What's the best place to exchange for US$ downtown?

[Manhattan]

Going to the states next week. I'm looking to get a couple hundred dollars in USD. I usually just to to the bank and get a couple traveler's cheques. But I've been told you get a much better rate at the specialty exchange shops.

I'll need $500US max. Not sure if it'll make a huge difference.

[heinz256]

Calforex on Stephen Ave.

[Manhattan]

How much better is the rate?

[vps]

yeah your best bet is one of those specialty exchange places, banks usually have one of the highest fees for currency exchange

[BigShow]

Originally posted by Manhattan
How much better is the rate?

They can give you rates over the phone.

[Manhattan]

I just checked on BMO investor line. $564.50 CDN to buy 500US @ 1.129. What a rip off!

[SpeedIllusion]

Do these specialty exchange places do money orders?

[adam c]

Calforex:thumbsdow

[911fever]

calforex is brutal, don't go there

[whodiman]

I was thinking of going to Calforex. Why do you say it is brutal?

[Strider]

Calforex gave me ~$0.005 better than HSBC when I exchanged CAD to USD back in Feb.

I do recall they charged a service fee though, after which I still did better than the bank rate. But I exchanged more than $500... call them first.

[adam c]

I used to work for Calforex

[Manhattan]

Picked up $500US at Calforex for $508.70.

Checked with BMO right before and it was $515. Or $513 if you set up a US dollar account which is free. Luckily, the lady at BMO gave me a 'waive service charge' for Calforex which I believe is around $6 bucks.

Works out to be 1.0174 at Calforex. 1.03 at BMO.

[Speed_69]

I called Calforex last year to exchange CDN for HK Dollars and their rate was worse then my bank (TD CanadaTrust). I just exchanged US money at TD. I exchanged it when the dollar was trading at .984 ($275 USD cost me $286.41 CDN). If I had exchanged it when the dollar was trading at 1.004, $280 USD would've cost me $286.61 CDN which isn't bad at all in my opinion.

[Speed_69]

Originally posted by Manhattan
Picked up $500US at Calforex for $508.70.


Wow. That's really good!

[Manhattan]

I think exchange rate is going to get even better in the summer. Par isn't bad though considering how low it is historically.

[CKY]

Albern Coins? Although they're not really downtown (centre and 16th)