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- Because they are considered a “risky” purchase (when compared to regular purchases), there is a fee that comes along with them. This fee is known as a “cash equivalent fee”. The exact amount charged for this fee will vary depending on which credit card or banking institution you are using.
canadabuzz.ca/cash-equivalent-fee/
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.
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...
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.
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),...
- CAN-legal@nerdwallet.com
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.
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 ...
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c) For cash advances, interest is charged as soon as you make a cash advance or cash-like transaction. For convenience cheques and balance transfers, interest is charged once they're posted to your account. If you have a promotional rate for a balance transfer, that rate will appear in this section.
