Canadian Exchange Rate

I'm Canadian and the Canadian dollar has a terrible exchange rate against the US dollar currently.

In a different thread, AxelWolf commented that I should look into exchanging money at the casino and see if there are any promotions.

There is a local outfit called Continental Currency Exchange that usually only skims 1.5 cents on the exchange and I've used them for a number of years. I also called the Wynn this morning and spoke with the cage to see what their rate was like. Here is what I found out:

xe.com -- $1 CDN = $0.71549 US
Wynn -- $1 CDN = $0.6807 US
Local -- $1 CDN = $0.7022 US

Looks like the local exchange outfit is still the best choice.

I did find this offer from the Downtown Grand. If you're staying with them you can exchange $500 CDN for $500 US in free slot play per day. The offer excludes table games. The offer doesn't say if video poker is included. The offer is good until March 31, 2016 and you must present a valid Canadian passport. That's one heck of a deal for Canadians.

--helpmespock

Free play does work on vp at DTG.

I would assume McCarran Airport would have at least one exchange area outside of the passport control area; what is their rate?

And I was always under the assumption that you will get a better rate when exchanging in the "target" country, as you are exchanging something they don't have a lot of (foreign money) for something they do (domestic money).

Quote: ThatDonGuy

I would assume McCarran Airport would have at least one exchange area outside of the passport control area; what is their rate?

And I was always under the assumption that you will get a better rate when exchanging in the "target" country, as you are exchanging something they don't have a lot of (foreign money) for something they do (domestic money).

Every time I look at the foreign exchange booths in the airport the exchange rate is terrible. A co-worker was in the Boston area last week and he used one of those booths with his credit card. By the time he was done with fees and surcharges he got $100 US for $170 CDN. Ouch!

The local outfit is called Continental Currency Exchange, but they have probably a dozen or so outlets across Southern Ontario so I imagine they are making large US dollar purchases.

--helpmespock

I am going to Canada in the near future. Too bad we couldn't meet up for an equal exchange.

Always wondered -- are the TD Banks in Canada the same as the TD Banks in the U.S.?

That Downtown Grand offer is frickin amazing. Even if you're relegated to 95% VP, I think you found your exchange mechanism.

I'm curious if you need to prove Canadian residency in order to qualify.

Quote: teddys

Always wondered -- are the TD Banks in Canada the same as the TD Banks in the U.S.?

Yes they are the same. Many Canadian banks have expanded into the US as your market is much bigger than ours and they were looking for growth.

--helpmespock

Quote: ahiromu

That Downtown Grand offer is frickin amazing. Even if you're relegated to 95% VP, I think you found your exchange mechanism.

I'm curious if you need to prove Canadian residency in order to qualify.

The offer on the web page says you need a valid Canadian passport and doesn't mention anything else beside staying at the hotel. Dual citizens might be able to clean up. 8-)

Unfortunately I'm staying at the Wynn, but Canadians who like slots/VP should definitely give this a look. One caution though is that a press release about the offer that came up in the google search said that the maximum exchange rate would be $1 CDN for $0.75 US.

--helpmespock

Quote: helpmespock

The offer on the web page says you need a valid Canadian passport and doesn't mention anything else beside staying at the hotel. Dual citizens might be able to clean up. 8-)

Unfortunately I'm staying at the Wynn, but Canadians who like slots/VP should definitely give this a look.

--helpmespock

Cancel the Wynn live a little..... save A LOT

Quote: coilman

Cancel the Wynn live a little..... save A LOT

Mrs. Helpmespock really enjoys the comforts at the Wynn. I've broached this subject before about staying elsewhere for cheaper and maybe getting better comps at a different property for my level of play and her response was, "You get to gamble. The only thing I get is the nice room."

I pointed out that she gets to shop, see a show, and eat at some nice restaurants, but strangely she wasn't persuaded by my argument.

--helpmespock

Rooms downtown are $41 a night your first two days there..... are you a gambler?

would you pay $41 US to exchange $500 Can pesos for $500 US green backs worth of gambling? 40% is $200 Canadian less the $41 US so $140 ahead on the exchange rates each day...... do they have any good VP JOB there??? is there a resort fee here?

I have been booked into more than 1 hotel while in Vegas for the same dates....tell that to some people and they think you are insane.... but hey PALMS wanted to comp me a room give me $100 in FREE PLAY and $50 in meals... was a very nice room too, corner room looking towards the strip. Paris was free room and $300 in VP play same trip

Quote: helpmespock

I'm Canadian and the Canadian dollar has a terrible exchange rate against the US dollar currently.

