10% exchange rate commission
December 24th, 2014 at 5:50:57 PM
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Today I was at Seneca casino Niagara Falls, New York. I changed $80 Canadian into $66.4 US. Then i asked the cashier whether I could change it back when I finished. The cashier said NO. That change back policy was changed 2 weeks ago. Then I asked if I gave you $66.4 US now, then how much Canadian I would get. The answer was $72 Canadian. (What a rip off !!!!)
WOW from $80 to $72 in a few seconds.10% house each before you even hit the floor.
Question: Any Vegas casino will give forex rate please?
WOW from $80 to $72 in a few seconds.10% house each before you even hit the floor.
Question: Any Vegas casino will give forex rate please?
December 24th, 2014 at 5:58:06 PM
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Try contacting golden gate casino downtown vegas. Not sure if they still do but they used to give you free slot play for changing currency there.
December 26th, 2014 at 8:22:35 PM
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Most casinos give the same amount back if you change it again in less than 24 hours. The rate is not a big issue if you can change it back. Remember to get a receipt from the cashier.
December 26th, 2014 at 10:52:29 PM
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You lose $8 of your original $80 after *two* exchanges. It is not 10%, but more like 5% per exchange.
December 27th, 2014 at 1:53:45 AM
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Why change it back? Last I heard Canada accepted US dollars particularly in the border areas.
December 27th, 2014 at 4:35:07 AM
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Quote: speedycrapToday I was at Seneca casino Niagara Falls, New York. I changed $80 Canadian into $66.4 US. Then i asked the cashier whether I could change it back when I finished. The cashier said NO. That change back policy was changed 2 weeks ago. Then I asked if I gave you $66.4 US now, then how much Canadian I would get. The answer was $72 Canadian. (What a rip off !!!!)
WOW from $80 to $72 in a few seconds.10% house each before you even hit the floor.
Question: Any Vegas casino will give forex rate please?
That is a rip off. The casinos on the canadian side charge far less.... I think around 1% each way.... I know it was less than 5%.....
December 27th, 2014 at 7:23:37 AM
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The rule I follow is, whenever possible, change in the "target" country (i.e. change C$ to US$ in the USA; change US$ to C$ in Canada).
Reason: this way, you have something they don't have much of (foreign currency), and they have something in excess that you want (domestic currency), so supply and demand should mean that you get a better rate than if you tried converting before leaving.
Reason: this way, you have something they don't have much of (foreign currency), and they have something in excess that you want (domestic currency), so supply and demand should mean that you get a better rate than if you tried converting before leaving.
December 27th, 2014 at 7:51:13 AM
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In this case, that's the way he made the exchange, and he didn't like the terms.
As for "you have something they don't have much of (foreign currency), and they have something in excess that you want (domestic currency)", there is another perspective. In the case of exchanging at a casino, at the moment of your arrival, they have something you need (currency acceptable at the tables/machines), and you don't have any of it. When you leave and want currency you can readily spend at home, they have the advantage again. That might give them "justification" for charging whatever they feel they can get on both exchanges.
As for "you have something they don't have much of (foreign currency), and they have something in excess that you want (domestic currency)", there is another perspective. In the case of exchanging at a casino, at the moment of your arrival, they have something you need (currency acceptable at the tables/machines), and you don't have any of it. When you leave and want currency you can readily spend at home, they have the advantage again. That might give them "justification" for charging whatever they feel they can get on both exchanges.
December 27th, 2014 at 3:41:27 PM
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Quote: ThatDonGuyThe rule I follow is, whenever possible, change in the "target" country (i.e. change C$ to US$ in the USA; change US$ to C$ in Canada).
Reason: this way, you have something they don't have much of (foreign currency), and they have something in excess that you want (domestic currency), so supply and demand should mean that you get a better rate than if you tried converting before leaving.
The opposite could be said about changing in the "home" country. i.e. chance C$ to US$ in Canada, and US$ to C$ in USA. Reason: that way you help them get rid of something they don't actually like holding (foreign currency which they can't spent otherwise).
You see all reasoning fail where to change is useless. In an efficient market exchange rates should be equal across borders. The only difference are the fees (which are hidden as a premium in the rates).
