Loonie may go back to 1.28 speculation....

[thr33boys]

Hey where do you buy from? I used to do accurate on Carling but thry closed....

While Accu-rate did close. A new business is there, called Ultimate Currency Exchange. Their exchange rate today was $1.27.

 

[ottawamom]

Hey where do you buy from? I used to do accurate on Carling but thry closed....

I have two places I purchase from now. One is where Accurate used to be on Carling and the other is on Bank St. south of Riverside (Ottawa Foreign Currency Exchange). Depends where my errands take me on the day I decide to exchange some cash.

 

[a*lil*bit*goofy]

While Accu-rate did close. A new business is there, called Ultimate Currency Exchange. Their exchange rate today was $1.27.

I think ultimate is by carling mall near maitland right? And accu was closer to pinecrest?

 

[a*lil*bit*goofy]

Im sure it was mentioned but if you have a US funds account, when you buy us at Bmo into us funds account you get a slightly better rate when paying for an expensive trip at once that difference adds up!

 

[thr33boys]

I think ultimate is by carling mall near maitland right? And accu was closer to pinecrest?

No, Ultimate is in the exact same location where Accu-rate was, near Pinecrest, across from Lincoln Fields. The parking lot still have the designated 'accurate-rate' customer parking signs.

 

[hdrolfe]

So I guess I should go to one of these exchange places instead of just using the bank like I normally do? Thanks for the locations I'm in Ottawa so it's great!

 

[ottawamom]

When I exchanged the other day I got a rate of 1.268 on $1000. I promptly turned around and went to deposit it into my BMO account. I asked at the counter what the rate was that they were selling US$ at that day and was told 1.288. That wasn't a huge amount more $20 but over time all those bits add up. It comes down to what your time is worth (or how much you like the best deal).

 

[merrick]

I LOVE math (self professed math nerd here).

yikes - some of those posts made me dizzy as i am most certainly *not* a math nerd... certainly an aptitude i wish i had.

Im sure it was mentioned but if you have a US funds account, when you buy us at Bmo into us funds account you get a slightly better rate when paying for an expensive trip at once that difference adds up!

so this is what my (math-challenged) mind was wondering...if i make payments on my canadian visa, i have no control when they post it so could get the next day or day after rate, i assume?

i have a USD account and if i just transfer funds into that account on a day that the rate is favourable, i would expect that would be more effective then instalments on credit card.

this stuff hurts my head... but every little bit helps, right?

 

[ottawamom]

If you can afford to have cash sitting in a separate bank account not earning anything and not costing you huge fees, then yes opening up a US$ account gives you control over the rate you are charged.

Be careful to check out all the costs involved with a US$ account, my in-laws have one that they were charged each month for even though they didn't have any transactions posted to the account. The bank I'm with charges $4 per month service fee or I could go on a per transaction basis. It's $5 to take money out but on $1 to transfer funds to my US credit card. Needless to say I just hold back some funds when making a deposit of cash (keep that to use as cash) and put most things on my credit card. Pay the $1 fee to pay off my credit card and all is good.

It can be a good way to save for a US holiday but it may not be the best option for everyone.

 

[samsteele]

Be careful to check out all the costs involved with a US$ account,

This is good advice.

I've had an online Tangerine (owned by Scotiabank) US $ account for years (grandfathered over from ING) and it is paired with a TD US $ account and TD US $ VISA. I've never had any fees charged on either account. Only my TD US $ VISA has an annual card fee. However, I have no doubt that each bank is different & always important to do your homework.

It may be important to emphasize that these 2 accounts are both Cdn accounts held in Cdn bank branches. These are not US accounts in US branches. A number of snowbirds have these instead but they come with their own rules & regs.

ps my Tangerine account usually offers a slightly better rate for purchasing US $ than my TD account.

 

[FigmentSpark]

Our BMO USD account falls under the monthly fee of all the accounts I hold there. So yeah, each bank is different. And probably each bank has variable options to fit different needs (and make them more money).

I haven't looked into Tangerine since it's ING days. I might check them out.

 

[a*lil*bit*goofy]

yikes - some of those posts made me dizzy as i am most certainly *not* a math nerd... certainly an aptitude i wish i had.



so this is what my (math-challenged) mind was wondering...if i make payments on my canadian visa, i have no control when they post it so could get the next day or day after rate, i assume?

i have a USD account and if i just transfer funds into that account on a day that the rate is favourable, i would expect that would be more effective then instalments on credit card.

this stuff hurts my head... but every little bit helps, right?

