User Tag List

Results 1 to 10 of 10
Like Tree14Likes
  • 2 Post By ZumbaQueen
  • 2 Post By padyofurniture
  • 1 Post By Shwa Girl
  • 3 Post By tjthemanto
  • 2 Post By tjthemanto
  • 1 Post By tjthemanto
  • 2 Post By tomdrake
  • 1 Post By catherinealexander

Thread: CND To USD

  1. #1
    Proud to be Canadian, eh! ZumbaQueen's Avatar
    Join Date
    Dec 2010
    Location
    Vaughan
    Posts
    69
    Likes Received
    71
    Trading Score
    0 (0%)



    2
    Good day,

    I trust you are surviving March break. I was wondering if any knew the best place to go to convert CND to USD. I really donít like going to the banks because of the fees and such. Has anyone used another facility? I saw that Western Union does them but I donít anyone that has ever tried them.

    Its been a long while since Iíve been in the states and I donít know if I will far any better down there.

    Thanks
    This thread is currently associated with: N/A
    Ciel and Shwa Girl like this.


  2. #2
    Canadian Genius padyofurniture's Avatar
    Join Date
    Oct 2014
    Location
    Halifax
    Posts
    5,603
    Likes Received
    24626
    Trading Score
    0 (0%)




    The last time I used a money exchange, it was in St Stephen, NB. Not sure if it's even around anymore.

    My only suggestion is that if you use a bank, go to one where you do business regularly. Not being a client of CIBC, they charged me more for an exchange than my own bank.
    Ciel and ZumbaQueen like this.

  3. #3
    Mastermind Shwa Girl's Avatar
    Join Date
    Dec 2010
    Location
    Ontario
    Posts
    22,458
    Likes Received
    36850
    Trading Score
    7 (100%)




    Quote Originally Posted by ZumbaQueen View Post
    Good day,

    I trust you are surviving March break. I was wondering if any knew the best place to go to convert CND to USD. I really donít like going to the banks because of the fees and such. Has anyone used another facility? I saw that Western Union does them but I donít anyone that has ever tried them.

    Its been a long while since Iíve been in the states and I donít know if I will far any better down there.

    Thanks
    OP, someone on here mentioned that they had an US ING account, now TangeriNG.
    When the Canadian dollar better than the US dollar, they buy more cheaper US dollars.
    When they are ready to travel, they convert their US dollars, to Canadian and use the increased Canadian dollars to purchase US currency or use their Canadian debit card in the US.
    Ciel likes this.

  4. #4
    Canadian Guru
    Join Date
    Mar 2010
    Location
    Canada
    Posts
    10,560
    Likes Received
    5486
    Trading Score
    46 (100%)




    Sometimes just using your Credit Card or Debit Card to withdraw cash at US ATM gets you the best rate.

    Have a Positive Balance on your Credit Card before you do that - so you don't pay Interest on the cash advance right from day one - there is NO 21 day grace period on Cash advances - Interest starts from Day 1, unlike other purchases with you Credit card where you get a grace period to pay off the bill before interest starts.

    Lot of Credit Cards & Debit cards they only charge 1.5 % to 2.5 % - Foreign exchange Markup when you use them to purchase at retial or to withdraw at US ATM.

    Sometimes there is a $ 3 to $ 5 fee in addition to the 1.5 % to 2.5 % - Foreign Exchange Markup. So withdraw large amounts every time you go to the US ATM to avoid paying this ATM fee each time.

    But sometimes this $ 3 to $ 5 ATM fee is waived off, if your bank debit card and Credit card is part of the same Exchange network as the ATM machine from which you are withdrawing. But you will still pay the 1.5 % to 2.5 % FOREX markup.
    super_e, Ciel and tomdrake like this.

  5. #5
    Canadian Guru
    Join Date
    Mar 2010
    Location
    Canada
    Posts
    10,560
    Likes Received
    5486
    Trading Score
    46 (100%)




    Don't go out of the way to get a better exchange rate - in most cases its going to be a 1-2 cent difference in your bank exchange rate and some shady Money exchange place. You will spend more in time & gas.

    So even if you are exchanging $ 1,000 CAD you will only save 10 bucks or so. Not worth it, unless you are exchanging huge amounts.

    Plus you have to worry about counterfeit notes, at least your bank the notes will be legit. . We are used to Canadian currency, we can easily spot a fake Canadian bill , its a lot harder with USD if you don't use them daily - they all look the same to me ..ha ha.

    Use credit cards in US wherever possible, and the rest by cash.
    Last edited by tjthemanto; Sat, Mar 17th, 2018 at 12:06 AM.
    super_e and Ciel like this.

  6. #6
    Canadian Guru
    Join Date
    Mar 2010
    Location
    Canada
    Posts
    10,560
    Likes Received
    5486
    Trading Score
    46 (100%)




    For FOREX transactions - Rogers & Fido Mastercard are the best !

    https://rogersbank.com/en/notification

    Both of them give 3 % cash back if you use them abroad for foreign transactions at retail stores etc. So if you travel to US frequently, not a bad card to have. Plus NO annual fee.
    Ciel likes this.

  7. #7
    Dancing bean paste bun Ciel's Avatar
    Join Date
    Jul 2009
    Location
    Ontario
    Posts
    14,166
    Likes Received
    19002
    Trading Score
    12 (100%)




    Several major malls have Continental Currency storefronts. Not a location in Vaughan but maybe near a mall where you visit elsewhere? https://www.continentalcurrency.ca/branches/
    2019 #Gold

  8. #8
    CaNewbie tomdrake's Avatar
    Join Date
    Apr 2018
    Location
    Airdrie, Alberta, Canada
    Posts
    5
    Likes Received
    6
    Trading Score
    0 (0%)



    Getting the best rate only really matters if it's a lot of money, so especially if you're a snowbird exchanging between seasons. I've heard good things about knightsbridgefx.com but haven't used them myself. I prefer to just stick with my Rogers credit card for what really ends up being no exchange fees.
    Ciel and dededi like this.
    Founder and head writer at MapleMoney.com (previously Canadian Finance Blog).

  9. #9
    CaNewbie
    Join Date
    May 2018
    Location
    USA
    Posts
    5
    Likes Received
    2
    Trading Score
    0 (0%)



    Nice Post. I liked it a lot
    dededi likes this.

  10. #10
    CaNewbie spotify web player's Avatar
    Join Date
    Aug 2018
    Posts
    6
    Likes Received
    0
    Trading Score
    0 (0%)


    Thanks for the information on the site.
    Last edited by spotify web player; Mon, Aug 6th, 2018 at 01:01 AM.

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •