Canadian or US dollars?
Mar 17th 2003, 6:00 am
#61
Guest
Posts: n/a
Re: Canadian or US dollars?
If there are no commissions how do banks make money on currency exchange?
[email protected] (Aikido251) wrote in message news:...
> You are absolutely wrong and don't know anything about this matter. AGAIN
> THERE ARE NO COMMISSIONS ON CURRENCY EXCHANGE. The bank says so. No you are
> not qualified to speak on this thing.
>
>
> >Subject: Re: Canadian or US dollars?
> >From: [email protected] (Mick Travis)
> >Date: 3/14/03 8:35 PM Atlantic Standard Time
> >Message-id:
> >
> >I think I'm qualified to settle this.
> >
> >If you're going to be in Canada then get CDN$. No two ways about it.
> >There are still corner stores who will only give you 15 percent on a
> >10 dollar bill.
> >
> >As far as the commission thing goes, Akido, just because an
> >institution doesn't charge an explicit commission like money mart does
> >doesn't mean they're not making money on the transaction. If you sell
> >a bank 100 USD you'll get, say, 141 CDN. But the bank can take that
> >141 CDN, but 100 bucks USD, and still have CDN money left over because
> >they get a better rate.
> >
> >This is one of the ways banks make money. If they're making money on
> >the transaction I would say it qualifies as a commission, especially
> >because the money they make is proportional to the amount you
> >exchange. If they charged a flat fee and gave you the actual rate you
> >might be able to win your argument.
> >
> >I say I'm qualified because I grew up in Canada. I lived there for 34
> >years and now live in the US (I've been here for 2.) I still have
> >family in Toronto and visit often. I always get Canadian dollars to
> >spend there - although a US credit card offers some nice surprises
> >when the bill comes.
> >
> >Is this enough to convince you?
> >
> >
> >Stuart Brook wrote in
> >message news:...
> >> Aikido251 wrote:
> >> >
> >> > Idiot Stuart thinks he knows better than the banks themselves and what to
> what
> >> > is excatly hapening when you exchange USD to CND, NO commissions at
> all....It's
> >> > no surprise since he also thinks he know better than CIC about
> immigration
> >> > stuff.
> >> >
> >> > Stuart is only grabbing attention he don;t know anything.
> >>
> >> I thought I'd look at an Aikido post for fun ...
> >>
> >> Nothing changed. Aikido is still posting with the same level of
> >> stupidity as ever, and considering he/she has been discredited by lots
> >> and lots of people, I'm surprised he/she persists, but then maybe I
> >> shouldn't be when he/she is so assininely stupid.
> >
> >
> >
> >
> >
> >
> >
[email protected] (Aikido251) wrote in message news:...
> You are absolutely wrong and don't know anything about this matter. AGAIN
> THERE ARE NO COMMISSIONS ON CURRENCY EXCHANGE. The bank says so. No you are
> not qualified to speak on this thing.
>
>
> >Subject: Re: Canadian or US dollars?
> >From: [email protected] (Mick Travis)
> >Date: 3/14/03 8:35 PM Atlantic Standard Time
> >Message-id:
> >
> >I think I'm qualified to settle this.
> >
> >If you're going to be in Canada then get CDN$. No two ways about it.
> >There are still corner stores who will only give you 15 percent on a
> >10 dollar bill.
> >
> >As far as the commission thing goes, Akido, just because an
> >institution doesn't charge an explicit commission like money mart does
> >doesn't mean they're not making money on the transaction. If you sell
> >a bank 100 USD you'll get, say, 141 CDN. But the bank can take that
> >141 CDN, but 100 bucks USD, and still have CDN money left over because
> >they get a better rate.
> >
> >This is one of the ways banks make money. If they're making money on
> >the transaction I would say it qualifies as a commission, especially
> >because the money they make is proportional to the amount you
> >exchange. If they charged a flat fee and gave you the actual rate you
> >might be able to win your argument.
> >
> >I say I'm qualified because I grew up in Canada. I lived there for 34
> >years and now live in the US (I've been here for 2.) I still have
> >family in Toronto and visit often. I always get Canadian dollars to
> >spend there - although a US credit card offers some nice surprises
> >when the bill comes.
> >
> >Is this enough to convince you?
> >
> >
> >Stuart Brook wrote in
> >message news:...
> >> Aikido251 wrote:
> >> >
> >> > Idiot Stuart thinks he knows better than the banks themselves and what to
> what
> >> > is excatly hapening when you exchange USD to CND, NO commissions at
> all....It's
> >> > no surprise since he also thinks he know better than CIC about
> immigration
> >> > stuff.
> >> >
> >> > Stuart is only grabbing attention he don;t know anything.
