Currency exchange

elkymutt said:
What are some of the cheapest was to convert Canadian dollars to American dollars?
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Volume. Ask what the next rate tier is.

Let's say you want to buy $1000 for example.

Maybe they're rate is $0.01 - $1000 = market rate.
$1001 - $2000 = better rate etc...

Might get a better rate by buying a little more.
 
I've found doing it at your own bank is the cheapest. Next cheapest is just use your VISA for everything you buy in the states (about 2% over price) There's rarely a way to convert right at the actual price. Everyone is going to do it at price+x%, you just have to minimize x. I've heard that some places in Chinatown have the best rates but haven't checked.
 
From what I understand, BMO has the best rates. They're the largest FX dealer on the street in Canada and you might find their rates appealing. Sometimes their regular rates, to anyone off the street, even beat the rates that other banks offer their employees. If you know anyone who works at BMO you might get an even better rate.
 
I just withdraw from an ATM when down there. I only pay the current exchange rate, no extra points, and usually no user fee for a foreign ATM. Only works for a small amount, but. . . .
 
I have tons of US$ in my possession, how much are you willing to offer?
 
If you are driving across, one of the cheapest places right now is the currency exchange booth right at the border. They lost a ton of business when they charged terrible rates, and they are now trying to get it back by having some of the lowest fees around.
 
I get a better rate if I transfer money online into a US account then take it out at the bank, then just exhanging it there.

Right now $500 US cost me $482.15 CAN but not sure if that is good or not..lol
 
elkymutt said:
I need $500US
I will give $450CAN
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Scotiabank is offering me
CAD$ 461.25

Just to let you know you can try these guys in Chinatown
http://goldium.net/english/rates/

Or if Warden/steeles is closer to you, there's an exchange place on the North West corner in that plaza, forgot what's it called. I sell all my US$ there.


Ps. for banks I find TD to offer the best rates, then RBC. Check out their website. But for just $500 is it worth all the hassle?
 
AC said:
I get a better rate if I transfer money online into a US account then take it out at the bank, then just exhanging it there.

Right now $500 US cost me $482.15 CAN but not sure if that is good or not..lol
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Thats pretty good actually. What bank are u at?
 
AC said:
TD

just checked going the other way and $500US gets me $468.35CAN
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OK, that makes sense. There's a much better rate at Chinatown
 
CrazyKell said:
If you are driving across, one of the cheapest places right now is the currency exchange booth right at the border. They lost a ton of business when they charged terrible rates, and they are now trying to get it back by having some of the lowest fees around.
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This is good to know, I'll look into it. I do recall them charging terrible rates simply because it's convienient and pretty much last chance...

Chinatown and warden/steeles are ideas, but any savings would be negated by the time/distance to get there.

I've heard some money analysts say we could be heading closer to 1.10 as the year goes on...
 
10 minutes of homework:

Bluewater bridge will sell 1USD for .99CDN
RBC is .9722
TD is .9736
National is .9790
Scotia is .98

So it seems for those of us converting smaller amounts, RBC leads the way for value
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