I recently had a transaction on my Canadian Credit card from aUSvendor. The original charge was $55.83 USD with a Canadian exchange rate of 1.0164 or $56.74 CDN.
I decided to pay for the charge with my USD Savings Account:
To exchange my USD savings to $56.74 CDN cost me: $59.26 USD
So overall; it cost me $3.43 dollars more based on Banking Policies and practices to pay me original charge of $55 USD with same currency.
Now, $3.43 is not much, I admit, but now add another zero or two to the amount, $550 would have cost me $34 more, $5500, over $340 more just for a matter of computers automatically transferring money between accounts.
Coincidently, today’s exchange rates are:
| Country | Currency Name / Currency Code |
Rate Bank Will Buy From You: |
Rate Bank Will Sell To You: |
| United States | Dollar (USD) |
0.9499 |
1.0008 |
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