if you have an acct with BofA in the US you can withdraw from Scotia bank in Canada without incurring any additional fees or atm charges
best place to exchange USD > CAD
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Dude you're still up like me.
If you have a Chase Private Client account, you can withdraw five (5) different times at any ATM's and Chase will cover all your costs and will not charge you any currency exchange fees.
BofA offers the best exchange rates so I exchanged my curries before I came; it barely got my C$ because I booked my flight/hotel the very last minutes and place my currency over the weekend.
I doubt that this is accurate. Their (BofA) so called "Global Alliance" has been proven to be a scam.
My solution is to open a checking account at a place like Schwab or Fidelity. Very easy to manage, good customer service and no fees for using foreign ATMs ever. Furthermore, they actually reimburse you for the fees imposed by the ATMs themselves (works like a charm, experienced that myself many times.) Nowadays, it is difficult, but still possible to find an ATM in Montreal that does not charge fees (usually $2 or $3 per withdrawal.) HSBC still does not. Any others?
This is true. I got burned by BofA; and plus BofA now imposes fees on everything under the Sun!
I previously said this but for most banking transactions I would suggest using local banks, which will preclude the ATM possibility - which is a risk anyway for identity theft etc. unless you are using your own bank's machines. Otherwise you place your trust in the identity theft security of the particular machine you are using, and good luck with that bet.
I have a Bank of America credit card and it's 100% that you will be hit with a foreign transaction fee whenever US monies are converted to Canadian monies. The notion that BofA pays in Canadian money is false, they pay in American money and do a conversion which is right on your statement, and they also charge you for that individual transaction.
To avoid hidden charge/fee issues and identity theft issues I would just stick with using Calforex on Peel and paying their minimal service fee which BTW diminishes if you exchange more than $100.
You guys are apparently not in the legal system much because Bank of American and Chase are the worst of the worst for most banking transactions. Try getting a condo loan with one of these banks. Try opening a restricted Probate Court ordered banking account. State laws don't mean shit to these companies. They are so big that they have their own rules and their own rules supersede state laws, in their judgment. Even their legal departments, staffed with 25 year old wannabe graduates of mediocre law schools, tell local managers to follow company rules and not conflicting state laws. Don't listen to me and you will some day learn all of this the hard way. I have seen many clients suffer after being given advice to use local banks for these transactions. They decided they needed to learn the hard way and they did learn the hard way.
I have a Bank of America credit card and it's 100% that you will be hit with a foreign transaction fee whenever US monies are converted to Canadian monies. The notion that BofA pays in Canadian money is false, they pay in American money and do a conversion which is right on your statement, and they also charge you for that individual transaction.
To avoid hidden charge/fee issues and identity theft issues I would just stick with using Calforex on Peel and paying their minimal service fee which BTW diminishes if you exchange more than $100.
You guys are apparently not in the legal system much because Bank of American and Chase are the worst of the worst for most banking transactions. Try getting a condo loan with one of these banks. Try opening a restricted Probate Court ordered banking account. State laws don't mean shit to these companies. They are so big that they have their own rules and their own rules supersede state laws, in their judgment. Even their legal departments, staffed with 25 year old wannabe graduates of mediocre law schools, tell local managers to follow company rules and not conflicting state laws. Don't listen to me and you will some day learn all of this the hard way. I have seen many clients suffer after being given advice to use local banks for these transactions. They decided they needed to learn the hard way and they did learn the hard way.
Seriously? The Casino doesn't take USD anymore? It hasn't been that long since I have exchanged money there. Seems like a poor business move on their part.
Are you serious? So I am supposed to give you the published rate, then I am going to take time out of my busy day to stand in line at the bank and then pay the exchange fees? Not likely. Just like your local strip club, I will take your USD at par. No, it's not a good deal right now, so if you don't want to give me a generous tip, then you should figure out how to exchange it before seeing me.
With some banks it's not a choice. I have an account with Wells Fargo in the US; when I opened it they did not tell me that I would have a limit of $320 per day on ATM withdrawals. I tried to have this increased and they refused, saying that they would not raise the limit on a new account.
You are absolutely right, the Honorable EB:thumb:
Chase is the worst; they will stick it to their own customers as often as they can. BofA is struggling still, cutting staff left and right and other expenses, so it will impose fees that no one has even heard off -- you took a leak this morning in the other bathroom so we have to charge you US$XXX; but it's my own house -- it does not matter, we have your money and we can take away as much as we can because we have one of the MOST POWERFUL LOBBY in the US Congress and your State's "law makers" launder their "campaign contributions" through us!
And they say all lawyers are evil
Not all of us are!:angel:
I've been using Calforex on Peel for my cash exchanges and have nothing but great things to say about it. Minimal service fees, fair exchange rates, knowledgeable tellers. Only thing that I dislike is that you have to fill out a basic contact information sheet. I never put my real info on it and have never been asked for identification. I'm assuming there is a law that says that the info needs to be collected but not verified. Also, I wasn't aware that the service fee goes away if exchanging over $100. I'm guessing they hit you for the standard service fee to exchange $100 and than nothing after that? I only say this because I've always paid a service fee and the amounts have been over $100.
