Looking for information from other Canadian Cruisers re: Billing exchange options

[Weecal]

We are going on a Princess cruise this November. We are completing the registration and have the option, as Canadians, under the Preferred Currency for our Onboard Account section to either have Princess charge our credit card in our home currency using a fair rate or to leave it to our Canadian bank to handle the conversation of our USD Onboard Account and to charge us based on an unknown exchange rate along with our bank's fee schedule.

 

Looking to hear from others as to which option you choose and why. We have cruised a number of times and have always left it to our bank to handle the conversation but we wonder if we're missing a better opportunity by allowing Princess to charge directly in our home currency.

 

Thanks for the information.

[Steelers36]

We are going on a Princess cruise this November. We are completing the registration and have the option, as Canadians, under the Preferred Currency for our Onboard Account section to either have Princess charge our credit card in our home currency using a fair rate or to leave it to our Canadian bank to handle the conversation of our USD Onboard Account and to charge us based on an unknown exchange rate along with our bank's fee schedule.

 

Looking to hear from others as to which option you choose and why. We have cruised a number of times and have always left it to our bank to handle the conversation but we wonder if we're missing a better opportunity by allowing Princess to charge directly in our home currency.

 

Thanks for the information.

 

You can call Princess, pick the Make-A-Payment option and ask the billing folks what rate they are using now as a comparison. If you travel some or buy from Amazon or other US suppliers, why not get a USD credit card? They are quite prevalent in Canada and then you can manage when and how you get US funds to pay the CC bill.

[Steelers36]

We are going on a Princess cruise this November. We are completing the registration and have the option, as Canadians, under the Preferred Currency for our Onboard Account section to either have Princess charge our credit card in our home currency using a fair rate or to leave it to our Canadian bank to handle the conversation of our USD Onboard Account and to charge us based on an unknown exchange rate along with our bank's fee schedule.

 

Looking to hear from others as to which option you choose and why. We have cruised a number of times and have always left it to our bank to handle the conversation but we wonder if we're missing a better opportunity by allowing Princess to charge directly in our home currency.

 

Thanks for the information.

 

I'm going to assume you booked your cruise in CAD. You can pre-purchase OBC (On Board Credits) for an amount that you estimate your expenses will be. In this way you can "lock in" your exchange rate as Princess will charge you the exchange rate they are using for cruise fares. That is currently 20% for the fall and next winter season. So you pay $120 CAD for every $100 USD OBC. You can add up your grats and things like specialty restaurants, and what you tend to spend on wine and drinks each day, or excursions. Even good for walking around cash when you go ashore.

 

I always send cash to the ship, even though we do have a USD CC. I buy casino credits and use some of it there and some as cash on account. I still earn CC points as I buy the OBCs with my CC. I like having a low balance owing when I disembark. And I like having cash left over to take home, meaning Mr Casino did not get the best of me.

[rocker57]

Use this link, lots of useful information on there.

 

http://boards.cruisecritic.com/showthread.php?t=1968249&highlight=canadian+cruisers

[newbrunswicker]

As others have said, the best thing to do is estimate how much you are going to spend and prepurchase on board credit to cover it. As to your question about having the cruise line do the exchange for you, almost everyone would say don't let them do it. It will be cheaper to let your bank do it for you.

[ehogan]

We have a US credit card and US account with TD bank.

 

We purchase USD when the rate is good and transfer funds to cover our US credit card.

 

We charge our on board account to the US credit card. This way we avoid the 2.5 percent exchange fee the CDN credit cards charge.

 

This has worked well for us since we cruise and travel the US frequently.

[senior lady]

I either pay it off the last day of cruise or tick off let my bank do the exchange.

I have a credit card that doesn't charge the foreign exchange extra.

If you let Princess do it, you'll pay way more in exchange as it gets converted several times costing you more.

[M4dC0w]

Read the posted link, last few pages.

 

Buy obc pre-cruise at 20%, better than any current bank or cc rate, cash out any remaining at end.

[toberman]

 

Buy obc pre-cruise at 20%, better than any current bank or cc rate, cash out any remaining at end.

 

Not exactly true - but close. The currant BOC exchange rate is 19% and has been sitting between 17% and 19% for the past few weeks. I have a CC (Sears Mastercard) that doesn't charge an admin fee to convert US$. If the exchange rate stays the same I save a small amount by putting it on my card. I don't like giving Princess (or anyone) money in advance if I don't have to.

[senior lady]

I also have a Sears Mastercard and use it when I travel or pay for anything that is in a foreign currency.

[Grayce]

I just prepaid my tips for my September cruise (last week) and was only charged 10% exchange. We have obc that we hope will cover any other miscellaneous expenses while on board. Also have the Sear's Mastercard which has no foreign transaction fee.

[M4dC0w]

10% exchange rate ends on september 2015 cruises

[Steelers36]

Not exactly true - but close. The currant BOC exchange rate is 19% and has been sitting between 17% and 19% for the past few weeks. I have a CC (Sears Mastercard) that doesn't charge an admin fee to convert US$. If the exchange rate stays the same I save a small amount by putting it on my card. I don't like giving Princess (or anyone) money in advance if I don't have to.

 

I'm sorry, but you don't quite understand the math. The CAD closed at .8119 USD on Friday according to GlobeInvestor.com website.

 

You have to divide that into 1 to express what the cost of $1 USD is. So, 1/.8119 = 1.2317 (also, at .80 even, $1 USD costs 1.25 even).

 

So, with the close on Friday $1 USD costs 1.2317 CAD WHOLESALE. Every bank is going to add on to that amount so your final cost to buy those USD is going to be around 1.25, or maybe a bit lower, depending on your status at the bank and how much USD you are buying at one time, and whether it's an electronic exchange into an account or whether you are buying cash.

 

The Princess charge of 1.20 on USD looks attractive when you make the correct exchange comparison. If you don't believe me, call your bank tomorrow and ask them to quote you a rate on BUYING USD for various amounts ($1K, $5K, $10K, for example).

[Putterdude]

You could go ahead and lodge your credit card with Princess, then go to your bank or credit union and purchase a quantity of US dollar traveller cheques (hey, I can say "cheques" on this thread and everyone knows what I am talking about) if they are a available on a commission free basis. With the TCs you could go to the Passenger Services Desk shortly after you board or even on the day before disembarkation and settle your account with the TCs.

[toberman]

(hey, I can say "cheques" on this thread and everyone knows what I am talking about)

 

Yes.. Us and Brits, Kiwis, Ozys, Euros, and on and on and on! :)

Just don't try to write a cheque in AZ... I'm sure they would 'check' it out to see if it was valid. :D

[Putterdude]

Yes.. Us and Brits, Kiwis, Ozys, Euros, and on and on and on! :)

Just don't try to write a cheque in AZ... I'm sure they would 'check' it out to see if it was valid. :D

Heck NO, I have even had the US Post Office reject a Canadian penny they I had picked up in change at Safeway or somewhere.:D