RIM

[oneoff]

Mastercard and Visa also charge you big time to exchange from one currency to another. Its just as bad as your local bank or Credit Union on small amounts.
The whole point is that just about everybody pays about 2.5% above the exchange rate to get another countries coin of the realm. You can even get caught cashing a US cheque to get Canadian money; and once again paying to get some US dollars. From my experience; thats the real world for the average consumer. Don't worry; I know that the few smart people have had ways around these rip offs for years. Still its true that the ordinary consumer has a maxed out set of credit cards and not $20,000 to $50,000 of spare cash.
You'd see my points if you could grasp the plight of cash strapped and debt burdened persons that outnumber the financially savy persons.
As far as not buying US money at this time; why wouldn't you cover any current US purchases by prudently minimizing exchange rate fees. The Canadian government has deliberately knocked the props out from under a near par dollar about 4 times in the last year. It sure wouldn't suprise me if it happens another time or twenty. When the Republicans get more strength in government; the "industry" will try to make it look like their recovery is inevitable.
I agree that the US economy is on the ropes on many fronts; but they are still an elephant; and even sick ones should be treated with respect and watched closely.

[fjlip]

12C today, 10C colder than Swift. NO global f'ing warming in NE Sk. Snow banks, water, just sickening to look at. Was in Regina on weekend, felt like SUMMER! Lucky you if you're NOT here.

[oneoff]

Oh!
I am told that exchange rates and fees across the line are commonly even higher than we are used to in Canada. Impulse buying and then trying to barter a good conversion exchange rate (including the fee for the transaction) is liable to be easier said than done.
You try wiring money (or equivalant) on a moments notice when you don't have money on hand in that same institution and the first time you do it you will wonder what else can go wrong.
Sure there are ways around everything; and when everyone knows exactly how the international money system should work there should be no problems. But the clerk in Menards or the machinery salesman; and even their supervisors aren't bank managers or better.
Still it is well worth learning the lessons to buy whole classes of merchandize at about 20% to 50% discounts.
And no there isn't duty on anything produced in the US or Mexico (except supply managed commodities; clothing and some other exceptions you run into once in a while.) Their US customs also seems to be on a kick to thwart export of US ammo; strategic computer software and whatever else they might be worried would contribute to their insecurities. Best to avoid those classes of goods; no matter what your intentions. US customs can (AND DO) their own searches just before you get to the Canadian customs offices. Best to keep yor nose clean.

[parsley]

RBC offers a free service for US money orders, each one under $9,999. No fees if you have a certain kind of account.

Buy the money order with Can$ and the money order is made out in US dollars.

We use it all the time. Pars

[oneoff]

Of course I forget liquor and cigarettes. They aren't necessities anyway.... are they?
Saskfarmer... Do the math on credit cards and their day rates and tell me if there isn't als about 2.5% extra owed by you for their exchange rate fee. And no; that is on top of the merchant's fee which we are all paying in the price of the merchant's goods.
Opening an account in a US bank is problematic in some ways. You need a social security number and our SIN (Social Insurance Number) isn't what they want. Without US identification they won't give you their credit card; but you can get a debit card. Along with a US shipping address for your eBay (etc. ) purchase; you can get a confirmed shipping address with Paypal; and then you're home free to be your own importer of personal goods into Canada. Canada customs frowns (but usually not too hard for relatively small and infrequent imports) on "business importing". Then you're in the realm of brokers (or some extra paperwork on your own part); a business numbers; codes etc. Its best to check and double check everything prior to the actual deal; because there are some things that you would never think are prohibited because of the most implausable logic (eg. daytime running lights on vehicles that could be turned on by the vehicles computer to turn it into a hearse if you were so inclined. Problem is that the vehicle also knows it was not destined for Canada and thus this function can never be activated). Similarly for anti theft functions that only applied to Canadian produced vehicles (initially at least).
And yes; farming is considered as a business by Canada Customs. Go figure
Still programs like "Own use import" were very refreshing in their day. Too refreshing to keep.

[SASKFARMER3]

One off i don't have time to discuss with you the US dollar but how come the folks for 22 years have had a checking account in Phoenix and also have a us visa card etc. For 22 years the checking account really simple.

[oneoff]

Its the details that prove whether you know what you are talking about. Leave those facts out; or not be prepared to prove your point and you are just blowing hot air.
Sure your current credit card may work near world wide. It also may just be being used as a debit card as long as you have funds that don't trigger a negative balance in your account balance.
There is also the possibility that the US rules have changed since 911. To even get a US post office box; you now have to provide two pieces of documentation documentation before USPS will even place mail in your box. That also applies to anyone else using that same PO Box.


And further; does anyone other than the agri-ville regulars even read any of these posts.
I don't have the time to provide information to a few people who casually say they have no time to discuss topics that they bring up the first place. If you've got aweak argument; then keep it to yourself.

[SASKFARMER3]

Ok one off explain why we have a post office box in Phoenix for 20 plus years and a US checking account in Minot and In Phoenix.
Father Inlaw has one in Montana to do sales.

[oneoff]

Parsley Just because a money order or draft has no service charge attached to it; doesn't mean there is no fee on top of the exchange rate that everyone has to pay. There is another layer of charges involved that no bank is going to such up without charging up front.
That charge is what I would call an exchange fee. It covers their broker or agent who purchases and exchanges US dollars for Canadian ones (or vice versa); or more likely just shifts the money from one pile to another as long as their customers and friends need about the same amount from each pile. No bank or Credit Union is going to do that for free; because as they would tell you there is risk of the rates changing; costs for the paperwork and persons involved in the transactions etc. etc.
As already stated, you can't avoid that same exchange fee by using a credit card attached to other than the funds of a certain bank account in the country from which it was originally applied for. And I be interested in the steps someone says you follow to get a credit card from your friendly US bank. I've been told by a major major US bank that it can't be done.

[parsley]

I pay an exchange rate for all different kinds of money I buy with Canadian dollars.

Euros. marks.American dollars. Krona. British pound.

But I can send a US money order with no additional fee charged for this bank money order. Only the exchange rate is charged. I used my account to send a money order for my neighbor, otherwise it would have cost him an additional $35.00 on top of his exchange costs. Pars

[wedino]

Cheapest I can find for small amounts is Custom House (now Western Union) Charge 1.25% to do the transfer. EFT (take money from Canadian bank & deposit in US bank account).

RBC charges me 2% & I need a US RBC bank account & need to carry a $700 balance or they charge more fees.

http://onlinefx.westernunion.com/funding-and-payment-types/

[oneoff]

In summary; like Larry Weber and myself have said;
For currency exchanges (Canadian to US dollars involving say $20,000 to $50,000) there is no reason to pay more than in the order of a quarter of a percent fee for the exchange (0.25%).
Anyone who thinks they are getting it for free by using a credit card; free money order or any special package account deal from their favorite banking institution is naive and is actually paying 2% to 5% if they could do the math.
For small amounts that may be quite acceptable for the convenience and lack of other viable options. But supposedly worldly people are missing the differences between "day rates" (that our nickel and dime service charge institutions use to make their huge profits); Bank of Canada exchange rates; flucuating by the second money Canadian to US exchange values; brokers acting on your instructions to buy tens of thousands of US dollars right now; exchange fees that the money changers are not going to lower to 0% let alone do for a loss etc. etc.
You can save the recipient some "$35.00" fee by choosing the correct money order. But don't think you aren't on average paying about 2 1/2% to 5% more than what the exchange rate should really be.

[boarderbloke]

Thanks for all the responces and ideas. Will do more checking it to better rates, at some point I will turn some money.