Viper Treats Posted February 7, 2008 Share Posted February 7, 2008 What have Americans been doing cash wise on their trips this year? Is it still worth stoppnig at the casino to exchange or are establishments giving you 1-1 on the dollar. It is pretty close on the exchange rates today, but I know that changes day to day. Thanks. Link to comment Share on other sites More sharing options...
skidooboy Posted February 7, 2008 Share Posted February 7, 2008 gotta remember once you are away from a border town, the canadian currency is not u.s. funds no matter what the exchange rate. make sure to exchange money for tips and small stuff, put the big stuff (gas, lodging) on the cards. ski Link to comment Share on other sites More sharing options...
Domino Posted February 7, 2008 Share Posted February 7, 2008 What have Americans been doing cash wise on their trips this year? Is it still worth stoppnig at the casino to exchange or are establishments giving you 1-1 on the dollar. It is pretty close on the exchange rates today, but I know that changes day to day.Thanks. I got all excited when I read the title. I thought it might be an offer to exchange a bunny and a mouse for some nice people. I always exchange at the bank. Even at par, some vendors are unfair when it comes to exchange rates. The casino is probably at the bank rate or less I would think. Link to comment Share on other sites More sharing options...
snowmanII Posted February 7, 2008 Share Posted February 7, 2008 Ski & Domino are right. One of our guys didn't have Canadian and the vender was going to give him .90 on the dollar. So he paid on his credit card. I also call my card comp. to let them know I'll be in Canada and I am not paying a service fee for foreign money. Citi corp. has a class action suite against them right now do to that. Link to comment Share on other sites More sharing options...
Ox Posted February 7, 2008 Share Posted February 7, 2008 I haven't gotten Loonies ahead of time in some time. Pay with card for 100% exchange rate when applicable. You will get a bit screwed if you aint got loonies, but they certainly know what they are and will accept them - especialy with todays fancier cash registers they just push a button. Tips? Even a wooden nickle will find it;'s way to the bank. Link to comment Share on other sites More sharing options...
Giddy UP Posted February 7, 2008 Share Posted February 7, 2008 I got all excited when I read the title. I thought it might be an offer to exchange a bunny and a mouse for some nice people. Link to comment Share on other sites More sharing options...
Klotz Lake Camp Posted February 8, 2008 Share Posted February 8, 2008 As a vendor, I'll give you my perspective. First, I give my in-house customers dollar for dollar exchange, but when I went to the bank today to deposit a $1,000.00 US check, I got $987.00 for it. Lots of folks in the US don't even realize your money is worth less than ours. If you plan to use your credit card, you better check with your bank first, for a couple of reasons. First, make sure they're not charging a special "fee' for exchanging your money and ask them how they handle it and charge you. Secondly, make sure you tell them you're going to be in Canada so they don't shut you down for "abnormal" behavior (that happens a lot now). As a small vendor, I don't have a button on my cash, and most of the small vendors in Longlac/Geraldton don't either. A vendor can charge you whatever exchange rate they want so you really need to be careful. Lots of good advice in earlier responses, but it would be safer just to get Canadian dollars and the casino is the best place for that. Banks in Longlac are happy to exchange money for you at the established national exchange rate. Today it was .9871 US to 1.00 Canadian. Too bad those loonies and toonies are so HEAVY... Link to comment Share on other sites More sharing options...
skidooer Posted February 8, 2008 Share Posted February 8, 2008 Lots of folks in the US don't even realize your money is worth less than ours. To be fair, the USD was worth more than the CAD yesterday. Link to comment Share on other sites More sharing options...
Klotz Lake Camp Posted February 8, 2008 Share Posted February 8, 2008 Well, it might be worth more on the national exchange, but up here today the US dollar was worth almost 3 cents less than a Canadian dollar, so that's what's important to vendors up here (north) - what they get for the US buck, not what everyone nationally says the US dollar is worth. I'll bet if you put $100.00 on a US credit card by buying $100.00 worth of Canadian gas, it would cost you more than $100.00 when you get your bill. Link to comment Share on other sites More sharing options...
gwilburn Posted February 8, 2008 Share Posted February 8, 2008 Well, it might be worth more on the national exchange, but up here today the US dollar was worth almost 3 cents less than a Canadian dollar, so that's what's important to vendors up here (north) - what they get for the US buck, not what everyone nationally says the US dollar is worth. I'll bet if you put $100.00 on a US credit card by buying $100.00 worth of Canadian gas, it would cost you more than $100.00 when you get your bill. Your issue is not the exchange rate... your bank is charging you a fee for cashing a foreign check... We pay a minimum of $20 down here to cash a canadian check. Link to comment Share on other sites More sharing options...
Klotz Lake Camp Posted February 8, 2008 Share Posted February 8, 2008 Sorry, but my bank doesn't charge fees for cashing US cheques- if that were the case, I'd be broke since the majority of my business is US. The exchange rate is better on $1,000.00 + and actually they give better exchange on cheques vs. cash (electronic methodology), but I can walk in there with US cash and still get less in Canadian. That's just they way it is. I do this everyday and just wanted to give you a merchant perspective. There's a cost of handling the money, I'm sure, so when the spread gets a little wider, things will even out a bit. I don't want to cause any controversy, but it really is a big issue to a lot of small time vendors (like me) up north. I'm not trying to cheat anyone, I just can't afford to lose any money. Link to comment Share on other sites More sharing options...
skidooer Posted February 8, 2008 Share Posted February 8, 2008 Sorry, but my bank doesn't charge fees for cashing US cheques Most banks take a 3% cut instead. Today's rate is 0.999, so there's the three cents per dollar that you are missing. Link to comment Share on other sites More sharing options...
Domino Posted February 9, 2008 Share Posted February 9, 2008 Yes, you will always recieive less than the national posted exchange rate. I hate to admit it, but skidooer is right. The bank chartges 2-3% either way. Assuming best case, 2% bank fee: If I had a $1000 USD and went to the bank and the dollar was at par, I would get $980 CDN, then I take that $980 CDN and exchange it for USD and I would have $960.40 USD. Keep doing this and you will be left with $0 Link to comment Share on other sites More sharing options...
gwilburn Posted February 9, 2008 Share Posted February 9, 2008 Yes, you will always recieive less than the national posted exchange rate. I hate to admit it, but skidooer is right. The bank chartges 2-3% either way.Assuming best case, 2% bank fee: If I had a $1000 USD and went to the bank and the dollar was at par, I would get $980 CDN, then I take that $980 CDN and exchange it for USD and I would have $960.40 USD. Keep doing this and you will be left with $0 I understand... But with Credit Cards most merchants pay (after all the associated fees) somewhere between 2.5% and 4% of the sale (the larger is for those "rewards cards")... When I come up I get minimal cash and use my card... If I have cash leftover (which i usually do) I keep it til next year... So I "made money" on what i kept from the year before last - i forgot to takeit last year. On another note... while the exchange rate is basically even, no one has seemed to adjust the prices of any products. Canadians should pay what we pay for a sled and all the associated accessories... I can't afford to buy injector oil for my sled in Canada. I pay $30/gal at my dealer ($39 retail) in the states. It's $50 CDN in Canada... which is now $50 US. Link to comment Share on other sites More sharing options...
Domino Posted February 9, 2008 Share Posted February 9, 2008 On another note... while the exchange rate is basically even, no one has seemed to adjust the prices of any products. Canadians should pay what we pay for a sled and all the associated accessories... I can't afford to buy injector oil for my sled in Canada. I pay $30/gal at my dealer ($39 retail) in the states. It's $50 CDN in Canada... which is now $50 US. Welcome to our world!!! We have had a few debates about this here. Link to comment Share on other sites More sharing options...
vipers Posted February 9, 2008 Share Posted February 9, 2008 I just got back from a 6 day ride up there in Ontario and I stopped at the casino on the way through the Sault and I exchanged 540.00 us and got 520.00 CAN back. Nothing like it was 10 years ago that is for sure. But also in those 6 days riding I spent 536.00 on just gas for my sled, so keep that in mind. Link to comment Share on other sites More sharing options...
nathangarber Posted February 9, 2008 Share Posted February 9, 2008 i just called and paid my cabin taxes with my credit card and the charge was less in american dollars than it was supposed to be in canadian. not by much but i saved a few dollars. i must have called on one of the days when the american dollar was higher. Link to comment Share on other sites More sharing options...
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