best place to exchange USD > CAD

[talkinghead]

I am absolute sure that this has been covered out here, and often, but I can't find the right threads, FAQs, or stickeys. I know that I can change money at some US banks, at some Montreal hotels, and I assume at Montreal banks. I also know that I can take money out from ATMs in Montreal, though I doubt I can take out $600. So, if I want to end up with $600-$700 cad, what's my best option?

Thanks!

 

[JohnFranklin]

Been there... Don't think hotels will do exchanges and the only bank I've found that lets you exchange currency without an existing account was TD.

 

[lgna69xxx]

Bank of Montreal, done it several times.

And to the OP, all of your answers will be found in this tread here:

http://merb.cc/vbulletin/showthread...US-to-C-exchange-rate&highlight=the+miserable

the only bank I've found that lets you exchange currency without an existing account was TD.

 

[BadChap]

If you contact your US bank, they can increase the daily limit you can withdraw from ATM's in Montreal. Depending upon your bank and the type of account you have, you may or many not have to pay any exchange rate commission and ATM charges.

 

[Rusty Staub]

The casino could change it for you. It's open 24 hours and they charge no fee for the transaction.
Their exchange rate is good.
In an atm you should be able to withdraw 500 $ per day.
You can also inform your bank of your travel plans so that they do not block your card if they see withdrawal far away for your habitual transactions.

That service no longer exists in Casino de Montreal

 

[Numerati]

Yeah BOM. If you have a TD Bank in U.S. then smart move is to head to a TD Canada Trust.

 

[Numerati]

Disagree wholeheartedly!...The smart move is to go see your favorite SP...show her the current exchange rate (among other things) on a financial web site (Bloomberg, CNBC, CBS Marketwatch) with your fuckin smartphones and take the inverse. The SP can never refute that...You will get the institutional FX rate and as a John you'll be ecstatic, because you pulled off the double whammy!!!...You just fucked the bank (the intermediary ripping you off on FX spread) and you are about to fuck the SP...with pleasure on top of that!....You'll be happy and the SP will be more than happy to get fucked cause she'll have an appreciating currency!

Why make a fucking Yankee or Hoser bank richer off of your back....Come on guys wake up!....Do I have to teach you everything!

LOL. I don't carry a smartphone.

I either stick with mental telepathy or smoke signals if I get to sneak up to the hotel roof to make my bookings.

 

[BadChap]

Don't SP's gladly accept US$ these days.:lol:

 

[JohnFranklin]

Thanks for the tip, I'll have to check out BOM. Maybe their policy has changed or maybe I just passed them by because I was so focused on finding an HSBC branch

I'd have a backup, just in case... HSBC had told me over the phone that they do currency exchange, but when I got there, they said that I needed an account

Don't SP's gladly accept US$ these days.:lol:

The most experienced probably do, but I wouldn't count on it. There is no way for the SP to keep track of the latest security measures used in keeping foreign currency legit. Just think about it: would you be able to tell, right there on the spot, whether a foreign bill is good? or would you just insist on getting paid in your domestic currency? I know which one I'd choose.

Disagree wholeheartedly!...The smart move is to go see your favorite SP...show her the current exchange rate (among other things) on a financial web site (Bloomberg, CNBC, CBS Marketwatch) with your fuckin smartphones and take the inverse. The SP can never refute that...You will get the institutional FX rate and as a John you'll be ecstatic, because you pulled off the double whammy!!!...You just fucked the bank (the intermediary ripping you off on FX spread) and you are about to fuck the SP...with pleasure on top of that!....You'll be happy and the SP will be more than happy to get fucked!

Why make a fucking Yankee or Hoser bank richer off of your backs....Come on guys wake up!....Do I have to teach you everything!

LOL. maybe next time I'll negotiate using bearer bonds or even better, or put my wheat futures to good use j/k

 

[talkinghead]

Okay, thanks everyone. There is a TD in my town but I don't have a bank account there. It looks like I'll try BOM. And it's a good idea about letting my bank know that I'll be traveling in Canada, and see if they can raise the limit of ATM withdrawal. I know that the QE hotel does change money for its guests, and I've done a small amount there, but I doubt they'd go for $500. And thanks, Igna69xxx--I looked through that thread but it's LONG, some of it is 8 years old, and I wore down trying to find the answer. As for paying the SP, it does indeed look like many of them accept USD--at par. My US bank will exchange what they have, which is often a few hundred dollars, but I'm sure I'm losing money on the exchange.

