Where do you convert your US$ to Canadian$
- Thread starter Roadyvh
- Start date
credit card's give the best rate, however, they add a 2.5% to 3% foreign transaction fee to the amount. i know capital one credit cards do not add any additional charge.
as for over the counter exchange places, calforex has the best rates, + only a $2.50cad fee. http://calforex.com/
as for over the counter exchange places, calforex has the best rates, + only a $2.50cad fee. http://calforex.com/
If you're just talking about a few hundred dollars and it's not cash you desperately need right away, open a US funds account at your bank. That way when you travel to the US, you'll always have a nice little funny money tucked away for your trip.
If rates are very favourable you can take advantage by adding to your US stash. If rates are poor, you don't get taken to the cleaners switching back and forth.
If rates are very favourable you can take advantage by adding to your US stash. If rates are poor, you don't get taken to the cleaners switching back and forth.
You can use your ATM card at a bank or caisse populaire. It will take a few dollars commission per transaction and give you a reasonable buy rate.
A cash adavnce on your CC will be similar except that you will charged intererst over and above the buy rate.
A cash adavnce on your CC will be similar except that you will charged intererst over and above the buy rate.
Best way to get the best rates
- Never convert USD to CAD in the US. You get better rates in the host country.
- Go where there are many places that have Currency Exchanges, such as St. Catherines St.
- Carry a note pad and ask several places for their exchange rates to buy US. Ask about additional fees. Some have additional fees and some don't. Those who don't usually give lower rates to buy US. But add it all up using the amount you want to exchange.
- I usually find that it will cost you 2 to 3 percent in most places, meaning if you exchange $1000, they will charge you $20 to $30 over the spot market. CAD is now $0.95 per USD $1 or $1.05 USD per $1 CAD. If you give them $1000 USD, they will give you $1020 to $1030 depending on where you go.
I usually convert my US dollars to Canadian dollars at Calforex which is next to Super Sexe on Catherine. I always found there rates to be the best.
Agreed. For small sums just use anything. For large sums (say over $15,000) there's a special trick you can use if you have a brokerage account which will reduce the commissions to almost nothing. If anyone cares I'll post it.
Credit cards give the best rate, but the fees (at times) can make it a wash...
I've changed at a number of different places... Duty Free shop at the border, there's a motel about 10mins over the border, all the various kiosks downtown, banks, strip clubs, casino, airport....
Best exchange I ever got was at a bank here in Boston.... Might've been luck. But I go where it's most convenient at the time. Sometimes you hit, sometimes you miss, most of the time I've found it's all pretty comparable...
I've changed at a number of different places... Duty Free shop at the border, there's a motel about 10mins over the border, all the various kiosks downtown, banks, strip clubs, casino, airport....
Best exchange I ever got was at a bank here in Boston.... Might've been luck. But I go where it's most convenient at the time. Sometimes you hit, sometimes you miss, most of the time I've found it's all pretty comparable...
$$$ Exchange
If your a American open a Bank of America free checking account- you can even do it online.
They have reciprocal agreements with no fees at Scotia Bank in Canada- I use the ATM and get Canadian funds with no fees.
Also when I go to Germany same with Deutsche Bank Atms.
If your a American open a Bank of America free checking account- you can even do it online.
They have reciprocal agreements with no fees at Scotia Bank in Canada- I use the ATM and get Canadian funds with no fees.
Also when I go to Germany same with Deutsche Bank Atms.
In addition to BoA, TD Bank (the US version of TD Canada Trust) is growing.
You could get an account with TD Bank in the US, and you can use the TD ATMs in Canada, too.
You could get an account with TD Bank in the US, and you can use the TD ATMs in Canada, too.
Not nitpicking, but I think it's relevant to mention.
You don't need to be a full-blown citizen of either country to open a bank account; you need to be a resident, for tax purposes.
If you're talking about the casino in Montreal, it's offers the same rate as the National bank(banque Nationale). The bank has a branch inside the casino and by contract, the casino is not permited to offer a better rate than the one offered by the National Bank. The rate is a market rate that changes everyday, except on week-ends or special holidays.
Went to Calforex and they have a 1 time transaction fee no matter the amount of $2.50. The rate I got for cash money was 1.055 yesterday at the royal bank on university they offered me 1.29. The lady told me that it looks like the US$ value is going down everyweek.
thanks for the info
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Get the minimal amount of cash you need exchanged before you leave home, you can always use you bank or credit card to get cash once you are in the other country. I find that this is the least expensive way to exchange money. You only exchange what you need.
I realize this doesn't answer the question, strictly speaking.
I just hit an ATM when I get to Montreal. My bank gives me the most favorable exchange rates around, and reimburses me for any machine fees. This is significantly better than buying Canadian bills using US ones. Obviously this is of little help if you've got a wad of pesos norteamericanos that you need to turn into something more local. If I were in that position, I'd deposit them in a local bank back home and do the ATM thing in Montreal.
In my case I don't need to disguise where the money is going since my wife demands trip reports if she isn't there at the time. For more usual circumstances, I think opening a hobbying account with an ATM card would be the way to go. A local bank would be better for those who use cash. For others, a PayPal account with a debit card provides a way to fill up the balance in small increments (by making "payments" to yourself) that might go unnoticed then access the cash with the debit card when needed. Personally, I'm too paranoid to link any PayPal account to my main bank account, but my bank makes it easy to open subsidiary accounts that are firewalled from my main account. That way, I can get "PayPal verified" using an account that I just keep a few dollars in.
I just hit an ATM when I get to Montreal. My bank gives me the most favorable exchange rates around, and reimburses me for any machine fees. This is significantly better than buying Canadian bills using US ones. Obviously this is of little help if you've got a wad of pesos norteamericanos that you need to turn into something more local. If I were in that position, I'd deposit them in a local bank back home and do the ATM thing in Montreal.
In my case I don't need to disguise where the money is going since my wife demands trip reports if she isn't there at the time. For more usual circumstances, I think opening a hobbying account with an ATM card would be the way to go. A local bank would be better for those who use cash. For others, a PayPal account with a debit card provides a way to fill up the balance in small increments (by making "payments" to yourself) that might go unnoticed then access the cash with the debit card when needed. Personally, I'm too paranoid to link any PayPal account to my main bank account, but my bank makes it easy to open subsidiary accounts that are firewalled from my main account. That way, I can get "PayPal verified" using an account that I just keep a few dollars in.
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