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helpmespock
helpmespock
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February 3rd, 2019 at 8:42:42 AM permalink
It's that time of year for me again. When do I exchange my Canadian pesos (as coilman would say) to buy my U.S. dollars for the upcoming March Break trip?

The Canadian dollar has improved against the US over the course of January and thanks to your US Central Banker's decision to hold interest rates steady it got a nice bump at the end of the month. xe.com has the current exchange at $1.30912 Canadian for $1 US. We started out January at almost $1.34 Canadian for $1 US.

Banks and my credit cards charge a 2.5% foreign exchange fee. There is a currency specialist outfit in town that charges 1.6% so effectively I'd be buying US dollars at $1.329 Canadian. My wife has a special credit card that doesn't charge the fee and we use that for hotel/food/other expenses while we're down there, but you get the spot exchange rate for the day.

So do I pull the trigger and buy my gambling dollars now? Hedge by buying some portion now and the rest just before the trip? Or wait until just before the trip in the hopes that the exchange rate gets even better?

--helpmespock
SOOPOO
SOOPOO
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helpmespock
February 3rd, 2019 at 8:51:13 AM permalink
Unless you know something the rest of the world doesn't, your guess is as good, or bad, as anyone else's.

When I get Canadian 'pesos', if I happen to win at the casino I don't change them back into US dollars. I'd recommend you keep next trip's worth of US dollars in dollars if you are lucky enough to come home with any....
billryan
billryan
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helpmespock
February 3rd, 2019 at 8:59:32 AM permalink
It's not so much a matter of when, but a matter of where. Using Canadian money can be an AP play in certain places. Snoopy's brother Spike runs a service plaza in Arizona that takes Canadian money at par for US. A few other places( non-casinos) do the same.
Nathan
Nathan
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helpmespock
February 3rd, 2019 at 8:59:39 AM permalink
Quote: helpmespock

It's that time of year for me again. When do I exchange my Canadian pesos (as coilman would say) to buy my U.S. dollars for the upcoming March Break trip?

The Canadian dollar has improved against the US over the course of January and thanks to your US Central Banker's decision to hold interest rates steady it got a nice bump at the end of the month. xe.com has the current exchange at $1.30912 Canadian for $1 US. We started out January at almost $1.34 Canadian for $1 US.

Banks and my credit cards charge a 2.5% foreign exchange fee. There is a currency specialist outfit in town that charges 1.6% so effectively I'd be buying US dollars at $1.329 Canadian. My wife has a special credit card that doesn't charge the fee and we use that for hotel/food/other expenses while we're down there, but you get the spot exchange rate for the day.

So do I pull the trigger and buy my gambling dollars now? Hedge by buying some portion now and the rest just before the trip? Or wait until just before the trip in the hopes that the exchange rate gets even better?

--helpmespock



I think you should wait a little. Take it from someone who wanted money NOW(At the time) and sold some share of my stock when it was actually down. I made like $500 when had I waited for it a little later climb very high I could have cashed out $600. So, my advice to you is to wait a little longer and hope it gets a higher value.
In both The Hunger Games and in gambling, may the odds be ever in your favor. :D "Man Babes" #AxelFabulous "Olive oil is processed but it only has one ingredient, olive oil."-Even Bob, March 27/28th. :D The 2 year war is over! Woo-hoo! :D I sometimes speak in metaphors. ;) Remember this. ;) Crack the code. :D 8.9.13.25.14.1.13.5.9.19.14.1.20.8.1.14! :D "For about the 4096th time, let me offer a radical idea to those of you who don't like Nathan -- block her and don't visit Nathan's Corner. What is so complicated about it?" Wizard, August 21st. :D
PokerGrinder
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helpmespock
February 3rd, 2019 at 9:02:21 AM permalink
Quote: Nathan

I think you should wait a little. Take it from someone who wanted money NOW(At the time) and sold some share of my stock when it was actually down. I made like $500 when had I waited for it a little later climb very high I could have cashed out $600. So, my advice to you is to wait a little longer and hope it gets a higher value.