TheGreatWaloo,
I think what you said is correct- your fee is on the first hundred. I am also a long time customer of Calforex on Peel and happy with their service. They didn't always require that you give them your personal contact info- it's a policy they instituted a few years ago and I believe it was in response to US currency counterfeiters. You may recall new money started getting printed right around when they instituted the policy. The policy doesn't really make sense because they don't ask for a photo ID and as you have pointed out, there is nothing to stop the customer from giving them bogus information. I assume a counterfeiter would never give them a real name and address. So I really don't get their policy. It makes no sense.
I think what you said is correct- your fee is on the first hundred. I am also a long time customer of Calforex on Peel and happy with their service. They didn't always require that you give them your personal contact info- it's a policy they instituted a few years ago and I believe it was in response to US currency counterfeiters. You may recall new money started getting printed right around when they instituted the policy. The policy doesn't really make sense because they don't ask for a photo ID and as you have pointed out, there is nothing to stop the customer from giving them bogus information. I assume a counterfeiter would never give them a real name and address. So I really don't get their policy. It makes no sense.
http://www.fintrac.gc.ca/reporting-declaration/Info/re-ed-eng.asp
Places like Calforex have to report transactions to the federal government. They have been getting more strict over the years.
It has little to do with counterfeit money, they are more interested in controlling money laundering and the financing of terrorist activities.
I'll second the opinions about Calforex foreign exchange services. There are several locations in downtown (Peel street, Ste-Catherine street, Eaton Centre, ...) which should be easily accessible for out-of-towners. I've used their services several times in the past (CAD to JPY, CAD to USD), including the time that I bought US dollars to buy a $10,000 loose diamond, and each time the rate was as good or better than my local bank. There are some service fees but very minimal (few dollars).
I can only speak for Bank of America exchange and cash, but here's some hard numbers that will hopefully help other US bank account holders wishing to buy CAD:
First, lets be clear that the rate quoted by most sites is the Interbank rate-- that's what banks charge each other. That's wholesale; you and I pay retail-- but it's a good reference.
As of today (12/28/15) the (rounded) Interbank rate for USD to CAD = 1.39
USD to CAD Cash Exchange:
- Calforex in Montreal reports by phone that their over-the-counter rate is 1.36 plus a flat $2.50 fee no matter how much you exchange. 3 points off Interbank, not counting the fee.
- Casino de Montréal reports by email that their OTC rate is 1.3665 with no additional fee. 2.5 points off Interbank.
- If buying CAD in US today, Bank of America customers will pay USD$761.70 for CAD$1000, with no fee for purchases over USD$1000. Not counting the fee, that's 1.31, a whopping 8 points off interbank, and even worse if exchanging under $1000!
ATM:
Bank of America has a deal with Scotiabank where Scotia's ATM fee is waived for withdrawals. Here I'll use numbers from my last trip to Montréal.
- I withdrew CAD$500 from a Scotiabank ATM on a day the interbank rate was 1.32. I was charged USD$381.44 and assessed a USD$11.44 "foreign transaction fee", or as I like to call it "fuck you for wanting your money fee". Add those two up: USD$392.88. This made the effective exchange rate 1.28, or 4 points off the interbank rate.
Conclusion:
- the Casino exchange wins buy a hair, but probably only makes sense if you're going there anyway.
- Calforex has virtually the same exchange rate as the casino and is probably far more convenient.
- If you've got a BOA account, or your US bank has a similar deal with a Canadian bank, ATM is pretty good too.
- Don't exchange before you leave the US. Buy CAD in Canada.
First, lets be clear that the rate quoted by most sites is the Interbank rate-- that's what banks charge each other. That's wholesale; you and I pay retail-- but it's a good reference.
As of today (12/28/15) the (rounded) Interbank rate for USD to CAD = 1.39
USD to CAD Cash Exchange:
- Calforex in Montreal reports by phone that their over-the-counter rate is 1.36 plus a flat $2.50 fee no matter how much you exchange. 3 points off Interbank, not counting the fee.
- Casino de Montréal reports by email that their OTC rate is 1.3665 with no additional fee. 2.5 points off Interbank.
- If buying CAD in US today, Bank of America customers will pay USD$761.70 for CAD$1000, with no fee for purchases over USD$1000. Not counting the fee, that's 1.31, a whopping 8 points off interbank, and even worse if exchanging under $1000!
ATM:
Bank of America has a deal with Scotiabank where Scotia's ATM fee is waived for withdrawals. Here I'll use numbers from my last trip to Montréal.
- I withdrew CAD$500 from a Scotiabank ATM on a day the interbank rate was 1.32. I was charged USD$381.44 and assessed a USD$11.44 "foreign transaction fee", or as I like to call it "fuck you for wanting your money fee". Add those two up: USD$392.88. This made the effective exchange rate 1.28, or 4 points off the interbank rate.
