1. Welcome to VegasMessageBoard
    It appears you are visiting our community as a guest.
    In order to view full-size images, participate in discussions, vote in polls, etc, you will need to Log in or Register.

Where to convert CAD?

Discussion in 'Misc. Vegas Chat' started by dernsky, Jun 1, 2012.

Thread Status:
Not open for further replies.
  1. dernsky

    dernsky Low-Roller

    Joined:
    Apr 14, 2012
    Messages:
    121
    Location:
    calgary
    Trips to Las Vegas:
    58
    will be in vegas (the paris) june 4, just wondering is it better to convert your cad to usd in canada or your hotel? which gives better rates.:beer:
     
  2. Sallymander

    Sallymander Low-Roller

    Joined:
    Sep 1, 2004
    Messages:
    400
    Location:
    near Calgary
    Trips to Las Vegas:
    70
    I always buy US$ in Canada at my bank when the exchange is strong...if I need extra $$ when I'm there then I'll use an ATM...it gives you the daily rate automatically. The hotel will give you the worst rate.
    We're going to be at the Paris hotel too June 3-8! :banana: Have fun and good luck!!
     
  3. richardinbc

    richardinbc Low-Roller

    Joined:
    Oct 29, 2002
    Messages:
    245
    Location:
    Mission B.C.
    Trips to Las Vegas:
    10
    I agree exchange your money in Canada, the casinos no longer give you a preferential exchange rate.
     
  4. techie223

    techie223 High-Roller

    Joined:
    Jun 17, 2010
    Messages:
    967
    Location:
    Ottawa Canada
    Trips to Las Vegas:
    17
    In Canada probably best, but if you're heading to Fremont St, the Golden Gate players club has a 5% bonus on free play or match play, up to $200 for converting CAD.

    Not sure of the exchange rate though.
     
  5. Auggie

    Auggie Dovahkiin

    Joined:
    Jan 8, 2009
    Messages:
    5,749
    Location:
    Burnaby, BC
    Trips to Las Vegas:
    14
    I think the answer to this question isn't that simple...

    First, my personal opinion: I think you should go with whatever is the most convenient to you and whatever makes you feel safest.

    It is the value of the Canadian Dollar that means the most in exchanging your money - the overall difference in exchange rates doesn't amount to much, so much so that if you hunt down and find the best rate in your area the difference between that and the average rate in your area is probably only going to be about 0.4 to 0.6 percent... or in other words about $4-6 per $1,000 you exchange.


    As for where to exchange money:
    There are a lot of different options, but I would say the main ones are:
    A bank in Canada
    A currency exchange in Canada
    A currency exchange in Las Vegas
    At the casino in Las Vegas
    Use an ATM in Las Vegas


    A currency exchange in Las Vegas
    This is not a good option. The rates won't be as good as back in Canada and they aren't really conveniently located for the average person in Las Vegas. So even if they had good rates its not really going to make sense to spend $25-30 to get to and from a currency exchange in the hope of saving $5-10 on the exchange rate.

    A bank in Canada
    The big question here is going to be: will they do it without fees?
    Used to be you could get traveller's cheques and buy US funds from your local bank at just the exchange rate, but now more and more banks are charging fees for these services.

    A currency exchange in Canada
    These should have the overall best exchange rates.
    For these you want to use the smaller locations in strip malls or out of the way locations... you don't want to use the one at the big luxury mall or down at the airport or in the heart of the tourist district of your local city.
    They generally have the best exchange rates because the banks don't have to compete with eachother, they just make money everytime somebody buys or sells a foreign currency... the exchanges do actually compete with the banks and try to get people to come to them with better rates.
    The disadvantage of the currency exchanges are that it does depend on how much money they have on hand for what they can exchange and that your money is going to be in cash form, not traveller's cheques like you could get from your bank.

    At the casino in Las Vegas
    The casinos may or may not offer you a good exchange rate. It really depends on the casino.
    However there is a special advantage to exchanging your money at the casino: when they buy Canadian money off you they will give you a receipt and you have 24 hours where you can come back and buy back your Canadian money (or up to it) at the exact same rate you sold it at.
    Like if the US dollar and Canadian dollar were at par the bank might sell to you at 1.015% and buy back from you at 0.985% if you did that at the casino and they sell it to you at 1.015% then you can come back within 24 hours and they will buy it back off you (up to the amount of your original purchase) at the same 1.015%

    Use an ATM in Las Vegas
    Yes, it costs money to use ATMs in Las Vegas, usually $3-7... but thats not bad if you are taking out $1000 at a time because it works out to as if you had given up 0.3-0.7% on the exchange rate.
    The advantage to using the ATM is that you only convert the money you need, which can work out well if you have a mid to large sized bankroll or play low variance games and/or a low variance style. The disadvantage is that its probably going to be one of the worst exchanges on your money (but then this goes back to the original point I had: that even the worst exchange rates aren't that big a difference and that the dollar going up or down a few basis points will have a bigger impact).


    Overall what we do is we buy cash from a local currency exchange, usually enough to get us through the first day and a half, and then just use ATMs to get the rest out as/if we need it.
     
  6. Royal Flusher

    Royal Flusher Savvy Gambler

    Joined:
    Feb 18, 2008
    Messages:
    5,504
    Location:
    Flusherville, Canada
    Trips to Las Vegas:
    57
  7. engicedave

    engicedave VIP Whale

    Joined:
    Aug 27, 2005
    Messages:
    1,066
    Why not just wire CAD to your hotel/casino, and they'll give you converted USD
    Probably no fees or commissions

    MY travel experiences (mostly to Europe), is to avoid any airport exchange kiosk because they jack you on a bad rate PLUS a fee and commission.
    Getting a US bank to exchange can be tricky, some will, some won't and most all will have a fee.

    My suggestion, unless we're talking a large amount (then you should just wire to casino anyway) just use a bank ATM, you'll get that day's bank exchange rate and one single fee, not a fee or commission based on amount. When I go to Europe, my first stop is an ATM, usually in baggage claim, and it's like a $4 fee and the exchange is a regular exchange rate, not some jacked up rate
     
Tags:
Thread Status:
Not open for further replies.