My new hobby: Watching the exchange rate

[Lexx1214]

It seems like my latest hobby these days is watching the exchange rate and trying to determine when it’s high enough to transfer from our savings account into our US account. I’ve got my own spreadsheets for tracking and everything. Anyone else doing this? What’s your comfort level for exchange?

 

[Average Joes]

I watch the exchange most days. I estimate that we would spend about $2,750 for food and expenses. A 5% swing is $138. The rest of our expenses have been purchased. A majority of our remaining expenses are going to be charged on a credit card when we spend it in September. If it got close to $0.80 again I would buy more cash from a friend who works over there but needs CAD. It avoids the bank fees. I am no expert but I really doubt it gets there. The U.S. economy is doing well, NAFTA is still not worked out and the tariffs are in place.

 

[chelseabun76]

It's brutal. I haven't paid off my trip yet (November) and I keep hoping the rate will get better before I absolutely have to. lol I'm not worried about once we get there, I have a GIC that is getting cashed out right before the trip and that's going towards all of our food, souvenirs, etc. so I don't have to save up for that. But sheesh.... I don't know what my comfort level would be, but right now isn't it. lol

 

[ottawamom]

I usually watch and start exchanging money a year or so before a trip. I have one last trip to the US coming up in the fall and then I think we will be staying in Canada for a while. For the trip this fall I had all my cash purchased and sitting in a US account late last year.

When we do start going back to the States I will be doing what you are and watching and purchasing when it looks good. The rate is relative as it depends on where it looks like it might be headed. Right now I would be happy with$1.30 but I don't see that happening soon.

 

[Disneylover99]

I stopped watching. It was bad for my blood pressure.

 

[Sue M]

Another watcher here! I’m happy my air and resort were paid for at higher CAD. I have a USD acct and credit card. I just transfer when I think it’s up a bit. It’s impossible to time the markets. Seems to be going up a tad this week. I bought $200USD 2 days ago.
You can also buy Disney gift cards in CAD. When you use it purchase is at current exchange rate. You save 2.5% exchange rate. But your cash isn’t locked in at any rate until you make a purchase.

 

[bankr63]

I never watch. Been going for years, and it really makes very little difference. I'm going to go no matter what the exchange rate is. If it's a bit low when I go, I might spend a bit less or cut out an extra attraction. At the end of the day, what does an extra couple of hundred dollars mean on a $4000 vacation?

If I did watch it, I'd probably need to take more vacations to get over the stress of watching, and where's the economy in that?

 

[starvenger]

Bit the bullet and got $500usd for $660cdn. It is what it is.

 

[dvcdisney]

I used to watch the exchange rates as well....drove me nuts so I can definitely empathize.

Now I do check it from time to time, but for a different reason.

I think you just need to set your limit...just like purchasing airfare...know what you are willing to pay and don't look back.

 

[Lexx1214]

I admit I bite the bullet today too. Exchanged $1000 and got $748 USD - it went right to paying off a chunk of our May 2019 trip. It’s been going up slightly the last few days ( a difference of $4). I was hoping to get at least $750 but didn’t want to push too far.

 

[tinkerone]

I guess I'm a bit different from most. I'm retired banker and one thing I learned well is dollar cost averaging. I have a US account that I transfer X dollars into it every few weeks from my Canadian account. While it may be high today it may have been lower last week, so if you average what you pay it will almost always work out better in the long run. You can never predict what the rate will do, if the president sneezes the economy is affected. Its easier to have available funds for our trips as well because I don't have to worry about rates, the money is already waiting for me.

We have a trip planned for late fall but nothing after that. DH said no more US for a while, he's getting into the politics of it. I will still do my purchases every few weeks because we will eventually go back and then the funds will once again be waiting for us and we will not have to worry about the rate of the day.

 

[RipperSB]

We used to just go with the exchange rat of the day until I got a USD bank account and Mastercard. Now, I make regular transfers (weekly) to the USD account, without paying too much attention to the actual rate, to smooth out the wilder fluctuations.

 

[Love2Cruise2015]

The dollar is at $0.77 ($1.30 from us to Canadian) today. That's the best its been in a while....

 

[Disneylover99]

I bought $300 American two weeks ago and another $300 today. It was exactly $4.50 cheaper today. Yay! I think. Unless it’s even cheaper tomorrow.

 

[mshanson3121]

Well after the breaking news tonight from CBC re: Saudi Arabia, probably safe to say our dollar will be going down over the next few days (or more).

 

[starvenger]

Perhaps not. Saudi Arabia accounts for less than 0.3% of Canada’s total trade. It’s not even close to the 50% total trade we do with the US.

In any event, I think @tinkerone has the best idea for exchanging USD. I’ll have to look into it - after my trip(s) are done.

 

[Sue M]

Perhaps not. Saudi Arabia accounts for less than 0.3% of Canada’s total trade. It’s not even close to the 50% total trade we do with the US.

In any event, I think @tinkerone has the best idea for exchanging USD. I’ll have to look into it - after my trip(s) are done.

It works well imo. We have a CIBC USD acct and USD credit card. I make monthly transfers from my CAD acct to my USD acct.
Before we leave I pre load some cash onto my USD credit card then pay the rest off when we return.