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Thread: Where do you convert your US$ to Canadian$

  1. #1

    Where do you convert your US$ to Canadian$

    Banks are crooks so any tips to convert cash in Montreal?
    thanks

  2. #2
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    credit card's give the best rate, however, they add a 2.5% to 3% foreign transaction fee to the amount. i know capital one credit cards do not add any additional charge.

    as for over the counter exchange places, calforex has the best rates, + only a $2.50cad fee. http://calforex.com/

  3. #3
    If you're just talking about a few hundred dollars and it's not cash you desperately need right away, open a US funds account at your bank. That way when you travel to the US, you'll always have a nice little funny money tucked away for your trip.
    If rates are very favourable you can take advantage by adding to your US stash. If rates are poor, you don't get taken to the cleaners switching back and forth.

  4. #4
    You can use your ATM card at a bank or caisse populaire. It will take a few dollars commission per transaction and give you a reasonable buy rate.
    A cash adavnce on your CC will be similar except that you will charged intererst over and above the buy rate.

  5. #5
    Quote Originally Posted by HG Hunter View Post
    If you're just talking about a few hundred dollars and it's not cash you desperately need right away, open a US funds account at your bank..
    Roads wants to buy CND using USD.

  6. #6
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    Best way to get the best rates

    1. Never convert USD to CAD in the US. You get better rates in the host country.
    2. Go where there are many places that have Currency Exchanges, such as St. Catherines St.
    3. Carry a note pad and ask several places for their exchange rates to buy US. Ask about additional fees. Some have additional fees and some don't. Those who don't usually give lower rates to buy US. But add it all up using the amount you want to exchange.
    4. I usually find that it will cost you 2 to 3 percent in most places, meaning if you exchange $1000, they will charge you $20 to $30 over the spot market. CAD is now $0.95 per USD $1 or $1.05 USD per $1 CAD. If you give them $1000 USD, they will give you $1020 to $1030 depending on where you go.

  7. #7
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    I usually convert my US dollars to Canadian dollars at Calforex which is next to Super Sexe on Catherine. I always found there rates to be the best.

  8. #8
    Quote Originally Posted by Mike Mercury View Post
    Roads wants to buy CND using USD.
    Sorry about that.
    Read it quickly.

  9. #9
    Are we talking about 100,000 dollars here? If you do the real math and factor in all the time wasted trying to hunt down a bargain rate, you're saving next to nothing.

  10. #10
    sometimes the Casinos offer better rates than the banks, but not always...... gotta do your homework

  11. #11
    Quote Originally Posted by Lusty Pig View Post
    Are we talking about 100,000 dollars here? If you do the real math and factor in all the time wasted trying to hunt down a bargain rate, you're saving next to nothing.
    Agreed. For small sums just use anything. For large sums (say over $15,000) there's a special trick you can use if you have a brokerage account which will reduce the commissions to almost nothing. If anyone cares I'll post it.

  12. #12
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    Credit cards give the best rate, but the fees (at times) can make it a wash...

    I've changed at a number of different places... Duty Free shop at the border, there's a motel about 10mins over the border, all the various kiosks downtown, banks, strip clubs, casino, airport....

    Best exchange I ever got was at a bank here in Boston.... Might've been luck. But I go where it's most convenient at the time. Sometimes you hit, sometimes you miss, most of the time I've found it's all pretty comparable...
    "I feel sorry for people who don't drink. They wake up in the morning and that's the best they're going to feel all day."
    - Dean Martin

  13. #13
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    $$$ Exchange

    If your a American open a Bank of America free checking account- you can even do it online.

    They have reciprocal agreements with no fees at Scotia Bank in Canada- I use the ATM and get Canadian funds with no fees.

    Also when I go to Germany same with Deutsche Bank Atms.

  14. #14
    In addition to BoA, TD Bank (the US version of TD Canada Trust) is growing.

    You could get an account with TD Bank in the US, and you can use the TD ATMs in Canada, too.

  15. #15
    Quote Originally Posted by gtadick View Post
    If your a American open a Bank of America free checking account- you can even do it online.

    They have reciprocal agreements with no fees at Scotia Bank in Canada- I use the ATM and get Canadian funds with no fees.

    Also when I go to Germany same with Deutsche Bank Atms.
    Not nitpicking, but I think it's relevant to mention.

    You don't need to be a full-blown citizen of either country to open a bank account; you need to be a resident, for tax purposes.

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