Something I have been wondering about the Canadian Dollar

[CR Resort Fan 4 Life]

You know how during the day until the stock market closes the Canadian Dollar can be at a certin number, until they say on the news it closed at a specifc amount. Well until the final number is released if Canadians are in the United States and purchase something are they charged the rate at the time of the purchase, or the rate which is said when they give the final numbers for that day?

 

[TreesyB]

The dollar fluctuates and you are charged for the rate at the time of posting to your account. So if you purchase from a credit card, you will be charged for when it was posted to your account from the retailer. If you are withdrawing cash, you are charged the rate at the time of the transaction. And if you are purchasing cash at the bank, you are charged for the rate at the time of the transaction.

I use to sit all day waiting for the right time to transfer funds at work (I worked in an industry where I had to transfer hundreds of thousands of dollars at one time, and I liked watching the market to get the most of the USD).

 

[CR Resort Fan 4 Life]

Thanks for that info and I had thought that we were charged the rate at the time of the purchase.

 

[OnMedic]

Hmmmm....

I thought that the transaction rate was that of closing the previous business day!?!?!? That is the understandng from my bank, and would eliminate any cause for contest.

 

[TreesyB]

If you're buying on the weekend, or after close of the market, that is the case, but the credit cards (I've noticed-by comparing rates and posting dates- would piss me off if something didn't post when i hoped it would so i could get a better rate) are for the posting date of the transaction. CC's don't post on the weekends.

Often I will wait until evening to make small cash transactions, when the rate settles.