Canadian Currency Exchange..Where and When?...Help!

[antda 13]

Hi Everyone,

I was wondering about the following....

I just came back to the USA from a trip to Canada (I'll write more about that in another post topic), and I have some Canadian currrency that great-grandma gave her great-grandson/my son for Christmas. Lol..Don't get me wrong, I love my Grandma and like Canadian multi-coloured money, but here in the USA, they don't like the "Canadian funny money", and I don't think I buy my son any Christmas presents here in the USA (which Grandma wanted me to do) with that funny Canadian money either.

Thus, I'll have to exchange it for plain old boring American money with dead presidents on it.....

So I went to the local bank, to exchange it, only to be told that the exchange rate was....

$1 CDN = $0.85 USA...

And my husband (who is better at numbers than I am) said to me.... You're getting ripped off!

He thought the exchange rate today (12/09, from what he looked up) was closer to $1 CDN = $0.95 USA.....

So to this I ask all of you:

1) Where is the best place to exchange the Canadian money? The bank here is ripping me off. Where else can I go? I don't want to open a USA/CDN bank or any other type of account either, as I see no need for that, be it that we don't exchange currencies too often either. Lol..besides, why deal with the bank and other financial institutions more than I have to (lol..as you can see, I'm not a fan of going to these places either...).

2) When is the best time to exchange the Canadian money? Is it a good time to do it now in the winter during the holidays? Or wait until later, maybe in the spring or summer of next year? (sorry, I get confused with the numbers and to know when is the best time....can someone else enighten me on this). Low is good, or High is good, to exchange CDN to USA?

3) Is it better to exchange the money in Canada or is it best to exchange the money in the USA? Or it doesn't make a difference? What are some places that you can recommend to exchange such? Banks? Currency Exchange Locations? Duty Free? Other? Lol..Any VJers out there want to exchange?

I would like to exchange the funny money soon as possible, yet I would like to get the best deal for the currency conversion...What is the best way?

Any thoughts, ideas, suggestions, etc. would be greatly appreciated. Thanks.

Happy Holidays to Everyone too!

Ant

Edited December 11, 2009 by Ant+D+A

[Udella&Wiz 325]

Hi Everyone,

I was wondering about the following....

I just came back to the USA from a trip to Canada (I'll write more about that in another post topic), and I have some Canadian currrency that great-grandma gave her great-grandson/my son for Christmas. Lol..Don't get me wrong, I love my Grandma and like Canadian multi-coloured money, but here in the USA, they don't like the "Canadian funny money", and I don't think I buy my son any Christmas presents here in the USA (which Grandma wanted me to do) with that funny Canadian money either.

Thus, I'll have to exchange it for plain old boring American money with dead presidents on it.....

So I went to the local bank, to exchange it, only to be told that the exchange rate was....

$1 CDN = $0.85 USA...

And my husband (who is better at numbers than I am) said to me.... You're getting ripped off!

He thought the exchange rate today (12/09, from what he looked up) was closer to $1 CDN = $0.95 USA.....

So to this I ask all of you:

1) Where is the best place to exchange the Canadian money? The bank here is ripping me off. Where else can I go? I don't want to open a USA/CDN bank or any other type of account either, as I see no need for that, be it that we don't exchange currencies too often either. Lol..besides, why deal with the bank and other financial institutions more than I have to (lol..as you can see, I'm not a fan of going to these places either...).

2) When is the best time to exchange the Canadian money? Is it a good time to do it now in the winter during the holidays? Or wait until later, maybe in the spring or summer of next year? (sorry, I get confused with the numbers and to know when is the best time....can someone else enighten me on this). Low is good, or High is good, to exchange CDN to USA?

3) Is it better to exchange the money in Canada or is it best to exchange the money in the USA? Or it doesn't make a difference? What are some places that you can recommend to exchange such? Banks? Currency Exchange Locations? Duty Free? Other? Lol..Any VJers out there want to exchange?

I would like to exchange the funny money soon as possible, yet I would like to get the best deal for the currency conversion...What is the best way?

Any thoughts, ideas, suggestions, etc. would be greatly appreciated. Thanks.

