Best Place for Currency Exchange
- Thread starter arlingtoncrush77
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That's excellent, within half a cent of what an ATM would have gotten you. Given your fear of not being able to get your card to work, that's a worthy trade.
I might consider using them in the future. Considering my card's daily limit of $500 and the need to exchange a fair amount more than that on occasion, the small loss would be worth the tradeoff.
I might consider using them in the future. Considering my card's daily limit of $500 and the need to exchange a fair amount more than that on occasion, the small loss would be worth the tradeoff.
Yes it did "Pay" off Igna, and there was actually a $3.50 fee included in that. Including the fee I received that exchange. My bank would have docked me more than $3.50 for a withdrawal at the ATM.
I always go to this little place, its on st. catherine I think beside the cathedral on the north side, near future shop, which is across the street and up a bit. I found compared to the other places in the vicinity (on st. catherine and in the underground mall), this place has a better rate and possibly no service fee. Actually all I remember is going there and saying "wow, this place is better than all the others".
Needing some cash, I decided to do a little test today, comparing the rates at Calforex with those of Caisse Populaire Desjardins. When I left my home today at noon, the exchange rate was 1.03$ CDN to the US dollar.
First, I trudged downtown to St. Catherine St. to visit Calforex. It looks like their profit is a very reasonable 1%. They're selling loonies at $1.04 and buying greenbacks at 1.02$. Considering that they're a for profit operation, the $20 they took on my $2,000 was quite reasonable.
Next, I went to my neighbourhood Caisse, where I got 1.025$ for my USD, a loss of .5%.
The difference in the rate is a negligible 1/2 of 1%, less than I'd have thought. The advantages and disadvantages of Calforex, beyond the extra 1/2% they take. The big disadvantage at Calforex (or similar) is that you pretty much have to go downtown to deal with them. The other disadvantage is that they're nosey. They wanted all sorts of information that I might have been reluctant to give them if the White House were still occupied by war mongering criminals. The big advantage at Calforex is that there is no daily withdrawal limit like most banks have.
First, I trudged downtown to St. Catherine St. to visit Calforex. It looks like their profit is a very reasonable 1%. They're selling loonies at $1.04 and buying greenbacks at 1.02$. Considering that they're a for profit operation, the $20 they took on my $2,000 was quite reasonable.
Next, I went to my neighbourhood Caisse, where I got 1.025$ for my USD, a loss of .5%.
The difference in the rate is a negligible 1/2 of 1%, less than I'd have thought. The advantages and disadvantages of Calforex, beyond the extra 1/2% they take. The big disadvantage at Calforex (or similar) is that you pretty much have to go downtown to deal with them. The other disadvantage is that they're nosey. They wanted all sorts of information that I might have been reluctant to give them if the White House were still occupied by war mongering criminals. The big advantage at Calforex is that there is no daily withdrawal limit like most banks have.
L
Lily from Montreal
I didn't know that you had to give personal information to exchange money? Last time I changed money,I and didn't want to go to my bank, I used a booth like change at the mall , I do not recall the name of the place, anyway the rate was not as nice as what you get at Calorex, I was just lazy , but hey do not ask anything? Just what currency you need?
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I like the latest bunch of war mongering criminals in the White House...may their drone strikes continue!
Are you talking about the place with an Asian guy at the counter? If so, then I have used him too and he is the best.
With regards to personal information or showing ID, the exchange I used to frequent told me that it was required when exchanging over $3000. He always gave me good rates so I never questioned showing him ID.
L
Lily from Montreal
I understand...well I never have over 1000 of US money to change so I never had to give ID, and my bank know me , well they know the respectable version of me loll
My memory is refreshed having been to Mtl recently. 3 weeks ago I used my usual place 3 times. It is on St. Catherine just east of the intersection with McGill. Its a tiny place and you can easily miss it. In case I have my directions wrong, if you are at St. Catherine & McGill, you walk with Peel at your back.
