Best currency exchange near hotel espresso?
- Thread starter cpp433
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Just go east on nSt Catherine street there are many of them, just be careful at their fees, or go to a bank
Aviya Forex at 1970, rue Sainte-Catherine Ouest
Montréal, QC H3H 1M4
They exchange USD at less than 2% from the spot. And they charge 0 fees.
Always the best place to exchange.
Hello all,
I have to disagree. I've been to many currency exchanges in Montreal over the years including the one near the Espresso. The most consistently good rate and least expensive is the Calforex at 1230 rue Peel just yards (is it south or east) from rue Ste Catherine. I always go there unless time and distance is an issue.
Good luck,
Merlot
I have to disagree. I've been to many currency exchanges in Montreal over the years including the one near the Espresso. The most consistently good rate and least expensive is the Calforex at 1230 rue Peel just yards (is it south or east) from rue Ste Catherine. I always go there unless time and distance is an issue.
Good luck,
Merlot
Hello Sexadict,
I don't remember that at all. I could be mistaken, but I thought there was a very small fee at the place I suggest, and the fee is easily made up for by better exchange rates I find there.
Curious and just to be sure I called the Peel station at 514-392-9100 (1230, rue Peel, Montréal, QC H3B 2T6) a moment ago and spoke to the person. He began in French and I greeted him that way, but to make sure there was no misunderstanding we spoke in English. According to him there is a charge of $3.50 ($3,50) and absolutely no other fees. Before I called I would have said it was a $4.00 fee only.
Cheers,
Merlot
I don't remember that at all. I could be mistaken, but I thought there was a very small fee at the place I suggest, and the fee is easily made up for by better exchange rates I find there.
Curious and just to be sure I called the Peel station at 514-392-9100 (1230, rue Peel, Montréal, QC H3B 2T6) a moment ago and spoke to the person. He began in French and I greeted him that way, but to make sure there was no misunderstanding we spoke in English. According to him there is a charge of $3.50 ($3,50) and absolutely no other fees. Before I called I would have said it was a $4.00 fee only.
Cheers,
Merlot
The Calforex fee is $3.50, thats it, a good friend of mine went there last week and that is all it was, he said he took $1400 American and got $1730 and some change back after that fee. Not bad, he got $330 of FREE money and used it to see an SP for an hour and a night out with friends.
Calforex charges $3.50 plus 2%. Bank ATMs charge $2.50-$2.75 plus nothing. Iggy's friend would have gotten $1750 from ATMs, but he'd have had to visit three times as most limit you to $500 per day.
Rumps - went there twice last week. There is a 3.50$ fee. I was not charged 2% unless they give 2% below prime? Last trip they gave me 1.23. I remember that the September trip I was looking at all the currancy exchanges and Calforex gave the best rate by a few %. Since I was carrying US currency the last two visits the Calforex worked out to be the best deal for me.
I believe that there is a hefty cash advance fee on my credit cards. I typically will only take out cash advances on my business card (for legit business). It creates a real headache. My other CC charges a hefty interest rate for a cash advance. If there were some special card that you can recommend I would consider it.
I believe that there is a hefty cash advance fee on my credit cards. I typically will only take out cash advances on my business card (for legit business). It creates a real headache. My other CC charges a hefty interest rate for a cash advance. If there were some special card that you can recommend I would consider it.
The last time the exchange rate was $1.23 was mid-January. When you were in Montreal last week, the rate was within a hair of $1.25. I might have been slightly off; Calforex might clip as little as 1.5%,c certainly no less.
If you're carrying US currency, Calforex is really the only way to go. You DO NOT want to exchange cash at a bank.
I would never use a credit card for a cash advance for the very reason you mention. I use the debit card attached to my checking account. They charge me $1.00 and I get the exact international rate.
There is a rational for using Calforex. The saving you'd get by using your debit card would be eaten up by the fees on the $500 daily limit if you're looking for $3,000 or more. Even for $2,000, the $5-$10 you'd gain by using your ATM card wouldn't justify the extra trips to the bank. (In my case, however, since I live in the Plateau, Calforex would mean a trip downtown. I walk by the bank every day so hauling out $500 at a clip does make more sense.)
(BTW, Hungry, you really should try to be in town for the next MOJO party. They have nearly as many girls working today as that other agency has on their rapidly shrinking roster. And what a roster they have.)
OK, thanks. I just wanted to know if I was missing something.
I would like to see Mojo's roster. the problem is getting there. And then I need to session that night too.
We had a lot of fun at the GG7 party. It got a little carried away. even for me.
I would like to see Mojo's roster. the problem is getting there. And then I need to session that night too.
We had a lot of fun at the GG7 party. It got a little carried away. even for me.
Gentlemen,
I spoke directly to the attendant at the Calforex on the phone as described in post 6. The charge according to him is $3.50 and nothing else. That matches with many first hand experiences of my own.
I used a bank once in an emergency kind of situation but it was for a cash advance, not a good option because of the obvious heavy rate costs. It was also a ponderous process doing it in Canada instead of at home in the U.S..
If there are better options than Calforex I'm open to suggestions.
Cheers,
Merlot
I spoke directly to the attendant at the Calforex on the phone as described in post 6. The charge according to him is $3.50 and nothing else. That matches with many first hand experiences of my own.