In a different thread, AxelWolf commented that I should look into exchanging money at the casino and see if there are any promotions.

There is a local outfit called Continental Currency Exchange that usually only skims 1.5 cents on the exchange and I've used them for a number of years. I also called the Wynn this morning and spoke with the cage to see what their rate was like. Here is what I found out:

xe.com -- $1 CDN = $0.71549 US
Wynn -- $1 CDN = $0.6807 US
Local -- $1 CDN = $0.7022 US

Looks like the local exchange outfit is still the best choice.

I did find this offer from the Downtown Grand. If you're staying with them you can exchange $500 CDN for $500 US in free slot play per day. The offer excludes table games. The offer doesn't say if video poker is included. The offer is good until March 31, 2016 and you must present a valid Canadian passport. That's one heck of a deal for Canadians.

--helpmespock

This was the one in particular I was thinking about. I didn't want to post it up, but it's not a big deal so no worries.

I have a few suggestion I'll PM you.

They definitely have 8/5 BP. They have other various promotions and drawings as well. They may give you a few $25 match plays with your stay. I can't remember exactly, but I know I got something like that.

I'm not sure how much you and your better half play, but I have a feeling you would get your rooms for free (possibly a nice upgrade that's better than the Wynn room) and they do comp to the steakhouse across the street.

I played very little and they comped me very well, the host offered me 5 nights during a holiday. I still receive free rooms and other things.

AxelWolf sorry to put that one out there. I just did a straight-up google search to find it. It is one heck of an offer for Canadians although the maximum exchange of $1 CDN = $0.75 US makes me wonder. Effectively at that exchange they are giving $375 US for $500 CDN. Now that the Canadian dollar has slipped even further I suspect they'll want to be made whole for the difference such that they cap their costs at the $375 US.

Coilman I pre-paid the room at the Wynn so there is no getting out of that one.

I did briefly think about booking an extra room just for one day to take advantage of the offer, but then I need to be careful about coming out underwater. It's $41 for the room. Resort fees look to be $22.34. Then factor in the above about maximum exchange rate and the deal gets thinner for someone like me. The upshot of all this is that I'm on vacation and trying to take advantage of this offer sounds like work so I'm going to give it a pass. Thanks though it has been interesting to think about how I would work this.

--helpmespock

Quote: helpmespock

Mrs. Helpmespock really enjoys the comforts at the Wynn. I've broached this subject before about staying elsewhere for cheaper and maybe getting better comps at a different property for my level of play and her response was, "You get to gamble. The only thing I get is the nice room."

I pointed out that she gets to shop, see a show, and eat at some nice restaurants, but strangely she wasn't persuaded by my argument.

--helpmespock

Book a room at Downtown Grand and exchange $500 a day. Even if you don't use the room you will come out ahead.

I called player services this morning and today's conversion rate is 0.686 which gives you $343 US$ on 500 CAN$. You then add on their $125 promo offer (0.75 rate max) to get $468. Assuming the best slot gives you a 95% return, you would be left with $444.60.

Today's exchange rate at a Canadian bank would give you $351.50, therefore EV per day per person would be 93.10 US$.

We already have rooms comped for our trip so the EV per day would be 93.10 x 2 - 63.99 (room incl resort fee) = $122.21 which is still a pretty good deal. There is also the added cost of converting the dollars back to CAN$, but in most cases you would be doing that anyway.

I know next to nothing about slots, so I was just wondering how the free play is converted. Do they add points to your players card and then they are converted to dollars as you play?

Also, my plan would be to learn VP strategy and only play the best game they have, but my wife will want nothing to do with VP and will only want to play the "fun" slots. Any advice on what slots I should steer her to? Thanks

If you "stay" at the downtown grand for 1 night, can you do the exchange on both bordering days? if so, just pay them the $89ish USD for the room and turn your roomkey in when you stop in on the second day for that day's exchange. You're still way ahead on your two $500 conversions. If you're in town for 4 days, do this twice...

Quote: ThatDonGuy

I would assume McCarran Airport would have at least one exchange area outside of the passport control area; what is their rate?

The currency exchange places in any American airport are rip-offs. I think you would make out much better at a casino cage.

I've never understood why other countries seem to have competitive currency exchange places all over tourist spots while in this country there doesn't seem to be any competition and the consumer gets screwed.