I just found this out, and didn’t know about it until I bought a product in the USA and returned it. Thats when I questioned the difference in the purchase price and the exchange rate given on the return.
On your Visa statement on the back it states…
**Foreign currency transactions. Amounts charged in a foreign currency are converted into Canadian dollars at our (Visa) exchange rate, which is 2.5% above the exchange rate set by Visa International in effect at the time we post the transaction to your Visa account.
**I never new that! So beware. If you purchase a big ticket item in the USA you could be paying more in exchange rate than if you paid cash, debit or Travelers cheques. Bummer!