> >>
> >> I thought I'd look at an Aikido post for fun ...
> >>
> >> Nothing changed. Aikido is still posting with the same level of
> >> stupidity as ever, and considering he/she has been discredited by lots
> >> and lots of people, I'm surprised he/she persists, but then maybe I
> >> shouldn't be when he/she is so assininely stupid.
> >
> >
> >
> >
> >
> >
> >
Mar 17th 2003, 6:06 am
#62
Guest
Posts: n/a
Re: Canadian or US dollars?
There are no commisions in currency exchange that's the fact. If somebody says
otherwise then they are wrong.
>Subject: Re: Canadian or US dollars?
>From: [email protected] (Mick Travis)
>Date: 3/17/03 3:00 PM Atlantic Standard Time
>Message-id:
>If there are no commissions how do banks make money on currency exchange?
>[email protected] (Aikido251) wrote in message
>news:...
>> You are absolutely wrong and don't know anything about this matter. AGAIN
>> THERE ARE NO COMMISSIONS ON CURRENCY EXCHANGE. The bank says so. No you
>are
>> not qualified to speak on this thing.
>>
>>
>> >Subject: Re: Canadian or US dollars?
>> >From: [email protected] (Mick Travis)
>> >Date: 3/14/03 8:35 PM Atlantic Standard Time
>> >Message-id:
>> >
>> >I think I'm qualified to settle this.
>> >
>> >If you're going to be in Canada then get CDN$. No two ways about it.
>> >There are still corner stores who will only give you 15 percent on a
>> >10 dollar bill.
>> >
>> >As far as the commission thing goes, Akido, just because an
>> >institution doesn't charge an explicit commission like money mart does
>> >doesn't mean they're not making money on the transaction. If you sell
>> >a bank 100 USD you'll get, say, 141 CDN. But the bank can take that
>> >141 CDN, but 100 bucks USD, and still have CDN money left over because
>> >they get a better rate.
>> >
>> >This is one of the ways banks make money. If they're making money on
>> >the transaction I would say it qualifies as a commission, especially
>> >because the money they make is proportional to the amount you
>> >exchange. If they charged a flat fee and gave you the actual rate you
>> >might be able to win your argument.
>> >
>> >I say I'm qualified because I grew up in Canada. I lived there for 34
>> >years and now live in the US (I've been here for 2.) I still have
>> >family in Toronto and visit often. I always get Canadian dollars to
>> >spend there - although a US credit card offers some nice surprises
>> >when the bill comes.
>> >
>> >Is this enough to convince you?
>> >
>> >
>> >Stuart Brook wrote in
>> >message news:...
>> >> Aikido251 wrote:
>> >> >
>> >> > Idiot Stuart thinks he knows better than the banks themselves and what
>to
>> what
>> >> > is excatly hapening when you exchange USD to CND, NO commissions at
>> all....It's
>> >> > no surprise since he also thinks he know better than CIC about
>> immigration
>> >> > stuff.
>> >> >
>> >> > Stuart is only grabbing attention he don;t know anything.
>> >>
>> >> I thought I'd look at an Aikido post for fun ...
>> >>
>> >> Nothing changed. Aikido is still posting with the same level of
>> >> stupidity as ever, and considering he/she has been discredited by lots
>> >> and lots of people, I'm surprised he/she persists, but then maybe I
>> >> shouldn't be when he/she is so assininely stupid.
>> >
>> >
>> >
>> >
>> >
>> >
>> >
otherwise then they are wrong.
>Subject: Re: Canadian or US dollars?
>From: [email protected] (Mick Travis)
>Date: 3/17/03 3:00 PM Atlantic Standard Time
>Message-id:
>If there are no commissions how do banks make money on currency exchange?
>[email protected] (Aikido251) wrote in message
>news:...
>> You are absolutely wrong and don't know anything about this matter. AGAIN
>> THERE ARE NO COMMISSIONS ON CURRENCY EXCHANGE. The bank says so. No you
>are
>> not qualified to speak on this thing.
>>
>>
>> >Subject: Re: Canadian or US dollars?
>> >From: [email protected] (Mick Travis)
>> >Date: 3/14/03 8:35 PM Atlantic Standard Time
>> >Message-id:
>> >
>> >I think I'm qualified to settle this.
>> >
>> >If you're going to be in Canada then get CDN$. No two ways about it.
>> >There are still corner stores who will only give you 15 percent on a
>> >10 dollar bill.
>> >
>> >As far as the commission thing goes, Akido, just because an
>> >institution doesn't charge an explicit commission like money mart does
>> >doesn't mean they're not making money on the transaction. If you sell
>> >a bank 100 USD you'll get, say, 141 CDN. But the bank can take that
>> >141 CDN, but 100 bucks USD, and still have CDN money left over because
>> >they get a better rate.
