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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.
May 5, 2021 · 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. Sometimes the fee is a fixed amount, while other credit cards charge a percentage of the transaction amount.
Cash-equivalent fees should be easy to avoid, either by paying with cash or with a debit card, whichever is most appropriate for your business.
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
Apr 20, 2022 · If you make a credit card transaction where money is being transferred to another method of payment that can be converted to or used as cash, it likely falls into the cash-like or cash-equivalent transaction category. These transactions usually come with a cash advance fee.
Jul 31, 2023 · Cash equivalents are highly liquid investment securities that can be converted to cash easily and are found on a company's balance sheet.
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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 ...
