Where do you exchage your money?

[Susie63]

We are just wondering what the cost for exchanging C$ to US$ and what are those fees. I am looking at exchanging $1000 if the $ hits par this week and I am wondering what it will cost me.
TIA

[wannago2disney]

if you have a casino/slots (not sure what you have in Alberta sorry) they usually have a very good exchange rate...that is where we ususally exchange our money. If you do it at the bank, I believe that they add approx 4% for the cash rate. (unless you are or know a bank employee who would do it for you. I hear that they get a better rate). Another option is to open a US dollar bank account at your local bank. This is what my inlaws have done and they said that the exchange you get is better....something to do with realtime and the market value....when the dollar is doing well, they go online and transfer some money into it....they were told that there is no restriction on how much you can take out either once it's time for vacation or what have you. If it were me exchanging, I would call around to see where the best rate is before I left home and that way you would know that you are getting the best rate available in your area:goodvibes

[Mom of a *Princess*]

I bought $500 US yesterday at CIBC ( have a US Account there) and it cost me $538 canadian. Besides the exchange rate I think the banks add 2.5% or something like that to what they charge you. I've read that ING provides a better rate for exhange, but you'd have to open an online bank account. I checked their website this morning and for the $500 I bought yesterday it would have cost me $528 canadian ($10 less). I'm thinking I might open an account with them and just transfer back to my CIBC account when I need the money.

I hope the dollar reaches par this week:woohoo:

[BELLEDOZER]

I've got a USD account with a local credit union. I find that it's easy to put money into the account, and always have money it, be it saving for the next DL trip, or keeping it on hand if a sudden trip to the USA comes up. I can take out the money any time that I want, and find it convenient to save for a future trip to the mouse.

[twokids0204]

Does anyone know if you can open a US$ savings account with ING?

I am looking to convert some $ as well just to sit until the US$ soars again. But I don't want to pay addiitonal service charges.

[Susie63]

What about traveller's cheques from CAA? I am a member and I guess that is one of the perks. Do they charge the extra % for converting?

[sammi]

We have always bought our TC's from CAA up until this past June when we were told they cannot sell TC's anymore only bank can.:sad2:

[Gigi22]

We were just at CAA (in Ont.) and were told that Ontario CAA offices no longer offer this service. Our CAA TA told us that we could still purchase US traveller's cheques in a Quebec CAA office.

[elayjosh]

Does anyone know if you can open a US$ savings account with ING?

I am looking to convert some $ as well just to sit until the US$ soars again. But I don't want to pay addiitonal service charges.


Yes I have a US saving account with ING.
When I want to buy US dollars I just call and they transfer it from My Canadian account to my US account instantly.

[Calgary DISHeads]

Great post - I have various currencies due to international business travel ( which is no more due to economy) - ie: rupees, dirhams, singapore dollars and thought my best bet would be the orlando airport currency exchange. Is there somewhere convenient between departure gate and ME?

[Debbie]

Does anyone know if you can open a US$ savings account with ING?

I am looking to convert some $ as well just to sit until the US$ soars again. But I don't want to pay addiitonal service charges.

Yes I have a US saving account with ING.
When I want to buy US dollars I just call and they transfer it from My Canadian account to my US account instantly.

You have to have a US$ account at your bank, and then you can set up a US$ account to transfer back and forth to ING. The transfer rate from an ING CND$ account to the ING US$ account has been a wee bit better than the regular banks, too, I find. (so, I transfer from my basic ING to the ING US. When I need the money, I then transfer from the ING US to my BMO US.) That sounds confusing, but it really isn't. :)

[Tiggs14]

We have a US dollar bank account with Scotia and hubby works for them so we get a better exchange rate than the public does.

ING does have a better rate but it'll take a bit of legwork to be able to take advantage of it.

[Sue M]

I exchange at CIBC. To find what the exchange rate is I go to XE.com on line.

[robinb]

Why even exchange cash at all? Why not just use credit cards and take out money as you need it from the ATM? That's what we do when we travel internationally. We did it in England, France, Mexico, Japan and China. We even did it when we visited Ottawa this past weekend ;).

