USD$ almost at par with CAD$ again - GoFuckYourself.com

Socks · 09-09-2011, 11:15 AM

Hit .9978 today

Gooooo greenback!

Maybe I can stop stockpiling money I can't use around here sometime soon... :P

http://www.marketwatch.com/investing/currencies/tools

BlackCrayon · 09-09-2011, 11:18 AM

its still 97.2 at the bank though. theiving bastards.

Klen · 09-09-2011, 11:20 AM

Yes noticed dollar growing like crazy against all currencies.Any idea why?Dont remember when it was such a jump.

grumpy · 09-09-2011, 11:23 AM

the dollar is not growing, the rest is deflating.

Socks · 09-09-2011, 11:43 AM

Also when stocks dive, US$ rises. When people take the money out of the market, it has to go somewhere.

Here's something that bothered me for years, and it took a long time to find out the answer.

As BlackCrayon says, the bank doesn't give you the posted rates, you always get ~2.5% less. Yet they don't give you a receipt for this 2.5% fee. Why is it that the bank can charge me a 2.5% fee, and NOT GIVE ME A FUCKING RECEIPT?!!@$ If I got a receipt, I could claim that as an expense (which it is...) against my taxes.

So why is their fee never itemized on my withdrawal slip?

I asked tellers, branch managers, called 1-800 numbers of multiple banks - nobody could explain it to me.

Finally I asked on Reddit.

Turns out they treat money as a product. They're selling you this product. Their markup isn't an expense anymore than the 60% markup on Jeans at the mall is. So what they're charging isn't a "fee" at all, it's a profit margin.

Kenny B! · 09-09-2011, 11:44 AM

Ah the US$ can stay in the shitter for now, I'm not done buying property south of the border.

epitome · 09-09-2011, 12:23 PM

It feels like just yesterday US companies were rushing to move their call centers and other labor intensive positions to Canada to save 50%.

2MuchMark · 09-09-2011, 12:25 PM

Quote:

Originally Posted by epitome

It feels like just yesterday US companies were rushing to move their call centers and other labor intensive positions to Canada to save 50%.

Ah, the good old days..

Dvae · 09-09-2011, 02:39 PM

Quote:

Originally Posted by KlenTelaris

Yes noticed dollar growing like crazy against all currencies.Any idea why?Dont remember when it was such a jump.

As bad as the US situation is the the EU is worse

qwe · 09-09-2011, 02:41 PM

i know a way to convert your usd/cad at the market rate without banks bullshit fees, $1k for info

garce · 09-09-2011, 03:14 PM

I have a US account at TD Canada Trust and - perhaps because I've grown a relationship over the last thirteen years or so - I get an excellent exchange rate. A lot less than 2.5%.

On the other hand, CIBC absolutely rapes me on the exchange.

blackmonsters · 09-09-2011, 06:19 PM

Quote:

Originally Posted by Socks

Yet they don't give you a receipt for this 2.5% fee. Why is it that the bank can charge me a 2.5% fee, and NOT GIVE ME A FUCKING RECEIPT?!!@$ If I got a receipt, I could claim that as an expense (which it is...) against my taxes.

Because you don't actually have any "real money" until it is converted thus you
had no income until the teller put the money back into your hand which doesn't
include the 2.5% fee you paid.

alias · 09-09-2011, 07:10 PM

Noticed this as well.

Mutt · 09-09-2011, 09:18 PM

Quote:

Originally Posted by BlackCrayon

its still 97.2 at the bank though. theiving bastards.

you can say that again - and the same for Paypal.

Mutt · 09-09-2011, 09:51 PM

Quote:

Originally Posted by Socks

So what they're charging isn't a "fee" at all, it's a profit margin.

yes of course that's exactly what it is. and our fucking government allows it - it's rape. there is no way in hell that a bank can justify a 2.5% profit on currency exchange - it's robbery.

an analogy - i have been sent a nice birthday present by an American relative, a 100 dollar American bill inside a birthday card. I go off to the bank to exchange the US bill for Canadian money, they give me 97.50 Canadian. Oh well......... I walk out of my bank and suddenly it pops in my mind I have another American relative who is having a birthday next week and I want to send them a 100 dollar American bill in a birthday card. I go back to the teller - of course they won't give me the 100 dollar bill back i just deposited. So I ask to buy an American 100 dollar bill and I hand them the 97.50 - ohhhh, not enough, we're sorry.

and that goes on 24/7 365 days a year to the tune of billions and billions of dollars - ripping off Canadians going both ways on the same 100 dollar bill. and there's absolutely no justification for it other than the government and people let them get away with it.

