I got hosed!!!
 

:x

I just gave a bank $500 CDN.

I got $474 US in return.

How the #%^&% does that make any sense? I must not be understanding something.

This is from their website:

https://i56.photobucket.com/albums/g...0/Picture3.png

$1 CDN is worth less than $1 USD

Hmm, Yahoo tells me $500 CAD should be worth $501.45 USD currently.

According to the exchange rate of 1.003, 500.00 CAD = 501.682 USD. :?

You got hosed. Got a receipt?

Someone converted the wrong way?

service fee?

When the lady told me what I was getting back, all she said was "the rate is .94"

That's a lot different than what I know to be the rate.

No fee.

thats what im thinkin :?

it is exactly $25 dollars less than it should be...5% service fee?

If you look at the bottom chart, it looks like they converted the wrong way IMO. Instead of CDN to US, they did US to CDN, which gave me $47x.00. :?

Me and my supervisor here at work are confused by how this works now.

If 1.00 USD = 0.996398 CAD, then I USD will always be a higher number.

I'm pissed I didn't protest like this when I was at the bank. I don't have a receipt of this exchange, but they know me. I'm going back tomorrow.

Well here's the story:

I went to Bank of America, asked if they exchange.
She said I had to open an account. :roll:

So I did. I had to deposit $25 into it, which would be done AFTER I exchanged the money.

I gave them $500 CDN to exchange.

She said I was getting $474.xx. I said that's fine, assuming that's AFTER I gave them the deposit. She said that would be BEFORE I made the deposit.

I now have $449.76

:?



you got hosed, go back and raise hell

they converted BACKWARDS.

Thats what you would get if you gave them 500 USD...but even that is too low.

500 Canadian dollars = 501.6555 U.S. dollars

500 U.S. dollars = 498.349963 Canadian dollars

Doing it either way...it just doesn't make sense.

IDK if this applies, but this is from their site:

I didn't order foreign currency though. I exchanged foreign for USD. She did ask if $474.xx was ok, so I feel like they're going to screw me by saying "You agreed, it's final."

They converted wrong though IMO. If I am wrong someone please tell me!!

Going by what SHE SAID, a rate of .94, how did I end up with less? (rhetorical question)

you can at least go talk to them and ask them about, even if you dont get your $$ back, you can at least understand whats going on and such and know that for when you go back again. have you checked to see if she double deposited in the account you opened?

If they don't make it right, call the FDIC.

No double deposit. I'm going back. I didn't even need another bank account. I'll try to get what I should have, and as soon as I can, I'm taking that $25 out of my account and closing it.

the canadian dollar passed the usd? where have i been?

to late now but, Why didn't you exchange it before you left Canada?



Oh and Dude, You got hosed :P

THAT stinks..

Yeah perhaps you should have changed it up here.. but still the Canadian dollar is at par or just slightly higher..

Can you go somewhere else and exchange it??

fdic is just for insuring a customers deposit in case the bank goes under ;)

As of today's closing the Canadian Dollar is trading at 1.0032 which is higher than the US dollar. If you have an account with the TD Bank, they usually charge you 2% meaning for every US dollar it will cost you 1.0182. It would appeart that the institusion you did the exchange at either made a mistake or charged a very high fee.

Pick up a newspaper... :roll:

The miscalculated, plain and simple, pretty careless of a serious bank to do that.

I would have exchanged it in Canada. I wanted to, but I took a bus back home though which made it more complicated. Plus I didn't think it would be an issue. As of Sunday the CDN dollar was pretty much equal to the American dollar. I figured I'd get almost the same.

But I got about 20% less. She said the rate was .94. IDK if she meant that $1 USD = .94¢ CDN or $1 CDN = .94¢ USD. But I got back $25 less and according to the table I posted on the fist page, $500 CDN = $529 USD. I have been trying to see how I could be wrong in this, but I don't think I am.

Wait a second, you were in Ontario last weekend???????

You didn't get hosed. You agreed to an exchange rate of .974XXXX USD to every CAD. The market trading value of a currency is not necessarily the conversion rate a bank will give you for that currency.

Think of interest rates. The Fed may state the current rate is 3%.. most banks are offering 3.5-5%. ;)

My Canadian friends always give me USD... My fake Canadian friends give me CAD's that are still sitting on my TV.

And now that Canadian money is worth more today. As of now the rate is:

Last Trade: 1.0130 so it's gone even higher

http://finance.yahoo.com/q?s=CADUSD=X

Bill, if the bank offered 0.974XX, I would be in agreement with you as there COULD be a fee attached. However

1. The Bank of America stated no fees
2. 94c is not 97c and in the currency game 3 cents on each dollar is a huge deal.

The spreadsheet from their site is pretty clear.

If he walked in with USD and wanted CDN, he'd get .94 on the USD. He walked in with CDN and should have walked out with more USD.

Yeah, if it was .94 USD = $1 CDN they'd be right, but according to them $1 CDN = $1.058 USD.

She didn't specify that it was .94 US for every $1 CDN, she just said "the rate is .94." But their chart says .95 CDN for every $1 USD which means I should have gotten more USD.

I do agree that they probably go by different rates. This is from their website:

Though they may use different rates, it seems like they go by the complete OPPOSITE of what is right. :?

Have you demanded satisfaction yet?

Just got back from the bank...

She looked at the charts I printed out from their site. She was curious as I was. She looked into it.

Things she mentioned:

"Usually there's some type of fee."

"We buy for less and sell for more."

The top chart allegedly indicates rates if they SELL, the bottom if they BUY. So if I wanted $500 CDN they'd charge me $530 USD.

Since they were "buying" my CDN, they gave me $474.xx

If I understood it correctly, that's why I got screwed. It still doesn't make sense to me. $500 CDN is equivalent to $530 USD!

I've dealt with many forgien currency payments etc. I'm merely telling you what happened and why it happened. It was their rate/fee call it what you want.

Live and learn I guess.

Bank of America is a bunch of shisters. Try getting a personal loan. They may say the "loan" is at 11.99 percent, but it's really a line of credit. And every single way you can access that money incurs a 3% finance fee, which adds to your total balance, which you pay interest on. So if you get a $1000 loan, you can only get 970 out of it.

sell it back. send it to Jim and have him mail you a check :lol:

We discussed him giving me the money, and I'd paypal him the USD for the equal amount, but the fees off that $8 for every $100 made that a lousy decision as well.

You know how I look at stuff like this..

I could go out one night and blow double or triple that w/o even noticing and having nothing to show for it in the morning. (maybe a hangover).

I don't blow money liike that Boosty, not me.........no way .......Jose.

I deposited $5 US into my bank account and got $4.81 CDN

Pete goes to a US bank, deposits $500 CDN and gets $474 US

hrm.....BoA will feed you several excuses, and fee this fee that, but fundamentally, its all wrong.