dwheatley
dwheatley
Joined: Nov 16, 2009
  • Threads: 25
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December 27th, 2014 at 6:51:24 PM permalink
Quote: MangoJ

You 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
speedycrap
speedycrap
Joined: Oct 13, 2013
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  • Posts: 1273
December 27th, 2014 at 11:23:12 PM permalink
Quote: dwheatley

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.

Say I have C$2000 and decide to play in Seneca. When i change it back to Canadian $. I will be down C$200. You still think I am going to cross the border???? Well, that means GOODBYE to Seneca. I wish them luck.
betwthelines
betwthelines
Joined: Jan 2, 2015
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January 2nd, 2015 at 6:30:03 AM permalink
Good luck, Speedy, and I can't blame you for the boycott. But isn't a foreign currency exchange a bad idea at a casino--especially a border casino-- in the first place? You didn't say but at the time your transaction may have been one merely of convenience and so, like buying a can of soup at a gas station--they're not called "convenience" stores for nothing-- you pay for convenience? Not saying you weren't ripped off, but just sayin'...>/:^)...tom p
"You can't EXPECT to win. But you CAN play Tough"...tom p, 1974
speedycrap
speedycrap
Joined: Oct 13, 2013
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January 4th, 2015 at 9:12:46 PM permalink
I will check out with some Canadian dealers to see what they say about this 10% sh$#.
coilman
coilman
Joined: Jan 29, 2012
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January 4th, 2015 at 10:04:55 PM permalink
Quote: speedycrap

I 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
Kickass
Kickass
Joined: Nov 12, 2013
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January 4th, 2015 at 11:23:30 PM permalink
Quote: SOOPOO

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%.....



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
SOOPOO
SOOPOO
Joined: Aug 8, 2010
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January 5th, 2015 at 6:04:43 AM permalink
I will get exact percentages from both Canadian and American casinos next time I go, and will report back to the forum.
SOOPOO
SOOPOO
Joined: Aug 8, 2010
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January 5th, 2015 at 6:14:38 AM permalink
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.
coilman
coilman
Joined: Jan 29, 2012
  • Threads: 139
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January 5th, 2015 at 6:16:07 AM permalink
Quote: SOOPOO

I 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

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