|
|
06-21-2016, 04:33 PM
|
#1
|
Senior Member
Join Date: Nov 2013
Posts: 5,752
|
Exchanging US Currency to Canadian
What is the best (most favorable) way to exchange US currency to Canadian? Is it best to do this in the US or wait until you cross the border? How do you estimate how much to exchange since bringing Canadian currency home results in losses on both ends.
__________________
2015 Tiffin Phaeton 40QBH
2018 Chevrolet Colorado Toad
Roadmaster Tow Setup
|
|
|
|
Join the #1 RV Forum Today - It's Totally Free!
iRV2.com RV Community - Are you about to start a new improvement on your RV or need some help with some maintenance? Do you need advice on what products to buy? Or maybe you can give others some advice? No matter where you fit in you'll find that iRV2 is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with other RV owners, see fewer ads, upload photographs, create an RV blog, send private messages and so much, much more!
|
06-21-2016, 04:40 PM
|
#2
|
Senior Member
Join Date: Aug 2006
Location: NH and FL
Posts: 352
|
We are in Canada now but will be heading home tomorrow. For cash we just gathered up what we had left from our last trip. This wasn't a lot. We charge everything with our Schwab Visa. They give the exchange rate on the day of the purchase exactly - no other fees. If we use an ATM for additional cash up here they give us the same rate and we don't pay any ATM charges period.
__________________
21 Tiffin Wayfarer 25 TW
15 Mini Cooper S sold
21 Nissan Versa
|
|
|
06-21-2016, 08:37 PM
|
#3
|
Senior Member
Join Date: Mar 2015
Posts: 2,813
|
I agree. Use a credit card that doesn't have Foreign exchange fees. Most everything that we purchased went on the card. We did go to a local bank to convert a small amount of currency (USD for CAD) for snack food and small trinket purchases. Just before we crossed back to the US, we put our CAD cash into one of those collection jars for charities. We don't get into Canada nearly enough (IMHO) to try and remember where we stashed our CAD for a future trip.
|
|
|
06-21-2016, 08:55 PM
|
#4
|
Senior Member
Join Date: Jun 2015
Location: Penticton BC
Posts: 203
|
__________________
99 Dutch Star Spartan 300 Cummins,Toad 06 Matrix
31 Model A , 2007 Road Glide, 56 Chevy Handyman station wagon (in Progress)
DW Suzie and Georgia Newfie,Cleo Mastiff
|
|
|
06-21-2016, 09:30 PM
|
#5
|
Senior Member
Monaco Owners Club
Join Date: Jun 2014
Posts: 14,455
|
If you can charge everything that would be the best. Yes there is an exchange rate charge but it usually isn't too bad. If you have time before you go research and find a card that doesn't charge additional money as in previous posts.
Do not make the mistake of using your credit card to withdraw money from and ATM. I did this in Spain ~4 years ago, I needed some cash to pay for parking and used my CC. They charged me ~+$50 for this transaction besides the currency exchange rate and fee. I did write Citicard to complain, they used my "average" balance and charged me a % rate as if it was a loan. Since I was traveling internationally I had +$10K on my CC so the cost was huge. Ultimately after 3-4 email exchanges they agreed to wave the fee but it was a hare lesson learned.
After that I used my bank debit card and they the fees were not that bad.
Also, if you think you'll need cash get it one time to reduce the overall fees. The exchange rate is the US's favor so that helps a little. When I was traveling to Canada on a regular basis 4 years ago we are at par, but everything is more expensive in Canada so I was spending more.
__________________
Jim J
2002 Monaco Windsor 38 PKD Cummins ISC 350 8.3L
2005 Jeep Grand Cherokee w/5.7 Hemi
|
|
|
06-22-2016, 04:05 AM
|
#6
|
Senior Member
Join Date: Aug 2006
Location: NH and FL
Posts: 352
|
With Schwab there is no currency exchange fee and we never pay an ATM fee.
__________________
21 Tiffin Wayfarer 25 TW
15 Mini Cooper S sold
21 Nissan Versa
|
|
|
06-22-2016, 06:25 AM
|
#7
|
Senior Member
Winnebago Owners Club Pond Piggies Club Appalachian Campers Mid Atlantic Campers
Join Date: Dec 2002
Location: Sarver, PA/Crystal River, FL/Shelocta, PA
Posts: 4,671
|
The only place I've ever received the FULL exchange rate was in a Canadian casino.
