best/cheapest way for US $?

[Thaco]

Hey, i am going to the states soon and intend to spend some money down there... what's the best way to do so?

I checked my credit cards (Capital one MC and Cibc Visa) BOTH of them charge a 2.5% admin fee on every American purchase made ont he card... to me this kind of kills any benefits of it...

I bank with CIBC and my bank has a machine that gives out $20 US bills, would the rate be any different between this machine and the tellers? is there a fee (other than exchange rate) on my chequing account for withdrawing us $ from my CDN chequing account? I have a CIBC unlimited account, costs me $13/mo for unlimited transactions.


would i be better off going to an exchange place?

I only need ~$1000, but if i can save me the fee, well, $25 is $25





I have done some searches and a bunch of people suggest a CC, but none seem to mention the fee, maybe not many people are aware of the fee?

[Euro838]

I think the best place to exchange money is the Calforex place on the corner of TD Square. Their rates are usually better than any bank. They charge a fee of $3.5 per transaction.

I'd avoid credit cards as exchange rates are not as good usually.

[Rav4Guy]

CCs don't charge a fee on top of your purchases but they do charge a little on top of the exchange rates. I would just use the CC for my purchases and bring a little cash for food and whatnot. The difference between CC and bank won't be much... but like you said, $25 is 2 lap dances.

If you would like to get $1000 in cash, head over to Calforex where they have extremely good rates. Calforex is just by TD Square/Bankers Hall area... but I believe they have other locations.

[98type_r]

Last year my gf and i both exchanged for $500 US. I did it at through a teller TD where i bank and she did it at Calforex. It was cheaper for me to do it by $4-5 from what I remember.

If you have a friend who works in a bank, they can save you probably 1-1.5% off the bank's exchange rate.

[Thaco]

Originally posted by Rav4Guy
CCs don't charge a fee on top of your purchases but they do charge a little on top of the exchange rates. I would just use the CC for my purchases and bring a little cash for food and whatnot. The difference between CC and bank won't be much... but like you said, $25 is 2 lap dances.

If you would like to get $1000 in cash, head over to Calforex where they have extremely good rates. Calforex is just by TD Square/Bankers Hall area... but I believe they have other locations.

it says clear as day in my CC terms that there will be a 2.5% administration fee + typical exchange rate fee on all international purchases

[Rav4Guy]

Well, I can't see the terms of your credit card now can I? Just for reference, it doesn't on mine.

2.5% or $3.50.... Calforex is your best bet.

edit: the benefits of using CC is not having that much cash in your pockets and for some cards, you get added benefits of added warranty or insurance.

[Thaco]

Originally posted by Rav4Guy
Well, I can't see the terms of your credit card now can I? Just for reference, it doesn't on mine.

2.5% or $3.50.... Calforex is your best bet.

edit: the benefits of using CC is not having that much cash in your pockets and for some cards, you get added benefits of added warranty or insurance.

no, you cant, but if you'd have read my first post i clearly stated that the fee is there.


Anyways, i'll see if calforex is only downtown, and i never go down there... probably not worth the hassle..

[Rav4Guy]

enjoy your travels then.

[ExtraSlow]

what about just withdrawing the money from an ATM down there? Depending on yoru bank, they may charge you additional fees for this, but mine doesn't.
I've looked over the conversion rate afterwards as well, and they don't seem too bad.

Me personally, I wouldn't feel comfortable walking around with a thousand bucks in cash in most US cities. But then again, I'm a bit of a low-roller.

[98type_r]

Originally posted by ExtraSlow
what about just withdrawing the money from an ATM down there? Depending on yoru bank, they may charge you additional fees for this, but mine doesn't.
I've looked over the conversion rate afterwards as well, and they don't seem too bad.

Me personally, I wouldn't feel comfortable walking around with a thousand bucks in cash in most US cities. But then again, I'm a bit of a low-roller.

even if your bank doesn't charge you, the local bank will.

[Ntense_SpecV]

I exchanged money at CIBC yesterday and to get 600 US it cost me 612 CAD and the exchange rate was at 1.002 US to CAD.

[89coupe]

How much are planning on spending? LOL, jesus, fucking penny pinchers.

Just use your CC

[analbumcover]

Originally posted by 89coupe
How much are planning on spending? LOL, jesus, fucking penny pinchers.

Just use your CC

i vote ban from real estate, money and finances forum

[bksze]

Here's a tip. It's "almost always" cheaper to get currency locally.

That means, if you're going to the US, bring $1000 CDN and exchange it down there. Of course, this means avoiding hotels and airports.

However, if you're really worried about saving a few bucks, go sign up for an AE card, they charge all purchases in local currency. No admin fee and they just make a little bit on the exchange portion.

Bring cash for daily spending and use your credit card for purchases. On both my cards, I don't have any admin fees so maybe it's time to change cards.

Regardless, if $25 isn't worth your while to go downtown for, I don't know why we're even having this discussion.

Have a good trip!!

[Thaco]

Originally posted by bksze
Here's a tip. It's "almost always" cheaper to get currency locally.

That means, if you're going to the US, bring $1000 CDN and exchange it down there. Of course, this means avoiding hotels and airports.

However, if you're really worried about saving a few bucks, go sign up for an AE card, they charge all purchases in local currency. No admin fee and they just make a little bit on the exchange portion.

Bring cash for daily spending and use your credit card for purchases. On both my cards, I don't have any admin fees so maybe it's time to change cards.

Regardless, if $25 isn't worth your while to go downtown for, I don't know why we're even having this discussion.

Have a good trip!!

by the time i got DT and back home, it'd cost me $5+ in gas, $ for parking, and like at least an hour or 2... depending on the time of day... i wasn't really asking "where" to get the best rate or no admin fees, but rather how, to pay the least fees (cash exchange, US$ withdrawl, CC, etc......

[benyl]

Originally posted by 89coupe
How much are planning on spending? LOL, jesus, fucking penny pinchers.

Just use your CC

So true!