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CDN to US money exchange

CDN to US money exchange

Old Oct 27th 2002, 3:08 pm
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Default CDN to US money exchange

I recently made a move from Canada to the US for work. Now that we have been here for 6 months we are still trying to figure out the best way of getting some of our Canadian money exchanged, without losing half of it! I recently went to a local bank and was told that I would receive just over $9,000 USD for a $16,000CDN exchange. Is there anyone our there who knows of the best way to move money from one currency to the other, with the least amount of loss?

Thanks
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Old Oct 28th 2002, 1:58 am
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Default Re: CDN to US money exchange

Unfortunately there is not really any way around it. I face the same problem with transferring money from Australia. We lost even more than what you are facing (almost 2 to 1). The exchange rates don't really alter that much, usually hover around the same mark, give or take a few cents
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Old Oct 28th 2002, 3:33 am
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Default Re: CDN to US money exchange

Originally posted by Trimac
I recently made a move from Canada to the US for work. Now that we have been here for 6 months we are still trying to figure out the best way of getting some of our Canadian money exchanged, without losing half of it! I recently went to a local bank and was told that I would receive just over $9,000 USD for a $16,000CDN exchange. Is there anyone our there who knows of the best way to move money from one currency to the other, with the least amount of loss?

Thanks

Why is it we lose so much money from Cdn to US. can someone tell me the reason? and if I think that's bad Cdn to British Pound is even worse !!!!!!!!!!!!!
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Old Oct 29th 2002, 1:55 pm
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with CND you mean canadian Dollars? If yes, well, thats what the currency exchange is at the moment. You don't lose any money, you get the exakt same value, just in US-dollars (ok, maybe you have to pay a small percentage in bankfees). If you would transfer money from USD to CAD, you'd get more money (not more value!)

At the moment, you get 0.64 USD for 1 CAD, but that doesn't mean, you lose almost half of the value of your money, it's just that the exchange rate is not 1:1
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Old Oct 30th 2002, 5:16 am
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Originally posted by Ivonne
...... At the moment, you get 0.64 USD for 1 CAD, but that doesn't mean, you lose almost half of the value of your money, it's just that the exchange rate is not 1:1
If you want "more" money, why not trade your C$ for Turkish lira? You could expect over 1 million Turkish lira for each of your Canadian dollars!
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Old Oct 30th 2002, 2:32 pm
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Did you mean to adress me? I know of the fact of currency exchange rates and their meaning. I just replied to the original posting.
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Old Oct 30th 2002, 7:52 pm
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Originally posted by Ivonne
Did you mean to adress me? I know of the fact of currency exchange rates and their meaning. I just replied to the original posting.
Sorry Ivonne, I didn't mean to make it look like I was addressing you, I just added what I saw as a foot-note to your posting.
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Old Nov 8th 2002, 7:13 pm
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Default Re: CDN to US money exchange

Originally posted by Trimac
I recently made a move from Canada to the US for work. Now that we have been here for 6 months we are still trying to figure out the best way of getting some of our Canadian money exchanged, without losing half of it! I recently went to a local bank and was told that I would receive just over $9,000 USD for a $16,000CDN exchange. Is there anyone our there who knows of the best way to move money from one currency to the other, with the least amount of loss?

Thanks
Use your ATM (automatic telller machine) card that was issued in Canada. You can get cash at any ATM, and you get the most current rate, without any transfer fees if your Canadian Bank is a partner with the American bank who owns the ATM. Nevertheless, the exchange rate is the best you can get even with transfer fees.
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