US Dollar Exchange Rate

Blastoff · #1 02-11-2015, 01:36 PM

Went to the bank and asked for $150.00 US dollars. They tell me it is $195.00 needed to get that. Thats 45% I guess I will just use the Visa and get a better rate, crazy.
Robbery at my own bank, must be some extras fee, ask the girl about it, didnt have an answer.

DeltaDee · #2 02-11-2015, 01:38 PM

45 of 150 is 30%

still really high though..

cutthroat666 · #3 02-11-2015, 01:39 PM

Actually its 30%. It's not a good rate but if you use your credit card for US purchases beware - some cards add a 2 - 4 % surcharge for converting funds.

If they do that you're better off paying the 30% to the bank.

cutthroat

HookedOnKokanee · #4 02-11-2015, 02:08 PM

I had no option but to know math backwards and forward. For conversation sake, let's just pretend that the "exchange rate" is 20%.

Meaning for ever $.80 American you need you need $1.00 Canadian, so the math is simple:

80 150 (us) n = $187.50 needed with a service fee for the bank for
100 n handling the transaction and holding American
money for you, when you need it, so you paid a
service fee of 7.50

Next time to make it worth your while just buy more money, it is just like a debit machine, if you take out $20.00 or take out $200 the service fee is still $2.50.

Also our CIBC debit card works in all machines in the states, the cheapest way to attain american money!

So the exchange rate is around 20% not 30% .....

Hope this is helpful ..... cheers doyle

Skybuster · #5 02-11-2015, 02:09 PM

Sucks hey? But that is mostly due to the current exchange rate. Yes the bank is charging their fee, but I just looked online and the exchange rate shows as 0.79, 150 US will cost 189.62. Still that means the bank is hitting you with about a 3 or 4 % surcharge. Ouch.

Skybuster · #6 02-11-2015, 02:12 PM

HOK - I was not aware of how the bank charged. You are saying they charge a flat fee for converting a transaction, not an percentage. Good to know.

skidderman · #7 02-11-2015, 02:15 PM

Quote:

Originally Posted by Skybuster

HOK - I was not aware of how the bank charged. You are saying they charge a flat fee for converting a transaction, not an percentage. Good to know.

CIBC charges a percentage rate to exchange either direction. Usually around 2%. It adds up.

TBark · #8 02-11-2015, 02:17 PM

Most of my portfolio is in US markets, USD, 60-65%.
Likely the only reason I'm not in the red with current oil prices & the CA markets.

TBark

KGB · #9 02-11-2015, 02:41 PM

Just came from the bank, exchange "premium " is pretty much exactly 30%.....
For $1250 can I got $960.00 US. The rate was 1.2957.....

bat119 · #10 02-11-2015, 03:20 PM

I found using the ATM in the states was cheaper than the bank here or credit cards Citibank was the best.

TripleTTT · #11 02-11-2015, 07:07 PM

Try Calforex. My wife walks past there everyday and says the American rate was $1.279 this morning.

EZM · #12 02-11-2015, 08:12 PM

Quote:

Originally Posted by TripleTTT

Try Calforex. My wife walks past there everyday and says the American rate was $1.279 this morning.

Thats pretty good - rate closed at $1.26.

Best thing to do is make a few phone calls and see what you get .....

Sundancefisher · #13 02-11-2015, 08:31 PM

Open up a USD account the bank. Transfer canadian money in and take USD out. Also if you are a good customer...ask them to waive the fee if they charge ya. If you are 59 yr old or older...likely your bank waives all your fees.

Blastoff · #14 02-11-2015, 09:32 PM

I will try another bank tomorrow, just wanted to top of with some more cash. Last year I paid 22 percent.

rosh · #15 02-11-2015, 11:01 PM

I hear you get a better rate in the states? Anyone know if that's true?

Grizzly Adams · #16 02-12-2015, 08:03 AM

Doing a job for a lady right now, just back from the US, selling her product and beaming. Every US buck she takes in is worth 1.30 Can.

Grizz

Big Thumper · #17 02-12-2015, 08:45 AM

Sometimes people confuse exhange rates thinkthat if we are .20 below par as we are now, give or take, then the 'fair' rate means it would cost 1.20 to buy. Simple math says 'not true' its 1.25

Amazing how many people forget that.

NEWB · #18 02-12-2015, 11:16 AM

Just ordered a bunch of stuff from the states.

I will gladly pay a 30% premium for conversion vs the cost of getting this stuff local.

Even with the exchange rate and shipping I pay roughly 25%-40% of what it would be retail here!

I would prefer the CDN dollar to be higher however I am still laughing!

josey · #19 02-12-2015, 01:07 PM

Just FYI (don't know if the rates are better) AMA has now ATM with cash in different currencies (USD and EURO for sure).

Also Tangerine ATMs spit out USD and have quite good conversion. Not sure if anybody can use thoses but Scotiabank card holders should since the merger.

josey · #20 02-12-2015, 01:08 PM

Quote:

Originally Posted by Sundancefisher

Open up a USD account the bank. Transfer canadian money in and take USD out. Also if you are a good customer...ask them to waive the fee if they charge ya. If you are 59 yr old or older...likely your bank waives all your fees.

Again Tangerine :-) The account and transfers are free there.

roper1 · #21 02-12-2015, 08:28 PM

Quote:

Originally Posted by HookedOnKokanee

I had no option but to know math backwards and forward. For conversation sake, let's just pretend that the "exchange rate" is 20%.

Meaning for ever $.80 American you need you need $1.00 Canadian, so the math is simple:

80 150 (us) n = $187.50 needed with a service fee for the bank for
100 n handling the transaction and holding American
money for you, when you need it, so you paid a
service fee of 7.50

Next time to make it worth your while just buy more money, it is just like a debit machine, if you take out $20.00 or take out $200 the service fee is still $2.50.

Also our CIBC debit card works in all machines in the states, the cheapest way to attain american money!

So the exchange rate is around 20% not 30% .....

Hope this is helpful ..... cheers doyle

Thanks for the tip on the ATM. We also use CIBC, headed down there next week

EZM · #22 02-13-2015, 06:57 PM

I was in Houston last week. Took out $200USD at an ATM. Bank charged me $3.25 for the transaction. The exchange rate was as posted.

over $3.25 ....... I loose no sleep over it. My bank is CIBC.

Frog · #23 02-13-2015, 08:55 PM

I took out $2,000US last week for our trip to Scottsdale and it cost us $2,500CND. We looked at opening a U.S. Account at our bank but there was no way to access the account while we were in the US. TD had an account but they don't have any locations in Arizona. Also realized as we are travelling down that a majority of the gas stations require prepayment so have ended up using the credit card more than we thought.