If you can directly compare rates obviously change wherever you get the best rate.
If you can't compare different rates but your exchange is optional, calculate the fees from their buy and sell rates. If you think the fees are reasonable, exchange. If you think you might want to shop for better rates, try it elsewhere.
If you can't compare, but your exchange is not optional - well then you have no choice and exchange at any given rate (you should not get in such a situation in the first place).
December 27th, 2014 at 3:46:01 PM
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It's hard to believe the locals will accept this ripoff for long. I would think Ontario residents should boycott the Seneca until they return to a reasonable exchange policy.
If the House lost every hand, they wouldn't deal the game.
December 27th, 2014 at 6:51:24 PM
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Quote: MangoJYou lose $8 of your original $80 after *two* exchanges. It is not 10%, but more like 5% per exchange.
The exchange rate (bid-ask) spread is 10%. You are only losing ~5% off par each exchange (probably not exactly 5%, depending on where the dollar is at the moment), but the spread is quoted on the two-way exchange.
Wisdom is the quality that keeps you out of situations where you would otherwise need it
December 27th, 2014 at 11:23:12 PM
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Say I have C$2000 and decide to play in Seneca. When i change it back to Canadian $. I will be down C$200. You still think I am going to cross the border???? Well, that means GOODBYE to Seneca. I wish them luck.Quote: dwheatleyThe exchange rate (bid-ask) spread is 10%. You are only losing ~5% off par each exchange (probably not exactly 5%, depending on where the dollar is at the moment), but the spread is quoted on the two-way exchange.
January 2nd, 2015 at 6:30:03 AM
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Good luck, Speedy, and I can't blame you for the boycott. But isn't a foreign currency exchange a bad idea at a casino--especially a border casino-- in the first place? You didn't say but at the time your transaction may have been one merely of convenience and so, like buying a can of soup at a gas station--they're not called "convenience" stores for nothing-- you pay for convenience? Not saying you weren't ripped off, but just sayin'...>/:^)...tom p
"You can't EXPECT to win. But you CAN play Tough"...tom p, 1974
January 4th, 2015 at 9:12:46 PM
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I will check out with some Canadian dealers to see what they say about this 10% sh$#.
January 4th, 2015 at 10:04:55 PM
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Quote: speedycrapI will check out with some Canadian dealers to see what they say about this 10% shit.
Its 6% at the local banks in Canada.... being from a boarder city many people who know enough people can usually buy their US funds at the seller rate from a friend that works in the states..... well I can at least
http://www.tdcanadatrust.com/products-services/banking/foreign-currency-services/rates.jsp
January 4th, 2015 at 11:23:30 PM
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Quote: SOOPOOThat is a rip off. The casinos on the canadian side charge far less.... I think around 1% each way.... I know it was less than 5%.....
I went to Fallsview casino in Ontario about 3 years ago. I asked about the their currency exchange fee and it was about 3% or more as I remembered. Surely, I did not accept that. Instead, my ex-girlfriend and I signed up for the player's cards in order to use their parking lot and cashed out $10 Canadian from their new player's free play. Then we headed straight back to US after dinner. I guessed they hated to earn some US dollars from tourists.
Leave Katie alone.
Rasul: Or what?
Or I come back and break your F** legs
January 5th, 2015 at 6:04:43 AM
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I will get exact percentages from both Canadian and American casinos next time I go, and will report back to the forum.
January 5th, 2015 at 6:14:38 AM
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Seneca Niagaras web site lists the exchange rate from Canadian to American at $82 American for every $100 Canadian. The exchange rate published by major banks today is $86.20. I calculate the 'commission' then at 4.2/86.2, or around 4.9% They do not list what the exchange rate back from American to Canadian is.
January 5th, 2015 at 6:16:07 AM
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Quote: SOOPOOI will get exact percentages from both Canadian and American casinos next time I go, and will report back to the forum.
Caesars in Windsor was showing $1.12 most of the past three weeks on the exchange/ ticket redeeming machines around the floor...those machines will also do the US funds to Canadian funds @ a rate of $1.12per US dollar Now I can tell you if the TD band site says selling at $1.20 like it does the casino is selling it NO CHEAPER
