Personal Finance

$$$$ Which place offers the best foreign exchange rate?

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  • Oct 15th, 2015 9:27 pm
Newbie
Feb 19, 2011
1 posts
Toronto

$$$$ Which place offers the best foreign exchange rate?

Hi guys,

Does anyone know a place where they offer better foreign exchange rates than the banks? I need to purchase some GBP with CAD (€10,000+), thanks a lot.
17 replies
Newbie
Sep 10, 2010
13 posts
2 upvotes
Toronto, ON
Ssssaaaa wrote:
Feb 20th, 2011 12:47 am
Hi guys,

Does anyone know a place where they offer better foreign exchange rates than the banks? I need to purchase some GBP with CAD (€10,000+), thanks a lot.


I've used xe.com for years. Their rates are always the most competitive I come across. If you do large amounts consistently, consider calling them directly for an ever better rate.
http://www.xe.com/fx/
Moderator
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Mar 23, 2004
33101 posts
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Markham
from what i heard it's IB
「もし、奇跡を起こせたら……」
Newbie
Jul 6, 2010
13 posts
Canada
Oanda fxglobaltransfer has vastly better rates than xetrade (who is a reseller of western union custom house btw). IB has great rates but isn't really setup for this since they are a stock brokerage (their agreement seems to imply huge hold periods, and if you don't have your own account in the currency you are buying then there are problems getting it out).
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May 17, 2009
233 posts
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jackbenimble wrote:
Feb 25th, 2011 1:27 pm
Oanda fxglobaltransfer has vastly better rates than xetrade (who is a reseller of western union custom house btw). IB has great rates but isn't really setup for this since they are a stock brokerage (their agreement seems to imply huge hold periods, and if you don't have your own account in the currency you are buying then there are problems getting it out).

I've found Oanda's spread on their FXTrade account extremely favourable relative to other brokers; I'd imagine their global transfer rates to comparable, as this is one of the primary exchange methods of funding their FX accounts from a foreign currency.
Sr. Member
Jan 17, 2008
994 posts
77 upvotes
jackbenimble wrote:
Feb 25th, 2011 1:27 pm
Oanda fxglobaltransfer has vastly better rates than xetrade (who is a reseller of western union custom house btw). IB has great rates but isn't really setup for this since they are a stock brokerage (their agreement seems to imply huge hold periods, and if you don't have your own account in the currency you are buying then there are problems getting it out).
Just did a quick cheque to convert $1,000 CDN to US and here's what I found: $997.39US on Oanda vs. $1,023.12 on XE.com

Am I missing something?
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Nov 28, 2007
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Whitehorse, YT
Genblue wrote:
Feb 25th, 2011 9:57 pm
Just did a quick cheque to convert $1,000 CDN to US and here's what I found: $997.39US on Oanda vs. $1,023.12 on XE.com

Am I missing something?

Yes, the XE.com rate quoted above is the mid-market spot wholesale, whatever - not yet marked down for a retail exchange. Compare it to the Yahoo spot I quote below.)

Three more quotes from on-line conversions at this hour 22:25 EST - 30 minute after the previous post

Yahoo shows last trade (spot, mid market) at 17:20 EST of 1,022.70 USD for 1.000.00 CAD

Yahoo Spot _ 1.022.70
BMO IL _____ 1,007.05 (1.5% fee)
TDW _______ 1,004.52 (1.8% fee)
PayPal _______ 992.90 (2.9% fee)
Sr. Member
Jan 17, 2008
994 posts
77 upvotes
Got it!
Quote from xe.com homepage: 1,000.00 CAD = 1,023.12 USD
Quote once logged in: 1000 CAD = 1004.62 USD

Still oanda fx shows: 1000 CAD = 997.39 USD
Their $25 fee really hinders the conversion.
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May 17, 2009
233 posts
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Genblue wrote:
Feb 26th, 2011 11:07 pm
Got it!
Quote from xe.com homepage: 1,000.00 CAD = 1,023.12 USD
Quote once logged in: 1000 CAD = 1004.62 USD

Still oanda fx shows: 1000 CAD = 997.39 USD
Their $25 fee really hinders the conversion.
I thought you were converting over 10,000 pounds? If OANDA has a flat $25 with a decent rate, perhaps their exchange on a larger sum would be better for you..
Sr. Member
Jan 17, 2008
994 posts
77 upvotes
mtbmxrider wrote:
Feb 27th, 2011 9:39 pm
I thought you were converting over 10,000 pounds? If OANDA has a flat $25 with a decent rate, perhaps their exchange on a larger sum would be better for you..
I guess that's the bottom line... Oanda is better for larger conversion versus Xe.com. If someone has some time, you can figure out the break point and let us know.
Unfortunately, I don't need/have large sums to convert. :)
Jr. Member
Aug 16, 2007
192 posts
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It seems Oanda's USD->CAD exchange rate is the SAME as the bank of canada - which means all of oanda's profit comes from the $25 fee. Which is great if you're exchanging large amounts. The break-even point between XE and Oanda is about $2000

Here's a sampler on 2011.04.05:

Paypal: +2.53% premium over Bank of Canada
XE: +1.39% premium over Bank of Canada
Oanda: +0.04% (ie. essentially 0%) premium over Bank of Canada, plus a $25 fee.

Does anyone have experience with Oanda? Their rates look unbeatable.
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Nov 28, 2007
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frogblender wrote:
Apr 5th, 2011 10:11 pm
It seems Oanda's USD->CAD exchange rate is the SAME as the bank of canada - which means all of oanda's profit comes from the $25 fee. Which is great if you're exchanging large amounts. The break-even point between XE and Oanda is about $2000

Here's a sampler on 2011.04.05:

Paypal: +2.53% premium over Bank of Canada
XE: +1.39% premium over Bank of Canada
Oanda: +0.04% (ie. essentially 0%) premium over Bank of Canada, plus a $25 fee.

Does anyone have experience with Oanda? Their rates look unbeatable.

Can you shed some light on your understanding of the Bank of Canada rate?

From a quick search I see the BoC quoting a noon rate and a closing rate. XE and Oanda would be using the current rate at that moment of interest throughout the day.
Jr. Member
Aug 16, 2007
192 posts
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Marzipan wrote:
Apr 6th, 2011 12:44 am
Can you shed some light on your understanding of the Bank of Canada rate?

From a quick search I see the BoC quoting a noon rate and a closing rate. XE and Oanda would be using the current rate at that moment of interest throughout the day.

BoC rate = Closing rate as posted on BoC's website. Yes, XE/Oanda are realtime; my numbers posted above for XE/Oanda are about 3 hours after closing time, so ya, they'll be a little after-hours drift.
Deal Addict
Jun 20, 2006
1606 posts
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from what i read xe is pretty good
paypal is the worse of all for this
some banks offer prefered rates for certain customers with US accounts and lots of $
good thing is u can see the money go in and out in front of u
for other non U$ currencies i find out is better to exchange overseas than in CA/US
ie if you're buying lira or pesos get them in a country where this is the main currency they love dollars there, specially U$
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Banned
Aug 25, 2014
49 posts
3 upvotes
Toronto, ON
ethanzackary wrote:
Jun 4th, 2015 1:58 am
Hii,

Best place for best foreign exchange rate is MTFX..

They offers bank-beating exchange rates, low transfer fees and fantastic value!

http://mtfx.ca/
I have used MTFX. And really it has unbeatable foreign exchange at rates the banks can't match.
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