>> >
>> >This is one of the ways banks make money. If they're making money on
>> >the transaction I would say it qualifies as a commission, especially
>> >because the money they make is proportional to the amount you
>> >exchange. If they charged a flat fee and gave you the actual rate you
>> >might be able to win your argument.
>> >
>> >I say I'm qualified because I grew up in Canada. I lived there for 34
>> >years and now live in the US (I've been here for 2.) I still have
>> >family in Toronto and visit often. I always get Canadian dollars to
>> >spend there - although a US credit card offers some nice surprises
>> >when the bill comes.
>> >
>> >Is this enough to convince you?
>> >
>> >
>> >Stuart Brook wrote in
>> >message news:...
>> >> Aikido251 wrote:
>> >> >
>> >> > Idiot Stuart thinks he knows better than the banks themselves and what
>to
>> what
>> >> > is excatly hapening when you exchange USD to CND, NO commissions at
>> all....It's
>> >> > no surprise since he also thinks he know better than CIC about
>> immigration
>> >> > stuff.
>> >> >
>> >> > Stuart is only grabbing attention he don;t know anything.
>> >>
>> >> I thought I'd look at an Aikido post for fun ...
>> >>
>> >> Nothing changed. Aikido is still posting with the same level of
>> >> stupidity as ever, and considering he/she has been discredited by lots
>> >> and lots of people, I'm surprised he/she persists, but then maybe I
>> >> shouldn't be when he/she is so assininely stupid.
>> >
>> >
>> >
>> >
>> >
>> >
>> >
Mar 17th 2003, 12:41 pm
#63
Guest
Posts: n/a
Re: Canadian or US dollars?
AIKIDO: PLEASE JUST ANSWER THIS QUESTION
How do banks make money on currency exchange?
Thanks.
[email protected] (Aikido251) wrote in message news:...
> There are no commisions in currency exchange that's the fact. If somebody says
> otherwise then they are wrong.
>
> >Subject: Re: Canadian or US dollars?
> >From: [email protected] (Mick Travis)
> >Date: 3/17/03 3:00 PM Atlantic Standard Time
> >Message-id:
> >
> >If there are no commissions how do banks make money on currency exchange?
> >
> >
> >[email protected] (Aikido251) wrote in message
> >news:...
> >> You are absolutely wrong and don't know anything about this matter. AGAIN
> >> THERE ARE NO COMMISSIONS ON CURRENCY EXCHANGE. The bank says so. No you
> are
> >> not qualified to speak on this thing.
> >>
> >>
> >> >Subject: Re: Canadian or US dollars?
> >> >From: [email protected] (Mick Travis)
> >> >Date: 3/14/03 8:35 PM Atlantic Standard Time
> >> >Message-id:
> >> >
> >> >I think I'm qualified to settle this.
> >> >
> >> >If you're going to be in Canada then get CDN$. No two ways about it.
> >> >There are still corner stores who will only give you 15 percent on a
> >> >10 dollar bill.
> >> >
> >> >As far as the commission thing goes, Akido, just because an
> >> >institution doesn't charge an explicit commission like money mart does
> >> >doesn't mean they're not making money on the transaction. If you sell
> >> >a bank 100 USD you'll get, say, 141 CDN. But the bank can take that
> >> >141 CDN, but 100 bucks USD, and still have CDN money left over because
> >> >they get a better rate.
> >> >
> >> >This is one of the ways banks make money. If they're making money on
> >> >the transaction I would say it qualifies as a commission, especially
> >> >because the money they make is proportional to the amount you
> >> >exchange. If they charged a flat fee and gave you the actual rate you
> >> >might be able to win your argument.
> >> >
> >> >I say I'm qualified because I grew up in Canada. I lived there for 34
> >> >years and now live in the US (I've been here for 2.) I still have
> >> >family in Toronto and visit often. I always get Canadian dollars to
> >> >spend there - although a US credit card offers some nice surprises
> >> >when the bill comes.
> >> >
> >> >Is this enough to convince you?
> >> >
> >> >
> >> >Stuart Brook wrote in
> >> >message news:...
> >> >> Aikido251 wrote:
> >> >> >
> >> >> > Idiot Stuart thinks he knows better than the banks themselves and what
> to
> what
> >> >> > is excatly hapening when you exchange USD to CND, NO commissions at
> all....It's
> >> >> > no surprise since he also thinks he know better than CIC about
> immigration
> >> >> > stuff.
> >> >> >
> >> >> > Stuart is only grabbing attention he don;t know anything.
