Canadians saving our money?

[bazinga]

I wonder if our neighbors up north save our money when they find it in change. For them it's actually like making money since our dollar is stronger than theirs. With that thinking... would it be possible for them to make money going to the banks and pulling out all of the american money and then converting it to their monetary system?

 

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[Showtime]

I guess theoretically it's possible. But on that same thinking wouldn't the merchants where American money is spent be more vigilant in converting it themselves? But who knows what people do in order to collect coins. Especially those crazy Canadians :P Much love to our brothers up north!

 

[Immy]

I'm not sure what Canadians could do with our change since only paper money can be used in currency exchange. Once in awhile I get their loon dollars down here and my casino won't exchange 'em, only bills. I suppose they could bring them across the border and cash them in at US banks or Coinstars. Even with the 8% fee they'd make a profit.

 

[ianSF]

The US dollar has been steadily dropping against the Canadian dollar. They would be losing money if they hold our coinage too long. I sell on eBay and I accept payment in Canadian dollars also. Have a look at the 5 year chart for the Canadian dollar. Won't be long before the US and Canadian dollars are at parity.

http://finance.yahoo.com/q/bc?s=USDCAD=X&t=5y

 

[Immy]

Wow, considering the steady plunge maybe cashing in US coins at Coinstars wouldn't turn a profit, at least not much longer at that rate of descent. Thanks for the link Ian.

 

[bazinga]

Yeah, thanks for the info ian.

I knew that are dollar is becoming worse and worse almost every day, but I guess I just assumed we would always be better than the Canadians. Well I guess not, haha.

 

[UnknownBounty]

Ok, now NO we don't save all your money, its really not worth that much more, and NO we cannot make profit from getting lots and exchanging it. It would cost money for gas just to quickly hop across the border (i live right on it, litterally a leap and a jump). With the fee's taken, and exchange rates, we would probably lose some...

 

[goldinmypan]

I thought that the only exchange rate we were interested in was silver.

 

[bazinga]

Ok, now NO we don't save all your money, its really not worth that much more, and NO we cannot make profit from getting lots and exchanging it. It would cost money for gas just to quickly hop across the border (i live right on it, litterally a leap and a jump). With the fee's taken, and exchange rates, we would probably lose some...

Thanks for the info. I was just curious, that's all.

 

[Kodiak]

US coin is just given the same value as Canadian coin by merchants in Canada. You can get a US dollar bank account at some banks here (Royal Bank of Canada) and they will accept rolled US coin for deposits into US dollar accounts.
I have always put the US quarters I find in my change aside for my next trip to Vegas. Right now the difference isn't really a big deal, I mean I wouldn't go out of my way to look for it.
10 years ago the exchange rate was different. I worked for a vending company in Victoria B.C.. I would fill the machines and take the money out. There are a lot of american tourist that visit there. On my lunch brake I would go through the coin bags and take all the US coin out and replace it with Canadian money so everything balanced. The company I worked for would just roll all the coin together as Canadian anyway. I did quite well on the exchange. The $2 Canadian bill changers I had at some locations would take the US $20's some people would put in think it was a Canadian $2 bill and give them 8 quarters. I guess those people were thinking the sign on the bill changer said $20, I don't know. I would flip through the stacks of bills and usually find a couple of twenty's every few days. Like the $1 bill the $2 bill is all but totally gone now, replaced with the coin here. Good news of course for those of us with metal detectors. Lots of $1 and $2 finds.

 

[Paul in WA]

You got a problem with Canadians Brian? eh?.........just kidding (but I am Canadian) I have a bank account up in da Great White North, and I use to play the exchange rate game once in a while. Kind of fun if you have nothing better to do. But now that I am grown up (well, as grown up as I am willing to get) I don't mess with it because I don't have time. You would have to move a lot of funds to make any profit. With the way they watch things now, I am sure you would get some kind of notice to pay taxes on it, or stop doing it.

Paul

 

[bazinga]

Interesting info guys, thanks again!

 

[froggy38383]

I do save the American coins I come across while detecting as well as in my change. However a call to my bank revealed that all I would be given is par value in Canadian money for it.

Not worth it for me to make a trip to the states, it would cost me more for gasoline than all the change I have.

So for now it sits in a desk drawer.