Yes. I have a US Mastercard. And I habe a US account. I buy us $ into US account for slightly better rate.

I use my US fund Mastercard (with airmiles!) to pay for trip. Disney charges in US, Mastercard is in Us. The only exchange tate i have to worry about is when i buy Us to pay that credit card.

Ie today i charge $100 us on cad mastercard. Mastercard takes a day or so to apply purchase. Between now (say rate of 1.25) and say Monday afternoon when processed, rate could change. Plus you are charged a % to put us funds on cad creditcard

Instead, my way, I put $100 Us on my us fund Mastercard. The end. Lol.
Then i have until due date to pay, in us funds.
Because i also have a us fund account, when I buy us (1.25) i actually pay 1.24

For me it is a win win. The % on the CAD card for conversion is worth having the US card. I used to not pay an annual fee but now I think i pay $30cad.

With multiple cross border trips plus large payment for disney, the fee is more than paid for

 

[Sue M]

I have a CIBC USD acct. no monthly fees, and 2 free transactions a month.

 

[FigmentSpark]

Has anyone used the CAA ATM for US cash? It says 'no service fees', but I wonder what the rate is, then?

http://blog.caasco.com/savings/grab...e-Locator&utm_medium=CTA&utm_content=Oakville

 

[Sue M]

Has anyone used the CAA ATM for US cash? It says 'no service fees', but I wonder what the rate is, then?

http://blog.caasco.com/savings/grab...e-Locator&utm_medium=CTA&utm_content=Oakville

Maybe it means no instant teller-ATM fee, but there will be a 2-3% fee The bank charges for conversion? I was JUST at CAA yesterday buying my Trip Interruption insurance. Florida in August hurricane season, enough said! And I never noticed an ATM! But I'm on the west coast. Maybe they don't have them here.

I went to the bank today, 1.29 today I bought anyway. Who knows, it may go down more anf id be kicking myself that I didn't buy today. And if it goes back up I'll be kicking myself for not waiting! We leave 8/27. I do have a little more time if rate goes up.

 

[mab2012]

so this is what my (math-challenged) mind was wondering...if i make payments on my canadian visa, i have no control when they post it so could get the next day or day after rate, i assume?

Correct. The credit card companies use the exchange rate on the date the transaction is *posted*, which is usually a day or two after the transaction actually occurs (but can sometimes be even longer). So you do lose some control.

i have a USD account and if i just transfer funds into that account on a day that the rate is favourable, i would expect that would be more effective then instalments on credit card.

That depends. If you're paying a 2.5% forex fee on your credit card, then yes, you might as well just do a bank transfer, and that way you'll know exactly what your rate will be. The bank rate will be similar. If you use a credit card that doesn't charge a forex fee (eg. Chase Amazon Visa) or provides a credit equivalent to the forex (eg. Rogers Mastercard), IMO you are better off charging to the credit card where possible. Yes, the rate might go down by the time the transaction posts (but usually not more than the 2.5% forex fee you'd otherwise pay), but it might also go up. If you assume that over time the "wins" cancel out the "losses", then you're still ahead 2.5% across the board.

To put it more simply, 0% forex is always going to beat 2.5% forex (or 2%, or whatever your bank charges) over time.

 

[Sue M]

CAD just dipped down again today that upward trend was too brief. Glad I bought some more USD yesterday before CAD went below $0.80. Hopefully it will climb again.

 

[FigmentSpark]

I saw this today:


http://www.canadianforex.ca/news-commentary/daily/2017/8/2/us-crude-oil-inventories-at-1030-est

Not sure if that means they think the movement will be upwards or downwards on Friday, but for the rest of the week, I guess they are anticipating somewhere in the 79 cents range.

 

[Sue M]

I saw this today:

View attachment 258316
http://www.canadianforex.ca/news-commentary/daily/2017/8/2/us-crude-oil-inventories-at-1030-est

Not sure if that means they think the movement will be upwards or downwards on Friday, but for the rest of the week, I guess they are anticipating somewhere in the 79 cents range.

I'll have my fingers crossed for upwards on Friday!

 

[ToliBera]

Google just told me it's at 0.80 so I think it's going up? when I checked a week ago(ish) it was in the 70's.