> >> >>
> >> >> I thought I'd look at an Aikido post for fun ...
> >> >>
> >> >> Nothing changed. Aikido is still posting with the same level of
> >> >> stupidity as ever, and considering he/she has been discredited by lots
> >> >> and lots of people, I'm surprised he/she persists, but then maybe I
> >> >> shouldn't be when he/she is so assininely stupid.
> >> >
> >> >
> >> >
> >> >
> >> >
> >> >
> >> >
> >
> >
> >
> >
> >
> >
> >
How do banks make money on currency exchange?
Thanks.
[email protected] (Aikido251) wrote in message news:...
> There are no commisions in currency exchange that's the fact. If somebody says
> otherwise then they are wrong.
>
> >Subject: Re: Canadian or US dollars?
> >From: [email protected] (Mick Travis)
> >Date: 3/17/03 3:00 PM Atlantic Standard Time
> >Message-id:
> >
> >If there are no commissions how do banks make money on currency exchange?
> >
> >
> >[email protected] (Aikido251) wrote in message
> >news:...
> >> You are absolutely wrong and don't know anything about this matter. AGAIN
> >> THERE ARE NO COMMISSIONS ON CURRENCY EXCHANGE. The bank says so. No you
> are
> >> not qualified to speak on this thing.
> >>
> >>
> >> >Subject: Re: Canadian or US dollars?
> >> >From: [email protected] (Mick Travis)
> >> >Date: 3/14/03 8:35 PM Atlantic Standard Time
> >> >Message-id:
> >> >
> >> >I think I'm qualified to settle this.
> >> >
> >> >If you're going to be in Canada then get CDN$. No two ways about it.
> >> >There are still corner stores who will only give you 15 percent on a
> >> >10 dollar bill.
> >> >
> >> >As far as the commission thing goes, Akido, just because an
> >> >institution doesn't charge an explicit commission like money mart does
> >> >doesn't mean they're not making money on the transaction. If you sell
> >> >a bank 100 USD you'll get, say, 141 CDN. But the bank can take that
> >> >141 CDN, but 100 bucks USD, and still have CDN money left over because
> >> >they get a better rate.
> >> >
> >> >This is one of the ways banks make money. If they're making money on
> >> >the transaction I would say it qualifies as a commission, especially
> >> >because the money they make is proportional to the amount you
> >> >exchange. If they charged a flat fee and gave you the actual rate you
> >> >might be able to win your argument.
> >> >
> >> >I say I'm qualified because I grew up in Canada. I lived there for 34
> >> >years and now live in the US (I've been here for 2.) I still have
> >> >family in Toronto and visit often. I always get Canadian dollars to
> >> >spend there - although a US credit card offers some nice surprises
> >> >when the bill comes.
> >> >
> >> >Is this enough to convince you?
> >> >
> >> >
> >> >Stuart Brook wrote in
> >> >message news:...
> >> >> Aikido251 wrote:
> >> >> >
> >> >> > Idiot Stuart thinks he knows better than the banks themselves and what
> to
> what
> >> >> > is excatly hapening when you exchange USD to CND, NO commissions at
> all....It's
> >> >> > no surprise since he also thinks he know better than CIC about
> immigration
> >> >> > stuff.
> >> >> >
> >> >> > Stuart is only grabbing attention he don;t know anything.
> >> >>
> >> >> I thought I'd look at an Aikido post for fun ...
> >> >>
> >> >> Nothing changed. Aikido is still posting with the same level of
> >> >> stupidity as ever, and considering he/she has been discredited by lots
> >> >> and lots of people, I'm surprised he/she persists, but then maybe I
> >> >> shouldn't be when he/she is so assininely stupid.
> >> >
> >> >
> >> >
> >> >
> >> >
> >> >
> >> >
> >
> >
> >
> >
> >
> >
> >
Mar 17th 2003, 1:01 pm
#64
Guest
Posts: n/a
Re: Canadian or US dollars?
Banks don't charge commisions on exchange rates transactions.
Fishheadmatter idiot.
>Subject: Re: Canadian or US dollars?
>From: [email protected] (Mick Travis)
>Date: 3/17/03 10:41 PM Atlantic Daylight Time
>Message-id:
>AIKIDO: PLEASE JUST ANSWER THIS QUESTION
>How do banks make money on currency exchange?
>Thanks.
>[email protected] (Aikido251) wrote in message
>news:...
>> There are no commisions in currency exchange that's the fact. If somebody
>says
>> otherwise then they are wrong.
>>
>> >Subject: Re: Canadian or US dollars?
>> >From: [email protected] (Mick Travis)
>> >Date: 3/17/03 3:00 PM Atlantic Standard Time
>> >Message-id:
>> >
>> >If there are no commissions how do banks make money on currency exchange?
