Exchanging money privately at the border
 

At the visitor's center at the Peace Arch, I see Americans exchanging money. I presume some Canadians, maybe not too many, are exchanging it on the opposite side (presumably since many do it in Vancouver before they leave).

Wouldn't it be good to exchange money with each other? That way, everyone would be getting a higher rate. However, hold up a cardboard sign and you'll look homeless.

While the idea is excellent it would not take long for crooks to use this as a way of laundering counterfeit bills.

No, only one side gets a "higher rate". It's not a win-win situation.

Really?

Travelex buys US$100 and gives you CDN$91.68 (or US$109.08 gets CDN$100)

TD Canada Trust buys CDN$100 and gives the customer US$100.41 but only for account transactions. Want cash and they give you less.

So why doesn't a Canadian give CDN$100 to an American in return for US$105. The Canadian gets US$4.59 more. The American only has to pay $105 instead of $109.08.

Yeah, but even my CC gives better rates than what you're suggesting.

Also tentseller makes a good point. I'm not even talking counterfeit but laundering drug money. Several stings in Vancouver on that issue.

My CC adds 3%. I heard that there's a Capital One or maybe some other bank that only adds 1%. Anyone know which one?

Venture Card
 

I believe you are talking about the Capital One Venture card which doesn't have any foreign transaction fees.