Personal Finance

Where to change small bills to big bills?

  • Last Updated:
  • Nov 29th, 2009 6:20 pm
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Banned
User avatar
Oct 6, 2009
240 posts
1 upvote
Toronto, Ontario

Where to change small bills to big bills?

I have about 5k in 20's and 1k in 50's and 4k in 100's.
I'm guessing they don't make $1000 bills anymore right?

I need to change my bills without govt knowing since I'm on osap.
Don't call me a scumbag or w/e but its my savings that I need for when my osap is done and I will have trouble finding a job.
Meh
15 replies
Deal Addict
Mar 4, 2009
4792 posts
198 upvotes
Toronto
The bank is really the only (legal) place I can think of that would do this. That said, there is a chance they will report you because it's suspicious activity, even if you're dealing with less than $10,000 per transaction.
Deal Guru
User avatar
Nov 15, 2004
12564 posts
896 upvotes
Toronto
OSAP, sure. Banks look out for criminals changing money like that, and federal legislation requires them to look into the source of large amounts of money. Just keep it under your bed or something.
Deal Addict
Mar 4, 2009
4792 posts
198 upvotes
Toronto
Also, don't you think the risk of keeping that amount of cash around far outweighs whatever benefits you're getting from the government not knowing about it?
Sr. Member
Sep 14, 2003
977 posts
1 upvote
So you want $6k in hundreds?

Easy... get a relative or friend to take out $6k in hundreds from the bank and give it to you... then they can deposit the twenties and fifties.

Just give $50 for their time. That'll be the cheapest, safest, and easiest way to do it.

But why would you do that? Most places either don't take hundreds or are extremely suspicious of them.
Deal Addict
Feb 20, 2006
1119 posts
22 upvotes
Vancouver
Do it at the Casino - buy chips with your 20s and 50s, cash them in later for 100s.
[OP]
Banned
User avatar
Oct 6, 2009
240 posts
1 upvote
Toronto, Ontario
decent advice guys..
Its hard to stash the amount of cash I have anywheres honestly.. I'm scared to leave my small apartment.
No relatives that live close by has 10+ in their bank.. not even half of that hah.
Thanks again
Meh
Sr. Member
Jan 10, 2008
999 posts
4 upvotes
Toronto
Sanchez wrote:
Nov 28th, 2009 2:44 pm
Do it at the Casino - buy chips with your 20s and 50s, cash them in later for 100s.
Yup... while you are walking towards the cashier, just put in on Black... maybe you can double it as well.
Deal Addict
Sep 22, 2007
4599 posts
116 upvotes
If people haven't realized this guy is a troll by now, just read his past posts. One minute he's 9K in the hole and the next he has 10K to hide.
Deal Addict
User avatar
Aug 12, 2007
1823 posts
1 upvote
Sanchez wrote:
Nov 28th, 2009 2:44 pm
Do it at the Casino - buy chips with your 20s and 50s, cash them in later for 100s.
This is money laundering. Casinos have sophisticated methods of tracking this. Employees have secret forms they complete and hand them over to the OPP (who are on site) whenever they detect this kind of suspicious activity.

Suspicious activity includes buying chips or putting money in a slot machine, and then cashing out with little or no play, followed by cashing in your chips or slot machine vouchers.

You may think you are being discreet and that nobody is watching, but in casinos, Big Brother is not your friend.
Sr. Member
Jan 10, 2008
999 posts
4 upvotes
Toronto
YYZFA wrote:
Nov 29th, 2009 10:47 am
This is money laundering. Casinos have sophisticated methods of tracking this. Employees have secret forms they complete and hand them over to the OPP (who are on site) whenever they detect this kind of suspicious activity.

Suspicious activity includes buying chips or putting money in a slot machine, and then cashing out with little or no play, followed by cashing in your chips or slot machine vouchers.