>> >
>> >
>> >[email protected] (Aikido251) wrote in message
>> >news:...
>> >> You are absolutely wrong and don't know anything about this matter.
>AGAIN
>> >> THERE ARE NO COMMISSIONS ON CURRENCY EXCHANGE. The bank says so. No
>you
>> are
>> >> not qualified to speak on this thing.
>> >>
>> >>
>> >> >Subject: Re: Canadian or US dollars?
>> >> >From: [email protected] (Mick Travis)
>> >> >Date: 3/14/03 8:35 PM Atlantic Standard Time
>> >> >Message-id:
>> >> >
>> >> >I think I'm qualified to settle this.
>> >> >
>> >> >If you're going to be in Canada then get CDN$. No two ways about it.
>> >> >There are still corner stores who will only give you 15 percent on a
>> >> >10 dollar bill.
>> >> >
>> >> >As far as the commission thing goes, Akido, just because an
>> >> >institution doesn't charge an explicit commission like money mart does
>> >> >doesn't mean they're not making money on the transaction. If you sell
>> >> >a bank 100 USD you'll get, say, 141 CDN. But the bank can take that
>> >> >141 CDN, but 100 bucks USD, and still have CDN money left over because
>> >> >they get a better rate.
>> >> >
>> >> >This is one of the ways banks make money. If they're making money on
>> >> >the transaction I would say it qualifies as a commission, especially
>> >> >because the money they make is proportional to the amount you
>> >> >exchange. If they charged a flat fee and gave you the actual rate you
>> >> >might be able to win your argument.
>> >> >
>> >> >I say I'm qualified because I grew up in Canada. I lived there for 34
>> >> >years and now live in the US (I've been here for 2.) I still have
>> >> >family in Toronto and visit often. I always get Canadian dollars to
>> >> >spend there - although a US credit card offers some nice surprises
>> >> >when the bill comes.
>> >> >
>> >> >Is this enough to convince you?
Fishheadmatter idiot.
>Subject: Re: Canadian or US dollars?
>From: [email protected] (Mick Travis)
>Date: 3/17/03 10:41 PM Atlantic Daylight Time
>Message-id:
>AIKIDO: PLEASE JUST ANSWER THIS QUESTION
>How do banks make money on currency exchange?
>Thanks.
>[email protected] (Aikido251) wrote in message
>news:...
>> There are no commisions in currency exchange that's the fact. If somebody
>says
>> otherwise then they are wrong.
>>
>> >Subject: Re: Canadian or US dollars?
>> >From: [email protected] (Mick Travis)
>> >Date: 3/17/03 3:00 PM Atlantic Standard Time
>> >Message-id:
>> >
>> >If there are no commissions how do banks make money on currency exchange?
>> >
>> >
>> >[email protected] (Aikido251) wrote in message
>> >news:...
>> >> You are absolutely wrong and don't know anything about this matter.
>AGAIN
>> >> THERE ARE NO COMMISSIONS ON CURRENCY EXCHANGE. The bank says so. No
>you
>> are
>> >> not qualified to speak on this thing.
>> >>
>> >>
>> >> >Subject: Re: Canadian or US dollars?
>> >> >From: [email protected] (Mick Travis)
>> >> >Date: 3/14/03 8:35 PM Atlantic Standard Time
>> >> >Message-id:
>> >> >
>> >> >I think I'm qualified to settle this.
>> >> >
>> >> >If you're going to be in Canada then get CDN$. No two ways about it.
>> >> >There are still corner stores who will only give you 15 percent on a
>> >> >10 dollar bill.
>> >> >
>> >> >As far as the commission thing goes, Akido, just because an
>> >> >institution doesn't charge an explicit commission like money mart does
>> >> >doesn't mean they're not making money on the transaction. If you sell
>> >> >a bank 100 USD you'll get, say, 141 CDN. But the bank can take that
>> >> >141 CDN, but 100 bucks USD, and still have CDN money left over because
>> >> >they get a better rate.
>> >> >
>> >> >This is one of the ways banks make money. If they're making money on
>> >> >the transaction I would say it qualifies as a commission, especially
>> >> >because the money they make is proportional to the amount you
>> >> >exchange. If they charged a flat fee and gave you the actual rate you
>> >> >might be able to win your argument.
>> >> >
>> >> >I say I'm qualified because I grew up in Canada. I lived there for 34
>> >> >years and now live in the US (I've been here for 2.) I still have
>> >> >family in Toronto and visit often. I always get Canadian dollars to
>> >> >spend there - although a US credit card offers some nice surprises
>> >> >when the bill comes.
