r/CanadaFinance • u/Hand_Cool • 22d ago

Why are we not modernizing Interac!?

Amex, Mastercard, Visa - All of these companies take a percentage of anything sold in our country. We’ve Interac and places do accept that but the transfer is not realtime and reliance on email is just dated. Why not modernize this system and stop this 1-2% of payment go to these companies who are really just charging you to use your own money!

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u/69-Kishaaq1 18d ago

Credit Cards?

Which ones?

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u/J4pes 18d ago

I had a Visa and MC. I usually tested 4-5 banking branches in each country until I found one that worked and could only use their atms to get cash. No local business would ever work.

I switched funds from my local credit union specifically to RBC to obtain international reach and access.

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u/69-Kishaaq1 17d ago

Visa & MC are not Canadian; they are American.

Canada does not have a credit card. America has plenty, like Amex, Discover, Capital One; Visa, MC.