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Old 08-22-2013, 01:06 PM
 
152 posts, read 481,691 times
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I will be flying into montreal from new york city. I will be bringing my stuff in my luggage, and my debit/credit card and also some american cash though i won't need much of it. Does anyone know the best rate to exchange us dollars for canadian dollars? I would be opening a bank account in montreal so i will have a debit card there but i would want some cash with me as well such as when i get there have to pay for cab, or get food etc for first few days.


I read online you can order it from your bank but you have to do it 1 week in advance at the minimum? I use bank of america, ingdirect and capital360 bank here in new york.



Does anyone know where is the best place i can exchange us dollar for canadian dollars? I probably going to exchange max $500 for canadian dollars since i plan to open a bank account in montreal when im there the first couple of days but want a few hundred canadian dollars with me just in case.



Should i exchange it here first before i get to montreal? Or should i just exchange it when i get there? I actually read online that the casino is actually the best place to exchange? Is this true?
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Old 08-22-2013, 01:26 PM
 
1,701 posts, read 1,993,497 times
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I wouldn't worry too much about exchanging $500 from USD to CAD! The amount you might save by shopping around for the best exchange rate would not be worth the hassle.

I would recommend exchanging it at your local bank in NYC to avoid any bank fees. BofA in NYC should have CAD at hand.

Avoid the money exchange counters at airports, they usually have pretty bad exchange rates/ fees.
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Old 08-23-2013, 09:22 PM
 
Location: USA (dying to live in Canada)
1,034 posts, read 1,560,288 times
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You could use US dollars in Canada, but the change back would be in CAN dollar, and just use the CAN dollar left over. I would NOT recommend you exchanging currency, and if you do so you should do it in Canada... Much better rate by far.

Bank of America is partner with Scotiabank in Canada... No fee for using that bank.
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Old 08-28-2013, 09:08 PM
 
9,334 posts, read 19,455,420 times
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I just walk to the ATM and withdraw. Or open an HSBC account in the US. They have HSBC in CA.
I did have a premier account and had a private banker, but you needed to deposit at least 100k...
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Old 08-29-2013, 10:02 AM
 
Location: Bella Vista, Ark
71,920 posts, read 83,551,069 times
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Quote:
Originally Posted by minibrings View Post
I just walk to the ATM and withdraw. Or open an HSBC account in the US. They have HSBC in CA.
I did have a premier account and had a private banker, but you needed to deposit at least 100k...
our daughter who has traveled all over the world on business, including Canada, recommends what you do: use the ATM, pay the small fee and forget it. She does advise, you take out small amounts at a time, so not to end up with a lot of Canadian currency. We will be in Toronto and Barrie in about a month, we are taking her advise. Of course you can use CCards as well, but their is a foreign exchange rate added every time you use one.
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Old 02-18-2014, 11:42 AM
 
1 posts, read 24,534 times
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hi,
I will getting a large inheritance of about $215k CAD. I live in US and have dual citizenship in Canada. 2 months ago I deposit $25k in a new account I opened at TD Bank and got killed on the exchange rate. I ended up paying $2717, which was .8913. It seems like the bank waited until the rate was at the lowest possible for them to get the most money from me. Anyway I'm wondering what I can do to minimize the damage. I'm thinking of opening a sister account TD Bank Canada, and depositing it there until rates go up. They offer free transfers from one acct to the other but then still I am faced with being at their mercy and having them convert when it's totally in their favor and not mine.

Maybe I'm fighting a battle that cannot be won!

Advice would be appreciated.
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Old 02-18-2014, 11:48 AM
 
18,262 posts, read 10,360,166 times
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Quote:
Originally Posted by coxmich01 View Post
hi,
I will getting a large inheritance of about $215k CAD. I live in US and have dual citizenship in Canada. 2 months ago I deposit $25k in a new account I opened at TD Bank and got killed on the exchange rate. I ended up paying $2717, which was .8913. It seems like the bank waited until the rate was at the lowest possible for them to get the most money from me. Anyway I'm wondering what I can do to minimize the damage. I'm thinking of opening a sister account TD Bank Canada, and depositing it there until rates go up. They offer free transfers from one acct to the other but then still I am faced with being at their mercy and having them convert when it's totally in their favor and not mine.

Maybe I'm fighting a battle that cannot be won!


Advice would be appreciated.
Don't even dream of opening a Canadian Account with TD and being able to transfer amounts willy-nilly between your American based TD accounts and your Canadian ones. That little canard has come back to bite me already.

They were pitching that as a feature back when attempting to lure new clients after buying Wells Fargo and Wachovia buildings but it never came to fruition with "money laundering laws" driving a stake through the heart of that convenience.
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Old 02-18-2014, 07:40 PM
 
Location: Calgary, AB
681 posts, read 1,328,908 times
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Just for the record... you will not get your best exchange rate through a bank unless you are dealing with large quantities of cash.

You need to ask the bank to call their brokerage/investment arm and get you a better rate when you exchange your US cash to Canadian and vice-versa. If you ask, and you are exchanging a large quantity of cash $10k+, you WILL get a better exchange rate.

In Calgary I use Calforex rather than my bank. The best my bank has ever done is match the Calforex rate - looks like they have locations in Montreal too. I exchange a lot of money as I have a second home in the US that requires a constant feeding of funds to pay monthly bills..... and I'm Scottish, so trust me... I go where I get the best rate.

And as others have pointed out, the exchange centres in the airports are also brutal....
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Old 03-18-2014, 01:16 PM
 
Location: World
3,648 posts, read 3,516,386 times
Reputation: 2477
Bank of America Debit Card and use it at ATM Machine of Scotiabank. That way one can get Best rates.

Global ATM Alliance - Wikipedia, the free encyclopedia
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Old 03-19-2014, 06:22 AM
 
Location: Londonderry, NH
41,492 posts, read 51,348,324 times
Reputation: 24612
WE generally exchange a couple of hundred dollars at the tourist place near the border crossing. Once we obtain Canadian Cash we empty our pockets of American bills and coins and keep them in a small bag. Then we refill out pockets with Canadian money. That way we do not worry about paying for small items in the wrong currency.

We need to know what gasoline costs in Canada. Someone please post and estimate. $Cn/L is ok.
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