I was just shortchanged and hence want to share experience. I wanted canadian dollars since I had to pay for my accommodation on arrival and that too for full one month. Only mode of acceptance was cash in canadian dollars. I got exchange rate of 0.95 canadian dollar for one usd. Following day when checked with the bank the correct exchange rate was 1.01 cad for one usd!!!.
Do not change money in Airport on arrival
- Thread starter babutv2000
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jes_ON
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Hi - you are confusing the buying and selling rates.
.95 is if you sell USD and buy CAD. (how much you get in CAD for 1 USD).
1.01 is if you sell CAD and buy USD. (How much it costs you in CAD to buy 1 USD).
This is a good site to check exchange rates
http://www.xe.com/
All foreign currency exchanges (including banks) set their own rates, based on the
official rate and their level of profit from the transaction. Airport exchangers are known for taking a higher cut, but you actually got a decent rate.
.95 is if you sell USD and buy CAD. (how much you get in CAD for 1 USD).
1.01 is if you sell CAD and buy USD. (How much it costs you in CAD to buy 1 USD).
This is a good site to check exchange rates
http://www.xe.com/
All foreign currency exchanges (including banks) set their own rates, based on the
official rate and their level of profit from the transaction. Airport exchangers are known for taking a higher cut, but you actually got a decent rate.
Just to clarify further, I sold usd 1500 to Master Burea de change and received CAD 1425.
Following day I sold usd 100 to HSBC bank and received CAD 101. This was done online and thru bank transfer between two accounts held with them.
Following day I sold usd 100 to HSBC bank and received CAD 101. This was done online and thru bank transfer between two accounts held with them.
jes_ON
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Well then, you know which way to go in the future 
This is nonetheless surprising, I don't think the CAD has closed at parity with the USD siince.... April 6. Timing is everything with electronic transactions, you got lucky Two hours later it would have been lower...
This is nonetheless surprising, I don't think the CAD has closed at parity with the USD siince.... April 6. Timing is everything with electronic transactions, you got lucky
Two hours later it would have been lower...I have also found out that money change bureus offering slightly higher than bank rate if we are selling usd.
http://www.acb.com.vn/contentssharing/bieudo.jsp
The indicative price for USD/CAD in interbank trading is 1.0420/1.0425.
Of course, for the layman, you can't get this price when you want to
sell or buy CAD.
1.01 to buy CAD is not a competitive rate, and 0.95 is unspeakable - it's almost
like daylight robbery.
The indicative price for USD/CAD in interbank trading is 1.0420/1.0425.
Of course, for the layman, you can't get this price when you want to
sell or buy CAD.
1.01 to buy CAD is not a competitive rate, and 0.95 is unspeakable - it's almost
like daylight robbery.
Nari
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jes_ON
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Airport - worst
Banks - fair
?? - good?
I use XETrade to transfer money between the US and Canada; all electronic. The rates are better than (my) banks, but it's not instantaneous (can take up to a week to complete the transaction), and there's some initial paperwork. Still, I have been happy with them, particularly since they allow smaller transactions (some services require a minimum trade of $2,000 for example, and sometimes I'm only sending $200 -500). The rates are constantly updated - for better or worse - since the CAD/USD rate has been fluctuating quite a bit. if you're transferring larger sums of money, you can wait and watch for a good rate, but that personally makes me crazy - I'm just not a gambler
Anyone else?
Banks - fair
?? - good?
I use XETrade to transfer money between the US and Canada; all electronic. The rates are better than (my) banks, but it's not instantaneous (can take up to a week to complete the transaction), and there's some initial paperwork. Still, I have been happy with them, particularly since they allow smaller transactions (some services require a minimum trade of $2,000 for example, and sometimes I'm only sending $200 -500). The rates are constantly updated - for better or worse - since the CAD/USD rate has been fluctuating quite a bit. if you're transferring larger sums of money, you can wait and watch for a good rate, but that personally makes me crazy - I'm just not a gambler
Anyone else?
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