Happy Holidays to Everyone too!

Ant

I would have exchanged it back in Canada - it doesn't much of a difference in your rate, it's just easier at most Cdn banks...either that or save it for your next trip to Canada in a safe place

US banks are just confused half the time about it and give you grief.

The current rate today on xe.com is 94 cents for every Cdn dollar - so yah, they're working a fee in there and ripping you off....but every exchange place has fees built in, they normally don't do a straight exchange or how else would they make $$$?

There are currency exchange places around - aren't you relatively near Buffalo - you'd think there'd be a few?

There's no such thing as a good time of year, just do it when the exchange rate is better.

Edited December 11, 2009 by Udella&Wiz

[CDAgirlMI 51]

As stated above, if the dollar is trading at $0.94 to $1, you're not going to get that exact rate.

The banks make money off exchanges & give you a different rate from what it's trading at.

[Inky 1,110]

To get the best rates NEVER use a bank.

Always use an acredited or well known currency exchange place, they almost always give the better or best going rate for exchange. Most airports have exchange booths, but looking up exchange places near where you live is a good idea too.

[antda 13]

Hi Everyone,

Thanks for your quick and helpful replies...

Udella&Wiz-Good idea about it saving the money for my next trip to Canada and using it then. Lol...saves from having to exchange it again the next time I get there. At times like this, I wish Canada and the USA had the same currency. Saves from having to exchange it back and forth! I agree, with what you said too, about it being easier at Canadian banks, as they have use for it, and they know what to do with the "funny money". Oh yeah, the US banks are sure confused with the "funny money"...lol..maybe they think it's from an outdated monolopy game or something. Seems kind of fake-looking, so I can understand why people would be skeptical of it here in the USA, and would rather trust money with dead presidents on it. By the way, the banks here in the USA don't exchange Canadian change either...So they have no clue about loonies and twoonies..Even though they are worth $1-$2, and not just a merely few cents! Yes, from what I checked on xe, was the same as you checked online too, which was why my husband said that the banks here are ripping us off. I didn't know though, that they had additional rates built in, so interesting to learn about that too. Makes sense though to have extra rates, as banks want to make a profit with that extra rate increase. There are currency exchange places, like you said, maybe in Buffalo and in areas close by, such as Niagara Falls. But by no means I am near Buffalo or Niagara Falls....which is about 2 hours or so away from where I live...Lol..though USCIS-wise, Buffalo is the closest 'local office' to where I am, so that's what is listed in my vj profile. Glad I don't have to make that long trip up there anymore to deal with the USCIS....local....whatever....Good to know too, that there is no specific time of the year to do the exchange. Guess we'll just have to watch out for the best rates, and see what happens there....(and not get scammed by the banks either!)

CDAgirlMI-I didn't know though, that they had additional rates built in, so interesting to learn about that too. Makes sense though to have extra rates, as banks want to make a profit with that extra rate increase. What a rip-off, indeed! They should be going at fair market value, and not charge anymore. Oh well, banks are in it for the profit, I guess, and we are the ones losing out.....

Inky-Yes, from you and from other vjers, I have now learned to never use a bank to exchange money! What a rip-off, indeed! They should be going at fair market value, and not charge anymore. Oh well, banks are in it for the profit, I guess, and we are the ones losing out. I'll definitely be looking for another exchange place to convert the money...Maybe I'll find one in Canada or the USA, close to the border, the next time I head up there, which is the closest places for other exchange places besides the bank....

Everyone...

So based on what you all said, I'll just hold off on the exchange for now, not go to the bank. and wait until I go to Canada again to do such. Hopefully, the next time I go, the rates will stay low or closer to at par too, so I can get the best "bang for my buck". Thanks again for the help.

Ant (hoping to get a good exchange in Canada....low is the way to go?...)

Edited December 12, 2009 by Ant+D+A

[Inky 1,110]

hey i found the link for the place i always used in ottawa. This place always gave me amazing rates!!! the line ups are usually crazy here too alooooooot of people use it.

I - THINK - if you contact them they can exchange checks that are mailed to them or if you ever go to ottawa they have 2 locations.

http://www.accu-rate.ca/index.phtml