exchanging dollars

[sevenspot]

Coming to Toronto next week and was wondering about the best place to exchange US dollars for Canadian dollars.

I have some fun times set up and hope to have a few reports.

 

[xarir]

For the most part you can just spend USD at stores; they will do the conversion for you. Most agencies and a lot of independent SPs will also take USD.

But if you really feel the need to have Canadian cash on hand, just hit a bank machine when you get here. If you absolutely want to exchange US cash for Canadian cash, you can do so at a bank or through Western Union which has outlets in various locations around Toronto. There are also the usual cash exchange places in the tourist-heavy sections of town.

 

[Dave in Phoenix]

Personally I would never try and use US dollars at any place in Canada. If they even take it would be a terrible exchange rate for doing you a favor.

I stop at the nearest ATM machine with a check card and get free cash and at the probably best you will ever get exchange rate. Next best is probably going to a bank and getting $US exchanged.

The cash exchange places like at the airport or the tourist areas give you the worst exchange rate. And with the sharp rise of the $CDN in the last few days...need the best rate to at least take some remaining advantage of the $US doller advantage. I think it hit about .78 on the dollar. Earlier this year about .73 and when I first started going to Canada years ago was about .63.

 

[Malibook]

Assuming the ATM gives you the current exchange, the ATM fee would probably be about the same as the bank's markup on a couple of hundred dollars.

I have never seen a store that gives a decent exchange rate for US dollars.
It is generally quite ridiculous.
I can't imagine why anyone would spend US dollars in a store in Canada.
Even if I was rich I would rather give it away than throw it away.

 

[banshie]

You should get the best possible exchange rate at an ATM or on your charge card. The reason for this (told to me by a banker) is that all transactions for a given bank are processed as one at the end of the day.

 

[banshie]

The demise of the dollar had nothing to do with Trudeau. When he became PM the Canadian dollar was pegged higher than the U.S. dollar. Then it was changed to a free floating currency and found it's true value. When you consider that our dollar is worth more than that of Australia and New Zealand, I don't think we have done too babdly.

 

[freshbreath]

Coming to Toronto next week and was wondering about the best place to exchange US dollars for Canadian dollars.

I have some fun times set up and hope to have a few reports.

like they said dude, don't do it at a private store in canada
take canadian money out at an ATM, as long as your bank is on the plus/interac er whatever network

or just buy some canadian dollars at your bank in the US

 

[DareU2]

Believe it or not, last month I got the best exchange rate at the Casino in Niagara, 3% more than the bank was offering.

 

[banshie]

DareU2. I can believe it. They take a small hit on the exchange to encourage you to gamble more. Remember that the more wagered at casinos, the bigger the profits.

Sort of reminds me of "loss leaders". Sell an in-demand product for a loss to get buyers into the store, where they will invariably buy other stuff.

 

[lewd]

I'm actually off to the U.S. next week.

Would you also suggest using ATM's (in the U.S.) over going to the local bank prior to leaving?

 

[DocOdd]

Hmmm. At the casinos, do they tail you to make sure you gamble the money? Perhaps I should consider getting mine exchanged that way next time I head up there.

 

[mrpolarbear]

I hit the casino. It seems to be the best for rate exchange , you just have ti hurry up and get the hell out before yiou spend any.

 

[sevenspot]

Thanks for all the suggestions. I didn't think it was like going over to Europe where I've really had to watch where I exchange money.

(Of course the one suggestion about just using dollars in stores -- whose talking about stores? I've got several appts with the ladies setup for my visit.)

No my next thing is to figure out about bringing back a few cuban cigars for some fo my friends who smoke.

 

[james t kirk]

The Canadian dollar will break 80 cents shortly, and according to the Globe and Mail will even close in on 85 cents.

It's quite unreal.

I remember that idiot Sherry Cooper, cheif idiot at the Bank of Montreal saying a couple years back that we should adopt the American dollar because the dollar was headed into the 50 cent range.

Just another loud mouth idiot analyst who doesn't know shit from Tar.

I for one wish that the Bank of Canada would have kept interest rates where they were. Now, we are going to see the dollar increase even more.

 

[gypsy]

I have never seen a store that gives a decent exchange rate for US dollars.

the beer store!

 

[WoodPeckr]

I'm actually off to the U.S. next week.

Would you also suggest using ATM's (in the U.S.) over going to the local bank prior to leaving?

I believe you always get the better rates exchanging in Canada. The Casino and Slots in Ft Erie give the best rates followed by the ATMs and banks in Canada. Canadian bank fees can vary bank to bank but are still lower than banks in the US which usually give the worst rates on exchange.

Here's a link to check the daily rates:

http://www.xe.com

 

[gypsy]

What you have to avoid are the little currency exchange operations that charge a deceptively competitive rate but high transaction fees.