How to get the best exchange rate conversion?

[highland3]

What currency exchange place are you using in Ottawa? I checked around with a couple on Friday, and the rates were none too hot. I would love to find one with better exchange than Scotiabank!!

AccuRate on Carling.

 

[abirdd]

AccuRate on Carling.

Thanks! I'll have to check with them this week

 

[mom_rules]

I also have a US bank account-$.50 per withdrawal, earns a little interest each month and no monthly service charge. Anytime I have leftover US it goes back into the account until we need it again (like to write a cheque to send for a deposit etc-better than using a credit card for exchange purposes).
They also don't charge me for Amex travellers cheques if I take the cash from that account to buy them.

 

[Tantor]

Well, if you aren't thrilled at that exchange, go look at the back of cards at the card stores, items at Michaels, anything at Pier One, books at Indigo and see what THEIR rate of exchange is! Waaaaay out of whack with the present rates!
Just got back from Buffalo and picked up some books...$12.99 CAD on the back and I paid $5.99 USD Whoo-Hooo...
I won't buy anything that they are not keeping up to speed on converting here! Plus, I save all that tax...all the better!
My SMALL stand!

YES!! totally agree!! these company's have got to get with it!

 

[RC Fan]

The worst thing is changing your american back into Canadian, now you are losing on the American dollar. Ok, so that isn't the worst thing, but will take some getting used to.

If possible, hold on to your US cash for the next trip. I have an ING US account, so whatever I don't use goes back into the account for future use.

 

[mom_rules]

If possible, hold on to your US cash for the next trip. I have an ING US account, so whatever I don't use goes back into the account for future use.

I agree-we do the same.

 

[folieadeux]

Well, if you aren't thrilled at that exchange, go look at the back of cards at the card stores, items at Michaels, anything at Pier One, books at Indigo and see what THEIR rate of exchange is! Waaaaay out of whack with the present rates!
Just got back from Buffalo and picked up some books...$12.99 CAD on the back and I paid $5.99 USD Whoo-Hooo...
I won't buy anything that they are not keeping up to speed on converting here! Plus, I save all that tax...all the better!
My SMALL stand!

Agreed! I hate that.

 

[TreesyB]

Well, if you aren't thrilled at that exchange, go look at the back of cards at the card stores, items at Michaels, anything at Pier One, books at Indigo and see what THEIR rate of exchange is! Waaaaay out of whack with the present rates!
Just got back from Buffalo and picked up some books...$12.99 CAD on the back and I paid $5.99 USD Whoo-Hooo...
I won't buy anything that they are not keeping up to speed on converting here! Plus, I save all that tax...all the better!
My SMALL stand!

Did you hear about the class action lawsuit against car manufacturers that Canadian vehicles are not on par with the exchange rate? In fact they are 40% higher in purchase price. Go Lawsuit!

 

[matsterrocks]

What about Mastercard? Do they normaly have decent exchange rates on your purchases?

 

[minnie56]

I sure did hear about that! Unfortunately, I bought a new car today so that won't help me...but we need some change for sure. I looked into buying in the US but it was just too complicated. Plus, the warranty situation was worriesome sooo...we'll have to hope the Manufacturers get the wake up call here that we are noticing and fed up and change needs to happen.

I think Mastercard as well as Visa are fair on their exchange rates. I am sure it will always swing their way...but all in all...certainly a better deal than what we are being ripped off at the retail outlets.

 

[OntFamily]

I think Mastercard as well as Visa are fair on their exchange rates. I am sure it will always swing their way...but all in all...certainly a better deal than what we are being ripped off at the retail outlets.

Visa / MC exchange rates are normally the Bank of Canada rate, plus a 2.5% service charge.

 

[NAB]

Someone asked if I pay a monthly service charge on the U.S account the answer is no. Just that $1.00 when we take it out. You would have to pay something I think if you wanted a pass book or statement. We do it all on the internet.

Like I said you get a better rate then the bank. Very easy to set up .

 

[tinkerone]

banker here. someone said earlier that their bank manager told them the rate is always better in the am. i say, run and find a new bank manager! if you think about it, that would be logisticlly imposible. the us rate picks up where it left off the day before and them moves up or down, depending on what the economy is doing. if it was always lowest in the morning it would have to keep going up and up, never being able to come down again. hope i said that clear. sounds ok to me, but i'm in my own mind.
the main reason there is a difference between bank of canada exchange rates and bank rates is that when the banks purchase money from the bank of canada they charge a premium. they have to have it shipped in and then we have to have it shipped to us so you pay security for this twice.
i say, get yourself a us mastercard (or visa if they have one) and do not pay the 2.5% difference that is charged when you use your canadian card. get yourself a NO FEE us acct. bmo offers both a chequing and savings us acct that has no fees as long as you have a package plan on your main acct and 95% of the banking population has a pacakage plan on their accts. paying a dollar to get my money out would just piss me off. if your bank doesn't offer you a no fee option, switch banks. money is better in your pocket then a banks!
anyway, just be smart with the money. its yours and whether that means saving the dollar shopping across boarder or swithching banks to save it, do it.

