GOOD US $ --> CAN $ exchange rate


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texancanadian   
Member since: Jan 04
Posts: 132
Location: Houston, TX

Post ID: #PID Posted on: 19-04-05 16:40:38

Guys,
Where will I get best rate to exchange US $ - CAN $. Is it better to exchange at Kiosk at airport or at bank. Does the airprot foreign exchange counter give a reasonable rate ?
Also what about the exchange rate credit card companies charge you when using US Credit card in Canada . Lets say I use my Citibank Visa card will I get same range as money changers or a lesser rate.
When I used my card in India last yr I got a rate RS 1 to 1.5 less than official rate via credit card ie if the rate was RS 45 per $ card gave me only 43.50.

Also what is the cost of local phone call in Toronto from public booth. Are there many public phones at Pearson airport ?



Canadian Dream   
Member since: Jul 04
Posts: 177
Location: Calgary, AB

Post ID: #PID Posted on: 19-04-05 18:34:28

I can answer some of your questions - I used my Citibank Mastercard when I initially arrived here from the US and Citi charges a 3% surcharge for foreign currency transactions. The merchant charges the prevailing rate, MC charges Citi the prevailing rate +1% (or 1.5%) premium, Citi charges you the rate MC charges them + 3% premium. So, by the time you end up with the bill its almost on par (85 to 92c) to a US Dollar.

Try and get a secured credit card in Canada and use that for Canadian purchases.



sudesingh   
Member since: Jul 04
Posts: 2085
Location: Toronto

Post ID: #PID Posted on: 19-04-05 22:10:41

Most banks charge around 2.5 - 3% on their card transactions these days.

As regards changing US -> CND, I've found the State Bank of India (and may be ICICI Bank too) to give the best rates. Their buying & selling rates are better than the top 5 banks. SBI has branches in Toronto & Vancouver.

The exchange rate varies a lot these days. Just to give you an example US -> CND was around 1.18 3 weeks ago, where today it was 1.237. The exchange rate at the airport kiosk or any port of entry will always be lower. This I found as a general rule in most countries.


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KoolGuy   
Member since: Jun 04
Posts: 1
Location: Atlanta, USA

Post ID: #PID Posted on: 20-04-05 15:38:15



Uncertain Desi   
Member since: Jan 05
Posts: 54
Location: Winnipeg

Post ID: #PID Posted on: 20-04-05 15:40:45

texancanadian,
Assuming you are in US.
I found Afex.com offering the best exchange rates. But there is a big procedure which takes up a week to set up your account and is free then you can do online transactions though for cash you have to call the account representative. I recently got cash & drafts from them and their service is reasonably good. You can contact Susi Scalasi (818) 728-3838


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