Exchange Rates

[Agent99]

Hello!

I know this board is for MP reviews and I post them. Great ones (Allure and Studio One) and those that are no good (like Blue Lagoon....drove past yesterday and the lot was completely empty at 10pm)!

I need to know where I can get the best exchange rates for the US Dollar and the Canadian Dollar. I'm sick of getting screwed by Thomas Cooke and those airport cashing places.

- Thomas Cooke downtown (I had to use because it was a weekend) strips about 9 cents (CAD) per US dollar back and forth.
- Hotels do what Thomas Cooke does, see line above.
- The airport centres do about 11 cents back and forth, charge a $5.00 fee and 2% extra after $250.00 (CAD). Why haven't these bureau de change places been shut down?

Can anyone direct me to a section of Toronto, etc where banks are that charges close to the actual value ($1.54 as of 06/17/2002). A good place I can park for free, walk in with smiles, get my exchange and then play with the girls later in the day!? Thank you.

Gyaos

 

[mogs]

It may be too late now, but in the future always use your bank card at an ATM.

You get within 1/2 point of the bank rate. Probably a S/C of $2.00 but you are still way ahead.

 

[smokeyarmadillo]

Either bring American cash or use your atm card as Paul Waters mentioned. Its the cheapest way to do it. The casinos are also very close to par as well as most Canadian Banks. but the cheapest is to use your own ATM card at any Canadian Banking ATM.

 

[Lemon Drop]

The other option is to open a Canadian bank account and transfer money into it. I doubt the fees are too crazy. That or use credit cards (some credit cards allow cash advances with no extra fee or interest if its paid within 30 days).

When I was spending a lot of time in the U.S. a couple of years ago, I opened a back account. It was definitely the easiest way for me with work expenses and a U.S. credit card.

 

[Imma Tater]

I assume the banks (i.e.: Bank of Montreal or Swiss Banc on Dixie, or any of the downtown banks) have a better rate than Thomas Cooke and no fees. Say, I just bring in say $500.00 (USD) in traveller's checks, they could exchange me at $1.51 or $1.52 (CAD) in person rather than those fees or a $1.45 (CAD) rate at the ripoff Thomas Cooke or Airport units, right? They could also buy back at $1.57 (CAD), rather than $1.64 (CAD at the airport and others). Given these quotes based on book value of $1.54 (CAD).

I really just need to know the "walk-in/walk-out" rate at a direct Canadian bank.

I only use credit cards at the hotels and rental cars. Once got a massage in Tokyo, used my credit card and 4 months later was a bogus 9600yen hotel charge. So I don't use them at MPs.

Cash!

Gyaos

 

[Hank Hill]

Just walk into any major Bank:
Royal Bank, TD Canada Trust, CIBC, Bank Montreal, Scotiabank

Go to the counter and tell them you want to exchange US for CDN. You will get whatever the current exchange rate is. There is no fees or service charges.

They shouldn't ask you for any atm cards or ID if you are just changing a few hundred dollars cash.

Dan

 

[Domara]

IF you are a AAA member then visit any CAA office to purchase travellers cheques ....there is no fee and you then have the security of not having to carry a large amount of cash ....if you are staying at a major hotel or hotel Chain they will cash cheques at the front desk as you need them....

just a thought


have a great DAtY

 

[fendergrl97]

Gyaos

But I bet you didn't have to pay any of the bogus charges?

I have used ATM's almost exclusively to restock my Thai Baht, Philippines Peso, Mexican Peso, and of course beloved Canadian $ with never a problem.

As others have mentioned ATM's give you as close as you can get to official exchange rate and banks seem to be about the same. I have gotten to know where the ATMs for my card are in Mississauga area! If I could just find my daily USA Today's and Wall Street Journal's as easily.

 

[BShimwoman]

Thanks guys for all the help. I think my question has been answered.

US Banks seperate the buy/sell ratio at gauging proportions and there is absolutely no enforcement to stop that extorsion. Thomas Cooke does the same thing as do airports and hotels. But banks outside the USA appear to give very close to actual rates, even for walk-in customers. I don't use plastic (except in the US), only cash and traveller's checks. I don't trust the credit card company extracting 2%, sometimes 3%.

It's more dangerous walking around the USA with cash than with traveller's checks. Trust me, the most dangerous leg of my journey is from my house to the airport. It is just a fact, so US patriotism I'm not manipulated by.....I get traveller's checks and cross borders safely.

So Canadian banks, I will go to during their normal operating hours for cash exchange, so long as it is better than all of the above. Then I get my back rubbed later on and feeeeeeel gooooood!

Thanks!

Gyaos

 

[Waino]

From my recollection Thomas Cook and similar firms charge a 900 bp spread on a transaction any bank/trust company will perform this exchange for 200 bps ... c$ currently 1.5440 so banks will use 1.5240 - 1.5640 as range. Not sure if you care but banks only usually have an opening level and a mid day and dont adjust with the actual exchange rate.

 

[Arianna R]

Here is a site of a local Canadian bank where you can see the exchange rate and with the calculator you can figure out how much you will get exactly.

http://www.tdcommercialbanking.com/tradefinance/rates.jsp

Dan

 

[Girl dreamer]

If you want the best rate around and are changing a lot of money so that it is worth the drive I would suggest the Georgian Downs racetrack near Barrie. They offer an even better rate than the banks.

 

[Mommyhood is good]

blue lagoon gave me good exhng on my US$. so did ambrosia. two star tried to rip me 4$ per 100$