Anyway the 'market rate' (the one you find on the web/papers) at the time was US$1=CAN$1.01xxx with the x's being a bunch of numbers I can't remember. On the three days I exchanged US$5000 for CAN$5075, US$2000 for CAN$2020 and US$2000 for CAN$2015. By comparison, my bank of america ATM withdrawal from Scotia Bank for CAN$400 charged my account US$392.77 and no additional fees. The downside is that the Scotia Bank teller treated me with suspicion for wanting to convert so many 20's into 100's. So to put it in exchange rates/ratios:
The forex shop on St. Catherine gave me rates of 1.015, 1.01 and 1.0075
Scotia Bank ATM with BoFA ATM card: 1.018
So if your american bank has a partnership with a Canadian bank that does not charge extra ATM fees, you better go with that. But if your average daily expenditure is more than your ATM limit, then you really have no choice but to bring cash with you. Hope this information proves helpful.
Anyway the 'market rate' (the one you find on the web/papers) at the time was US$1=CAN$1.01xxx with the x's being a bunch of numbers I can't remember. On the three days I exchanged US$5000 for CAN$5075, US$2000 for CAN$2020 and US$2000 for CAN$2015. By comparison, my bank of america ATM withdrawal from Scotia Bank for CAN$400 charged my account US$392.77 and no additional fees. The downside is that the Scotia Bank teller treated me with suspicion for wanting to convert so many 20's into 100's. So to put it in exchange rates/ratios:
The forex shop on St. Catherine gave me rates of 1.015, 1.01 and 1.0075
Scotia Bank ATM with BoFA ATM card: 1.018
So if your american bank has a partnership with a Canadian bank that does not charge extra ATM fees, you better go with that. But if your average daily expenditure is more than your ATM limit, then you really have no choice but to bring cash with you. Hope this information proves helpful.
I did a bunch of exchanging today and thought I'd compare rates.
According to Yahoo Finance, the US$ is worth $1.05 Canadian at the moment.
I exchanged at Calforex and got a rate of $1.035. There was a $2.50 service charge, rather negligible considering the amount converted.
I checked with Desjardins and was shown a rate of $1.021. I passed
I stuck my debit card into an ATM and received a rate of $1.049 after the $2.50 service charge, which translated to .5%. So I actually got $1.054 before the service charge.
The ATM returned 1.4% better than Calforex and 2.9% better than the bank rate.
According to Yahoo Finance, the US$ is worth $1.05 Canadian at the moment.
I exchanged at Calforex and got a rate of $1.035. There was a $2.50 service charge, rather negligible considering the amount converted.
I checked with Desjardins and was shown a rate of $1.021. I passed
I stuck my debit card into an ATM and received a rate of $1.049 after the $2.50 service charge, which translated to .5%. So I actually got $1.054 before the service charge.
The ATM returned 1.4% better than Calforex and 2.9% better than the bank rate.
My bank reimburses me all ATM Fees, so I use my card in Canada and usually get the current rate. I am still limited to $500 per day, so there's that.
rumple, sweetwater, (or anyone else)
you two have shared some useful info on this topic. Couple of questions I have:
a) If I use my US bank's ATM card (it's not BankOfAm) at an ATM in MTL, do those ATM owners (RBC, etc,) charge an ATM usage fee (typically anywhere from $1.50-$5)? If so, is there a Canadian bank whose ATMs dont charge a fee? I know my US bank will charge for not using one of their ATM machines, wanted to assess what the bank who owned the ATM charges.
b) You mentioned in a related thread about prompt option on the ATM. I dont understand the two options. (I get that saying "No" is the better one, but what's the difference)?
c) (yes, ok,it's more than 2 questions), Do both Calforex and GlobalExchange have fees as well or just rates that are not as good as ATMs?
