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When Canadian Dollars Are Not the Way to Go

When you are travelling abroad, more and more often these days foreign merchants will offer you the option to bill your credit card in Canadian dollars.  This is not often a good idea because most of the time you'll find the exchange rate ("forex") used is off by as much as 4%!

To make matters worse, clients have been reporting that some merchants go ahead and do you this "favour" without permission, something that violates their merchant agreement.  So, be on the look-out for these cases when you review your credit card statement following a trip.  If you catch this, you have the right to dispute it with your credit card company, and they will force the merchant to correct the charge using the original currency and using a valid exchange rate.

 

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