[Tiggs14]

We don't carry much cash either. We take cash for tips (luggage services, ME, airport shuttle in Buffalo etc.)

Other than that we don't use case. We went down with $100 US and came back with $40...that's how much we don't use cash! We're like that a home too though. Everything goes on the credit card. It's a great way to track spending as well.

Why even exchange cash at all? Why not just use credit cards and take out money as you need it from the ATM? That's what we do when we travel internationally. We did it in England, France, Mexico, Japan and China. We even did it when we visited Ottawa this past weekend ;).

[disneyfreak89]

Why even exchange cash at all? Why not just use credit cards and take out money as you need it from the ATM?

Hi Robin! :wave2:

The bank fees are horrendous when withdrawing cash from an ATM outside of Canada. We haven't done it in years, but I recall the last time we did it, the bank attached to the ATM charged us a $2 fee, then our own bank charged us something like $4 fee, then the bank exchange rate w/ their added 2-4%, it was outrageous! :scared1:

We used to use our Canadian MC when in the states, but realized they added on an additional 2-4% exchange fee, so we switched to a US MC. We try to convert money at home while the exchange rate is good, then keep it in our US bank account for use later.

We do however plan to use our Canadian MC IF our money goes to PAR by the time we go on vacation. popcorn:: We figure it will be to our advantage then instead of using the US MC and have to worry about the dollar dropping before we get home to exchange/pay it off.

We also like to bring 'some' travelers cheques so we're not carrying allot of cash around either. :thumbsup2

[Salinger]

Yup, as Disneyfreak said, ATM fees for Canadians in the US are usually horrendous. As well, if you just use your credit card, you are at the mercy of the exchange rates at the time you are there. We all know how quickly it can change. A sudden spike, and you can easily have an additional 6%-7% or more added on to everything you buy just in exchange differences while you're still there.

I do what several other people on here do. I have an ING Direct USD account (which not only has the best exchange rates, but also the best interest rate for a USD savings account).

When rates are good, I transfer over some from my CAD account every so often, so you don't even really notice it. When I need the cash, I just transfer from ING into my CIBC USD account and can then withdraw from a CIBC ATM that dispenses USD. They're pretty easy to find.

[disneyfreak89]

When I need the cash, I just transfer from ING into my CIBC USD account and can then withdraw from a CIBC ATM that dispenses USD. They're pretty easy to find.

Really? CIBC dispenses USD? :confused3 If that's the case, why can't Bank of Montreal do this for us then? Its such a pain to wait for the bank to open at 10am just to withdraw some US cash! :furious:

[Salinger]

Really? CIBC dispenses USD? :confused3 If that's the case, why can't Bank of Montreal do this for us then? Its such a pain to wait for the bank to open at 10am just to withdraw some US cash! :furious:

Yes, it's very convenient. I can't even remember the last time I went to a teller for a transaction.

I don't want to mislead you, not all CIBC ATM's dispense USD, you just have to look for one with the US flag for withdrawals. (just be sure its for withdrawals as most all their ATM's allow deposit in USD). There are A LOT of them near me though, so it's really great.

Here's where you can find a CIBC ATM that dispenses USD:

http://cibc.via.infonow.net/locator/inter/?LOC=en_CA

Just click on "withdraw US$" under ABM.

The thing I like about the CIBC USD account is there are no monthly fees or minimum balances. It's just a $0.75 charge to make a withdrawal. I only withdraw 2-3 times a year when I go to the States, so it's very cost-effective for me.

[poffles]

Yes, it's very convenient. I can't even remember the last time I went to a teller for a transaction.

I don't want to mislead you, not all CIBC ATM's dispense USD, you just have to look for one with the US flag for withdrawals. (just be sure its for withdrawals as most all their ATM's allow deposit in USD). There are A LOT of them near me though, so it's really great.

Here's where you can find a CIBC ATM that dispenses USD:

http://cibc.via.infonow.net/locator/inter/?LOC=en_CA

Just click on "withdraw US$" under ABM.

The thing I like about the CIBC USD account is there are no monthly fees or minimum balances. It's just a $0.75 charge to make a withdrawal. I only withdraw 2-3 times a year when I go to the States, so it's very cost-effective for me.


