Exchange Rate


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Rednaxs60
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Exchange Rate

Postby Rednaxs60 » Wed Feb 24, 2016 11:01 am



Just looked at my VISA statement and checked on the exchange for some items from the US to Canada. Paid $0.44 for every dollar ($1.00 USD = $1.44 CDN), even with though I bought with our dollar at $0.71 to the US green back. Talk about getting fleeced. Our banks always make a profit regardless of whether the economy is up or down. Sure have to be inventive up here.

Ernest


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Re: Exchange Rate

Postby WingAdmin » Wed Feb 24, 2016 11:56 am

Rednaxs60 wrote:Just looked at my VISA statement and checked on the exchange for some items from the US to Canada. Paid $0.44 for every dollar ($1.00 USD = $1.44 CDN), even with though I bought with our dollar at $0.71 to the US green back. Talk about getting fleeced. Our banks always make a profit regardless of whether the economy is up or down. Sure have to be inventive up here.

Ernest


Yeah, the Canadian dollar has really tanked since the collapse of the oil price and closing of the Oil Sands in Alberta.

We've got a college fund still in Canada in trust for my son, and I'm just hoping the dollar recovers in the next couple of years before he needs to use it!

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Re: Exchange Rate

Postby Rednaxs60 » Wed Feb 24, 2016 12:12 pm

Yes we do take it on the chin!! The oil sands is still producing. For it to shut down, the pipes and other equipment would take a hit and the potential for an environmental issue would be not be good. Lol you, I want our dollar to go up. Cheers
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Re: Exchange Rate

Postby minimac » Wed Feb 24, 2016 12:26 pm

One of the prices you pay for "free" healthcare!

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Re: Exchange Rate

Postby Rednaxs60 » Wed Feb 24, 2016 12:41 pm

minimac wrote:One of the prices you pay for "free" healthcare!


Nothing is free - we just pay for it differently. Actually, we have a 3 tier system. Basic health care from taxes - services determined by the province. Supplemental, paid for by a person's after tax dollars and hopefully covers what the basic doesn't; and third, if you have the money, you can get whatever, whenever.

Just my thoughts on this free issue.

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Re: Exchange Rate

Postby themainviking » Thu Feb 25, 2016 1:30 pm

If you divide your Cdn $1 by .71 which is where the dollar is exchanging, you will find that it costs $1.408 (or a dollar and forty one cents) to buy a dollar US. VISA takes a fee for converting, and it is typically 2%. $1.44 looks about right to me. If you went to a bank and bought US cash, you would pay about the same exact amount per US dollar, because the bank gets the fee then.

As far as the reason for our dollar being low in comparison to the US dollar, it certainly ain't because of our medical system. Our taxes pay for that on a Cdn dollar basis. The reasons our dollar are down have to do with the drop of the price of oil, and the strength of the US dollar on the world market. The US has lots more dollars in world circulation than Canada could ever dream of. As our economy is very closely tied to our US trading partner, when their dollar drops, ours goes up, and when theirs becomes strong, ours drops.

It is obviously a US plot - :lol: :lol: :lol:
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Re: Exchange Rate

Postby Rednaxs60 » Thu Feb 25, 2016 1:52 pm

themainviking wrote:If you divide your Cdn $1 by .71 which is where the dollar is exchanging, you will find that it costs $1.408 (or a dollar and forty one cents) to buy a dollar US. VISA takes a fee for converting, and it is typically 2%. $1.44 looks about right to me. If you went to a bank and bought US cash, you would pay about the same exact amount per US dollar, because the bank gets the fee then.

As far as the reason for our dollar being low in comparison to the US dollar, it certainly ain't because of our medical system. Our taxes pay for that on a Cdn dollar basis. The reasons our dollar are down have to do with the drop of the price of oil, and the strength of the US dollar on the world market. The US has lots more dollars in world circulation than Canada could ever dream of. As our economy is very closely tied to our US trading partner, when their dollar drops, ours goes up, and when theirs becomes strong, ours drops.

It is obviously a US plot - :lol: :lol: :lol:


Totally agree, how our dollar is spent within Canada has no bearing on the international market. A conspiracy theorist could come up with a plausible scenario regarding Canada's ability to take its raw resources, refine and export is heavily influenced from without; however, this makes for good discussion over many beers, or at the new senior deli in Canada, McDs. Maybe we can recruit Jesse Ventura to do a Fifth Estate documentary on this!! LOL!!

Cheers
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Re: Exchange Rate

Postby themainviking » Fri Feb 26, 2016 9:23 am

Yep... The only really mundane discussion however, is why do we not have our own refineries in a large enough number to eliminate OUR reliance on foreign fossil fuels. We have the crude, but we export it, then purchase the refined product back. If we supplied our own needs, it would be a huge area of our economy that would not be so volatile. Lets work on that one. Pipelines to everywhere. You get a pipeline, you get a pipeline, you get a pipeline. We all get oil spills, LMFAO.
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Re: Exchange Rate

Postby Mh434 » Sat Feb 27, 2016 8:22 pm

Of course, our new Liberal federal government doesn't want any pipelines. Funny - they want to shut down all tanker ships transporting our crude AWAY from Canada, but have no problem with rattletrap Iberian ships loaded with petroleum products coming TO Canada. Not a lot of forethought going on there...

As for the dollar, I'm in the position of needing a LOT of car parts from the US at the moment. Great timing, eh? I suppose I could put my projects on hold (although I'm not getting any younger!) & wait for the dollar to rise, but with the new projected deficits I suspect taxes will rise and the dollar won't improve for quite a while.

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Re: Exchange Rate

Postby OldZX11Rider » Wed Mar 02, 2016 10:00 pm

Well if you want a dollar to dollar rate, come on down. Don't worry about all those pesky immigration rules and laws, no one else in the world is worried about them.
Get a job and get paid U.S. dollars, then when you visit Canada, the shoe will be on the other foot.
And I think I could get along much better with our northern neighbors. :lol:


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