Best option to purcahse US cash?

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Dougal Short

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May 20, 2009
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I have a little time to do this, and prefer not to be ass-raped by my bank. Does anyone have a place to buy US $ that is a better rate, preferably in the west end. I don't need to buy a lot, maybe $5000 US...

Thoughts appreciated!
 
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Dougal Short

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May 20, 2009
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Now there you go! I am heading down that way to ski in a couple of weeks, so that could be easy!

Thanks!
 
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doggystyle99

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Currency exchange places give you better rates than Seneca Niagara. there is a place in Richmond Hill called Pasargad Currency Exchange last I checked a few days ago their rate was $0.7235 on the dollar.
 
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jgd

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Ontario
I keep a mutual fund in $US and when I plan to use some $us I cash out what I need and make the deposit to a bank acct in $US.
A little involved but if you need $US once or twice a year you avoid the double screw from the bank.
I don't understand how the banks are allowed to post an "exchange rate" which includes a hefty commission to the bank. Many people are misled
 
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fuji

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XE.com

Good for $5000 and under. Over that look into the conventional currency exchange houses.
 
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RemyMartin

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Jan 16, 2004
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fuji said:
You need a USD account for them to transfer your money to. They will withdraw from your CAD account age deposit to your USD one.
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Thats your best option to purchase USD with little time to do it?

You are very smart.:D
 
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fuji

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RemyMartin said:
Thats your best option to purchase USD with little time to do it?
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You didn't define what very little time means. Does it need a week? A day? Hours? Driving to a casino across the border as someone suggested is also time consuming.

It would take you a couple days to transfer through XE or another online service. Getting the US account opened only takes minutes but the transfer would take perhaps up to three business days to go through.

If you do travel in the US much I would recommend getting a US credit card and a US bank to pay it from. The advantage of that is you can spend on the credit card immediately and then have a whole billing cycle to move money to pay the bill. That way you always have US money available on zero notice. Useful for shopping online from US sites as well. Likely won't help you this time but a useful thing to have in your back pocket in future.

You are very smart.:D
Click to expand...
I know!
 
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Dougal Short

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May 20, 2009
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Sorry for not contributing... Bit busy this week...

Thanks for the suggestions. The Seneca option is actually pretty easy for me. I head to Ellicotteville to ski now and again mid-week, so it's an easy side trip. I presume one must take CDN cash in.

I will look into the exchange houses too as that's simple.

By the time I sort it out, the stupid US$ will have rallied probably!

I remember when our dollar as par, thinking that I really should buy about $25K in USD and stick it in my mattress.... Ugh.
 
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teach

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Dougal Short said:
Sorry for not contributing... Bit busy this week...

Thanks for the suggestions. The Seneca option is actually pretty easy for me. I head to Ellicotteville to ski now and again mid-week, so it's an easy side trip. I presume one must take CDN cash in.

I will look into the exchange houses too as that's simple.

By the time I sort it out, the stupid US$ will have rallied probably!

I remember when our dollar as par, thinking that I really should buy about $25K in USD and stick it in my mattress.... Ugh.
Click to expand...
Most of my investments are in USD. When CDN was at par, I loaded up on some US shares, the gains from forex alone has buffered me from this current downturn.
 
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Dougal Short

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May 20, 2009
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It seems that these online places are strictly that... transfer money in, they transfer it out... into your US $ bank account, which I don't have, or want!

I'll go into one of the exchange places with a stack of 20s and just swap it out!
 
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