25.1 C
Toronto

Currency Exchange Robbery: One-way Banks Guarantee they Make Billions Each Year!

I recently had a transaction on my Canadian Credit card from a US vendor.  The original charge was $55.83 USD with a Canadian exchange rate of 1.0164 or $56.74 CDN. Read on about my realization on how banking policies ensure that banks swindle their customers around every turn. Exploring exchange rates. Buying vs selling currency.

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 the 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

Leave a Reply

Mark is a foodie in training, photographer, Starbucks addict, runner, cyclist, and single parent living outside of Toronto, Ontario. Living with Crohn’s Disease and Diabetes, life for this Transportation Planner and RPP can be an interesting mix.

780FollowersFollow
8FollowersFollow
139FollowersFollow

Must Read

Prepping for a Colonoscopy? A step by step chronology

Worried about having a colonoscopy? I took the time to recount my colonoscopy procedure.  Prepping my body, medications, eating, how I felt,...

Review: RaceRunner Virtual Racing App (Running App for Social Distancing)

A runners review about the Canadian made, globally used, RaceRunner App for IOS and Android. In 2019, RaceRunner became part of the...

Blogging 101: Create a Blogroll – Blog-Rolling around with Others

Today's Blogging 101 assignment is to create a Blogroll powered by the Links tab to help manage the sites you enjoy to...