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Posts: 572
| In the past I've used credit card and US cash when in Canada. Would it be best to convert
US dollars to Canadian dollars before going to Canada?
If so, where is the best place for currency exchange? Who has the best exhange rates with the lowest transaction fees?
Thanks for your help. |
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Posts: 128
Location: ontario canada - Well Anderson Indiana now | Stop at the duty free store as you are crossing the border, you can change over money in there and probably get the best exchange rates. If you use US money in Canada you probably are paying more, meaning they are probably using higher exchange rates.
Doug M |
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Posts: 2024
| It's not going to matter much. I exchanged $96 US at the border on May 15 and was handed $108 Canadian in return... Now, that's almost two months ago, but it hasn't changed much. That being said, it's probably a good idea anyway to just switch from US to Canadian before crossing, doesn't take that much time. |
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Posts: 224
Location: Madison | Many places take plastic. Use that when you can - the credit card company will automatically convert to the latest rate for you, and you don't have to carry around a wad of cash, either.
Similarly, ATMs will dispense cash to you, and your bank will convert to the latest rate. Much less hassle, and much more convenient to pay for things this way.
Both methods avoid getting stuck with less-than-favorable exchange rates, which happens quite a bit.
-d |
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| Waldo hit it on the head....just use your card!!!!!!!!!!!!!!!!!!!!!
The banks exchange it automatically for you, and you don't have to worry about carrying cash!! Also, you don't have to pay any juice to exchange....so, musky bob, keep doing what ya been doin'!!
Donnie |
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Posts: 11
Location: Pleasant Prairie, WI | Remember most credit card, atm cards charge conversion fees also now. You should check the fine print to see which card is cheapest. In my case the atm card is the best deal. |
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| The forgein echange surcharge is 2-3% more, on top of what the bank rate exchange is.
Example: Bank rate= 10%, they will sell you foreign currancy for 6-8%, the service fee is 2-3%.
For 1 dollar, you get around 4-5 more cents for your buck. We've been offering 5 cents on the dollar most of the season and a lot
of our guests have saved a few bucks paying by US cash or check.
Also lots of comments about rathering giving us a couple percent than their bank.
Plastic isn't all it's cracked up to be anymore.
The same thing happens when Canadian go South.
Check with your credit card company. |
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| If you want to check the official exchange rates go here, it's updated daily->
http://www.xe.com/ucc/
Then call your credit card company/bank/resort and ask them what their exchange rate is. Keep in mind the the exchange rates at banks/money exchanges/resorts will very greatly. Resorts usually has to pay exchange fees also if they take your USD. Some like the credit card because it's less hassle for them.
Check ahead of time 10% of $1500 is still a bit of cash ($150). Most airport/border money exhanges have a fixed transaction fee. As a general rule that's where I exchange my money when traveling.
F.ex. I just called these folk's Fort Francis currency exchange office->
http://www.customhouse.com/company/contact/northAmerica.asp#CA-QC-R...
Today's exchange rate is 1.065 CAD per USD. They charge 1.95CN per transaction.
$1500 * 1.065 = 1,597.50 CAD Minus the 1.95CAD transaction fee I have 1,595.55 CAD in hand.
My $1500 at today's official exchange rate $1500= 1665.90 CAD
It cost me ~ 70.35 CAD/~$63.35 USD to exchange my money, or ~4.22%. I'll take the 4.22%.
Have fun!
Al
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Posts: 572
| Thanks for the repsonses.
I hadn't thought of using my ATM card. I'll check on that.
As to my credit card, they charge a transaction fee (not necessarily a percentage), which makes it higher on small charges. It still provides a good source.
I made a reservation with a $150 deposit becoming $159 Canadian deposit. That's 1.06 when the rate seldom got lower than 1.09. I know the rates will vary, but if I'm getting around
three (3) points lower than the current rate, it would add up to $58 for $1400, which is about what we will spend in two weeks in Canada.
Yesterday's rate showed $150 would convert to $168 Canadian. The day I got my deposit notice, the conversion would have been $169 Canadian, which in my calculation would result more than 6 points......hum....that could add up to over $100...in US dollars.
I know that doesn't sound like much, but I could use the money to buy a couple of new lures.
Sounds like it would be best to convert my cash just before crossing over the border at the Duty Free store.
Thanks again for your help. |
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Posts: 8
| I change my money at the nearest Canadian bank after I cross the border. That way you're sure to get the current rate and don't have to pay any surcharges or "juice". Only problem is you've got to get there when they're open!
I used to change my money at the bank in Baudette, but they've started charging a $5.00 fee if you don't have an account with them. The bank in Rainy River doesn't charge anything to change money. |
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| They all charge for exchanging money (all banks), it's usually in the exchange rate, i.e., it will always be lower than the daily offical exchange rate.
Muskie Bob- The Duty Free Store may be higher. This is the money exchange I checked.
Fort Frances Branch
400 Central Avenue
Fort Frances, ON P9A 1X8, Canada
(Located in the Ontario Travel Information Centre)
Phone: 807.274.6287
Fax: 807.274.5940
Al |
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Posts: 1247
Location: On the Niagara River in Buffalo, NY | When I cross the border from Buffalo,NY over the Peace Bridge,I stop at Fort Erie Slots,get an extra 3 % on your exchange of U.S. to Canadian. Just have to get out quick before you give 300% to the SLOTS!
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Posts: 572
| I called Ammex Tax & Duty Free in International Falls, MN 56649 218-283-2556
Their current rate is 1.06, which is the same the resort was giving me.
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