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Old 02-09-2009, 12:46 PM   #1
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Default It's only money???

Where do you exchange your hard earned Loonies and Toonies for Green Backs, and vice versa?
Has anyone found a better rate anywhere than the banks?
Last time I checked, a major Canadian bank (RBC) was adding $0.0289/dollar to the price of buying American dollars.
Is it better to exchange in the States? Or are there better rates on travelers cheques?
We got gouged by using our credit cards last 2 times out in the US, and payed the above bank rate.
I've googled several forex keywordss and can't find anything but banks, so maybe that's as good as it gets?
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Old 02-09-2009, 01:26 PM   #2
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Default Re: It's only money???

I think the ING Direct exchange rate is a little better and they give you interest on the US$ sitting in the account.

http://www.ingdirect.ca/en/save-invest/usisa/index.html

You need:
ING Direct CDN acct (currently 2.5% interest)
ING Direct US$ acct (currently 1.1% interest)
local bank US$ acct

Move money from the ING Direct CDN acct to the ING Direct US$ acct when you need it (or when the exchange rate is good ). Then move it to your local bank US$ acct to get cash. There is a 75 cent transaction fee with my local bank US$ acct per withdrawal.

For small amounts it's not worth the effort but once it is all setup it is easy.

I guess a US$ credit card would be needed. I haven't looked into that yet. Then you'd pay the credit card bill from your US$ acct.

Cautionary Note: US$ accounts in Canada are not CDIC (Canada Deposit Insurance Corporation) protected as far as I know.
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Old 02-09-2009, 02:54 PM   #3
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Default Re: It's only money???

That might work for me. Does ING have a real time floating exchange rate that you know of online anywhere?
I see a rate of 1.241 to buy and 1.212 to sell US dollars, which is better than my bank, but it doesn't seem to be changing
with the official rate. Unless they do a daily rate, but I can't imagine that being terribly profitable.
My regular bank charges a monthly fee of $2 plus the $.75 per transaction fee.
Still, I'll do a bit more digging.
Thanks for the idea.
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Old 02-09-2009, 04:02 PM   #4
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Default Re: It's only money???

The exchange rate at ING does change but I've only noticed two or maybe three updates daily.

For comparison I check forex rates here:

http://sites3.barchart.com/pl/vsn/forex.asp

Specifically this one: (I had to use tiny url)

http://tinyurl.com/aerpeq
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Old 02-22-2009, 09:43 PM   #5
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Default Re: It's only money???

We have a US$ account in the bank and a US$ credit card. We watch the exchange rate throughout the year and transfer funds when it is favourable.
Being retired we do get a more favourable rate on some bank charges but not on the exchange rate!
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Old 02-23-2009, 12:20 AM   #6
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Default Re: It's only money???

Makes sense to me. It's tough to get any deals on US cash, no matter who you are it sounds.
I think we'll just stick with a credit card and take the hit. Would have been nice to have opened
a US account back when we were worth more, but we had no real reason except for futures spec.
We'll be on our way south 1st Monday in March.
We might get down around Punta Gorda way for a drop in, if I can remember which park you're in.

Enjoy the heat, looks like you hit near the '90s today.
We're dusting off again........
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Old 02-23-2009, 06:46 PM   #7
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Default Re: It's only money???

Mike, we are in Sun 'n Shade, it's about 7 miles South of Punta Gorda on the East side of US 41. If you are travelling on I-75 take the 'Tuckers Grade' exit and then head South for about 3 miles.

Have a good trip.

Deryck
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Old 02-23-2009, 11:01 PM   #8
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Default Re: It's only money???

Thanks for the info, and the directions. I think we saw it online and it looked pretty nice.
Might see you in a week or so.

ttyl,
Mike.
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Old 08-27-2009, 03:16 AM   #9
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Default Re: It's only money???

I'd forgotten about this thread.
We did open a US$ account, and do as Hallibagger does, watch rates and transfer/exchange
when favourable.
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Old 01-18-2011, 12:07 PM   #10
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Default Re: It's only money???

We should be able to buy U.S. dollars at par or slightly better today.
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Old 01-18-2011, 01:57 PM   #11
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Default Re: It's only money???

Quote:
Originally Posted by markopolo
The exchange rate at ING does change but I've only noticed two or maybe three updates daily.

