CAD to USD cash question

[Tik-Tok]

When you need US cash from a bank, what conversion rate do they use, as it's always fluctuating? The previous days closing rate, or the morning opening rate?

Also, where's the cheapest place to get US cash?

[G]

Calforex in Chinook is the best I have found.

[Tik-Tok]

Originally posted by G
Calforex in Chinook is the best I have found.

Thanks, I called them, and they're rate is way better than my banks.

[ExtraSlow]

Calforex has a downtown location also. Always my go-to for USD.

[benyl]

They usually go with the spot rate + 2%-2.5% depending on the bank.

You also then have to pay the non resident interact fee on both sides. Your bank's fee and the local banks fee (in the US it is usually $5 USD).

So don't take out $20.

Calforex is the best that I have found.

[pf0sh0]

Nice, I was wondering this too for an upcoming trip

[Mitsu3000gt]

My experience has been the banks are cheaper under $500, Calforex is better above $500+.

Either way, under $500 the difference is so tiny that you should just go wherever is most convenient because it will be like $2 variance.

[BrknFngrs]

Calforex also lets you sell back any unused amounts (some restrictions on amounts, proportion of total you took out, etc) at the same rate you purchased it at. Very handy.

[eblend]

Originally posted by BrknFngrs
Calforex also lets you sell back any unused amounts (some restrictions on amounts, proportion of total you took out, etc) at the same rate you purchased it at. Very handy.

When you read the restrictions, this feature is pretty limited at best:

-The original transaction must equal a minimum of $1000.00 CAD
-You must return to our branch with your original receipt within 30 days of the original transaction. Receipts must be validated at the time of purchase to qualify.
-We will buy back 50% of the original purchase amount at the same rate you bought it at

I usually only take out a grand at a time so it doesn't work for me, but since I travel a lot, I just keep the USD until the next trip, making it look cheaper, or even free once the time comes as I prepaid way in advance

[Tik-Tok]

I need a defined amount anyways for a cash purchase, won't need to return any money.

[Cos]

.

[gwill]

Originally posted by Mitsu3000gt
My experience has been the banks are cheaper under $500, Calforex is better above $500+.

Either way, under $500 the difference is so tiny that you should just go wherever is most convenient because it will be like $2 variance.

This is so not true at all but i used to believe this was the case. I went to my local branch 2 months ago and picked up $500 in peso's and my friend went to AMA. It cost my friend $50 less but he ended up with the same amount of pesos as me.

My branch hosed me big time. Never go to your branch to exchange money for your trips/purchases. It was cheaper for me to use an ATM in mexico then deal with my branch.

Ive never used calforex but AMA may be worth checking out as well if your a member.

[BDenali]

Originally posted by G
Calforex in Chinook is the best I have found.

Defiantly check out Calforex, my wife and I always use them when we travel as they seem to have the best rates. It's been a while since we've been there so maybe compare them with some others.

If I am in a hurry I just transfer money online into my US account. You can see what rate they are going to give you before you confirm the transaction.

[ExtraSlow]

I rarely compare rates any more, but I had a good chance to do so recently.

I recently went to vegas, and I went to my trusty Calforex location. They offered me a rate, and that's when I found out about my daily limit on my debit card, transaction declined. So I wandered over to my bank, and asked about thier rate.
on $1800 USD purchased, the rate was an extra $20 CAD from RBC compared to calforex. I complained to the teller, and she offered me a better rate, but still $8 more than calforex.

I withdrew cash and walked back to Calforex. I have never heard of a bank beating them.

[e36bmw///]

nbm

[atgilchrist]

We flip at spot rates for our clients, but only for high dollar amounts.

Edit to add: not trying to advertise, just saying that cross-border investment advisors will do this.

[HiSpec]

Is Calforex still better for other currency? I need to exchange CDN for some HKD.

[gqmw]

Originally posted by HiSpec
Is Calforex still better for other currency? I need to exchange CDN for some HKD.

I would like to know as well.

[sabad66]

there is a way to get almost close to spot using an investment account using something called Norbert's gambit (you can google it). details are here with step by step instructions for each of the big banks' trading platforms:
http://canadiancouchpotato.com/2013/...omplete-guide/

however this is only worth it if you're doing a significant amount, like 8 grand or so. but essentially the result is that you get almost exactly spot rate and only pay for 1 buy and 1 sell commission ($9.95 x 2). also keep in mind you have to wait a few days after the trades for settlement, so you need to plan in advance if you want to do this.

if you don't have enough to exchange to make it worth it and/or can't wait a week for the trades to settle, then i'd suggest canexforex in eau Claire. best rates I've seen (even slightly better than calforex).

[eblend]

Originally posted by gwill



This is so not true at all but i used to believe this was the case. I went to my local branch 2 months ago and picked up $500 in peso's and my friend went to AMA. It cost my friend $50 less but he ended up with the same amount of pesos as me.

My branch hosed me big time. Never go to your branch to exchange money for your trips/purchases. It was cheaper for me to use an ATM in mexico then deal with my branch.

Ive never used calforex but AMA may be worth checking out as well if your a member.

Pasos aren't a major currency, so even calforex gives you shitty rate (did it once, never again). I find that it's best to just exchange USD at Calforex, then change over to Pasos if you need em in Mexico, or for the most part just pay in USD.