maybe this is discussed somewhere, but not seeing it. If the providers expect cash, any suggestions for where to exchange?
Where to exchange USD for CAD
- Thread starter Robford619
- Start date
Calforex on Peel is good, as mentioned. But the ATMs at Winnie’s on Crescent or downstairs at Sheraton Centre have always served me well.
I always use Calforex at 1230 Peel Street.
Not sure why one would bring cash across border when ATMs are readily available.
Getting cash directly from an ATM always gets you the best rates. I've done this in several countries besides Canada and I'm always pleased with the rate I get. You won't get the bank rate you'll see on XE.com or some other foreign exchanges but you come awfully close, like a penny or two within whatever banks are getting.
Any place that exchanges money for you gives you a less favorable rate because that's how they make their own money.
Last thing is getting good rates happen at ATMs tied to specific banks (Scotiabank, TDM Ameritrade, Barclay's etc). The rates aren't as great if you withdraw from some generic, unbranded ATM at the airport or a gas station.
Any place that exchanges money for you gives you a less favorable rate because that's how they make their own money.
Last thing is getting good rates happen at ATMs tied to specific banks (Scotiabank, TDM Ameritrade, Barclay's etc). The rates aren't as great if you withdraw from some generic, unbranded ATM at the airport or a gas station.
I use Kim Dung money exchange on rue Belanger in little Italy. If you are close or nearby he always gives the best rate whatever the actual rate is minus 2 cents on the dollar.
Most Asian jewelry place. There are many on St Hubert and Jean Talon. Better rates than any atm or banks
Actually the foreign exchange rate is set by the network and not the ATM (unless you accept DCC). So if your card is branded VISA and you do not accept DCC, VISA sets the rate regardless of whether you made the withdrawal from a bank ATM or one located in a depanneur. Your card issuer may add a surcharge on top of the network rate but several no foreign transaction fees and ATM operator fee reimbursed cards are available for US consumer. AFAIK TD and CIBC ATMs do offer option for DCC and if you accept, you get hosed on the rate. It is better to let the underlying ATM network perform the exchange.
I'm assuming they are not running a money laundering operation or involved in other illegal financial transactions. If they are a legit business, then I don't see it is possible for them to offer a better rate when compared to a debit card where issuer does not add a foreign exchange surcharge and you do not accept DCC.
Fundamentally, a physical currency exchange place has to handle the physical foreign currency whereas an ATM does not. They either have to reduce USD on hand if someone shows up wanting USD or if the shop want to convert it back to CAD, who are they going to exchange it with other than a bank? On top of that there is their physical overhead, carrying cost, security cost and not having same economies of scale as the ATM network itself.
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Thanks for adding the explanation and breaking it down even further. My main point was that bank ATMs will yield better rates. But you added an important bit of nuance that I took for granted as common knowledge: ALWAYS let the network do the conversion for you. If you ever get an option where the ATM tells you what the conversion rate of your transaction will be, in my experience that rate is usually less than the network's. I accidentally selected that option at an ATM in Paris last year. I didn't make the mistake a second time.
I agree that ATMs are often best resource for CAD. Winnie’s and Sheraton served me well. It should go without saying but avoid the airport exchanges at all cost, literally.
I used this guy today. I think the official was 1.3475 CAD to 1 USD. He gave me 1.33. ATM's seem to be doing one or two cents less like 1.32 or 1.31. Some banks have a limit on how much cardholders can withdraw in a day, so there is still value in an old fashioned currency exchange.
He is the best and always gives a great rate!
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