Canada - $CDN for $USD

If this post violates board rules, my apologies, I'm sure the mod will take it down.

I am finding myself frequently buying $CDN for $USD, as Mrs. RedTop and I are trying to pay off her house in Toronto.

Is there someone who is often buying $USD for $CDN? We might be able to deal direct and save currency exchange fees.

PM me if interested.

not sure if this is the right thread....but i realize when i deal with the bank its usually 3% on top of exchange rate...... if i deal with my investor's account (like buy US equities using CDN$) its 2% fee.

not sure if this helps

Thanks, I actually pay only about 1.15%. But why not try to save even that, plus the same amount someone else might be paying in Canada?

not sure if this is the right board, but intermediaries are able to charge service charges as they provide a safe and legitimate service

i still remember reading about the article where prospective buyers for stanley cup tickets in vancouver were robbed

a friend of mine noted that he gets pretty good exchange rates through HSBC when he transfers CAD to HKD then to USD (think he opened a local canadian and US account, and an overseas HKD account), not sure if the reverse is true


btw, our dollar dropped a lot today, should be good for you


edit: checked with my friend, he does CAD-USD exchanges through HSBC in HK then wires back the money, i guess the exchange rates there is better

You get better FX rates if you exchange in larger amounts ($10k +). Also, never, ever use your bank to exchange. There are brokers that specialize in this and often by just getting a bank draft and taking it down the street you'll save $100 - $200.

You get better FX rates if you exchange in larger amounts ($10k +). Also, never, ever use your bank to exchange. There are brokers that specialize in this and often by just getting a bank draft and taking it down the street you'll save $100 - $200.

I was going to suggest the same..

Trading $10K currency at your local bank, will allow you nominal exchange premiums paid..

Banks give you the worst FX rates. In YVR, I use VBCE. Actually my bank send me to Thomas Cook.

1.15% is a pretty good rate to pay. When I convert currency, I try to do it when there is a drop in the value of the currency I want to offset the finance fees (and requires a bit of patience).

Might I ask how you get the 1.15% exchange fee?

Can anyone comment on the ING exchange rates?

http://www.ingdirect.ca/en/accounts-rates/ourrates/index.html

I transfer to my US savings account and withdraw from the bank machine.

As far as I know, ING does not do FX transfers.
I have CAD and USD accounts with them, and funds cannot be transferred between
currencies.

Td -Waterhouse online

Amounts of 100k or more have a conversion fee of approx .3%

As far as I know, ING does not do FX transfers.
I have CAD and USD accounts with them, and funds cannot be transferred between
currencies.

I do it all the time.

1.15% is a pretty good rate to pay. When I convert currency, I try to do it when there is a drop in the value of the currency I want to offset the finance fees (and requires a bit of patience).

Might I ask how you get the 1.15% exchange fee?

I use a website called xe.com.

They debit my US bank account and credit my Canadian account. I have found them very efficient and reliable. You have to go through the work of setting up an account; it's not something you would usually want to do for a one-shot transfer. The 1.15% is for transactions over about $2100.

I can also transfer from my account at Fidelity Investments for 1% for $10,000 or more, but then my Canadian bank charges me $10 to receive the wire.

I use a website called xe.com.

They debit my US bank account and credit my Canadian account. I have found them very efficient and reliable. You have to go through the work of setting up an account; it's not something you would usually want to do for a one-shot transfer. The 1.15% is for transactions over about $2100.

I can also transfer from my account at Fidelity Investments for 1% for $10,000 or more, but then my Canadian bank charges me $10 to receive the wire.

Thanks, that is good to know!

Banks give you the worst FX rates. In YVR, I use VBCE. Actually my bank send me to Thomas Cook.

^ to VBCE. That's who I use. PM me for my preferred location + rep.

It's best to find a broker that actually banks with the same one you do. e.g. VBCE actually banks with BMO, as do I. So we just transfer funds back and forth. No need to even step into VBCE, or your bank for that matter if you have an account manager.

^ to VBCE. That's who I use. PM me for my preferred location + rep.

It's best to find a broker that actually banks with the same one you do. e.g. VBCE actually banks with BMO, as do I. So we just transfer funds back and forth. No need to even step into VBCE, or your bank for that matter if you have an account manager.

That is how I do it. ^

You can deal the same way (CAD bank transfer to VBCE) on other currency and pick up the cash from the closest branch.

^ to VBCE. That's who I use. PM me for my preferred location + rep.

It's best to find a broker that actually banks with the same one you do. e.g. VBCE actually banks with BMO, as do I. So we just transfer funds back and forth. No need to even step into VBCE, or your bank for that matter if you have an account manager.

What are the fees and thresholds if you use VBCE?

Alternatively, I wish Canada had a cc with a no foreign exchange fee product..

What are the fees and thresholds if you use VBCE?

Alternatively, I wish Canada had a cc with a no foreign exchange fee product..

No fees for transfers. I can't remember if they used to charge if they issued a bank draft. I think that better rates would start kicking in around $10k.

If you set up a corporate account (no fees, just need an incorporated company) they also let you lock in your rate up to a week before. I do this a few days before I receive funds if the rate takes a quick turn in my favour.

No fees for transfers. I can't remember if they used to charge if they issued a bank draft. I think that better rates would start kicking in around $10k.

If you set up a corporate account (no fees, just need an incorporated company) they also let you lock in your rate up to a week before. I do this a few days before I receive funds if the rate takes a quick turn in my favour.

Standard for better rates to kick in around $10K..

Is VCBE's spread really that much better than the bank..

I think the banks charge a fraction of a percent for amounts greater than $10K..

Standard for better rates to kick in around $10K..

Is VCBE's spread really that much better than the bank..

I think the banks charge a fraction of a percent for amounts greater than $10K..

I generally find that at $10k, I'm able to save at least $100 with VBCE over BMO. Other banks sometimes will have plans that offer preferred rates and the spread is less, but BMO corporate accounts do not.

I generally find that at $10k, I'm able to save at least $100 with VBCE over BMO. Other banks sometimes will have plans that offer preferred rates and the spread is less, but BMO corporate accounts do not.

I know with TD, the spread below 10K is 2.5 points.. but when you get over 10K.. its a fraction of 1 percent..