>> >> >
>> >> >Is this enough to convince you?
Mar 18th 2003, 3:40 am
#65
Guest
Posts: n/a
Re: Canadian or US dollars?
Let's try this again. Please try to focus and answer the question.
DO BANKS MAKE MONEY ON CURRENCY TRANSACTIONS?
Yes or no.
[email protected] (Aikido251) wrote in message news:...
> Banks don't charge commisions on exchange rates transactions.
>
> Fishheadmatter idiot.
>
> >Subject: Re: Canadian or US dollars?
> >From: [email protected] (Mick Travis)
> >Date: 3/17/03 10:41 PM Atlantic Daylight Time
> >Message-id:
> >
> >AIKIDO: PLEASE JUST ANSWER THIS QUESTION
> >
> >How do banks make money on currency exchange?
> >
> >Thanks.
> >
> >
> >[email protected] (Aikido251) wrote in message
> >news:...
> >> There are no commisions in currency exchange that's the fact. If somebody
> says
> >> otherwise then they are wrong.
> >>
> >> >Subject: Re: Canadian or US dollars?
> >> >From: [email protected] (Mick Travis)
> >> >Date: 3/17/03 3:00 PM Atlantic Standard Time
> >> >Message-id:
> >> >
> >> >If there are no commissions how do banks make money on currency exchange?
> >> >
> >> >
> >> >[email protected] (Aikido251) wrote in message
> >> >news:...
> >> >> You are absolutely wrong and don't know anything about this matter.
> AGAIN
> >> >> THERE ARE NO COMMISSIONS ON CURRENCY EXCHANGE. The bank says so. No
> you
> are
> >> >> not qualified to speak on this thing.
DO BANKS MAKE MONEY ON CURRENCY TRANSACTIONS?
Yes or no.
[email protected] (Aikido251) wrote in message news:...
> Banks don't charge commisions on exchange rates transactions.
>
> Fishheadmatter idiot.
>
> >Subject: Re: Canadian or US dollars?
> >From: [email protected] (Mick Travis)
> >Date: 3/17/03 10:41 PM Atlantic Daylight Time
> >Message-id:
> >
> >AIKIDO: PLEASE JUST ANSWER THIS QUESTION
> >
> >How do banks make money on currency exchange?
> >
> >Thanks.
> >
> >
> >[email protected] (Aikido251) wrote in message
> >news:...
> >> There are no commisions in currency exchange that's the fact. If somebody
> says
> >> otherwise then they are wrong.
> >>
> >> >Subject: Re: Canadian or US dollars?
> >> >From: [email protected] (Mick Travis)
> >> >Date: 3/17/03 3:00 PM Atlantic Standard Time
> >> >Message-id:
> >> >
> >> >If there are no commissions how do banks make money on currency exchange?
> >> >
> >> >
> >> >[email protected] (Aikido251) wrote in message
> >> >news:...
> >> >> You are absolutely wrong and don't know anything about this matter.
> AGAIN
> >> >> THERE ARE NO COMMISSIONS ON CURRENCY EXCHANGE. The bank says so. No
> you
> are
> >> >> not qualified to speak on this thing.
Mar 18th 2003, 9:10 am
#66
Guest
Posts: n/a
Re: Canadian or US dollars?
>Subject: Re: Canadian or US dollars?
>From: [email protected] (Mick Travis)
>Date: 3/18/03 12:40 PM Atlantic Standard Time
>Message-id:
>Let's try this again. Please try to focus and answer the question.
>DO BANKS MAKE MONEY ON CURRENCY TRANSACTIONS?
>Yes or no.
>[email protected] (Aikido251) wrote in message
>news:...
>> Banks don't charge commisions on exchange rates transactions.
NO COMMISIONS ON CURRENCY TRANSACTIONS.
>From: [email protected] (Mick Travis)
>Date: 3/18/03 12:40 PM Atlantic Standard Time
>Message-id:
>Let's try this again. Please try to focus and answer the question.
>DO BANKS MAKE MONEY ON CURRENCY TRANSACTIONS?
>Yes or no.
>[email protected] (Aikido251) wrote in message
>news:...
>> Banks don't charge commisions on exchange rates transactions.
NO COMMISIONS ON CURRENCY TRANSACTIONS.
Mar 18th 2003, 2:01 pm
#67
Guest
Posts: n/a
Re: Canadian or US dollars?
