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Tangerine Foreign Exchange Rate Sucks
December 30, 2018
4:22 pm
Save2Retire@55
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Withdrew 4000 DOP from Scotia bank ATM. Cost $111.36 CAD.
FX says it should be $108.
Not impressed and don't know what they use for the exchange. Can Google but it won't change anything.
And as it is Scotia Bank ATM there is no fees.
This amount is not high but a 1.03% higher rate to use an ATM sucks.
That's why I always prefer using Credit Card (Rogers) whenever possible.

December 30, 2018
5:18 pm
Top It Up
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Visa Exchange for 4000 DOP posted 28 December 2018 = $111.62 with 2.5% FTF; $108.90 with 0.0% FTF.

December 30, 2018
5:40 pm
Save2Retire@55
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Top It Up said
Visa Exchange for 4000 DOP posted 28 December 2018 = $111.62 with 2.5% FTF; $108.90 with 0.0% FTF.  

At least with Rogers we get 3% back. Making 0.5% on foreign transactions.

December 30, 2018
5:42 pm
Save2Retire@55
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From their site:

5. Foreign Currency Transactions
A Permitted Transaction in a foreign currency will be converted to the currency of your Account at an exchange rate determined by Tangerine on the date the Permitted Transaction is processed. This rate may differ from the rate in effect on the date of the Permitted Transaction.

Foreign cash and cheques deposited at an ABM will initially be accepted and the ABM will provide a receipt which displays a deposit in Canadian dollars. Please note that foreign currency deposits made at an ABM may be rejected and returned to you once the deposit is received for processing at our office. Foreign currency deposits that are accepted will be converted to Canadian dollars, and the deposit amount will be adjusted according to the exchange rate at the time of processing. Additional charges may apply after the adjustment is made or where funds are rejected and returned to you.

Doesn't seem there is any foreign transaction fee. I have to call them and verify. They only mentioned $2 and whatever other bank charges per transaction if not using their ATM.

December 30, 2018
7:03 pm
gicjunkie
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Save2Retire@55 said
At least with Rogers we get 3% back. Making 0.5% on foreign transactions.  

With the Rogers World Elite MasterCard we get 4% back.

December 31, 2018
2:41 pm
Save2Retire@55
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gicjunkie said

With the Rogers World Elite MasterCard we get 4% back.  

Mine is World Elite too. I am confusing it with something else. Just checked Yes it is still 4%. Sweet.

December 31, 2018
2:58 pm
Peter
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The Platinum was 4%, then Rogers introduced World Elite at 4% and decreased the Platinum to 3%. Thus, existing cardholders had/have to upgrade from Platinum to World Elite to get a better return. Both cards have no annual fee, but the World Elite has an $80K personal or $150K household annual income requirement or some minimum payment history on the Platinum card.

January 19, 2019
9:21 am
fbeaulie
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Save2Retire@55 said
At least with Rogers we get 3% back. Making 0.5% on foreign transactions.  

Not for cash advance at ATMs.

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