How do you find the exchange rates at this bank compared to others? Do they charge more for online transfer to the US account versus going into the bank to do the transfer. At Scotia Bank they charge more for me to transfer online (.02 per dollar) versus going into the bank which baffles me and pisses me off at the same time. Makes it even more inconvenient.

[maggieb9975]

Well I must have got the wrong US account from CIBC because I can't deposit online or withdraw...It shows up on website and I can see my balance but that is it! I have to go in to bank and see a teller to withdraw OR deposit....

They said that is the only kind they have..maybe cause I am in the boonies??:sad1:

[Salinger]

Hi Guys,

Maggie, you're right. The CIBC USD account doesn't allow you to do transfers online from your Canadian account. It's limiting in that sense.

Poffles, I don't know what CIBC's exchange rate is like to be honest, because I don't exchange my cash there. I just use the USD account to withdraw. I also bank with Scotiabank, and they charge a lot extra to transfer your CAD into USD online.

Let me explain my setup, perhaps it might work for you guys too.

So, I have my USD account at CIBC. It's good because there are no minimum balances and no monthly fees. If you come back from the US with some leftover cash, you can just go to an ATM that accepts US deposits and put it in your account. It's in essence a free account except you pay 75¢ per withdrawal.

The CIBC account by itself wouldn't be especially useful, as they don't allow you to transfer money online into it. You either have to go to the teller, or deposit US cash into an ATM.

But along with the CIBC account, I have the ING Direct USD account. It pays .75% interest (not bad these days for a non Canadian dollar account) and as you'd expect from ING, no fees whatsoever. Also, you can move money from your ING Canadian account into your US account and the exchange rates are excellent. For example, right now to buy USD, ING charges $1.067 Canadian. Scotiabank, by comparison, is at $1.0795 and as poffles said, adds another $.02 when you exchange online making it $1.0995.

I keep my money in ING and that's where I do all my exchange when the rates are good. The only money I keep in the CIBC is a little bit I might have left over after a trip that isn't worth the 75¢ to transfer back to ING.

When vacation time approaches, I just transfer from my ING US account into my CIBC US account, and then go to a CIBC ATM and withdraw US dollars.

Sorry guys, I'm probably making this sound much more complicated than it is, but there's really not much to it, and you will save a lot, both in terms of exchange and your time, in doing it this way.

If you have any more questions, don't hesitate to ask.

[poffles]

Hi Guys,

Maggie, you're right. The CIBC USD account doesn't allow you to do transfers online from your Canadian account. It's limiting in that sense.

Poffles, I don't know what CIBC's exchange rate is like to be honest, because I don't exchange my cash there. I just use the USD account to withdraw. I also bank with Scotiabank, and they charge a lot extra to transfer your CAD into USD online.

Let me explain my setup, perhaps it might work for you guys too.

So, I have my USD account at CIBC. It's good because there are no minimum balances and no monthly fees. If you come back from the US with some leftover cash, you can just go to an ATM that accepts US deposits and put it in your account. It's in essence a free account except you pay 75¢ per withdrawal.

The CIBC account by itself wouldn't be especially useful, as they don't allow you to transfer money online into it. You either have to go to the teller, or deposit US cash into an ATM.

But along with the CIBC account, I have the ING Direct USD account. It pays .75% interest (not bad these days for a non Canadian dollar account) and as you'd expect from ING, no fees whatsoever. Also, you can move money from your ING Canadian account into your US account and the exchange rates are excellent. For example, right now to buy USD, ING charges $1.067 Canadian. Scotiabank, by comparison, is at $1.0795 and as poffles said, adds another $.02 when you exchange online making it $1.0995.

I keep my money in ING and that's where I do all my exchange when the rates are good. The only money I keep in the CIBC is a little bit I might have left over after a trip that isn't worth the 75¢ to transfer back to ING.

When vacation time approaches, I just transfer from my ING US account into my CIBC US account, and then go to a CIBC ATM and withdraw US dollars.

Sorry guys, I'm probably making this sound much more complicated than it is, but there's really not much to it, and you will save a lot, both in terms of exchange and your time, in doing it this way.

If you have any more questions, don't hesitate to ask.

