Currency Exchange

[T-Bone]

Most banks in Canada want you to have an account with them to exchange. Duty Free at the border charges almost $.08 per dollar in fees or more.

I'm 'ordering it' through my bank here in the states, and they charge a fee....like banks often do...

[limacharley]

yes, the Duty Frees at the border charge a fee but if you complete your transaction at the Currency Exchange, you pay no fees.

[fishtildark]

We still have to exchange because the outfitter doesnt accept Visa. But, supposedly using visa USED to get the best exchange rate. Could be they also have gone the route of charging fees like everyone else.

[Marco]

Where are the currency exchanges?

[Dog]

@Marco just about any bank (USA or Canada) can and will do a currency exchange, it's just a matter of how much in fees you pay.

The currency exchange I think most people are referring to is the one at the border crossing duty free (presuming the peace bridge one).
They still charge a "fee" and if they don't, then their rate notoriously sucks! (to offset not charging a fee, they build the fee into the exchange rate)

While every little bit counts, at the end of day for me it's about convienence (which is why I use the peace bridge duty free currency exchange).... however you exchange your money to canadian, it's probably a wash over any other method, a few bucks here or there isn't going to kill any of us that is spending close to or over a thousand dollars for a fishing trip.

I liked it most a few years back when the rate was pretty much 1:1 and the outfitters would take USA or CAD upon arrival.
Made it really convienent

[SnodT2120]

Is it really the case that the Duty-Free at the border crossing takes that big of a percentage of the currency exchange? We have exchanged there the past few years. Any help?

[fishtildark]

yes, it has always seemed that the Duty free had the worst exchange rates. This is the first year in a long time it has made much of a difference but if you are exchanging more than a hundred or two, it can add up.

[JigginFool]

I have to agree too, the Duty Free doesn't give a good rate, the banks, race tracks and casinos give the best exchange.  There banks in very town to stop at on the way up.  Since I live so close to the boarder I watch the rate and run across to Fort Erie, the only issue I had without having an account CIBC they would only do $500 per person per day so I did $500 and my wife did $500.  Since the trip is going to cost me north of $3000 every % point counts.  The other thing the bank teller recommended was setting up an account and then just mailing a check up to be deposited when the rate goes up, then I can make one trip up to make a withdraw ahead of time since we cross the boarder before the banks open.

[SnodT2120]

Our group tries our best to avoid high traffic times going through Toronto, therefore we travel through the night and hit Toronto around 3-4am. Most banks and currency exchange places are closed during those times except for the Duty-Free! What would you all recommend for us?

[Jay Thomas]

An alternative may be to exchange currency in Témiscaming, Quebec or close by. A simple telephone call should establish whether this option is a viable one.

Bank Nationale 530 rue Kipawa, Témiscaming, QC (819) 627-3361
Caisse Populaire de Témiscaming 467 rue Kipawa, CP 1025, Témiscaming, QC (819) 627-3396

or

Scotia Bank at 346 Main St,  Mattawa, ON (705) 744-5596

Jay

[johnny walleye]

My bank will exchange through american  express they charge $8 fee drop my money off pick it up the next day.

[limacharley]

I use to work at the Port Huron, Mi/Point Edward, On border. There is a Duty Free on the American side and a Duty Free on the Canadian side BUT there is also a stand alone Currency Exchange operated by the Bluewater Bridge Authority after you clear Canadian Customs. I called the number listed and specifically asked them what their exchange rate was (same as bank) and if there were any fees. There are NO FEES. I can't explain it any simpler than that !

Drive slower when crossing the border and look for them or ask!


Blue Water Bridge Canada Currency Exchange
Bank
2 Bridge St, Point Edward, ON N7V 4J5
(519) 337-3703

[SnodT2120]

Anyone know of places to exchange in North Bay that would be:
1. open on Saturdays? and
2. exchange without an account at that specific bank?

[Mr3seasonscamp]

Today rate 1.2144 at my bank and t buy us money 1.2818 I hope ghis helps

[mcsteve]

Another thing to consider is that most banks consider exchanges of $1,000 or less to be a consumer transaction and give a better rate if your exchange is for greater than $1,000 (say $1,001.00).  The teller at my bank always reminds me of this an the extra $1 in the amount will normally get me a slightly better rate.  It is not much, usually only .5% but that is an extra $5 in my pocket.