Conclusion:
- the Casino exchange wins buy a hair, but probably only makes sense if you're going there anyway.
- Calforex has virtually the same exchange rate as the casino and is probably far more convenient.
- If you've got a BOA account, or your US bank has a similar deal with a Canadian bank, ATM is pretty good too.
- Don't exchange before you leave the US. Buy CAD in Canada.
As mentioned in a previous thread there is one way to exchange larger sums of money at interbank rate without all the skimming from the banks or currency stores: Norbert's gambit. Other than that there is a few credit cards that will offer interbank rate on purchases (Capital One for US residents, Chase for Can residents). Any other way and you are paying anywhere from $2 to $10 or more for every $100 exchanged on top of the exchange rate.
Wanted to see if anyone has first hand experience withdrawing cash in Canada from a US TD Bank account. I know you can use the TD Canada Trust ATMs with no fee, but that will be subject to the usual limits on ATM withdrawals. Does anyone know if you can make a teller withdrawal at TD Canada Trust? Thanks in advance.
Also, the US Chase "private" clients save about 2.5 % on foreign ATM transactions, and ATM fees are also reimbursed. So there is only like a 1% fee total, versus the interbank rate.
I used it in Europe.
From Chase Private clients site: "No Chase exchange rate adjustment fees for debit card usage or ATM withdrawals abroad"
I used it in Europe.
From Chase Private clients site: "No Chase exchange rate adjustment fees for debit card usage or ATM withdrawals abroad"
Great little summary and analysis there zenoarrow11.
Obviously I prefer receiving my fee in Canadian currency but I will accept US Dollars from repeat clients (I am no counterfeit expert so only clients I trust - if you give me fake bills I will let others know). I have a US credit card for online purchases in the USA so I actually can use these funds that way.
By the way, I can always tell when Americans get their Canadian bills in the USA as they are the old ones. I actually have to go to the bank to deposit them as stores do not accept old 100$, 50$ and even at times old 20$ so getting the US currency is actually better than old Canadian bills. And for US the new ones are also preferred.
Obviously I prefer receiving my fee in Canadian currency but I will accept US Dollars from repeat clients (I am no counterfeit expert so only clients I trust - if you give me fake bills I will let others know). I have a US credit card for online purchases in the USA so I actually can use these funds that way.
By the way, I can always tell when Americans get their Canadian bills in the USA as they are the old ones. I actually have to go to the bank to deposit them as stores do not accept old 100$, 50$ and even at times old 20$ so getting the US currency is actually better than old Canadian bills. And for US the new ones are also preferred.
So, i went to the bank to day and asked for the rate and the teller tells me 1.41, i said ok, transfer this amount from my US account to my Canadian account, so asks if i want a receipt, i said yes, i look at the receipt and it shows the amount it didn't seem right and i looked at the exchange rate and it says 1.35, i say, um did the rates change since 2 minutes ago, i showed her the rate and she said oh well its how it works, she turned the screen towards me and punches a few keys and what i saw was 1.41889, i said ok, so this is the problem, she says i don't understand, she went to see her supervisor and she had done something wrong when she punched in the amount, well i said put my money back in my US account, she said transaction already went thru, i said don't care, i wont change it at 1.35, so her supervisor came over and i said i was quoted 1.41, if you cant honor it, i want my money back, well after a few back and forth comments, i got my money back with no hassles, i took out the amount in US currency and i will go somewhere else and get my money changed, even one of the other tellers said i can get a better rate then 1.35.
Now, if i couldnt get my money back, this would of caused a big problem, its not right to be quoted one thing and charged another, i would of not left till i got my money back, call the cops i dont care, not my mistake. Ill go to the casino and change it.:thumb:
Thor Jr
Now, if i couldnt get my money back, this would of caused a big problem, its not right to be quoted one thing and charged another, i would of not left till i got my money back, call the cops i dont care, not my mistake. Ill go to the casino and change it.:thumb:
Thor Jr
If you had followed my advice and gone to Calforex you wouldn't have had these issues and you would have done much better on the exchange. There has been a lot of misleading info posted in this thread, which I assume caused you to do what you did. As I said previously, a lot of people need to learn the hard way. I could have predicted that this would happen. Obviously you got hit with an exchange fee and/or a foreign transaction fee - reason why is it is one bank but two countries. Many in this thread seem to think banks are charitable institutions and they buy the large print not ever having read the fine print. In fact, they exist to make money, and many have policies on these transactions other than what is stated in this thread. But I am not going to complain because these attitudes keep me in business. I have watched as my own clients, like you, didn't follow my advice and then had to come back and pay me more when they found out about things the hard way. This is what makes the world go round. It's human nature sometimes to think you know best and then find out hard and brutally that you don't.
By the way it closed at $1.38 today. You were probably quoted the correct rate. What didn't get quoted was the hidden fees.
By the way it closed at $1.38 today. You were probably quoted the correct rate. What didn't get quoted was the hidden fees.
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