Where to get best exchange rate?

[nancy01]

We would like to take some US cash with us this time as we are tired of paying the exchange fees our Visa charges. Where is the best place to get a good exchange rate in the GTA? Thanks!

 

[ottawamom]

I know I'm in Ottawa, but, there is a foreign exchange business here that has really great rates. When I exchange $1000 or more I go to them. The rate at TD (my son's bank) isn't far off this "great rate". It depends on how much you plan on converting. If you're talking $500-$1000 I would just go to my local bank. The savings you can get by going to a special exchange business will be eaten up with gas, parking and your time getting there and back. Didn't really answer your question except to say that your bank may have a pretty good rate. If you PM me I can give you the link to the exchange place here so you can compare rates with your bank (its usually a little less than 2% more than the quoted bank of Canada rate for the dollar).

Check with your bank they may have a US $ credit card you could apply for. The one I have has a fee of $35/year which is waived if I spend $1000 on the card in a calendar year. I have to pay for it with US$ hence the US$ bank account.

 

[kuhltiffany]

If you get a Marriott or Amazon card, they don't charge foreign transaction fees like other cards do, just the exchange rate!

 

[SaraMc]

We used Continental Currency exchange in the past, they guarantee that they have the lowest rate. It was 0.05% lower than TD, ( our bank) but to get what we wanted in cash was over our limit for a debit transaction.... so we ended up going with TD. But we gave used them in the past and they were always lower.

 

[bankr63]

Just change your Visa card. Amazon.ca Visa card and Sears or Marriott M/C do not charge any fee on US transactions. You get very close to the posted BOC rate on every transaction. This is actually cheaper than the bank counter rates, or the Forex houses. All three cards also offer other perks (Amazon gives you and additional 1% cash back on all transactions - can't get that using cash!)

I was also told, but have yet to confirm, that the new Rogers credit card also does not charge a Forex fee on US transactions. Note that I only use my Amazon card in the US or for online US$ purchases, I have cards that offer much better rewards for Canadian purchases.

 

[nancy01]

We leave on the 16th, do you think we'd get the Amazon card on time? Also, do we pay it off in Canadian funds? Thanks for all the tips everyone!

 

[gskywalker]

We leave on the 16th, do you think we'd get the Amazon card on time? Also, do we pay it off in Canadian funds? Thanks for all the tips everyone!

As for getting the card in time, I would call Chase(I believe that is the bank who issues the card, but confirm online) and confirm. As for the funds, yes it is paid in CDN funds. We get staff rates at our bank and we still use our Amazon card for USD transactions when we are in the states.

 

[bankr63]

Pretty good chance, but it will be tight. IIRC, approval was instant as I was able to use the card for an Amazon purchase right after applying. So then it is only the time to produce and ship the card. Agree that you can check with Chase to find out. It took about 5 days to get a replacement card recently.

 

[Cinderelly911]

I'm not quite following - maybe someone could walk me though. Is Amazon card an American credit card or Canadian? Do I apply on Amazon.ca? It's just a separate credit card that I can use without incurring additional fees if using in the states - just pay the current exchange? This would be a good idea for Disney and for trips to Buffalo, yes?

 

[Aladora]

I'm not quite following - maybe someone could walk me though. Is Amazon card an American credit card or Canadian? Do I apply on Amazon.ca? It's just a separate credit card that I can use without incurring additional fees if using in the states - just pay the current exchange? This would be a good idea for Disney and for trips to Buffalo, yes?

It is a Canadian credit card and you apply at Amazon.ca. You just pay the current exchange rate on purchases, no extra foreign exchange fees!