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Looking for best exchange rate in Toronto

breadman

Mr. Big
Aug 18, 2001
466
1
18
Was wondering what are the best places in Toronto to go to get the best exchange rate? Both for US to CAD and CAD to US. Downtown has all those currency exchange offices, but they basically take about 10% for themselves. Do most banks offer exchanging money?
 
S

sweetdiane

Scotiabank.....

They seem to offer the best rate I've seen.

Canada Trust is apparently the worst.


Hope this helps.

Diane. :)


Scotiabank
 

james t kirk

Well-known member
Aug 17, 2001
23,932
3,679
113
Well, i would use any chartered bank.

Then again, you are talking maybe a difference of a few percent between say Royal Bank, Cibc, or Canada Trust.

Thing is no matter what, you are enjoying an incredibly favourable exchange rate that frankly baffles me a bit. I now find traveling in the USA prohibitive in terms of cost.

Also, i have noticed that the prices on imports, like this computer, are nuts.

You can come to toronto, stay at the Royal York, for the price it would cost you to stay at the Comfort Inn in New York.

So, don't cry too much.
 

maxxwell

New member
Aug 20, 2001
28
0
0
My understanding is that the best way is to just use a money machine. Your bank will automatically exchange. The fee, if any, is supposedly nominal.
 

mrpolarbear

New member
Sep 10, 2001
1,094
0
0
68
chicago
Shiek is right . I use an ATM machine . But another place i use is the casinos or the horsetrack . i have found out that they will give you the best rate of anyone around. You just have to remember to get the hell out of them as fast as you can . i have been known to hop out of the car in windsor and tell the wife to drive around the block while i run into the casino and exchange my money.
 

m91us

Member
Oct 28, 2001
165
0
16
Next to the money pit.
Discount Brokerage

The best exchange rates would be from your discount brokerage. Last night they quoted me 1.5945 Cdn Dollar per Green back.

When I looked at the charts for interbank rates, it was about 1.6030.


Happy sporting!
 
C

crumbled cookie

Go with Sheiks advice.

Either get your cash from a bank or an ABM/ATM. Bank rates are quite up todate but may change several times a day. The difference in rates between banks is not worth the gas it takes to drive from one to the other unless maybe you're buying $100,000 or so.

I am a frequent traveller to the US and seldom bother to purchase US dollars before leaving. The exchange rate charged by Mastercard e.g. is the most current and I have noticed that after a trip, the statement will show different rates for purchases made on the same day at approximately the same time.

The rate charged depends on when the charge for your purchase was actually received by your card company. The international exchange rates change freqently throughout the day and are refllected in what you are charged and so purchases made a few minutes apart will be at different rates. The difference in the rates though, varies by only a few thousandths of a percent e.g. some recent same day purchases were charged @ 1.629630, 1.627466 and 1.627080% - hardly enough to worry about.

I frequently check the bank rate just before leaving and generally I've found any purchases charged back to me are below that bank rate, but I do not have any hard evidence to back this statement up.

Only downside I can see is that some credit cards may charge a premium on cash withdrawals in a foreign country.

Upside is:
- the convenience
- the lack of need to carry a wad of cash or travelers cheques.
- you are getting the most up todate rate. (that may be good or bad depending on the loonies value but how can you predict the value of the $ on any day?)
 

E_B_Samaritano

New member
Aug 19, 2001
545
0
0
Silicon Valley, USA
It depends on how much money you need..

As a general rule use money exchanges or credit cards only as a method of last resort. Cash advance fees on credit cards are prohibitive, regardless to whether you pay the bill within the grace period. If you do find the need to use a money exchange, find one that works on a flat fee exchange and is not commission based. If you must use currency exchange, I've found that CalForex(sp) generally has a fair exchange rate. They have a flat fee on any amount of money (2.50 cdn). The only nice thing about credit cards...you can typically get more than what a daily limit would be on a debit card. At the beginning of a trip, I estimate my cash needs, and will do a single upfront transaction at Calforex to supplement the cash I'll withdraw using ATMs. I do this because I've found that banks have started limiting you to a maximum of 500 a transaction at walkup counters. I don't like standing in lines.

The BEST method I've found is to use ATM debit cards. As someone already noted, many banks don't charge fees locally. In addition, you may find that your bank doesn't charge. Most US banks do, but the fee is only 2 to 3 bucks US. Withdraw your 500 dollar or so daily limit. This amount is charged to your account at an exchange rate representative of COB on the day you made the transaction. The net effect is that for a withdrawal of 500 Cdn, you would get an actual exchange rate equal to within 1 cent of the official rate...something you can't beat anywhere. Take several debit cards if you need more than 500 bucks. I've found that CIBC, Toronto Dominion(?) and Royal Bank don't charge local fees. Discount brokerage cash accounts from TD waterhouse are affiliated with Toronto Dominion, so you get no fees on either end of the transaction.

Incidently, many ATMs will dispense either Cdn or US funds. I know in particular that CIBC provides this service.

EBS
 
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hairyfucker

Turgid Member
Sep 10, 2005
1,550
3
38
yes
this just makes me cry. my $$ to BJ rate has been reduced 30%.
 
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