Personal Finance

What is the best way to save money from USD to CAD when purchasing from the States?

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  • Jul 17th, 2013 11:52 pm
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Jan 31, 2010
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What is the best way to save money from USD to CAD when purchasing from the States?

I'm conducting a part time business where I would buy stuff online from the States or overseas using USD. The CAD is starting to fall below the USD the past couple of weeks--- is there a way to save the least amount of money when conducting transactions online from USD to CAD? I spend roughly $5000 per month in USD transactions.

I am already using Amazon Chase--- is there a better alternative?
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Mar 29, 2006
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if you "gamble" that CAD will continue to fall vs USD, then you should consider exchanging a large quantity of USD, through XE or IB or Norberts or whatever method you use. Keep it in a USD account and spend as needed.
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nogoro wrote: if you "gamble" that CAD will continue to fall vs USD, then you should consider exchanging a large quantity of USD, through XE or IB or Norberts or whatever method you use. Keep it in a USD account and spend as needed.
Please elaborate. I'm a newbie! Where can I get a USD account?
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Feb 12, 2013
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Joshray wrote: Please elaborate. I'm a newbie! Where can I get a USD account?
TD Convenience Checking?
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Mar 25, 2005
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Joshray wrote: Please elaborate. I'm a newbie! Where can I get a USD account?
Open a trading account with XE and fund using a domestic USD account (ie TD Cross Border). Then obtain a US$ CC and pay it using your TDCB account.
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jesuisdanny wrote: TD Convenience Checking?
I'm not sure if that is really necessary... OP did not state they were having any trouble with their amazon visa, so to get the US based acct and CC seems like too much work for too little gain (the 1% cash back from the US TD Visa)

Why not just open up a regular canada-based USD acct, like with TD borderless, and then an ING USD acct? Keep the minimum in TD, and the rest getting 0.5% interest at ING?

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