Where to get best exchage rate?

[tecra2]

wanting to get some USD but bank rates are terrible.

[lowside67]

The simple answer is that it depends how much money you are looking for.

Since we change large amounts ($50k+ per), TD gives us direct access to the trading desk, which is basically as good as you can get (for reference, on Friday XE.com listed the exchange rate as $1.00usd = $0.98720cdn, we bought at $0.99260).

However, if you are looking to deal in a relatively small amount, they will not give you this type of access and you are probably stuck either dealing with somebody like Custom House or trying to beat the bank up at the branch level to get them to give you access to a VIP or priority rate.

Mark

[Revive]

Vancouver Bullion in downtown!

http://www.vbce.ca/

[tecra2]

thanks guys i'll check out the dt one

[advancescash]

Use Credit and ATM Cards
You will almost always get the best interbank exchange rate when buying foreign currency with either ATM cards or credit cards, which will usually be 2 to 7 percent better than the rates you'll get when exchanging cash or traveler's checks. Try to use credit cards whenever possible for large purchases such as hotel bills, tickets and car rentals. However, keep in mind that most credit card companies add fees for transactions made in foreign currencies. (Capital One is one of very few U.S. credit card companies that do not.) Local vendors such as restaurants and shops may also charge a fee for credit card transactions. Read more about using credit cards wisely in Money Matters on the Road.

[Ulic Qel-Droma]

Originally Posted by lowside67

The simple answer is that it depends how much money you are looking for.

Since we change large amounts ($50k+ per), TD gives us direct access to the trading desk, which is basically as good as you can get (for reference, on Friday XE.com listed the exchange rate as $1.00usd = $0.98720cdn, we bought at $0.99260).

However, if you are looking to deal in a relatively small amount, they will not give you this type of access and you are probably stuck either dealing with somebody like Custom House or trying to beat the bank up at the branch level to get them to give you access to a VIP or priority rate.

Mark

that is still not the best rate.

i can get you ~0.0040 on top of the screen rate. you got 0.0054 (you would save about 70 bux at 50grand) if you do ~80k i can get you ~0.0030. and of course the higher the amount the lower the rate, up to roughly 2million (spread is 0.0015 - 0.0020 at that amount). of course it is all negotiable.

but if you bank with td there might be some problems as we dont have a corporate TD account, but the cost of a bank draft or wire would still save you some money.