you two have shared some useful info on this topic. Couple of questions I have:
a) If I use my US bank's ATM card (it's not BankOfAm) at an ATM in MTL, do those ATM owners (RBC, etc,) charge an ATM usage fee (typically anywhere from $1.50-$5)? If so, is there a Canadian bank whose ATMs dont charge a fee? I know my US bank will charge for not using one of their ATM machines, wanted to assess what the bank who owned the ATM charges.
b) You mentioned in a related thread about prompt option on the ATM. I dont understand the two options. (I get that saying "No" is the better one, but what's the difference)?
c) (yes, ok,it's more than 2 questions), Do both Calforex and GlobalExchange have fees as well or just rates that are not as good as ATMs?
Views, (one of the very few people to have enjoyed both Amelie and Adelle in a duo. What a day that was.)
1. You will get charged on both ends. That's why I always convert the maximum $500. My US bank charges me $1.00, the banks here (for me usually Desjardins or BOM) charge $2.00. So each transaction costs me $3.00, or .6%. And what I get in return is the exact rate you'll find at http://www.xe.com/currencyconverter/
2. This prompt is something that you'll only find at RBC ATMs. They will offer to convert the money for you, showing you exactly what you'll be getting if you say yes. If you do, you will get the same rate as if you walked into a bank with a pile of US dollars and handed them to the teller. That is, you will lose some 3%. If you say no, you will get the same as in 1 above. The correct answer, then, is no.
3. I've used Calforex a few times when I've had a pile of cash (several thousand) to convert and didn't want to go to the bank and take $500 at a clip. They have a fee, which I believe is $3.00. The rate that you will get from Calforex will cost you another 1-1.5%. If you're converting $3000, it will cost you between $30-$45. Whether it's worth that amount to save several repeated trips to the bank is up to you.
Don't forget to wish Amelie a happy birthday today.
1. You will get charged on both ends. That's why I always convert the maximum $500. My US bank charges me $1.00, the banks here (for me usually Desjardins or BOM) charge $2.00. So each transaction costs me $3.00, or .6%. And what I get in return is the exact rate you'll find at http://www.xe.com/currencyconverter/
2. This prompt is something that you'll only find at RBC ATMs. They will offer to convert the money for you, showing you exactly what you'll be getting if you say yes. If you do, you will get the same rate as if you walked into a bank with a pile of US dollars and handed them to the teller. That is, you will lose some 3%. If you say no, you will get the same as in 1 above. The correct answer, then, is no.
3. I've used Calforex a few times when I've had a pile of cash (several thousand) to convert and didn't want to go to the bank and take $500 at a clip. They have a fee, which I believe is $3.00. The rate that you will get from Calforex will cost you another 1-1.5%. If you're converting $3000, it will cost you between $30-$45. Whether it's worth that amount to save several repeated trips to the bank is up to you.
Don't forget to wish Amelie a happy birthday today.
All the big name Canadian banks charge $2.00-$2.50 for using their "ABM" out-of-network. But there are two Tangerine Bank (formerly ING Direct) ABMs that only charge $1.00 and are convenient if you are staying at Omni / Sheraton, or going to the SAQ on Ste Cat. Both are between Peel & Stanley, one on de Maisonneuve and the other on Ste Cat.
Be sure and understand what your US bank charges for using a foreign ATM . Some of the big banks like Chase and BofA charge $5 PLUS a 3% fee:
http://www.nerdwallet.com/blog/banking/debit-card-foreign-transaction-international-atm-fees/
Of course, the big benefit to using the ATM is you will receive a wholesale exchange rate which is set by MasterCard or Visa, whichever your ATM card is.
Be sure and understand what your US bank charges for using a foreign ATM . Some of the big banks like Chase and BofA charge $5 PLUS a 3% fee:
http://www.nerdwallet.com/blog/banking/debit-card-foreign-transaction-international-atm-fees/
Of course, the big benefit to using the ATM is you will receive a wholesale exchange rate which is set by MasterCard or Visa, whichever your ATM card is.
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