I actually find this intriguing. I'm assuming, however, that since there wouldn't be CIBC ATMs in the US that you would still pay fees for using different ATMs but you at least don't pay the exchange. Assume this is where the savings is .. and the convenience? Or do you withdraw only in Canada before you go?

I do like the no monthly fee, Scotia Bank has a fee if under $200 in the account which often happens between vacations which is why I recently decided to close the account so as to not pay the $1 a month for nothing.

Adding another question, can you just have the US account at CIBC or do you also need a regular chequing one too?

[maggieb9975]

Hi Guys,

Maggie, you're right. The CIBC USD account doesn't allow you to do transfers online from your Canadian account. It's limiting in that sense.

Poffles, I don't know what CIBC's exchange rate is like to be honest, because I don't exchange my cash there. I just use the USD account to withdraw. I also bank with Scotiabank, and they charge a lot extra to transfer your CAD into USD online.

Let me explain my setup, perhaps it might work for you guys too.

So, I have my USD account at CIBC. It's good because there are no minimum balances and no monthly fees. If you come back from the US with some leftover cash, you can just go to an ATM that accepts US deposits and put it in your account. It's in essence a free account except you pay 75¢ per withdrawal.

The CIBC account by itself wouldn't be especially useful, as they don't allow you to transfer money online into it. You either have to go to the teller, or deposit US cash into an ATM.

But along with the CIBC account, I have the ING Direct USD account. It pays .75% interest (not bad these days for a non Canadian dollar account) and as you'd expect from ING, no fees whatsoever. Also, you can move money from your ING Canadian account into your US account and the exchange rates are excellent. For example, right now to buy USD, ING charges $1.067 Canadian. Scotiabank, by comparison, is at $1.0795 and as poffles said, adds another $.02 when you exchange online making it $1.0995.

I keep my money in ING and that's where I do all my exchange when the rates are good. The only money I keep in the CIBC is a little bit I might have left over after a trip that isn't worth the 75¢ to transfer back to ING.

When vacation time approaches, I just transfer from my ING US account into my CIBC US account, and then go to a CIBC ATM and withdraw US dollars.

Sorry guys, I'm probably making this sound much more complicated than it is, but there's really not much to it, and you will save a lot, both in terms of exchange and your time, in doing it this way.

If you have any more questions, don't hesitate to ask.

Thanks for info! So you can transfer directly, online from an ING US account to CIBC US account? or if not how do you do it?

[Salinger]

Poffles, as far as I know you cannot withdraw US cash from your CIBC account in the United States. You have to do it before you leave in Canada. The convenience is, they have lots of ATM's that dispense US dollars, so you don't have to go to a branch to do it. Check the link I posted earlier to see if there's one close to you.

Maggie, that's right. You can move your money directly from your USD ING account (which has the great exchange rates) into your USD CIBC account. Then, as I mentioned, you can withdraw at a CIBC US dispensing ATM.

[maggieb9975]

Maggie, that's right. You can move your money directly from your USD ING account (which has the great exchange rates) into your USD CIBC account. Then, as I mentioned, you can withdraw at a CIBC US dispensing ATM.

Thankyou so much for info..going to check out ING NOW:thumbsup2

[poffles]

Poffles, as far as I know you cannot withdraw US cash from your CIBC account in the United States. You have to do it before you leave in Canada. The convenience is, they have lots of ATM's that dispense US dollars, so you don't have to go to a branch to do it. Check the link I posted earlier to see if there's one close to you.

Maggie, that's right. You can move your money directly from your USD ING account (which has the great exchange rates) into your USD CIBC account. Then, as I mentioned, you can withdraw at a CIBC US dispensing ATM.

Thanks for all your patience and answering all our questions. I have one more.

There are definitely ATMs around me that show US withdrawal option (Halifax area) but can you deposit money to the US account from an ATM too? Either CAD or US money? Don't think I would go ING route but wondering if I could deposit CAD at the ATM and that would do the exchange. I'm probably reaching. For me, opening an ING account would just be too much extra work cause I'd have to withdraw from my regular bank, deposit at ING, then exchange, then transfer from ING to CIBC ... yeesh. Why does exhange have to be such a pain.

