$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.

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-...tes/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%

I do it all the time.

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!

^ 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.