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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

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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.

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