Currency Exchange

2

21forme

Well-Known Member
SleightOfHand said:
What is the best way to exchange american dollars into canadian ones?
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In my experience, using an ATM in your destination country yields the best exchange rate.
 
S

SystemsTrader

Well-Known Member
SleightOfHand said:
What is the best way to exchange american dollars into canadian ones?
Click to expand...
Shop around. Call both your bank and the casino you will be going to for their rates. Some casinos have very competitive rates, I guess they figure they will make it back off the games. Places to avoid are airport currency exchanges and those currency booths in tourist traps, like Niagara Falls.
 
A

actuary

Well-Known Member
The best way is to hook up with a friend across the border and do an exchange at the mid-market rate. That way, both parties are winners. I used to do this all the time with my friends/family members as I worked in the US but lived in Canada.
 
Martin Gayle

Martin Gayle

Well-Known Member
The best is to have a bank account in USD and CAD and switch back and forth.

Windsor Casino and Niagara Seneca have the best exchange rates at their respective ends of Lake Erie.
 
SleightOfHand

SleightOfHand

Well-Known Member
Martin Gayle said:
The best is to have a bank account in USD and CAD and switch back and forth.

Windsor Casino and Niagara Seneca have the best exchange rates at their respective ends of Lake Erie.
Click to expand...
Hmmm having a bank account in Canada would also allow me to gamble online, yes? Is it even worth it to bonus hustle anymore?
 
Martin Gayle

Martin Gayle

Well-Known Member
21forme said:
In my experience, using an ATM in your destination country yields the best exchange rate.
Click to expand...
The exchange rates are good but I know the usage fees on Canadian cards in the USA are almost userous. $1.50 another $4.50 for int'l transaction.

When exchanging currency you must know the market rate and make sure the vig between buying and selling is less than the advantage you expect to play with. Otherwise an AP has no reason to cross the border. Even banks in Canada will not buy and sell currency at the same rate.
 
Martin Gayle

Martin Gayle

Well-Known Member
SleightOfHand said:
Hmmm having a bank account in Canada would also allow me to gamble online, yes? Is it even worth it to bonus hustle anymore?
Click to expand...

Probably not worth it.

Can't you gamble online with a US bank account/credit card?
 
G

GeorgeD

Well-Known Member
SleightOfHand said:
What is the best way to exchange american dollars into canadian ones?
Click to expand...
In order of preference:
1) Get a CDN account - cash or ETF in - ATM or check out (watch fees)
2) Stop at a Canadian Bank preferably not too close to border
3) Your US bank -- if small or not around border areas they may not have large amounts CDN unless you request in advance

WORST PLACES:
ATM in Casino (for ANY $$$ fees alone are murder, exchange is uglier)
Canadian ATM that may or may not take your US card
Exchanges at bridges/airports (theyll say it's the bank be sure you know)
Exchange booths in Tourist areas or big shopping centers
Getting change back from buying with big bills is really bad.

For other costs dinner/hotel use a credit card, but check if any service charge besides the sell/buy difference

PS: I'm 45 mins from canadian banks. If anyone would like to wire me say $10,000USD or so i'd be happy to exchage it and only take 1% over the bank charge. I'll get the CDN right to you, so you don't even need my address.
:grin::grin::grin:

:grin::cool2:
 
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