Canadians exchanging money today

I exchange small amounts of USD - canadian dollars on a regular basis for personal reasons, so I am familiar with the process.

Today, I visited my local money exchange office and was alarmed to find the line out the door. I usually just walk right up to the window with no wait. I asked some of the people in line what they were exchanging and everyone stated they were dumping USD. One lady exchanged $5000 on the spot.

I didn't wait becuase I had other business but now I am worried that I'm out of the loop.
Did I miss any big news about the dollar collapse.

I had no idea! To bad you weren't able to ask at the desk, i will go do that at my local exchange here in ontario and see whats up. pretty interesting, thanks for the heads up!

be sure to expect a repost on whats going on!

reply to post by venividivici


This is just a guess, but the tourist season in the US essentially winds down following Labor Day. Maybe it was just people who had visited the states over the summer, possibly even repeatedly, and are exchanging what's left of their US$ back to their Canadian currency?

I have a feeling that the financial collapse is immenent to occur on or around September 11 as a predetermined result from the 9/11 attacks. September 11 is Friday and the stock market closes Friday, so September 12 is Saturday. Which is Shabbat or Sabbath, do not fly on the sabbath.

Originally posted by burdman30ott6
reply to post by venividivici

 

This is just a guess, but the tourist season in the US essentially winds down following Labor Day. Maybe it was just people who had visited the states over the summer, possibly even repeatedly, and are exchanging what's left of their US$ back to their Canadian currency?

One can certainly hope, right? Hope never KILLED anyone, right? I appreciate the 'man on the scene' report, regardless of your gender. It makes me think of Caddyshack when the Baby Ruth was spotted in the pool.

Rats jumping ship?

The UN is talking about ditching the dollar as are many other countries and the Canadian dollar is gaining strength, so good time to sell them Greenbacks before they turn worthless I guess.

I'm thinking about opening a Canadian bank account, but that means I have to drive to Canada to do it.

If the US dollar tanks will this effect the Canadian dollar at all?


What city are you in by the way?

Originally posted by brocket99
If the US dollar tanks will this effect the Canadian dollar at all?

I'm sorry if this sounds condescending and you're certainly not the first person on ATS to ask "If the US dollar tanks will it effect country XYZ's currency," but that has got to be one of the most ridiculous questions asked on ATS. Hmmm, if the global reserve currency were to suddeny change or, worse still, fail outright do YOU think it might have an effect on other's national currencies world-side? When God struck the people building the Tower of Babel and they all went from speaking the same language to each speaking only a tongue unrecognized by any of the other builders, did it have an effect?

reply to post by venividivici


Gold is rising and the USD is dropping. Takes a bit to reflect in the stock market. Best thing to watch is gold, when it starts going up, that's the time.

reply to post by brocket99


I used to work for a couple of banks (key words: used to) and I would open a lot of US dollar accounts (I'm Canadian) for obvious reasons ie. exchange rates etc.

It's ironic that now you (assuming you're American) are thinking about opening a Canadian dollar account.

Funny how the shoe may be on the other foot soon. The Amero may be right around the corner.

That means its time to go buy in the States again! I love when the dollar goes up and I get to buy cheap liquor and stuff

BTW: I'm a Canadian expat.

To the rude poster who basically called me an idiot:

I think that other currencies will be safer then the US dollar if all of those changes took place. Sure there are unforeseen repercussions, but why would the Canadian economy and banking system be punished for over production of US dollars.

It's a setup anyways.

Your bible reference was lost on me, since I believe its just a fairytale.

The dollar just recently hit the 2009 low for the year. Isn't it a bad time to exchange US dollars for Canadian money? Isn't that like selling stock when it hits bottom?...Unless people think this is it and the US dollar is going to collapse so they figure they better get something before they are worthless

Originally posted by brocket99
Your bible reference was lost on me, since I believe its just a fairytale.

Uh, the Bible reference was basically spelled out so as not to even qualify as a reference. I wasn't trying to call you an idiot, BTW. Like I said, you just asked a question I've seen many times before on here when the answer seems pretty self apparent.

reply to post by burdman30ott6


My point was, I don't care.

reply to post by brocket99


You don't need to drive to the country to open an account. And why Canada? I have never heard of someone seeking a Canadian bank for safety? Usually for the average joe id suggest Lloyds Bank in Britain .. very easy and cheap to set up, 100% backed by the Gov now as well.

If the Dollar collapsed, the whole World would. That being said, I doubt the greenback is going anywhere soon .. well.. steadily south, but no imminent collapse.

Didn't Obama just get through telling us how he rescued the economy from going over the brink. Now they get to pull out the rug. He thinks if his banker friends can manipulate the dollar's collapse we'll hand everything over to Obama. and the UN. and the Rockefeller Nazis.

reply to post by Rockpuck


The problem with the pound is that it is in worsh shape than the dollar right now. Bank of England keeps printing money, and the value of sterling has dropped like a rock in the last couple of years. However, Canada has not as of yet engaged in quantitive easing and its currency is largely based on the prices of oil and gold, two of its biggest natural resources. That's a win/win because if inflation hits the US gold will rise and so will the CAD dollar, also if a recovery does take shape oil will rise and so will the CAD dollar. Also, Canada does back all deposits up to a certain amount and Canada's banks are rated some of the healthiest in the world.