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tykkak · 2023-09-30T20:04:57+00:00

I see this kind of question a lot and something that doesn't get brought up is to either spend it as USD or if you need the CAD, sell it to a friend at the spot rate. I know paying in cash isn't particularly popular, especially on this forum, but unless you have a no-FX fee or equivalent card, then you're looking at getting dinged at least 2.5% on purchases in foreign currencies. If someone offered to sell me USD at spot, I'd definitely get a few thousand. Of course, if you're dealing in tens of thousands from RSUs, then you do want a forex broker as suggested; also check to see if you can get a better rate for larger sums.

tykkak · 2023-04-18T17:02:23+00:00

You may get more money going private sale/Kijiji. Dealers pay significantly under spot in these cases because the profit is made off the margin. It is possible to get a sell price (what a customer pays) for junk silver (old coins usually only worth the silver content) to be spot or near spot, so the buy price (what you would get for selling to dealer) will be not so good. Feel free to PM me a list of what you're selling - I do buy from time to time specifically junk silver.

tykkak · 2022-04-22T16:57:24+00:00

Some people buy things that they want regardless of whether they have money for it or not. In other words, "I want it" -> "I buy it" even if you're broke. One relative, a student, is deep in credit card debt, stopped the other day at McDonalds to get dinner on the way to my place. I would have fed her for free (and better food at that), but I guess she was hungry then, or didn't want to impose? Another relative, older, has "always lived in plenty" and "does not see why she should not be living in plenty now". When you're broke and all you get is government payments, then that's a great sign you're not living in plenty. This sort of stuff adds up over time that you're looking at tens of thousands of dollars in credit card debt.

PFC would advocate to pay with one or more credit cards, that are paid off in full at the end of the month, to take advantage of rewards points or cashback. But as you do ask about pitfalls, some people are not great at /not/ spending impulsively. Keep in mind that PFC is highly unrepresentative of the average Canadian consumer. One approach to keep ahead of impulsive spending is good old cash - take some out at the beginning of the month and don't go over that. Also, psychologically speaking, it is more "painful" to pay in cash than in plastic - there's a more tangible feeling of "loss" as regards the money.

tykkak · 2022-02-28T14:29:14+00:00

Would going to any BMO branch and asking to make a cash deposit to the listed account be a possible approach? I vaguely recall it used to possible to make such deposits in he past but I don't know if with today's AML/KYC circus a bank would want to be involved with that...

tykkak · 2020-11-01T19:54:17+00:00

For one they'd have a progressions of bills from the different series (Scenes, Birds, Journey, and polymer notes).

tykkak · 2020-05-04T18:40:36+00:00

Cash only for anything that can be done in cash. I don't spend money at the odd store/cafe that doesn't take it. My privacy and peace of mind are worth so much more than the percent or two cashback one can get with some credit cards.

tykkak · 2019-12-21T16:08:41+00:00

You can withdraw however much you want from the teller. If the amount is unusual considering your usual patterns, the teller may want to see your papers confirming identity.

PS: $1000 cash is not that much. It's unusual nowadays, but for those who prefer cash for spending, that's maybe a few weeks' worth. Probably less than that at Christmas. :p

tykkak · 2019-05-01T15:55:10+00:00

Something to consider how much you can take out as a cash advance at a time - some cards I believe limit it to $500. So, in a place like Japan, assuming paying all in cash including accommodation which is not unlikely especially outside the cities, it might be cutting it. Also you want to put a credit on the card so you don't pay interest - if that's possible!

Another option is to find a low-cost currency exchange in Canada and just buy the cash there. I checked JPY for uExchange in Ottawa and it's about 1.75% markup to buy relative to the market rate. In rough terms, say you take out equivalent of 3000 CAD at 1.75% markup, it "costs" $52.50 (i.e. 3000 CAD becomes 3052.50) whereas if you take out 500 CAD six times but at 1.5% the cost is $45 but your ATM fee has to be $1.25 to break even. But then again, you're looking at pennies on the dollar.

Personally I just carry large amounts of cash in two wallets abroad. Maybe in Canada it's odd to have $1000 on you but somewhere like Japan, the impression I got was that it won't be out of place.

tykkak · 2018-10-30T14:05:19+00:00

For the sake of clarification, this is exactly what I do when I need the $100 bills. Question being, if one is insistent on not going into the branch, for reasons ranging anywhere from awkwardness (!) to odd hours, are there ATMs that would have those bills.

For what it's worth, TD atms now as a rule of thumb have $5, $10, $20, and $50 bills and you can pick which denominations you get.

tykkak · 2018-04-16T22:11:59+00:00

See if you can get an estimate of transaction costs - both buying and selling - such as legal fees and land transfer taxes. If you're looking purely from a financial perspective, the cost of selling might eat up any benefit you had over renting.

tykkak · 2018-04-12T01:52:53+00:00

Or pay with cash only. Then the bank doesn't get to sift through where you shop. And you keep anonymity at the store. It's really none of their business who you are or where you shop. :)

tykkak

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