[maggieb9975]

Just signed up for an ING account! It was really simple except for having to mail them first check...I HATE snail mail...other than that real simple...now I can at switch money ONLINE from my CIBC bank directly into ING whenever I want:thumbsup2 and then close to my travel date I will put money into my CIBC Account...

you are right Salinger, It sounds more complicated than it is!

Thanks again for all the info...now I just have to get my CIBC US Visa acc't....

[Salinger]

Hi poffles. You can definitely deposit US cash/cheques into your US account at an ATM. In fact, most of the CIBC ATM's will allow you to deposit US, even if they don't have the ability to dispense US cash.

I'm not certain if you can deposit Canadian dollars into a US account. That's something you'd probably best check with CIBC. Just call their 1-800 #, they should be able to give you the answer right away. Though, I don't know what CIBC's exchange rate is like or if they'd charge you extra for doing it.

Here's the page on the CIBC account:

http://cibc.com/ca/chequing-savings/us-personal-acct.html

Under the section "Convenient" it says: Deposit funds directly into your account at any CIBC bank machine or branch It just says "funds" not specifically "US funds" so I don't know if that means you can or if it's just careless on their part.

[poffles]

Hi poffles. You can definitely deposit US cash/cheques into your US account at an ATM. In fact, most of the CIBC ATM's will allow you to deposit US, even if they don't have the ability to dispense US cash.

I'm not certain if you can deposit Canadian dollars into a US account. That's something you'd probably best check with CIBC. Just call their 1-800 #, they should be able to give you the answer right away. Though, I don't know what CIBC's exchange rate is like or if they'd charge you extra for doing it.

Here's the page on the CIBC account:

http://cibc.com/ca/chequing-savings/us-personal-acct.html

Under the section "Convenient" it says: Deposit funds directly into your account at any CIBC bank machine or branch It just says "funds" not specifically "US funds" so I don't know if that means you can or if it's just careless on their part.

Thanks so much. You have been very very helpful. :flower3:

[Salinger]

Just signed up for an ING account! It was really simple except for having to mail them first check...I HATE snail mail...other than that real simple...now I can at switch money ONLINE from my CIBC bank directly into ING whenever I want:thumbsup2 and then close to my travel date I will put money into my CIBC Account...

you are right Salinger, It sounds more complicated than it is!

Thanks again for all the info...now I just have to get my CIBC US Visa acc't....


Maggie, do you have cheques for your CIBC US account? I didn't, because I'd never use them and didn't want to waste the money.

ING asks for a cheque from your US account to complete the link, but CIBC can give you a pre-authorized debit/deposit form (no charge) and this is fine for ING. It's what I used and much better than spending $30 on an order of cheques you'll never use.

[maggieb9975]

Maggie, do you have cheques for your CIBC US account? I didn't, because I'd never use them and didn't want to waste the money.

ING asks for a cheque from your US account to complete the link, but CIBC can give you a pre-authorized debit/deposit form (no charge) and this is fine for ING. It's what I used and much better than spending $30 on an order of cheques you'll never use.

No I don't have cheques either..called ING about this because I was a little confused as I want to do this...

1.deposit CDN money from President's Choice chequing acc't TO ING US acc't .
2. Transfer ING US acct monies into a CIBC US Acc't..

Yes, as you said ING will do a pre-authorized debit/deposit form once my acc't is set up so I can do #2....

I was SO annoyed with my CIBC US acc't..can't do ANYTHING online OR through ABM..you have to deal with a teller to deposit or withdraw!! NOT convenient at all....

Thanks again!

[maggieb9975]

Hey Salinger...one last question...do you get a debit card with the ING acc't? In other words can you withdraw US money from ING directly?

[Salinger]

You don't get a debit card automatically with the ING account, but you can request one.

The thing is, it's virtually useless as there are almost no ING ATM's around and they don't have any agreements with any other bank or ATM network. As well, even the very few ATM's they have, I don't believe dispense US cash so the only way to withdraw is to link it to another account.

You may want to double check this with them, but I'm pretty sure that's the case.

