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1. wealthawesome.com › what-is-a-cash-equivalent-feeWhat Is A Cash Equivalent Fee In Canada? (2024) - Wealth Awesome

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   If you’ve recently used your credit card to withdraw money from an ABM or to receive a cash advance, then you may notice a cash equivalent fee on your credit card statement. If you’ve never received one before, this may seem a bit alarming.

2. smallbusiness.chron.com › cashequivalentWhat Is a Cash-Equivalent Transaction? - Small Business

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   For example, buying $500 worth of foreign currency on your credit card might attract a cash advance fee of either $20 or 5 percent of the transaction value, whichever is higher.

3. canadabuzz.ca › cash-equivalent-feeWhat is a Cash Equivalent Fee? - Canada Buzz

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   May 5, 2021 · So there you have it – now you know that if you see a “cash equivalent” stamp on your credit card statement, it means that you have made a cash equivalent purchase. To avoid these fees, purchase your lottery tickets and other cash equivalents with your debit card rather than your credit card.

4. www.pcfinancial.ca › en › learning-hubAre There Any Fees For The PC Mastercard? | PC Financial

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   Cash Advance at a bank machine or teller in Canada: $5; Cash advance outside Canada: $7.50; Overlimit charge if over the credit limit on statement date: $29 (for Quebec residents: $0); Cash equivalent transaction (such as for a wire transfer or money order): 1% (minimum $5, maximum $10); Dishonoured payment or convenience cheque: $42; Copy of a ...

5. www.nerdwallet.com › what-are-credit-card-feesThe Most Common Types of Credit Card Fees and Charges

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   Oct 7, 2022 · When you use your credit card to withdraw cash from an ATM, called a cash advance, some credit card providers will charge a small cash advance fee (also called a cash equivalent fee), which might...

   • Email: CAN-legal@nerdwallet.com

6. www.rbcroyalbank.com › en-ca › my-money-mattersUnderstanding How Credit Card Fees Work – RBC Royal Bank

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   Mar 27, 2024 · If you use your credit card to access cash (such as at an ATM), you may be charged a cash advance fee. This can be a flat fee per advance or a percentage of the amount you’re withdrawing. Over-limit fee.

7. People also ask

   Do you have a cash equivalent fee on your credit card statement?

   • If you’ve recently used your credit card to withdraw money from an ABM or to receive a cash advance, then you may notice a cash equivalent fee on your credit card statement. If you’ve never received one before, this may seem a bit alarming.

   What Is A Cash Equivalent Fee In Canada? (2024) - Wealth Awesome

   wealthawesome.com/what-is-a-cash-equivalent-fee-in-canada/

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   What is a cash equivalent fee?

   • As the name implies, a cash equivalent fee is charged when you attempt to use your credit card in place of cash. Credit cards are meant to be used on the card network. While credit card companies allow cardholders to use their cards for a cash advance, they charge a fee for doing so.

   What Is A Cash Equivalent Fee In Canada? (2024) - Wealth Awesome

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   Do credit card companies charge cash equivalent fees in Canada?

   • Unfortunately for consumers, credit card companies in Canada are legally permitted to charge cash equivalent fees on cash-like transactions such as cash advances, money order purchases, or ABM cash withdrawals. Can You Get A Cash Advance With Any Credit Card?

   What Is A Cash Equivalent Fee In Canada? (2024) - Wealth Awesome

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   What are cash equivalent fees in Canada?

   • A cash equivalent fee in Canada are additional fees and charges imposed on cardholders who use their credit cards to withdraw cash or who use their card to cover cash balances. If you’re curious about learning how cash advances work in Canada, when cash equivalent fees are charged, and how to avoid them, then you’re in the right place.

   What Is A Cash Equivalent Fee In Canada? (2024) - Wealth Awesome

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   What is a cash equivalent transaction on a credit card?

   • If you purchase cash equivalents using a business or personal credit card, you are making a cash-equivalent transaction. These transactions appear as a separate item on your credit card statement so that you can identify them easily. Why do you care about these transactions? For one reason: the cost.

   What Is a Cash-Equivalent Transaction? - Small Business

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   Do credit cards charge a fee?

   • Credit cards are meant to be used on the card network. While credit card companies allow cardholders to use their cards for a cash advance, they charge a fee for doing so. Most credit card companies charge between 3% and 5% as a cash equivalent fee. This fee is charged on the amount of the cash-like transaction.

   What Is A Cash Equivalent Fee In Canada? (2024) - Wealth Awesome

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8. www.pcfinancial.ca › en › learning-hubCredit Card 101: The Ultimate Guide - PC Financial

   www.pcfinancial.ca › en › learning-hub

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   Jan 24, 2024 · Other fees are: cash advance at a bank machine or teller in Canada: $3.50; cash advance outside Canada: $7.50; overlimit charge if over the credit limit on statement date: $29 (for Quebec residents: $0); cash equivalent transaction (such as for a wire transfer or money order): 1% (minimum $5, maximum $10); dishonoured payment or convenience ...