American Dollars
Do Canadian grocery stores, gas stations, etc. accept american dollars? If so, do they charge a fee or are they happy to get the US dollars that are worth more? My US credit card will bill me at the...
Forum Discussion
dieharder wrote:
Many businesses either do not accept the US$, or will offer something way below value for it. That's mainly because of the cost of maintaining a US $ account. We used to many years ago, but stopped because the few US$ transactions we got every now and then weren't worth the expense of the account.
Things may have changed over the years. Our US$ account has no fees, pays(a small)interest and we have the advantage of doing a bank transfer from C$ to US$ on-line, the funds go to paying our US$ credit card (again on-line). Other than the "spread" the bank makes on the currency conversion (probably the same as you would get converting at your bank branch) there are no fees.
I hope to work on the spread issue this winter by having our investment guy do the conversion on their currency trading desk (with no fees), I should get a better rate than at the bank, then I'll move it electronically into our US$ account. I'll do a comparison with the bank's rate and see what I'm saving.
