Mamudduck, ? for you re: exchange rates

[tmli]

Since you are obviously an expert in this area...It appears the exchange rate is very good today. Would it be worth it for me to pay off room ressies and order Ap's or hold off. If I check online and the rate is 1.308 what would I actuall pay at the bank. Do you know on average how much extra exchange the CC companies charge?

Sorry so many questions.....Thanks for any help you can offer!

 

[Susan--Ontario]

Good Monday Morning Everyone,

I don't know what everyone else does but I call TD Canada Trust and CIBC often to find out their current rate. TD changes their's throughout the day to match what is going on.

I check the rate on

http://finance.yahoo.com/currency/convert?amt=1&from=USD&to=CAD&submit=Convert

and then I call the branches.

Current as at 11:00am July 19th the website says 1.3084 and TD is selling it for 1.3270 and CIBC is 1.3257.

Both banks have automated exchange rates on their voice mail that you can access all the time. I'm sure that other banks do the same thing.

If you see the rates changing then you can be on top of things. But really a slight change doesn't really make a difference unless, like me, you're looking to buy 10K to pay off your DVC.

I think if it goes below the 1.30 mark I will be paying off a big chunk of my DVC mortgage and increasing my line of credit.

 

[MaMudduck]

Sorry I didn't see this sooner Tracey,

Most CC upcharge is about 2%-3%.

Word on THE Street (Wall Street that is) is that we are getting very close to "restesting" a previous low in the US dollar....that is at the 1.27 mark.......so in other words THEY think it's still going to go down.

As Susan said it's good to check different places...I always find CIBC the best buying rate too. I sort of feel the same as Susan, if our buying rate is below 1.30, I'm making my transfers & AP purchase.

As I posted on another thread, trading rate went up a little today....but I still think it's going to slide back a bit.

If your not in a big rush...wait alittle longer.

 

[MaMudduck]

see this new posting today
Buy Today from CAA

 

[tmli]

Well, I jumped the gun yesterday and prepaid everything...the hotel rooms and ordered my AP. The rate was so good it was hard to resist.

 

[bunnyfoo]

One other thing to remember about making purchases on your credit card is that the transaction sometimes doesn't post to the account for a couple of days ... I think the exchange rate is based on the posting date and not the transaction date. It may be different for other cards.

 

[tmli]

Darn I didn't even think of that. I just assumed it was the same day the charge was made. Oh well! Last time I went to WDW (Jan'03) I paid an exchange of 1.62, anything below 1.5 seems good to me!!!