us dollars exchange to canadian
 

Current rate is around 1.35 to one US. Where is best place to get money exchanged ? TY Doug

Why...just use your credit card for all larger purchases and if you pay in US they will give you change back in CA.

[QUOTE=Aspencreek;5579785].....and if you pay in US they will give you change back in CA.[/QUOTE]

A lot of local businesses will give you a terrible exchange rate. When the rate was about $1 US to $1.20 CN, I had more than one business, bait shop, restaurant or grocery store, exchange at par only.

Its always a good idea to get some CN $ but using credit card whenever possible is best.

Check your local bank or AAA for exchange. The exchanges at the border aren't bad but they'll usually get you for 3-5% compared to the 'official' rate. AAA or the banks will also charge you but its usually less than the border exchange shops.

My local bank will exchange for a ten dollar fee. So I convert about $500 US to CND every year. Yes, the credit card is a good way to go, but I like using cash when it's called for. I'm probably about 50-50 cash vs credit card.

I don't ask small shops to convert US to CND anymore than I would ask a small shop here at home to convert CND to US. I think it is a bit rude to assume a store will take US currency. If they do you are assured they are not going to give you a fair rate as they are assuming the risk (even if it is low risk) of currency fluctuation. I would do the same.

Pooch

There are quite a few Canadians that come down to the area over the year.

Most of the stores, and even banks in my area will NOT take Canadian money.

They will take credit cards with no issue.

So, I think that it only fair, that the Canadian Banks and stores not take US money either.

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When I asked the stores why they would not take Canadian currency and the answer was simple:

Every time that they took ANY canadian money to be exchanged, they were charged a flat rate of $10 us.

So, if they had 50 cents in Canadian coin, it would cost them $9.50 to exchange it.

The same would be true if they had $500 Canadian to exchange - again a Flat rate of $10 - or they would get the equivalent of $490 === plus the exchange rate to cash in the $500 Canadian.

Be safe

living 9 miles from the North Dakota border, we are always exchanging money. Today the Cdn $ is .7429 or the US $ is 1.3461. If you go to a Canadian bank they want to make a couple cents on the $, so I am guessing if you gave them $100 US, you would receive about $132 Canadian. Same goes for us buying American money. It will always cost us a couple dollars per hundred in bank fees.
You get the exchange rate by dividing $1 by the .7429 =1.3461.
To my knowledge there is no such thing at Canadian banks charging a flat rate of $10 to exchange currency.
But you are probably far better off exchanging money at a bank near the border, as they are familiar with the process.
And, yes, stores won't be paying a "fair" exchange rate either side of the border.

Just be careful which credit card you use in Canada or any other country because some credit cards have a foreign transaction FEE on top of the exchange rate.

In the town where I live we have a money exchange store....big savings over the bank. With our recent trip down to Port Clinton we were wondering why more Americans were not up here spending and getting an extra 35 cents per dollar.

[QUOTE=Yellow Fever;5580233]In the town where I live we have a money exchange store....big savings over the bank. With our recent trip down to Port Clinton we were wondering why more Americans were not up here spending and getting an extra 35 cents per dollar.[/QUOTE]

Where about's is the money exchange? I'll be in Gan next week. I usually just swap cash with my Canadian friend, but it would be good to know an alternative if I needed a large sum.

Usually the Duty Free stores will exchange currency on your way over. I would call to confirm the rate. I usually call all my local banks to see what their rates are. They have never charged me a flat fee to exchange. They usually take a percentage of the exchange anyway. Some of the banks here don't keep much Canadian on hand so calling ahead works well.