A Global viewer is warning others to watch their credit card statements closely after purchases in U.S. dollars.
On a recent trip to the States, he bid for a hotel room on Priceline.com, using his CIBC Visa card.
His bid was not accepted and the charge was refunded immediately.
On his statement he noticed a $13.67 difference between the bid and the refund.
Charge incurred for $262.56 USD @ 1.018= $267.42
Get breaking National news
Refund given for $262.56 USD @ .966= $253.75
He says the two transactions took place within seconds and can’t understand the difference.
Here is the explanation from CIBC:
-As a Visa card issuer, CIBC must use foreign exchange rates determined by Visa Inc.
Exchange rates differ for purchases and returns based on point in time, similar to when buying or selling foreign currency cash.
-
![]()
How the Iran war is draining Canadians’ wallets at the pump -
![]()
Canadian retirees earning over $100,000 don’t need old age security cheques, advocacy group says -
![]()
Alberta family gets back $40K from dealership after new truck seized for being stolen -
![]()
Gas price swings fuel financial uncertainty for Canadians
Also, an administration fee of 2.5% is added to the converted amount on both debit and credit transactions.
This fee is standard in the Canadian industry on foreign currency exchanges.
The foreign exchange rate is communicated to customers on their credit cardholder information package:
“You agree to pay for any Transactions made in a foreign currency (or be credited with returns) in Canadian Dollars at a rate of exchange determined by us which reflects our cost of foreign funds and an administration charge for transaction handling through the credit card network.”
The viewer complained to Visa and the difference was reversed, “this one time”.
Comments
Want to discuss? Please read our Commenting Policy first.