In the Nov. 9 edition of this newsletter, I asked readers to offer their suggestions on how to save money when buying U.S. dollars. Here's an idea that came up a lot and appeals to me because it's so simple: Use a credit card that doesn't charge the usual foreign currency conversion fee of 2.5 to 3 per cent. If you use these cards, you simply pay a competitive wholesale foreign exchange rate on your purchases.
Two credit cards that don't charge the foreign currency conversion fee are Amazon.ca Rewards Visa, with no annual fee, and Marriott Rewards Visa, with an annual fee of $120. Both are offered by Chase Canada, which is part of JPMorgan Chase & Co. Another option is Rogers Platinum MasterCard, which offers 4 per cent cashback on foreign purchases. Here's some help in deciding whether these cards might be right for you.
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"Your adviser works for free, then? Must be a first. All investors with advisers pay two main layers of fees. One for the investment products you own and one for advice. New securities regulations mean you'll start getting a comprehensive report on fees in January. Read it and schedule a meeting with your adviser to discuss fees.
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