Mike my friend, of course ALL banks and financial institutions make money on currency transactions. Only an idiot would say NO. They are private entities and in capitalism anything that's private MUST make a profit to stay in business. The issue here is, at least for me, the word "commission" when it comes to in-branch currency transaction. They, the banks, buy
hard-currencies from Bank of Canada at one rate (prime rate) and sell it to the public at a different rate which is obviously a higher one. Let's say CIBC buys US$ at a 1.48 rate and sell it to the public at a 1.50 rate. For me that's called PROFIT. But this profit is already INCLUDED in the in-branch rate for that particular hard-currency. So, if you want to buy US$100, and you know that CIBC sells US$ at 1.50 rate, you will pay exactly C$150 to get US$100. And NOTHING else on top of that rate. The word "commission" is always used by banks referring to UP-FRONT FEES customers
are charged for some specific bank transactions. One of them is for travelers cheques, some banks charge a commission to issue/cash travelers cheques, some don't. Also some other private financial institutions like Money-Mart charge you a commission, a percentage, to cash your cheque. And
if I am not wrong, Thomas Cook charge you an up-front commission for any currency transaction.
Therefore the whole issue here, the entire debate on this thread, is about the using of the word "commission" when it comes to in-branch currency transactions, commission being a bank fee that you MUST pay up-front to finalize that particular transaction. You refuse to pay it, because you think it's wrong (just one example), you will not be able to get the money, or whatever. In this regard, there is no commission, no fee, no service charge, you name it, to get US$, or GBP, or Euro, etc., from any bank in
Canada. Or if you know that a bank has charged you a fee to exchange you money, I would be extremely curios to hear about it. CIBC, the bank where I have some of my money, has never charged me any fee/commission anytime I bought US$ to go to the States or Europe.
To try to make a comparison, hope is a proper one, milk and coke, you go to any grocery store and buy milk, it says $3.10 per a 2-liter-carton and you pay $3.10, no taxes for milk. But for coke you pay tax, in Ontario is 15%, on top of the price you see posted on the shelf. And of course every grocery store makes a little profit on milk, they buy it cheaper and sell it a little higher. They are a private institutions and in capitalism a private business is never run by social activists! But everybody knows that there is no tax on milk. Please replace milk with US$ (or Euro, or GBP) and tax with commission and you will understand my point.
To be crystal clear, I am not trying at all to defend your "crossfire"
partner, I am just trying to bring some clarity into this so-long debated subject. I don't know if I was too successful. But at least I tried...
Regards,
Chris
"Mick Travis" wrote in message
news:[email protected]...
> Let's try this again. Please try to focus and answer the question.
> DO BANKS MAKE MONEY ON CURRENCY TRANSACTIONS?
> Yes or no.
hard-currencies from Bank of Canada at one rate (prime rate) and sell it to the public at a different rate which is obviously a higher one. Let's say CIBC buys US$ at a 1.48 rate and sell it to the public at a 1.50 rate. For me that's called PROFIT. But this profit is already INCLUDED in the in-branch rate for that particular hard-currency. So, if you want to buy US$100, and you know that CIBC sells US$ at 1.50 rate, you will pay exactly C$150 to get US$100. And NOTHING else on top of that rate. The word "commission" is always used by banks referring to UP-FRONT FEES customers
are charged for some specific bank transactions. One of them is for travelers cheques, some banks charge a commission to issue/cash travelers cheques, some don't. Also some other private financial institutions like Money-Mart charge you a commission, a percentage, to cash your cheque. And
if I am not wrong, Thomas Cook charge you an up-front commission for any currency transaction.
Therefore the whole issue here, the entire debate on this thread, is about the using of the word "commission" when it comes to in-branch currency transactions, commission being a bank fee that you MUST pay up-front to finalize that particular transaction. You refuse to pay it, because you think it's wrong (just one example), you will not be able to get the money, or whatever. In this regard, there is no commission, no fee, no service charge, you name it, to get US$, or GBP, or Euro, etc., from any bank in
Canada. Or if you know that a bank has charged you a fee to exchange you money, I would be extremely curios to hear about it. CIBC, the bank where I have some of my money, has never charged me any fee/commission anytime I bought US$ to go to the States or Europe.
To try to make a comparison, hope is a proper one, milk and coke, you go to any grocery store and buy milk, it says $3.10 per a 2-liter-carton and you pay $3.10, no taxes for milk. But for coke you pay tax, in Ontario is 15%, on top of the price you see posted on the shelf. And of course every grocery store makes a little profit on milk, they buy it cheaper and sell it a little higher. They are a private institutions and in capitalism a private business is never run by social activists! But everybody knows that there is no tax on milk. Please replace milk with US$ (or Euro, or GBP) and tax with commission and you will understand my point.
To be crystal clear, I am not trying at all to defend your "crossfire"
partner, I am just trying to bring some clarity into this so-long debated subject. I don't know if I was too successful. But at least I tried...
Regards,
Chris
"Mick Travis" wrote in message
news:[email protected]...