Socks · 09-11-2011, 07:59 PM

USD going above par today for sure! .9990 in early morning Asia trading, US dollar going up today.

http://www.marketwatch.com/investing/currency/USDCAD

09-09-2011, 11:15 AM	#1
Socks Confirmed User Industry Role: Join Date: May 2002 Location: Toronto Posts: 8,478	USD$ almost at par with CAD$ again Hit .9978 today Gooooo greenback! Maybe I can stop stockpiling money I can't use around here sometime soon... :P http://www.marketwatch.com/investing/currencies/tools

09-09-2011, 11:18 AM	#2
BlackCrayon Too lazy to set a custom title Join Date: Jun 2003 Location: Ottawa Posts: 19,631	its still 97.2 at the bank though. theiving bastards. __________________ you don't know you're wearing a leash if you sit by the peg all day..

09-09-2011, 11:23 AM	#4
grumpy Too lazy to set a custom title Join Date: Jan 2002 Location: Holland Posts: 9,870	the dollar is not growing, the rest is deflating. __________________ Don't let greediness blur your vision \| You gotta let some shit slide icq - 441-456-888

09-09-2011, 11:44 AM	#6
Kenny B! Confirmed Abuser Industry Role: Join Date: Jun 2003 Location: Montreal Posts: 5,716	Ah the US$ can stay in the shitter for now, I'm not done buying property south of the border. __________________ Kenny -at- YourPaysitePartner.com Skype: kennyb514 Do business with us: Your Paysite Partner Kenny's Pennies Sticky Dollars Radical Cash Indie Bucks Stand Ahead Read My Ambush Interview Here

09-09-2011, 07:10 PM	#13
alias aliasx Join Date: Apr 2001 Posts: 19,010	Noticed this as well. __________________ https://porncorporation.com

09-09-2011, 11:20 AM	#3
Klen Industry Role: Join Date: Aug 2006 Location: Little Vienna Posts: 32,235	Yes noticed dollar growing like crazy against all currencies.Any idea why?Dont remember when it was such a jump.

09-09-2011, 11:43 AM	#5
Socks Confirmed User Industry Role: Join Date: May 2002 Location: Toronto Posts: 8,478	Also when stocks dive, US$ rises. When people take the money out of the market, it has to go somewhere. Here's something that bothered me for years, and it took a long time to find out the answer. As BlackCrayon says, the bank doesn't give you the posted rates, you always get ~2.5% less. Yet they don't give you a receipt for this 2.5% fee. Why is it that the bank can charge me a 2.5% fee, and NOT GIVE ME A FUCKING RECEIPT?!!@$ If I got a receipt, I could claim that as an expense (which it is...) against my taxes. So why is their fee never itemized on my withdrawal slip? I asked tellers, branch managers, called 1-800 numbers of multiple banks - nobody could explain it to me. Finally I asked on Reddit. Turns out they treat money as a product. They're selling you this product. Their markup isn't an expense anymore than the 60% markup on Jeans at the mall is. So what they're charging isn't a "fee" at all, it's a profit margin.

09-09-2011, 12:23 PM	#7
epitome So Fucking Lame Industry Role: Join Date: Jun 2009 Location: St. Petersburg, FL Posts: 12,158	It feels like just yesterday US companies were rushing to move their call centers and other labor intensive positions to Canada to save 50%.

09-09-2011, 02:41 PM	#10
qwe Confirmed User Join Date: Jul 2003 Posts: 2,109	i know a way to convert your usd/cad at the market rate without banks bullshit fees, $1k for info

09-09-2011, 03:14 PM	#11
garce Confirmed User Industry Role: Join Date: Oct 2001 Location: Toronto Posts: 7,103	I have a US account at TD Canada Trust and - perhaps because I've grown a relationship over the last thirteen years or so - I get an excellent exchange rate. A lot less than 2.5%. On the other hand, CIBC absolutely rapes me on the exchange.

09-11-2011, 07:59 PM	#16
Socks Confirmed User Industry Role: Join Date: May 2002 Location: Toronto Posts: 8,478	USD going above par today for sure! .9990 in early morning Asia trading, US dollar going up today. http://www.marketwatch.com/investing/currency/USDCAD