Disney Cruise – MoneySense

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    My family’s one-way cruise (also known as a repositioning cruise) will begin in Galveston, Texas, and end in San Juan, Puerto Rico. By booking through a Disney travel agent, we were able to take a six-night cruise for the same price as some of the four- and five-night cruisetours also available at the time of booking. 

    Take advantage of the onboard booking option

    The sooner you book, the better. Generally, a year in advance is a good guideline, as holiday cruises can sell out quickly. Not only will the prices be lower, but there are more options to choose from when you book your stateroom (cabin). That gives you a better shot at getting an interior stateroom, which is generally more affordable than booking a room with an ocean view.  

    If you’re good at planning ahead, you may want to take advantage of onboard booking options and reserve a spot on a future cruise. You can save up to 10% on your next sailing by paying a USD$250 deposit, suggests Goldberg. You have two years from the time of booking to redeem, and if you ultimately don’t end up booking, your deposit is automatically refunded, she says. 

    The best time of the year to go on a Disney cruise

    Disney’s Christmas and Halloween cruises are typically the most expensive of what’s offered. If you’re looking for the best value and willing to forego a holiday cruise, Goldberg says the end of summer, early fall, first weeks of January, and first week of February are generally cheaper. 

    If you’re sailing out of one of the Florida ports, booking for mid-August to mid-October comes with the risk of travelling during peak hurricane season. However, those sailings tend to be cheaper. If you decide to take that risk, consider getting travel insurance, in case Mother Nature isn’t on your side.

    Save on foreign exchange fees 

    Disney vacations are charged in U.S. dollars, making them costlier for Canadians, after factoring in the exchange rate. When using a Canadian credit card, you may also have to pay foreign transaction (forex) fees—which typically cost an extra 2.5% of the purchase price—unless you have a no foreign transaction fee credit card.

    If getting a new credit card isn’t an option for you, Goldberg suggests to purchase Disney gift cards to save on forex fees. Gift cards are available at major retail stores, such as Costco, Walmart, Loblaws, Shoppers Drug Mart (or Pharmaprix, if you live in Quebec). And you can use those GCs to book your trip and make purchases on the ship. By buying gift cards in Canadian dollars, you’ll still have to pay the U.S. exchange rate, but you’ll save on forex fees. 

    Choi agrees with this strategy. He says getting the gift cards from a grocery store also allows you to earn some loyalty points. The American Express Cobalt, for example, gives you five Amex Membership Rewards (MR) points per $1 spent at grocery stores. 

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    Sandy Yong

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  • Benefits, fees, hidden perks: Choosing the right credit card for your lifestyle – MoneySense

    Benefits, fees, hidden perks: Choosing the right credit card for your lifestyle – MoneySense

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    “They will do all the comparisons for you, across all the different providers, and you can organize a list based on: I prioritize Air Miles, I prioritize cash back, I prioritize low interest rates,” Marques said. 

    “They’ll compare all the providers with best in class in those categories, and show you their current rates, their current signup offers, et cetera.”

    As for younger consumers, Marques said low interest rates aren’t typically a priority, assuming you aren’t already managing a lot of credit card debt and you’re not transferring a balance.

    Instead, travel rewards and cash back from your favourite retailers are likely the biggest returns on your spending, she said. Options with no annual fees are also valuable for someone just starting out, although there will be fewer rewards.

    Can you negotiate with credit card issuers?

    When getting a new card, there isn’t much room for negotiation, Terrell said—what you see is what you get. If you want different or better perks, the provider will just point you to another card that offers them.

    Negotiations come into play if you already have debt, Marques said, or are transferring debt between cards to take advantage of the lowest rate. 

    Using signup offers—such as zero interest for the first 12 months—with a balance transfer means you can get a break from interest and pay down your balance faster, she said. Or if you want to keep your current card, you can simply call your provider and move your balance to a lower-interest option.

    “There is an opportunity to negotiate their interest rates or even negotiate on your annual fees,” Marques said. “I think a lot of consumers don’t realize that if you just call and ask … in a lot of cases, they will.”

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    The Canadian Press

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