For comparison I check forex rates here:

http://sites3.barchart.com/pl/vsn/forex.asp

Specifically this one: (I had to use tiny url)

http://tinyurl.com/aerpeq
Another good one is
http://XE.COM
I find that through my big 5 bank, I pay around a 2% "fee" to exchange US and C $ online. Robbers!!!!
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Old 01-18-2011, 09:59 PM   #12
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Default Re: It's only money???

Buy Canadian! The US stuff is worth less every day I go out to spend some. Loonies and Toonies. That's what I wish I could horde. And, soon, I won't even be able to afford importing my Red Rose tea from the Maritimes.

Won't any of you guys up there adopt me?
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Old 01-23-2011, 04:50 PM   #13
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Default Re: It's only money???

Quote:
Originally Posted by VernM
Buy Canadian! The US stuff is worth less every day I go out to spend some. Loonies and Toonies. That's what I wish I could horde. And, soon, I won't even be able to afford importing my Red Rose tea from the Maritimes.

Won't any of you guys up there adopt me?
OK Vern, I'll adopt you, or failing that, the next best option is to marry you.
Then in a reciprocal relationship, I could get my green card and move south,
while you move north to the land of the beer swilling, toque wearing, hosers.
I think that's why/how Elton John got himself in up here. Sorta.
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Old 01-23-2011, 07:31 PM   #14
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Default Re: Money and adoption

Hmmmmm. Can I get back to you later? I was hoping for someone around Sarnia and north. Or the family "home country" of Brampton.

On another topic, Mike; What's become of the trailer maker around Toronto? Award, wasn't it? European styling and good quality. I don't see any ads or anything for them any more. I was hot to own one before our money went flying away.
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Old 01-24-2011, 01:16 AM   #15
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Default Re: Money and adoption

Quote:
Originally Posted by VernM
Hmmmmm. Can I get back to you later? I was hoping for someone around Sarnia and north. Or the family "home country" of Brampton.
Well, OK, I guess.

Quote:
Originally Posted by VernM
On another topic, Mike; What's become of the trailer maker around Toronto? Award, wasn't it? European styling and good quality. I don't see any ads or anything for them any more. I was hot to own one before our money went flying away.
What I found via google. Not sure how accurate or current, and there's no consensus,
but the Award website looks alive and well.
http://campinghow.com/camping-canada/aw ... 17524.html
http://www.awardrv.com/
Dunnville is just a stone's throw from here, iffin' you want me to do a little recon
trip sometime? Next time I'm near there if I remember I'll check it out, and get back
to you. I had a look at their driving instructions and they're mostly confusing and sometimes
completely wrong, so use a GPS, and their address, if you ever decide to try to find them, and
you'll be OK.
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Old 01-24-2011, 01:47 AM   #16
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Default Re: Money and adoption

Quote:
Originally Posted by VernM
another topic, Mike; What's become of the trailer maker around Toronto? Award, wasn't it? European styling and good quality. I don't see any ads or anything for them any more. I was hot to own one before our money went flying away.
Could you be thinking of Safari Condo that is around Quebec?

http://www.safaricondo.com/index_eng.php
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Old 01-24-2011, 02:24 PM   #17
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Default Re: It's only money???

Thanks, Mike, for the Award TT info.
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Old 01-25-2011, 02:12 AM   #18
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Default Re: It's only money???

No problemo. Saw one or 2 at their site. They look "formidable".
As I said, next time I'm out that way I'll swing by and see how their operation really looks.
Websites can be deceiving, as we are aware.

UPDATE: Well, their website location address lead me to what looked like a warehousing operation,
which appeared to be shared by a number of businesses, and there was no signage indicating Award RV
was one of them. So that was odd, and so I decided to head to the shore of Lake Erie where we've
seen Bald Eagles on occasion. Sure enough, there was one sitting in a tree right on the edge of the lake.
It eventually decided to "take a spin" and when it dropped out of the tree, the wingspan alone was
incredible. We figured at least 6 feet. We also saw what I believe was a Peregrine Falcon, just sitting in
a tree beside a subdivision nearby, but can't confirm it, as we didn't bring the binocs with us.

Anyway, on our return we passed a place in Dunnville called the RV Store on Main in the downtown
core almost on the Grand River. There were all kinds of Award RV towables parked around the
building, so if you're ever in Dunnville, ONT, it would be the better starting point. Here's a link to
their website.
http://www.rvhotlinecanada.com/newrvdea ... ER_NO=4020
I don't recall seeing the other place mentioned on their awardrv.com website, but it was under
construction, so maybe it was under some other "debris"?
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