Tuesday, May 7, 2013

USD Exchange

Sometimes you win. Sometimes you lose. Such is the case with US dollar exchange.

I was so excited when I received payment for a little voiceover gig I did a month and a half ago.  I was paid by cheque in US dollars.  I remember hearing recently that inflation is on the rise in Canada and that the Canadian dollar is dropping in value compared to the US dollar.  Analysts expect the Canadian dollar to drop by 3 cents by the end of 2013.  I was happy knowing that I'd be depositing more than $150 Canadian into my account today. Man did I get a nasty little surprise.  My $150 USD got me $145.67 CDN. Why do the banks always win? I'm pretty sure the bank profited off my little deposit today.  145.67/150 = 0.97113333. The Bank of Canada exchange rate on May 7, 2013 is 1.0052. That means I should have received $150.78 CDN for my $150 USD.  My bank took a profit of $5.11.  Today I lose.

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