Casino Windsor - US/CAN Currency Exchange, general questions

[AZK]

Hey guys, wasn't sure where to post this, so figured this might be the best place.

I play regularly at Casino Windsor and everytime end up exchanging US to canadian when I sit down, and then back when I leave. I realize this is nit picking but, what is the best way to go about this? Should I exchange back everytime I play, should I keep several buyins in Canadian and just play with that? Is there any merit to checking out when the dollar is strong/weak and then cashing in/out accordingly (I would imagine you could make up several 100 dollars by doing this)? When you cashout the casino takes a cut, but they claim it's still better than any exchange rate you would get at the border or at a bank...is this true, bogus etc? Any points would be much appreciated. Thanks.

[Randy_Refeld]

I have not been in Windsor since 1998 but when I needed to exchange money I always went by the casino on the way to the poker game because it was the best exchange rate. I would keep some money in CAN instead of paying the vig back and forth all the time.

[mrkilla]

the obvious answer is keep it canadian if you can. open a bacnk account etc especially if you do it enough. Then use that money to buy god in Canada and bring it back.
But heres the thing what good is 30k of monopoly money?
Another thing to consider is exchange rate, the dollar is tanking so you could increase your winnings by holding out , its almost 1-1 when it finally gets there cash out /images/graemlins/smile.gif

[Siegmund]

The only general advice I can give is shop around before deciding where to exchange.

My experience (in the west, not ON/MI) has been that I get a better exchange in Canada than I do in the US, and *somewhere* in most every town there is somewhere that wants tourist business enough to give them a good exchange rate - most often for me it's been the front desk of a small locally-owned hotel I am staying at that will match or beat the official rate.

I wouldn't just take the casino at its word, but it is certainly possible they offer you a better rate than a bank would to win your business. It's also possible they gouge you like they do with the huuuuge ATM and cash advance fees if you use the on-site machines.

And yes, if you play regularly, you might want to keep a few buyins worth of Canadian money, and just convert and bring back winnings periodically.

[slamdunkpro]

Right now the CAD is about $1.21 to $1.00 USD. I've seen it as high as $1.51.

My advise, since you live so close is open a Canadian Bank account with an ATM card and keep a small bankroll in that. Deposit your winnings and watch the rates. if the CAD spikes then use your Canadian ATM in the US to pull funds.

My wife and I own a Ski Condo in Canada and we use this system. We've found that the Canadian banks offer the best US to CAD exchange rates.

THere is no point in converting back and forth every time sine you then pay a commision on both transactions.

[stinkypete]

[ QUOTE ]
Then use that money to buy god in Canada and bring it back.

[/ QUOTE ]

i don't think god is for sale.

[RydenStoompala]

FYI, one of the largest daily line entries on the Casino Windsor ledger is the exchange profit. While the margin is small in relation to banks, the casino gets so MUCH CASH from our American friends that it is the next-largest profit center next to the slot machines. You wont make enough over the long run to be currency speculating with poker buy-ins so I would just keep buying and selling on each trip. You dont want a Canadian dollar bank account. Your Homeland Security people will think you are up to "no good" up here and start following you around and bugging your phones. Then, when you're late getting home some morning, the border guys will strip you naked and you'll wake up at Guantonamo playing Razz with three guys name Akmir, Mounir and Farad who were happily driving taxis in New York right up until they flashed Canadian cash.

You dont want to go there.

[chief444]

Yeah, just keep some Canadian cash is easiest anyway. I travel there every month or so and that's all I do. When I do need to exchange it I just do at the airport when I fly in since there's no fee.

I'm no financial whiz, but I know I can buy a lot more than 124% of goods and services in the US with a US dollar than I can in Canada with a Canadian dollar right now. So I would think the rate would continue it's recent trend. But I don't know enough about it to bother and it's easier just to keep the cash whenever I go there.

[mrkilla]

depends what religion were talking about, but thats a discussion for the pysch forum /images/graemlins/smile.gif

[mrkilla]

[ QUOTE ]
Then, when you're late getting home some morning, the border guys will strip you naked and you'll wake up at Guantonamo playing Razz with three guys name Akmir, Mounir and Farad who were happily driving taxis in New York right up until they flashed Canadian cash.


[/ QUOTE ]
OH NO ANYTHING BUT RAZZ

[stinkypete]

[ QUOTE ]
When I do need to exchange it I just do at the airport when I fly in since there's no fee.

[/ QUOTE ]

right... dream on

[chief444]

At the Canadian airport I fly into there is no fee for exchanging currency and it's always exchanged at the current rate. It surprised me as well. But there is no fee.

[Siegmund]

No fee would be a heck of a deal, if true. I am skeptical.

I can tell you that I've seen the buy and sell prices at the Vancouver airport only 1.5 or 2 cents apart, while they were 6 cents apart in Seattle the same day. Many, many places in Canada the loss on exchange is only 1 or 2 cents, if you keep your eyes open.

[chief444]

I believe it's a service provided by the airline to ticketed passengers. It's a relatively small airport so they only have international flights to the US. And I think there's a limit something like 1k.

My point was I still just carry both currencies since it's still easier than stopping every time. I stop and reload every few trips as needed.

I do know two people who have both US and Canadian bank accounts and they've never mentioned any issues going through immigration as a result. Although they're both Canadian citizens so it may raise a red flag the other way around.