Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Wise Review (formerly TransferWise): A Better Way to Conduct Foreign Exchange? May 14th
The high fees and bloated exchange rates incurred when sending and receiving foreign currency can be a bitter pill to swallow. This is especially true for anyone who has to send international money transfers regularly.
Much of the problem lies in the exchange rates offered by banks, which are priced.... More »
The close: TSX ends up with banks; Bombardier falls after tariff hit + MORE Sep 27th
Wall Street gains on financials boost, tax hopes
.... More »
Canadian Parents Spending More on Back-to-School than Holiday Gifts Aug 14th
With September just around the corner, kids across the nation are likely dreading the thought of going back to school, and parents are likely dreading the costs that come with it.
From clothing and technology to snacks and supplies, a recent RetailMeNot.ca survey found 53 per cent of Canadian paren.... More »
The best high-interest savings accounts in Canada for 2024 + MORE Nov 19th
Savings comparison tool
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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MoneySense is an award-winning magazine, helping Canadians navigate mo.... More »
Before It’s Too Late! Best Credit Card Welcome Offers of January 2020 + MORE Jan 4th
The new year has just begun, which means there is plenty of time to plan for the months ahead. Will you jet off to a sunny location? Decide to save money? Work on paying off that post-holiday debt?
The right credit card can help you attain your goals. Whether it’s a cash back, low balance transfe.... More »
Canadian Customers Will Soon Have to Pay More to Use Certain Premium Credit Cards
– ratesupermarket.ca
Canadian customers will soon be subject to additional fees when paying for purchases with certain premium credit cards, now that Visa and MasterCard have entered into a settlement agreement stemming from a class action lawsuit that will see both companies make changes to their “No Surcharge Rule”.
In 2011, Canadian merchants filed a lawsuit alleging that Visa and MasterCard rules forced retailers to accept all credit cards as payment, including cards that charge higher retailer fees for each transaction. The rules also forced retailers to bear the full weight of the merchant fees as they are not allowed to surcharge customers who use premium cards.
After discussions with the federal government, Visa and MasterCard agreed in 2014 to voluntarily reduce the fees for five years.
Earlier this week, however, both credit card corporations entered into a settlement agreement, in which they agreed to pay $19.5 million each and allow merchants to add limited surcharge fees when accepting premium credit cards as payment from consumers…