You may think you are being discreet and that nobody is watching, but in casinos, Big Brother is not your friend.
Change, go for a buffet, then cash... They don't make a big deal unless it's like 5 digit sum. If it is, do it in two trips or two casinos.
Deal Addict
User avatar
Aug 16, 2009
1089 posts
103 upvotes
spf1971 wrote:
Nov 28th, 2009 3:39 pm
If people haven't realized this guy is a troll by now, just read his past posts. One minute he's 9K in the hole and the next he has 10K to hide.
+1...this guy is a troll. Why do people feel the need to make up this sort of bs

Stop wasting our time.
Deal Addict
Feb 20, 2006
1119 posts
22 upvotes
Vancouver
YYZFA wrote:
Nov 29th, 2009 10:47 am
This is money laundering. Casinos have sophisticated methods of tracking this. Employees have secret forms they complete and hand them over to the OPP (who are on site) whenever they detect this kind of suspicious activity.

Suspicious activity includes buying chips or putting money in a slot machine, and then cashing out with little or no play, followed by cashing in your chips or slot machine vouchers.

You may think you are being discreet and that nobody is watching, but in casinos, Big Brother is not your friend.
It could be used for laundering counterfeit bills - but otherwise this is in no way laundering, since you are not changing money from one form into another, not making dirty profits clean, etc. It is no more "laundering" than if you use slot machines to turn your choose change (those that still take them) into bills, or small bills into big (something I do before I leave Vegas, since you can do it at the airport).

In any case, the OP presumably isn't counterfeiting, so the act of changing small bills into big isn't breaking any rules at all (of course, hiding assets from OSAP probably is, but I'll stick to the question asked). Furthermore, I don't know what kind of casinos you visit, but anything outside of a northern backwater isn't going to even bat an eye. You won't have to show ID, so even if they were interested, how are they going to know who you are? Put a secret agent on your tail?
Deal Addict
User avatar
Aug 12, 2007
1823 posts
1 upvote
Sanchez wrote:
Nov 29th, 2009 3:39 pm
It could be used for laundering counterfeit bills - but otherwise this is in no way laundering, since you are not changing money from one form into another, not making dirty profits clean, etc. It is no more "laundering" than if you use slot machines to turn your choose change (those that still take them) into bills, or small bills into big (something I do before I leave Vegas, since you can do it at the airport).

In any case, the OP presumably isn't counterfeiting, so the act of changing small bills into big isn't breaking any rules at all (of course, hiding assets from OSAP probably is, but I'll stick to the question asked). Furthermore, I don't know what kind of casinos you visit, but anything outside of a northern backwater isn't going to even bat an eye. You won't have to show ID, so even if they were interested, how are they going to know who you are? Put a secret agent on your tail?
Counterfeiting and laundering are two distinct things, and usually have nothing to do with each other.

Changing small bills into larger bills indirectly by buying chips or slot machine vouchers itself is not illegal, but it does and will draw the attention of casino employees, who are legally obligated to report it to the Surveillance Department and the on site OPP Enforcement Unit. As well, a "Suspicious Transaction Form" is filled out on you and sent to FINTRAC for further investigation. Most of the time, you are not aware of all of this, and that makes it worse.

For any transaction of a certain amount, employees will ask for your name. You may not be obligated to give it, but this raises the red flag for them, and they will most likely being the above steps.

New beefed up legislation regarding money laundering and suspicious transactions became effective on September 28, 2009, and it really changed the way many financial transactions occur at casinos in Canada.

I did not get this information from visiting casinos. I am intimately familiar with it through my chosen profession. I would advise against using casinos for the purpose of changing money by way of indirect methods. Surveillances systems and the tracking of individuals and their transactions is more sophisticated than most people know.

Also, these types of transactions are much more likely to be noticed at the small casinos, rather than the big casinos. Big casinos have a much higher volume of patrons, which makes it more difficult to track individuals. Plus, employees at large casinos often see people come in with large sums of money. Transactions such as what has been suggested will really stand out at the small sites, and will almost definitely be noticed.

I agree with the other posters that claim this is a troll topic. The OP has several threads on how to cheat OSAP and to hide money from them. If this isn't illegal, then it is unethical and only serves to cheat other students and the tax payers. I have no time for him, or for people like him.
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