 

[JohnFranklin]

Okay, thanks everyone. There is a TD in my town but I don't have a bank account there. It looks like I'll try BOM. And it's a good idea about letting my bank know that I'll be traveling in Canada, and see if they can raise the limit of ATM withdrawal. I know that the QE hotel does change money for its guests, and I've done a small amount there, but I doubt they'd go for $500. And thanks, Igna69xxx--I looked through that thread but it's LONG, some of it is 8 years old, and I wore down trying to find the answer. As for paying the SP, it does indeed look like many of them accept USD--at par. My US bank will exchange what they have, which is often a few hundred dollars, but I'm sure I'm losing money on the exchange.

I wouldn't but its your choice. The best bet is to buy foreign currency on site. Exchanging currency in the US is like buying food at the airport. Your bank knows that they have pretty much no competition and will take every penny they can. Probably charge you a fee on top of the bad exchange rate. In contrast, foreign banks want US currency in order to make a profit on the foreign exchange market because their own currency is weaker.

TD is everywhere in MTL, and if their policy hasn't changed they also don't care how much you can exchange per day.

 

[Sol Tee Nutz]

I can not see why a SP would gave an exchange other than straight across, they are not a bank. I also can not figure out why a person who hobbies does not have a withdrawl rate of over $500.00
For non cash items just use your debit card as banks have not much different rates than anywhere else ( unless you are changing $10,000.00 ) Banks are closed till Tuesday anyway. Some malls have currency exchange places and the airports do also.

 

[talkinghead]

I wouldn't but its your choice. The best bet is to buy foreign currency on site. Exchanging currency in the US is like buying food at the airport. Your bank knows that they have pretty much no competition and will take every penny they can. Probably charge you a fee on top of the bad exchange rate. In contrast, foreign banks want US currency in order to make a profit on the foreign exchange market because their own currency is weaker.

TD is everywhere in MTL, and if their policy hasn't changed they also don't care how much you can exchange per day.

I hear what you're saying. Am I correct in understanding that both Bank of Montreal and TD will allow me to convert US currency into CAD? If so, then that's clearly my best option.
I will also check on what my US bank allows for ATM withdrawals in Canada.

Thanks, everyone. This site is such an amazing resource, especially for those of us who cross the border. (Also, I've wanted to say for a while how much I appreciate it that Francophone posters often use English.)

 

[yikezz]

As has been covered thoroughly in the "other" thread about the exchange rate, the best bet (in terms of value and ease) is almost certainly to use an ATM. Last weekend, my "effective" exchange rate was 1.33 to 1, after ATM fees and my US bank's "foreign exchange fee," withdrawing $1200 CAD total ($600 at a time, twice immediately in a row). The listed rate was about 1.39.

I also, personally, think it would be rude to ask a lady to exchange cash at anything other than par. She probably has to pay a fee herself somewhere to exchange it, plus the rate may go down by the time she does that, etc. etc. Basically, you're asking someone else to take on your problem, for free. Strikes me as bad form.

 

[ringleader]

any globex2000 should exchange it no problem...

 

[talkinghead]

Okay, I feel more confident. Thanks to all. And I'm sorry I couldn't find this in the "other" thread. I see that both globex2000 and also BOM are an easy walk from my hotel. And, wow, that exchange rate makes Montreal the best deal in North America.

 

[smuler]

I'm shocked Mr " Save a Penny " hasn't chimed in :lol:

Best Regards

Smuler

 

[rollingstone]

Calforex near the corner of peel and ste. catherine is my goto place. second choice would be the place near mcgill & ste. catherine

 

[JohnFranklin]

I hear what you're saying. Am I correct in understanding that both Bank of Montreal and TD will allow me to convert US currency into CAD? If so, then that's clearly my best option.
I will also check on what my US bank allows for ATM withdrawals in Canada.

Thanks, everyone. This site is such an amazing resource, especially for those of us who cross the border. (Also, I've wanted to say for a while how much I appreciate it that Francophone posters often use English.)

I've never had any experience with BOM, so I cannot comment on that. I did have experience with TD, and had no problems at all. I don't think I even needed an ID, which is required in some countries...

 

[BadChap]

When I was here in 2007, right before the Great Recession, I went butt wild and used BMO ATM's and got fair exchange rates. Then banks were literally giving money away to folks with purportedly high credit ratings. So, I maxed out all of my credit cards by taking advanced cash from ATM's everywhere I went. But since the US$ is still fairly strong, despite some recent minor "corrections", you'd still get good C$ for your US$ at any of the ATM's in Canada.