$CDN for $USD
Sep 22, 2011 | 1:48 pm
#1
Original Poster
Join Date: May 2008
Location: Las Vegas since 11/2023
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$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.
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 $CDN? We might be able to deal direct and save currency exchange fees.
PM me if interested.
Sep 22, 2011 | 2:01 pm
#2
Join Date: Dec 2008
Location: PHL, NYC, DC
Posts: 9,763
not sure if this is the right thread....but i realize when i deal with the bank its usually 3% on top of exchange rate...... if i deal with my investor's account (like buy US equities using CDN$) its 2% fee.
not sure if this helps
not sure if this helps
Sep 22, 2011 | 2:21 pm
#3
Original Poster
Join Date: May 2008
Location: Las Vegas since 11/2023
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Posts: 4,648
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?
Sep 22, 2011 | 3:46 pm
#4
Join Date: May 2009
Location: HKG (mind in YYZ)
Programs: MPC Green, AC Tangerine :)
Posts: 1,102
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
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
Last edited by wwtsang; Sep 22, 2011 at 4:19 pm
Sep 22, 2011 | 6:41 pm
#5
Join Date: Sep 2010
Location: YVR
Programs: AC*SE MM, Marriott Lifetime Titanium
Posts: 4,654
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.
Sep 22, 2011 | 10:28 pm
#6
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Location: Calgary, Alberta
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Trading $10K currency at your local bank, will allow you nominal exchange premiums paid..
Sep 23, 2011 | 5:49 am
#8
Join Date: Jan 2005
Location: Toronto, NYC, somewhere on planet Earth
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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?
Might I ask how you get the 1.15% exchange fee?
Sep 23, 2011 | 6:51 am
#9
Join Date: Aug 2010
Location: YUL
Programs: AC*E
Posts: 779
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.
http://www.ingdirect.ca/en/accounts-...tes/index.html
I transfer to my US savings account and withdraw from the bank machine.
Sep 23, 2011 | 8:10 am
#13
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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.
Sep 23, 2011 | 9:29 am
#14
Join Date: Jan 2005
Location: Toronto, NYC, somewhere on planet Earth
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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.
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.
Sep 23, 2011 | 9:33 am
#15
Join Date: Sep 2010
Location: YVR
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Posts: 4,654
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.