Has anyone exchanged money at Calforex lately? I went to their Rue Peel location recently to exchange and for the very first time they asked for my ID and info like who my employer was. The last two times I visited I went to their other location and they just asked me to fill out their form but didn't ask for ID. Has anyone else experienced this?
Calforex
- Thread starter ssj3
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I never had to tell them my employer, but I have had to fill out a form with my address in it and show them picture ID. It depended on how much I was exchanging. I can't remember the specific amount that triggered this procedure but I think it was CDN 2,000
All businesses involved with $$$ are concerned with money laundering and now report to government authorities regarding their dealings with the public.
Its not a big deal, they are just following the law. I have exchanged very large sums in the past and was never asked what it was for, only to provide my address info and picture ID. Suits me just fine.
It's most definitely not a new development......but they usually just ask for ID and to fill out a small form with address and phone number. It's required by law, and not unique to Calforex
I was used to the small form part but last time was the first time they asked for my ID and employer name so I thought it was a little weird.
I have never been asked about my employer, except at the border. But I was asked for ID before. I think they just want to match up your ID with the form info.
I don't know why they would need your employer name, unless they figure money launderers get spooked by this question because it forces them to identify on whose behalf they launder.
I use Calforex all the time and have never been asked for ID. Which is a good thing because I never use my real name and address. I typically convert anywhere between $500-$1,000 US to Canadian. I was in town just a couple of weeks ago and didn't have to show ID so this is definitely something new. I've exchanged cash directly with banks in town like Scotia and TD and have never been asked for ID as well.
Yeah I was there this week as well and I only had to fill out the little piece of paper. I believe the time before that it might have been the amount of money I was exchanging like what rollingstone said.
I have used Calforex and other similar ones near by. I think they are way better than some of the bank ATMs. The amount of personal details you need to provide depends on the amount you are exchanging. For for larger amounts you need to fill a different form with employer and details.
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