 

[minnie56]

Soooo agree!

I do not pay anything at all for my USD acct and not a penny to withdraw with RBC. I have had a USD Mastercard forever and an RBC USD Visa for approx 3 years. I will not pay anything to use my own money!

banker here. someone said earlier that their bank manager told them the rate is always better in the am. i say, run and find a new bank manager! if you think about it, that would be logisticlly imposible. the us rate picks up where it left off the day before and them moves up or down, depending on what the economy is doing. if it was always lowest in the morning it would have to keep going up and up, never being able to come down again. hope i said that clear. sounds ok to me, but i'm in my own mind.
the main reason there is a difference between bank of canada exchange rates and bank rates is that when the banks purchase money from the bank of canada they charge a premium. they have to have it shipped in and then we have to have it shipped to us so you pay security for this twice.
i say, get yourself a us mastercard (or visa if they have one) and do not pay the 2.5% difference that is charged when you use your canadian card. get yourself a NO FEE us acct. bmo offers both a chequing and savings us acct that has no fees as long as you have a package plan on your main acct and 95% of the banking population has a pacakage plan on their accts. paying a dollar to get my money out would just piss me off. if your bank doesn't offer you a no fee option, switch banks. money is better in your pocket then a banks!
anyway, just be smart with the money. its yours and whether that means saving the dollar shopping across boarder or swithching banks to save it, do it.

 

[RC Fan]

banker here. someone said earlier that their bank manager told them the rate is always better in the am. i say, run and find a new bank manager! if you think about it, that would be logisticlly imposible. the us rate picks up where it left off the day before and them moves up or down, depending on what the economy is doing. if it was always lowest in the morning it would have to keep going up and up, never being able to come down again. hope i said that clear. sounds ok to me, but i'm in my own mind.
the main reason there is a difference between bank of canada exchange rates and bank rates is that when the banks purchase money from the bank of canada they charge a premium. they have to have it shipped in and then we have to have it shipped to us so you pay security for this twice.
i say, get yourself a us mastercard (or visa if they have one) and do not pay the 2.5% difference that is charged when you use your canadian card. get yourself a NO FEE us acct. bmo offers both a chequing and savings us acct that has no fees as long as you have a package plan on your main acct and 95% of the banking population has a pacakage plan on their accts. paying a dollar to get my money out would just piss me off. if your bank doesn't offer you a no fee option, switch banks. money is better in your pocket then a banks!
anyway, just be smart with the money. its yours and whether that means saving the dollar shopping across boarder or swithching banks to save it, do it.

Thanks for the advice! There is a BMO branch right next to me at work, so I am going to check that out. I buy a lot of stuff online from the States.

 

[MaryannF]

I bought $1000.00 US at RBC on Saturday and it cost $1,015.00 CA.

 

[matsterrocks]

Visa / MC exchange rates are normally the Bank of Canada rate, plus a 2.5% service charge.

So at 2.5% $1,000 US would cost me $1,025 CAN if the dollar was on perfect par. On another thread someone stated that it cost him about 8% from a CC?

 

[tinkerone]

So at 2.5% $1,000 US would cost me $1,025 CAN if the dollar was on perfect par. On another thread someone stated that it cost him about 8% from a CC?

banker again.
you pay the going rate, that is the rate the banks would charge you, and then a 2.5% premium. That premium is just for the honor of using the card. now keep in mind bu using a US card you can charge your purchases, go into the bank when you get your bill and purchase the money or debit your us acct. and you do NOT pay the premium. the premium is just on candadian cc's.

 

[Hoogy]

I have a RBC Visa and the final payment on our Disney vacation was due about a week ago. We must have been hitting close to parity then because I paid about 2.7% (and 2.5 of that is the credit card fee to exchange)....so no 8% for me. (I checked online to see the charges)

 

[delta123]

Are travelers checks easy to use on the Disney properties. We are going to take some cash and also our visas but don't like the exchange rate on the visas. Is travelers checks in US funds the way to go?