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Location: Moose Jaw, in between the Moose's butt and nose.
5,152 posts, read 8,528,010 times
Reputation: 2038
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I am tried of the merchants and shops in the US, skimming Canadian money. Meaning, if the actual exchange rate is 95 cents on the dollar, for example, or even more...well, they will still accept the Canadian money, but at 90 cents
So where does the extra 5% go? I'm sure into some nice profits, when it all adds up. They can say for handling fees, etc, but that's a bunch of bunk.
Canadian merchants also accept the US 1 dollar bill, but most US merchants won't accept loonies or twonies (1 dollar, 2 dollar coins).....makes no sense.
I can see not accepting Canadian quarters, dimes and nickels, since the process would get too complicated, but not accepting loonies or twonies, just since it's not on paper????
These banks, who are making the rules, are being tacky. These "rules" are probably made up by people who are no where near the Canadian border on top of that....(like merchants that deal with the dominant bank around here, NW WA, Chase, which is run by people in....NYC).
I live in Michigan and yes Ive heard of those kind of practices. If you are right on the border however, many merchants will accept the loonies. An honest and decent merchant will not try to rip you off on the exchange rate, but some do.
I lived right on the border in Maine for many years (20 years and 7 miles away), and in Michigan for years (3 years and just over a bridge) and never ran into a merchant that would refuse a Loonie or a Twonie after they came out. Most charge a few "extra" percentage points on the exchange rate, but in the long run it really doesn't add up to that much overall. If you want to circumvent the hassle, just use a credit card or debit card and you get the set exchange rate at the time of purchase. Of course if you don't pay off the credit card every month you will pay more in the long run than a few percentage points on the purchase.
The places where I have run into a bigger difference in what the merchants will give you, than the actual exchange rate has been in Canada. A LOT of places over across the border in Canada will take the greenback, but at face value and offer NO exchange. Talk about getting hosed on exchange.
Location: Moose Jaw, in between the Moose's butt and nose.
5,152 posts, read 8,528,010 times
Reputation: 2038
Well, I can see that on the Canadian side, when the exchange rate, if you pay with cash, it almost at par...for example 1.03 us = 1.00 canadian.....
However, when the Canadian dollar is 95 cents us and the merchants knock it down even more and come up with bogus reasons for it, that's bad....
Northwest Airlines, for a while had change fees that were 100 bucks US and 145 Canadian, back in 2003 when the US dollar was a lot more..when the rates, got to be almost =, Northwest never changed the rate, talk about a ripoff and profit for NW.
Well, I can see that on the Canadian side, when the exchange rate, if you pay with cash, it almost at par...for example 1.03 us = 1.00 canadian.....
So it is OK for the Canadian merchants to take a few extra percentage points on the exchange, but not the US merchants? LOL, nothing like double standards are there? Even the banks take a bit extra (both sides) so I doubt you are going to find a store owner who is willing to eat that loss.
Location: Moose Jaw, in between the Moose's butt and nose.
5,152 posts, read 8,528,010 times
Reputation: 2038
Quote:
Originally Posted by Bydand
So it is OK for the Canadian merchants to take a few extra percentage points on the exchange, but not the US merchants? LOL, nothing like double standards are there? Even the banks take a bit extra (both sides) so I doubt you are going to find a store owner who is willing to eat that loss.
Maybe not, you may be right there.
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