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[Tangerine] $1 CAN = $1 US exchanged with ING Direct

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  • Mar 2nd, 2011 9:51 pm
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Feb 24, 2007
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[Tangerine] $1 CAN = $1 US exchanged with ING Direct

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For ING Direct customers or want to be - right now their exchange rate is $1 CAN = $1 US (hot if you need money as its an even exchange, probably cold for investment purposes)

I usually find ING to have the best exchange rate out of all the banks

Eg;

Scotiabank buy $1US = $1.014500 CAN (+1.45 cents)
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Dec 26, 2006
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wmahmud wrote:
Feb 6th, 2011 8:41 am
For ING Direct customers or want to be - right now their exchange rate is $1 CAN = $1 US (hot if you need money as its an even exchange, probably cold for investment purposes)

I usually find ING to have the best exchange rate out of all the banks

Eg;

Scotiabank buy $1US = $1.014500 CAN (+1.45 cents)

That's a good rate. Can you explain how you get the physical USD cash from them? Do some Exchange ATMs let you take out USD?
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Mar 10, 2005
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the site says

Exchange Rate - Buying US $1.000
Exchange Rate - Selling US $0.971

So if you are getting US funds you only get 97 US cents on the CND dollar, correct?
Member
Jan 17, 2010
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i think you said the opposite.


i read it as buying 1 USD is 1CAD

Selling 1 USD you get .97 CAD
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Buying is $1 for $1 right now - rate may change tomorrow ( may go down again ) when markets open, depends on how the CAN$ starts

You can pull out US$ from any ING bank machine ($500 daily cash) or transfer back to your US$ account with any other bank (providing you have a valid link setup with them)

I am not totally sure if any Exchange Network ABM will allow you to pull out US$ - may have to ask them
Deal Fanatic
Feb 21, 2006
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This is not a Hot Deal. It belongs in the Financial forum. A little reading there would inform you that ING normally has a slightly better exchange rate in either direction than the big 5 banks, but not nearly as good as FX specialists who will exchange for you within 0.5% of the mid rate rather than the 1.5% used by the banks.
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Dec 18, 2010
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Aske001 wrote:
Feb 6th, 2011 10:08 am
This is not a Hot Deal. It belongs in the Financial forum. A little reading there would inform you that ING normally has a slightly better exchange rate in either direction than the big 5 banks, but nearly as good as FX specialists who will exchange for you within 0.5% of the mid rate rather than the 1.5% used by the banks.

Please share the names of the companies that are charging 0.5% above spot rate. The best I could find, in Vancouver, is 1.5% above the spot rate by a company called VCBE in downtown Vancouver.
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Aug 14, 2008
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wmahmud wrote:
Feb 6th, 2011 9:54 am
Buying is $1 for $1 right now - rate may change tomorrow ( may go down again ) when markets open, depends on how the CAN$ starts

You can pull out US$ from any ING bank machine ($500 daily cash) or transfer back to your US$ account with any other bank (providing you have a valid link setup with them)

I am not totally sure if any Exchange Network ABM will allow you to pull out US$ - may have to ask them
Thank you.
I guess I'll use this: http://app.ingdirect.com/atmlocate/faqs.html

I have a few accounts with them but never used their ATMs.

Edit: That explains it.... "There are no ATMs within a twenty mile radius of LXX XXX" :-(
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Feb 21, 2006
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jaceman wrote:
Feb 6th, 2011 10:49 am
Please share the names of the companies that are charging 0.5% above spot rate. The best I could find, in Vancouver, is 1.5% above the spot rate by a company called VCBE in downtown Vancouver.

I use Cambridge Mercantile and Firma (formerly Globex), but there are many - read the extensive threads about this in the Financial forum. The rate will generally depend to some extent on the amount you are exchanging. If you are exchanging $500, you may as well use the bank. If you are exchanging $5000, you would be stupid to use the bank. But the appropriate place to research and discuss this is in the Financial forum.
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Nov 22, 2003
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The best rate is with a specialized Foreign Exchange site, such as XE.COM which has a much smaller spread than banks:
http://www.xe.com
1.00 CAD -> 1.01368 USD
1.00 USD -> 0.986500 CAD
You can set up direct deposit links so they withdraw from your bank account, exchange it, and deposit it in your other bank account

On top of that the market rate goes up and down during the day, so you can do like the stock exchange and decide which rate you want to buy/sell at:
http://www.xe.com/currencycharts/?from= ... SD&view=5Y
so if you're not in a rush you can probably get 1% more for your money, on top of the lower spread. That's hundreds of dollars for each 10000$ that you trade.

See how it works in this video:
http://www.xe.com/fx/demo/
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Aug 17, 2002
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wmahmud wrote:
Feb 6th, 2011 8:41 am
For ING Direct customers or want to be - right now their exchange rate is $1 CAN = $1 US (hot if you need money as its an even exchange, probably cold for investment purposes)

I usually find ING to have the best exchange rate out of all the banks

Eg;

Scotiabank buy $1US = $1.014500 CAN (+1.45 cents)

not bad even as investment...last yr after the bad economy, the US rate on ING went up to 1.30 for couple of days.
if the USD climbs back there, u just gained 30%
if 10K is invested, the Scotiabank give you $145 more WHICH ISN'T A LOT
and yes do a gree ING doesn't have the "best" rate, their rate stays n change near the end of the week...
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May 4, 2004
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zoolander wrote:
Feb 6th, 2011 10:58 am
Thank you.
I guess I'll use this: http://app.ingdirect.com/atmlocate/faqs.html

I have a few accounts with them but never used their ATMs.

Edit: That explains it.... "There are no ATMs within a twenty mile radius of LXX XXX" :-(

I think you use the U.S. ATM Locator.
Try this one.
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Apr 5, 2006
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This is not a hot deal, just a consequence of USD being very low these days.

Bad news for those who saved a lot of USD.
The best deal for those people is going to the US and spend all USD there.
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Oct 25, 2004
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Thanks I just opened a US account from ING and funded it from existing savings from ING. I was able to get the 1=1 rate, its pretty good, I checked xe.com and did a quote, its still not one to one. I was losing $0.50 per $100
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