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Exchange Rate is terrible...

Discussion in 'Non-Vegas Chat' started by Jordan, Aug 10, 2015.

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  1. Jordan

    Jordan Caveman

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    I finally sucked it up and went to the bank this morning to fuel up for Vegas on Thursday morning.

    A much lighter BR this trip, but it certainly STUNG on the exchange, $6500 USD cost me $8740...OUCH! I guess I'm gonna try to make that last for the entire 6 days, and avoid the ATM like the plague!
     
  2. Nevyn

    Nevyn VIP Whale

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    Think positive, win big, then enjoy watching it get bigger when you change it back.

    Although you can then grumble about the cut the bank takes from the true exchange rate.
     
  3. Jordan

    Jordan Caveman

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    Oh, I have no where to go but up my friend, I'm thinking this will be a VERY profitable trip! keep an eye out for some handpay pics for sure!
     
  4. PayTriple

    PayTriple The Cucumber King

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    Shifter was right about how to think about the exchange rate and your bankroll: it doesn't matter, as long as you exchange back at the same rate.
    See you soon, perhaps?
     
  5. Jordan

    Jordan Caveman

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    I'm starting off with 3500 less than I usually bring to start (that whole crossing the border with 10k thing), the big challenge is to not hit the ATM like the savage that I am multiple times ;)

    We will definitely have to hook up for a drink or 20 (Verbena, Jordan whatever you prefer). Maybe even sneak in a meal depending on the timing. I have to pop over to Cosmo to collect some free play, and I may have the better half in tow, so I'll be less of a savage than normal, but it would be nice to put a face to a name!

    I'm in on Thursday morning, so shoot me a PM when you wanna hook up!
     
  6. VegasChic-

    VegasChic- VIP Whale

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    Banks don't make enough $$ exchanging it back at the same rate, hence, they won't and don't...you get it from both ends on exchange. It SUCKS, just have to consider it part of entertainment cost, like inflated drink prices....okay so long as the experience of spending it is a blast!

    Have fun & good luck!!
     
  7. Jordan

    Jordan Caveman

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    Thanks missus, I did the exchange purposely 3 days before so it wouldn't be fresh in my mind....by Thursday morning I'll have myself convinced it was 1-1 ;)

    Always have a wicked time in Vegas so can't wait to spend it...woohooo!!!
     
  8. Nevyn

    Nevyn VIP Whale

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    The banks cut sucks, but is a factor even when the rate doesn't suck.
     
  9. 63hearts

    63hearts Low-Roller

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    That's why I happy to have room and most food comped, but no doubt it sucks. Less than a week now for me....:
     
  10. avg35

    avg35 Tourist

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    is this Canadian to dollar?
     
  11. Jordan

    Jordan Caveman

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    Yes Canadian DOLLAR to US DOLLAR....
     
  12. newmans

    newmans VIP Whale

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    If you are doing your fx transactions at a major bank, the spread is 600 basis points.
    So...... for example, you buy at 1.34 and sell at 1.28.
    The bank currency spread is egregious.

    It is similar to a credit card. If you use a Canadian dollar credit card to purchase something in US$$ and then return the same item, the credit card company will spread the currency about 600 basis points as well.
     
  13. PayTriple

    PayTriple The Cucumber King

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    But as Nevyn pointed out, this bank currency spread occurs irrespective of the underlying exchange rate.
    So the actually rate itself doesn't really matter. While it is painful to buy USD at a higher CD rate than in the past, it is pleasurable to buy back CD at the same higher rate at the end of a winning trip.
     
  14. breanna61

    breanna61 Super Moderator

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    It hurts; I have enough left in my US account to fund September's trip so I hope it's a winning trip or I may re-think going in December if the exchange rate doesn't improve.
     
  15. mdee

    mdee VIP Whale

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    Just came home from a trip to Canada. Getting money before the trip was sweet! Almost like my US Bank offering me FREEPLAY haha!
    I brought some CAD home that I need to exchange. It will sting a tad but not so bad. A bank has better rates than other places like at the Airport!

    Your Money doesn't fold very well that's for sure and I heard that the plastic window could melt in some cases. Any truth to that?
    I stayed at the River Rock in Vancouver a few nights and it was weird putting that beautiful money in a slot machine!
     
  16. Char1

    Char1 High-Roller

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    Yes in extreme heat, i.e. left in a car on a hot day It will melt like and old CD.
    :)
     
    May 28-June 2
  17. Nevyn

    Nevyn VIP Whale

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    Haven't heard of it melting, but I would not be shocked.

    On the plus side, the plastic money does not tear and lasts far longer while being tougher to counterfeit.

    But its a PITA to handle.
     
  18. newmans

    newmans VIP Whale

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    My point was if the dollar was the same spot rate when you bought and sold back, you'd still lose because of the spread. The only way you would sell your US$$ at the same buy rate would be if the CDN$$ appreciated by 300 basis points (to cover the bank's spread).
     
  19. PayTriple

    PayTriple The Cucumber King

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    I should have used "underlying rate", since the bank is going to take it's cut anyway.
     
  20. pleepleus

    pleepleus 2016 - The monkey is back

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    Why don't you get a credit line so you don't get burned on the exchange rate if you win or on funds that you don't use?
     
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