It just as easily could have gone down, your logic is flawed. You’re being results oriented.
You can shear a sheep a hundred times, but you can skin it only once. — Amarillo Slim Preston
charliepatrick
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helpmespock
February 3rd, 2019 at 9:15:43 AM permalink
(a) In the UK I have a credit card and a debit card that charge no comission when used abroad. The first can only be used for goods and the latter used for cash. Thus it's worth looking into whether there's a bank that has this (if they charge a monthly fee then it might not be worth it). If you need a larger quanity of cash for day one (more than an ATM can give) then it might be worth getting some ahead of travelling.
(b) As has been said I'd keep a float of USD.

Personally I don't change money back at all and probably even have old US notes (before the larger faces came in). I go to the ATM to fill up my float on the first and last days. The only problem I have is the Swedish notes as it's beginning to go cashless!

If I'm only on a short visit then I buy a small quantity back here (usually M&S) - it's worth shopping around and never use the airport.
coilman
coilman
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helpmespock
February 3rd, 2019 at 10:26:21 AM permalink
Which way is the price of oil going to go the next month?
It was up about 20% in Jan and the Canadian Peso followed

The two places in Windsor I use for buying my greenbacks are

CBCE and the exchange place located in the train station....both are usually about 3-4% cheaper than the banks

https://windsorstationcurrencyexchange.com/

showing 1.3176 for todays exchange rate

CBCE is no longer showing their exchange rates but I think the train station is the same company as the converter is exactly what CBCE used to have on their site

https://canamcurrencyexchange.com/
vegas
vegas
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helpmespock
February 3rd, 2019 at 11:57:40 AM permalink
If you are in Windsor the best exchange rate we have found is right at the Caesar Windsor caino. I bought some on January 25th and 100 Canadian bought me 74.50 US. However the dollar is higher now so you should do better. I was also told you can no longer buy at the train station. (not sure if this correct)
50-50-90 Rule: Anytime you have a 50-50 chance of getting something right, there is a 90% probability you'll get it wrong
helpmespock
helpmespock
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February 3rd, 2019 at 12:45:27 PM permalink
Quote: SOOPOO

Unless you know something the rest of the world doesn't, your guess is as good, or bad, as anyone else's.

When I get Canadian 'pesos', if I happen to win at the casino I don't change them back into US dollars. I'd recommend you keep next trip's worth of US dollars in dollars if you are lucky enough to come home with any....



I do have a US dollar account that I put my leftover bankroll in from last year's trip. I had about $700 leftover last year, but I used up about half of that getting some cash out for a trip to New York City in the Fall. I'll roll the leftovers (or winnings!) into the account again for the trip in 2020.

Quote: billryan

Using Canadian money can be an AP play in certain places.



Yes I was aware of one of those deals at a downtown hotel casino a few years ago, but you had to be staying there, there was a daily limit on exchange, and it didn't count for table games so it was less useful to me.

Quote: billryan

In the UK I have a credit card and a debit card that charge no comission when used abroad.



I mentioned above that my wife has one of these no commission charge cards that we use for purchases. It's the Home Trust Preferred Visa card for the Canadians that are interested in applying for one. You're paying the spot exchange with the card so if the exchange gets worse during the trip you're out of luck.

Quote: coilman

CBCE and the exchange place located in the train station....both are usually about 3-4% cheaper than the banks

showing 1.3176 for todays exchange rate



Wow nice! That's better than what I can get, but I suspect because you're on the border that there is a fair amount of competition for exchange. I'm 3 hours up the 401 from Windsor so unfortunately that's not an option.

--helpmespock
ChumpChange
ChumpChange
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helpmespock
February 3rd, 2019 at 8:20:04 PM permalink
If Trump shuts down the government again, I have to imagine people will be fleeing the US dollar by mid-March. Will that make the Canadian dollar stronger? Heck, the US airports might be shutdown nationwide.

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