I used a bank once in an emergency kind of situation but it was for a cash advance, not a good option because of the obvious heavy rate costs. It was also a ponderous process doing it in Canada instead of at home in the U.S..
If there are better options than Calforex I'm open to suggestions.
Cheers,
Merlot
The attendant clearly doesn't know what they are charging, obviously. Then again, I wouldn't expect the attendant to know how they calculate the rates.
To test them out, I took $2000 to Calforex a few months back. After exchanging, I walked to a bank, stuck in my ATM card and collected $500. I then took a look at the exchange rate on my phone. At the bank, I got the same rate as on my phone. At Calforex, I got 1.5% less.
Here's something for you to try. Walk into Calforex. Give them $1000. Take the Canadian money they give you and give it back to them and ask for US dollars. You should now have $994, your original $1000 less the $3.50 Canadian service charge. You won't. What you will have is about $965, having been trimmed for 1.5% on each transaction.
If you are pulling out $1,000.00 cash ( other legit stuff on debit ) is there that much of a difference to go out of your way?
Same people who line up for a $0.03 cent a litre gas sale and buy 60 liters and save $1.80?
Convenience is worth something.
Just a question on how much you really save.
Same people who line up for a $0.03 cent a litre gas sale and buy 60 liters and save $1.80?
Convenience is worth something.
Just a question on how much you really save.
Correct. If you're staying in a downtown or old port hotel, you'll probably pass 3 banks before you get to Calforex. There might even be an ATM in the lobby. Why then would you go to all the trouble to go to Calforex and give them a fee that the ATM won't charge? Add to that the inconvenience of going to your bank at home to make a cash withdrawal and Calforex makes even less sense.
Hello all,
Interesting as a theoretical exercise, but in practice no one would reconvert the same amount. I tend to have between $10 to $25 left in Canadian dollars when it comes time to leave Montreal, and I tend to keep that for returns to help cover for parking costs that I must be prepared for whether I go to an ATM or Calforex right away as I arrive in the city. If I did reconvert such a small amount the 1.5% with Calforex would cost me pennies, and on the days I usually leave (Sunday) banks are not open.
So in this case an ATM doesn't fit.
There have been a few times when some unfortunate circumstances limited my time to get to better exchange options, especially on first day arrivals, and I used the local bank ATM in Montreal. It didn't limit me to $500 per day but it did limit me to $200 per transaction. Sure the fees per transactions are smaller than Calforex but when you have to make multiple transactions to get the necessary total amount obviously the initial lower rate gain is lost as you begin to surpass that 1.5% cost you would have incurred at Calforex. If you need just $450, which I have needed for a meeting, that's 3 transactions 3 fees. Also in many cases bank ATMs that are not part of my own bank they often charge nearly double the transaction rate of my own bank, and the banks pretty much always set round numbers for cash dispersals that force extra transactions for amounts the preset bank systems can't cover accurately. Overall, the comparative costs of using ATMs dictating amounts and limits of transactions and Calforex even with that 1.5% tend to be a wash at best...unless there's enough difference in the exchange rate being offered.
If someone needs to exchange large amounts the bank amount limitations and possible recurring transaction fees cited can make Calforex a better option. It will depend on how a particular ATM is set up to do transactions, the exchange rate offered and the amount involved.
Cheers,
Merlot
Interesting as a theoretical exercise, but in practice no one would reconvert the same amount. I tend to have between $10 to $25 left in Canadian dollars when it comes time to leave Montreal, and I tend to keep that for returns to help cover for parking costs that I must be prepared for whether I go to an ATM or Calforex right away as I arrive in the city. If I did reconvert such a small amount the 1.5% with Calforex would cost me pennies, and on the days I usually leave (Sunday) banks are not open.
So in this case an ATM doesn't fit.
There have been a few times when some unfortunate circumstances limited my time to get to better exchange options, especially on first day arrivals, and I used the local bank ATM in Montreal. It didn't limit me to $500 per day but it did limit me to $200 per transaction. Sure the fees per transactions are smaller than Calforex but when you have to make multiple transactions to get the necessary total amount obviously the initial lower rate gain is lost as you begin to surpass that 1.5% cost you would have incurred at Calforex. If you need just $450, which I have needed for a meeting, that's 3 transactions 3 fees. Also in many cases bank ATMs that are not part of my own bank they often charge nearly double the transaction rate of my own bank, and the banks pretty much always set round numbers for cash dispersals that force extra transactions for amounts the preset bank systems can't cover accurately. Overall, the comparative costs of using ATMs dictating amounts and limits of transactions and Calforex even with that 1.5% tend to be a wash at best...unless there's enough difference in the exchange rate being offered.
If someone needs to exchange large amounts the bank amount limitations and possible recurring transaction fees cited can make Calforex a better option. It will depend on how a particular ATM is set up to do transactions, the exchange rate offered and the amount involved.
Cheers,
Merlot
Never seen that. There is one Montreal bank that has a 400$ per transaction limit, but most allow 500$.
For me at least, the inconvenience of having to go downtown to draw cash from my US bank and then haul downtown to Calforex is way more inconvenient than hitting the ATM at the bank around the corner AND getting a better rate.
Because I have a stack of US 20s, I am going to have to visit Calforex in the next few days (as much as I try to avoid downtown Montreal.) I'll report back.
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