The miserable US$ to C$ exchange rate

[hungry101]

I'm with Rumples on this one. The worst exchange rates that I have ever experienced were (1) in airports or (2) when getting some cash in the currency of the country I am to visit from my bank or credit union prior to the trip. Follow Rumples advise and use your CC upon arrival. If you don't want to leave a paper trail than shop the cambios in the downtown section of the country you visit and shop for the best rates and lowest fees.

My advise is only buy enough cash beforehand in order to get where you are going. I seem to go to the same three places to hobby so unlike my friends and colleagues, I am not in a rush to dump CDN, Reals, or Euro on the last day of the trip. I hold on to them for the next trip. They go in my safe with my passport. There is always another trip.

 

[Sol Tee Nutz]

For myself I hate carrying cash, get around $500 in funds at my bank and use my holiday Visa debit card ( account with tops $5,000.00 in it, they are insured by the bank ) for most purchases. Unless you plan to spent a few thousand in cash is it worth the running around to save a few bucks?

 

[hungry101]

I ask myself that question all the time Sol Tee. It sure is worth it to not change out cash inside the airport that's for sure. In Montreal I go right to Calforex on Peel. In other towns, I will walk to a couple of cambios. In Germany last month I went to the train station and the rate was not good. I walked across the street from the train station and the lady quoted me a better rate but I was still not happy and I showed her the prime rate on my Smart phone and I said what is your bottom line and she gave me a slightly better rate. So it was worth it to walk across the street from the train station. Now, the best rate was with my credit card but then I have to explain why the hell I need so much cash. There has got to be a better way.

 

[Marc20]

Sharif exchange on cote vertu has better rates than calforex and doesn’t
charge any fees either. Although they’re a bit out of the way for most tourists .

 

[Cadcam]

One of my good buddies used to go to Chinatown where he said they had the best rates (over Califorex & all the others) in Mtl by far. I once asked him if it was worth making the trip there (if you weren't staying close by) and he responded in the affirmative.

I ve thought about Chinatown . Will try if I have a chance.

 

[Cadcam]

Does Canada not have any cards offering no transaction fee? Generally speaking, absent transaction cost, buying a foreign currency in a country is more expensive; supply and demand. If you are crossing the border with more than $10K USD, it should be declared to CBP (not sure about CBSA.)

True , I m aware of the 10K limite. Just a couple of thousand in my case

 

[Cadcam]

You're looking for US dollars? I can't speak with authority on this, but my sense is that if you want US dollars, get them in the US, not in Canada.

I just want to avoid looking around in the US.
But you re right, could be a possibility

 

[roof2013]

No u must get them here. On peel near Rene Lévesque they are fair

 

[EagerBeaver]

No u must get them here. On peel near Rene Lévesque they are fair

Roof- I believe you refer to the Calforex which is on Peel between St. Catherine and Rene Levesque. It’s actually closer to St. Catherine than RL.

 

[curly]

Just out of curiosity, for the financial geeks in here, will the mid-term elections have any influence on the USD or the exchange rate?

 

[CaptRenault]

Just out of curiosity, for the financial geeks in here, will the mid-term elections have any influence on the USD or the exchange rate?

No. Exchange rates depend much more on differences in interest rates in the currencies that you are comparing and other economic factors. The election results have no effect on exchange rates

 

[Valcazar]

Gonna agree with CaptRenault here. No direct effect due to the election. (Later policy decisions sure, so in that sense you can say it would affect things, but not a direct shift right now due to the results.)

 

[ShyMan]

I understand the daily spot exchange rates are frequently "set" by less than a dozen huge private financial institutions and currency traders, who are basically gambling with various nation's currency values. As much as I appreciate the stronger US$ against the C$ these days because I'm in Montreal, it's very hard on some of my new local (Canadian) friends who must travel to the States for various reasons. Although I'm pretty knowledgeable about the world's financial market dynamics (and what causes equity and currency markets to fluctuate), I'm baffled as to why the US$ remains so much stronger than the C$, despite the recent Bank of Canada raising its "overnight" rates. I don't believe in conspiracy theories but certain institutions are manipulating the US$ against various other currencies. Yes, Trump's trade wars provide reasons for a stronger US$.

As for those who are frequent visitors to Montreal from the States, I advise them to open bank accounts in Canadian banks and wire funds from their US accounts to their Canadian accounts when they like the exchange rate. Your monies will be safe in your Canadian accounts. Carrying around thousands of US$ on your person on your trips to Montreal has risks -- losing your cash; getting robbed (in the US on your way to the airport), passengers in Asia have gotten their cash stolen on flights -- professional thieves ride on those transatlantic flights from Asia to North America and flights between China and nearby countries -- Chinese tourists have proved to be easy targets, as reported by many Asian news outlets.

If you consider how much we each spend on an escort per session (C$220+), what's a C$25+ bank fee, when you don't have to worry about losing your monies in your Canadian bank accounts. And you're not tempted to spend your left over Canadian currencies on stuff you don't really need at YUL.

 

[Bred Sob]

I'm baffled as to why the US$ remains so much stronger than the C$

One major factor is the low oil price. The correlation with USD/CAD is pretty strong, check out the chart here:

https://www.babypips.com/learn/forex/black-crack

 

[rumpleforeskiin]

Did a little experiment today, having a wad of cash to exchange.

At the current exchange rate, with no fees, $4000 US would exchange to 5259$ CAD.

My usual route of exchange is transferwise.com, which, of course, requires two accounts, one USD and one CAD. $4000 US would exchange to 5217$ CAD.

I went to Calforex on Peel with $4000 and left with 5238$ CAD. That means their fee on $4000 US was 21$, basically nothing at all.

I then went to my bank with my card and got 500$ CAD. At the rate of transfer, to get the same 5238 that I got at Calforex, the cost would be $4013 US.

Not a whole lot of difference, but Calforex wins by a nose. The clear loser, and something to avoid at all costs, is getting the currency you want outside that country. Get Canadian in Canada, US in the US.

 

[IamNY]

$1.33 today. Time to get some loons!

 

[Bred Sob]

It has been pretty steady (in the 1.30 -- 1.35 range) for months.

https://www.myfxbook.com/en/forex-market/currencies/USDCAD-historical-data

 

[IamNY]

It has been pretty steady (in the 1.30 -- 1.35 range) for months.

https://www.myfxbook.com/en/forex-market/currencies/USDCAD-historical-data

Yes. But on an upward trend the past week.

 

[EagerBeaver]

Holding at $1.35 today. Woohoo!!!!!!:clap2:

 

[Bred Sob]

It just went above 1.36 for the first time in months. Due to the oil price war between Russia and Saudi Arabia.

https://www.myfxbook.com/en/forex-market/currencies/USDCAD-historical-data