Crossing the border to gamble: Currency Exchange

[Brain]

If you go often, just keep some in $CDN? This is probably a dumb idea and that fact will be pointed out to me shortly.

[DavidC]

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If you go often, just keep some in $CDN? This is probably a dumb idea and that fact will be pointed out to me shortly.

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No, I think this is a great idea, as long as you're continuously using the money. Basically the cost of continuously converting cash would significantly cut into your capital after a while... The better option is to take some currency risk in the short term while saving on the conversion costs.

In response to Benal, I'll confirm that Niagara / Fallsview convert at different rates each direction (which I'm like 99.9995% sure is correct), and I'll do a trial run doing both conversions at Fallsview to see if it comes out cheaper than last time doing one conversion at each casino.

I'll bump this thread with the results, but I wouldn't expect them for a few months. [img]/images/graemlins/smile.gif[/img]

[dicelumpY2005]

Used to live near the boarder...forgot what the correct strategy was (i.e. where to go exchange first, where to exchange it back, etc...) I do know we used to laugh...you could hand in $1000 US at Casino Niagara, get $1300 Canadian..hand it right back for exchange and end up with $970 US.

[Benal]

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I'll confirm that Niagara / Fallsview convert at different rates each direction

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I know for a fact they do.

I know it might be a hassle, but I agree that its best to keep some CDN on hand - just like keep some USD on hand for when I go to the US.

Also - the casino is not likely to give you a particularly good rate. In Canada, the best rates are generally given by the banks - or by American Express. I don't know what banks in the US give exchanges.

Also - I would keep track of the exchange rates. Currently, the Canadian $ is trading at about 81 cents US - that is a particularly good rate and is not likely to go much higher for the time being. However, there is a decent chance that it will drop and settle around 75 cents.

[Randy_Refeld]

I used to play in a private game in Canada many years ago (1998) and they didn't ahvea a great exchange rate, but they let you have you buy in back juice free: buy in $500 US get whatever it was in CAN, give that back for your $500 US, but you profit you needed to take to a bank or casino or whatever to get USD.