currency exchange

Canada Immigration Forum (discussion group)


 
       
Subject: currency exchange
  In the nearly three years that we´ve been waiting for approval we´ve watched the value of the US dollar drop and drop against the Canadian dollar. In effect the wait has cost us thousands of dollars.
Does anyone have suggestions about getting the best possible exchange rates when bringing US dollars into Canada? If you see a rate listed, as it is today at about $1US = $1.16C, in fact the banks will only give you about $1.12. I´m beginning to wonder if we can afford to live in Canada!

[08-12-2005,17:40]
[**.89.220.165]
JeanB
(in reply to: currency exchange)
Its more the other way around. The US dollar hasn´t really dropped, just that the Canadian dollar has improved.
[08-12-2005,17:58]
[***.186.167.254]
Anonymous
(in reply to: currency exchange)
when you get to Canada you will be earning and spending the same currency - hopefully that will solve your affordability concerns.

You are right about the strong Canadian dollar at the moment. we are in the same boat. We have watched our settlement money shrink by 15% and now we must top up the pot to get us back to minimum amounts.

Hard to say what will be happening to the Canadian dollar over the next year. The US dollar is still very strong in comparision. We are doing better against the Euro and Pound.

You may want to only convert minimal amounts into Canadian funds upon landing and leave the rest in a US funds account. Play the waiting game and perhaps take advantage of any currency adjustments that might be in your favour. You will always be facing a buy/sell and bank margin problem.


[08-12-2005,17:58]
[***.20.170.23]
Sharon
(in reply to: currency exchange)
Supposedly, the rate will slowly rise to about 1.21 come next October. Remember, these are only temporary factors in Canada (interest rates, politics, etc).
[08-12-2005,18:09]
[**.54.43.132]
catocan
exchange rate (in reply to: currency exchange)
Where can you get the best exchange on large sums of US currency? Is there any wholesale channel that will avoid the punitive fees?
[08-12-2005,21:07]
[**.38.207.211]
Anon
(in reply to: currency exchange)
your larger banks or currency exchange at the airport perhaps. Buy and sell rates are how banks make money. All you can do is shop around for the institution that will be most competative. whatever you do... don´t go to somewhere like Western Union. The are bandits.
[08-12-2005,21:28]
[***.20.170.23]
Sharon
(in reply to: currency exchange)
Sorry, catocan, but nobodoy´s prediction of future exchange rates is worth listening to, as these things are determined by daily trading on the money markets. If one could predict such things, they would likely be the richest person on the planet...

Also, keep in mind that around 25 years ago, the Canadian dollar was worth about 1.10 US. Relatedly, I think the Loony will exceed the US buck within the next five years, or so (but what do I know...).

[09-12-2005,00:12]
[**.144.140.136]
Dennis
(in reply to: currency exchange)
My thoughts exactly. Trying to predict currency fluctuations is best left to financial analysts, and even they don´t always get it right.

For the record though, it´s a combination of factors that is causing the adjustment in the currency rate: Canada is benefiting from strong jobs statistics, a booming economy and high oil prices (Alberta has huge reserves). By contrast, the US is sinking billions into overseas "ventures" like Iraq, is not doing very well in its attempts to twist other countries´ arms when it comes to trade, and has been hit by a couple of major natural disasters to boot.

All these are pointers to the Canadian dollar continuing to get stronger, not weaker. That being said, there are no absolute certainties when it comes to the future.

[09-12-2005,02:14]
[**.229.239.67]
typo
(in reply to: currency exchange)
Oh, and never, ever exchange money at the airport, at hotels or at tourist attractions. I can tell you from experience those are the places you get the worst deals.
[09-12-2005,02:18]
[**.229.239.67]
typo
(in reply to: currency exchange)
why dont u get an account in CAD and put money into it when the exchange rate is most favourable...i find that putting money directly into a foreign currency account in a bank and then transfering that to a national account in the other country is most effective e.g. in australia i have a usd account, the bank takes about A$0.05 - 0.07c margin and thats it....but also depends on the bank fees, how long you will have the money in the account, if the bank has a branch in canada/other countries etc, etc.
[09-12-2005,07:19]
[***.219.235.172]
dollar
currency exchange (in reply to: currency exchange)
The problem with waiting for a more favourable rate is that we want to buy a home soon after being approved. And unfortunately our income will continue to come from the US.

Among the reasons for the US dollar decline, as I understand it, is that the Bush administration has deliberately let it happen for balance of trade reasons.

Has anyone heard of www.moneycorp.com ? I´ve looked at their web site but don´t really understand the process they are discussing to get a better exchange rate.

[09-12-2005,08:54]
[**.89.220.165]
JeanB