speedycrap
speedycrap
Joined: Oct 13, 2013
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December 24th, 2014 at 5:50:57 PM permalink
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?
rudeboyoi
rudeboyoi
Joined: Mar 28, 2010
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December 24th, 2014 at 5:58:06 PM permalink
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.
DiceSteve44
DiceSteve44
Joined: Apr 26, 2013
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December 26th, 2014 at 8:22:35 PM permalink
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.
MangoJ
MangoJ
Joined: Mar 12, 2011
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December 26th, 2014 at 10:52:29 PM permalink
You lose $8 of your original $80 after *two* exchanges. It is not 10%, but more like 5% per exchange.
FleaStiff
FleaStiff
Joined: Oct 19, 2009
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December 27th, 2014 at 1:53:45 AM permalink
Why change it back? Last I heard Canada accepted US dollars particularly in the border areas.
SOOPOO
SOOPOO
Joined: Aug 8, 2010
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December 27th, 2014 at 4:35:07 AM permalink
Quote: speedycrap

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?



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%.....
ThatDonGuy
ThatDonGuy
Joined: Jun 22, 2011
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December 27th, 2014 at 7:23:37 AM permalink
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.
Doc
Doc
Joined: Feb 27, 2010
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December 27th, 2014 at 7:51:13 AM permalink
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.
MangoJ
MangoJ
Joined: Mar 12, 2011
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December 27th, 2014 at 3:41:27 PM permalink
Quote: ThatDonGuy

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.



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).
beachbumbabs
Administrator
beachbumbabs
Joined: May 21, 2013
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December 27th, 2014 at 3:46:01 PM permalink
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.

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