[maggieb9975]

Thanks! I actually mailed my cheque!! I am usually SO bad remembering to mail stuff...LOL

[maggieb9975]

Well, after all that I just cancelled my ING account:headache:

I wanted to transfer CDN money from my CIBC acc't into my ING US acc't and then when I needed it , transfer back to my CIBC US acc't for cash for trip....

They took my CDN cheque and deposited into my ING US acc't but now I can't transfer any more funds. They say you have to transfer CDN to CDN and US to US...sigh....

So I am back to square one...driving to bank to deposit money into US acc't...I can't believe this can't be done online anywhere....or even through the ABM...:mad::mad:

[mollyseven]

O.k now I am confused.
I have an ING account. You know how you can have as many "accounts" with them as you want you just give them each a nickname right. O.k so I have like 4 separate nicknamed accounts with them and one us fund account.
I went to T.D and opened a us chequing account as it has no minimum and no fees. I got the direct depost form from them and faxed it to ING and they linked my t.d acct (us) and my ing accounts.
So I transfer money into my ING canadian savings accounts regularly. When the rate is good I transfer money from my ing savings account into my ing us account. I still get interest so I leave the us money there for now. I did though transfer over 1000 recently into my t.d account and all I had to do was the "move my money" option on the ing account and picked $ from my ing us account and transfered it to my T.D us account.
The T.d will write me a money order for this money (no charge) when I need it to pay my disney balance.

Does that make sense to you.
ING always pays better us conversion than TD so it's good for me, plus the TD doesn't pay interest on the US money so it's better kept at ING anyhow.

[maggieb9975]

O.k now I am confused.
I have an ING account. You know how you can have as many "accounts" with them as you want you just give them each a nickname right. O.k so I have like 4 separate nicknamed accounts with them and one us fund account.
I went to T.D and opened a us chequing account as it has no minimum and no fees. I got the direct depost form from them and faxed it to ING and they linked my t.d acct (us) and my ing accounts.
So I transfer money into my ING canadian savings accounts regularly. When the rate is good I transfer money from my ing savings account into my ing us account. I still get interest so I leave the us money there for now. I did though transfer over 1000 recently into my t.d account and all I had to do was the "move my money" option on the ing account and picked $ from my ing us account and transfered it to my T.D us account.
The T.d will write me a money order for this money (no charge) when I need it to pay my disney balance.

Does that make sense to you.
ING always pays better us conversion than TD so it's good for me, plus the TD doesn't pay interest on the US money so it's better kept at ING anyhow.

Thankyou sooo much for info! I called ING back and got someone who could understand me and got everything setup..

I had thought I could transfer funds from CIBC chequing acc't (Pres Choice) directly in to an ING US acc't. Now I know I had to open 2 ING acc'ts...a CDN savings AND a US savings acc't. I had only opened a US ING acc't!

Now that the money is in an ING CDN acc't I can transfer those funds into the ING US acc't then when I need the cash I transfer from ING US acct to CIBC US Acc't....:rolleyes1

It shouldn't be this confusing and it really isn't!! It was me being in a hurry and skipping a step! Plus the fellow I talked to earlier today was no help at all! The guy I just talked to was super helpful!

Thanks again and to Salinger too!

[Debbie]

Glad you figured it out, Maggie. Oh, and you CAN transfer from the Can$ ING account TO/FROM the US$ ING. It's the transfer from ING to your bricks and mortar bank that can't be in different currencies.

And, ::yes:: , it does seem confusing to write down, but it isn't really! ;)

[maggieb9975]

It's the transfer from ING to your bricks and mortar bank that can't be in different currencies.

And, ::yes:: , it does seem confusing to write down, but it isn't really! ;)[/B]


Yep...that is what got me, the transfer from "bricks and mortar bank" had to be in same currency...that is such a good way of explaining it (bricks and mortar):lmao:

I am all set..now I just have to actually start saving;)

Thanks again!

[minnie56]

I always watch the rates and when it's favourable I transfer from my Chequing acct into my USD acct online. But let me tell you, I am just back from Florida, a cruise and New York City and my cash withdrawels from ATM's there (mostly NYC) were excellent at $1.05 per CAD. Visa transactions were around the $1.06-07 mark as well. Not worth sweating too much about rates...