__________________
Sarver, PA/Crystal River, FL/Shelocta, PA · FMCA 335149 · W3TLN 2005 Suncruiser 38R · W24, no chassis mods needed · 2013 Honda Accord EX-L · 2008 Honda Odyssey EX-L
|
|
|
06-22-2016, 10:21 AM
|
#8
|
Senior Member
Join Date: May 2011
Location: Mesa, AZ
Posts: 200
|
I agree on using a credit card with no currency exchange fee. A lifetime ago, I lived in Canada and purchased US currency on almost a weekly basis for weekend trips to the US. Banks have two different rates for foreign currency, depending on whether they are selling it to you, or buying it back. Their mark-up is usually 2.5% over the actual market rate at the time you purchase the currency from them. Conversely, anything you sell back to them after your trip, will only get you 2.5% less than market rate. Assuming that the market rate is unchanged between those two time frames, which is unlikely, you could have payed a 5% fee on some of those funds.
|
|
|
06-22-2016, 12:43 PM
|
#9
|
Senior Member
Join Date: Aug 2006
Location: NH and FL
Posts: 352
|
"Full exchnage rate"
Here's the link to Schwab's fee's and features of their high yield investor checking with their debit/credit card.
https://www.schwab.com/public/file/P...LS77378-01.pdf
I have verified the exchange rate they've given me against the official published rate for that day.
I agree buying currency from a bank is costly. They have to stock the foreign currency in each office and assume to liability of exchange rate flucuations with hard currency in the till. 2.5% is reasonable for buying and selling hard currency.
__________________
21 Tiffin Wayfarer 25 TW
15 Mini Cooper S sold
21 Nissan Versa
|
|
|
06-22-2016, 01:28 PM
|
#10
|
Senior Member
Winnebago Owners Club Pond Piggies Club Appalachian Campers Mid Atlantic Campers
Join Date: Dec 2002
Location: Sarver, PA/Crystal River, FL/Shelocta, PA
Posts: 4,671
|
Banks do not stock foreign currency. You have to place an order, then your bank will get the foreign currency and you will then be able to pick it up.
__________________
Sarver, PA/Crystal River, FL/Shelocta, PA · FMCA 335149 · W3TLN 2005 Suncruiser 38R · W24, no chassis mods needed · 2013 Honda Accord EX-L · 2008 Honda Odyssey EX-L
|
|
|
06-22-2016, 01:30 PM
|
#11
|
Senior Member
Join Date: Aug 2006
Location: NH and FL
Posts: 352
|
Quote:
Originally Posted by Tom N
Banks do not stock foreign currency. You have to place an order, then your bank will get the foreign currency and you will then be able to pick it up.
|
My bank stocks it. Maybe because we are in NH and close to Canada.
__________________
21 Tiffin Wayfarer 25 TW
15 Mini Cooper S sold
21 Nissan Versa
|
|
|
06-22-2016, 03:38 PM
|
#12
|
Senior Member
Join Date: May 2011
Posts: 1,058
|
If you plan to camp in any Canadian provincial parks, you will need some Canadian cash. The ones we stopped at were all self pay.
|
|
|
06-22-2016, 03:45 PM
|
#13
|
Senior Member
Join Date: Apr 2011
Location: Powell River, B.C.
Posts: 31,266
|
Don't forget your passport ; being very friendly Canada Customs may allow you into Canada without one, some photo ID may get you through ; getting back into the US , well that's a different story.
__________________
99DSDP 3884, Freightliner, XC, CAT 3126B, 300 HP /ALLISON 3060
2000 Caravan toad, Remco & Blue Ox.
|
|
|
06-23-2016, 11:54 AM
|
#14
|
Senior Member
Join Date: Aug 2004
Location: Wherever we are
Posts: 4,280
|
In Canada at this time--had to get my DIL to go with me to bank to get CDN money, they don't do the exchange unless you have an account.
Later, farther in BC, went to RBC bank, NOPE, we'll check around, found credit union willing, but they pleasantly offered .85CDN for 1.0USD???Nope, went down street to CIBC and they willingly did the exchange for no fee (that I know of) but it took a lot of personal info to get it done. Got $374CDN for $300USD--that looks to be 1.0CDN to .80USD.
Sounds like maybe the credit union info was reversed.
RBC said on May 1 their rules changed. ?? Don't know if it is RBC only, or a nationwide deal.
We do use a Capital One that has no exchange fee on the conversion.
Joe
__________________
'16 40QBH Phaeton
'21 Sahara HA toad
'15 38RSSA Mobile Suites--traded
'05 36TK3 Mobile Suites--retired but not forgotten
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
Search this Thread |
|
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Discussions |
|
|
|
|
|
|
|
|
|
|
|
|
|