> Let's try this again. Please try to focus and answer the question.
> DO BANKS MAKE MONEY ON CURRENCY TRANSACTIONS?
> Yes or no.
Mar 18th 2003, 2:05 pm
#68
Guest
Posts: n/a
Re: Canadian or US dollars?
Chris wrote:
For
> me that's called PROFIT. But this profit is already INCLUDED in the
> in-branch rate for that particular hard-currency. So, if you want to buy
> US$100, and you know that CIBC sells US$ at 1.50 rate, you will pay exactly
> C$150 to get US$100. And NOTHING else on top of that rate. The word
> "commission" is always used by banks referring to UP-FRONT FEES customers
> are charged for some specific bank transactions.
As I explained many many moons ago ... what you are calling profit is an
implicit commission ... i.e. one that is buried in the rates and gives
the bank its profit. The other scenario is an explicit commission.
For
> me that's called PROFIT. But this profit is already INCLUDED in the
> in-branch rate for that particular hard-currency. So, if you want to buy
> US$100, and you know that CIBC sells US$ at 1.50 rate, you will pay exactly
> C$150 to get US$100. And NOTHING else on top of that rate. The word
> "commission" is always used by banks referring to UP-FRONT FEES customers
> are charged for some specific bank transactions.
As I explained many many moons ago ... what you are calling profit is an
implicit commission ... i.e. one that is buried in the rates and gives
the bank its profit. The other scenario is an explicit commission.
Mar 18th 2003, 2:49 pm
#69
Guest
Posts: n/a
Re: Canadian or US dollars?
Stuart, you have your own terminology, I have mine. For me capitalism is
based on profit and not on "implicit commissions". But with or without using
your own "implicit commission" terminology, can you get your US$ (or Euro,
or GBP) on your own terms/conditions? No. The rates posted by banks are all
locked-up for that particular day, and because you, as a private citizen,
are not allowed to buy currency directly from Bank of Canada, where are you
going to do in order to get your green bucks? Your "implicit commission"
(for me it's called profit) is the essence of capitalism, our daily life in
Canada is based or linked to "implicit commission" or profit. Therefore,
what's "implicit" shouldn't be discussed so passionately, unless you don't
agree with the notion of capitalism. What's "explicit", to use you own words
(not mine), should be addressed here, and that's how I tried from the
beginning to make my case: there is NO ("explicit") commission to exchange
money at regular in-branch banks (CIBC, Royal Bank, BMO, TD, etc.)
Regards,
Chris
"S B" wrote in message
news:[email protected]...
> Chris wrote:
> For
> > me that's called PROFIT. But this profit is already INCLUDED in the
> > in-branch rate for that particular hard-currency. So, if you want to buy
> > US$100, and you know that CIBC sells US$ at 1.50 rate, you will pay
exactly
> > C$150 to get US$100. And NOTHING else on top of that rate. The word
> > "commission" is always used by banks referring to UP-FRONT FEES
customers
> > are charged for some specific bank transactions.
> As I explained many many moons ago ... what you are calling profit is an
> implicit commission ... i.e. one that is buried in the rates and gives
> the bank its profit. The other scenario is an explicit commission.
based on profit and not on "implicit commissions". But with or without using
your own "implicit commission" terminology, can you get your US$ (or Euro,
or GBP) on your own terms/conditions? No. The rates posted by banks are all
locked-up for that particular day, and because you, as a private citizen,
are not allowed to buy currency directly from Bank of Canada, where are you
going to do in order to get your green bucks? Your "implicit commission"
(for me it's called profit) is the essence of capitalism, our daily life in
Canada is based or linked to "implicit commission" or profit. Therefore,
what's "implicit" shouldn't be discussed so passionately, unless you don't
agree with the notion of capitalism. What's "explicit", to use you own words
(not mine), should be addressed here, and that's how I tried from the
beginning to make my case: there is NO ("explicit") commission to exchange
money at regular in-branch banks (CIBC, Royal Bank, BMO, TD, etc.)
Regards,
Chris
"S B" wrote in message
news:[email protected]...
> Chris wrote:
> For
> > me that's called PROFIT. But this profit is already INCLUDED in the
> > in-branch rate for that particular hard-currency. So, if you want to buy
> > US$100, and you know that CIBC sells US$ at 1.50 rate, you will pay
exactly
> > C$150 to get US$100. And NOTHING else on top of that rate. The word
> > "commission" is always used by banks referring to UP-FRONT FEES
customers
> > are charged for some specific bank transactions.
> As I explained many many moons ago ... what you are calling profit is an
> implicit commission ... i.e. one that is buried in the rates and gives
> the bank its profit. The other scenario is an explicit commission.
