According to the calculators on their home pages, XE's rates are slightly better than Knightsbridge's. At XE, $16 000 USD gets you $20 157.31 CAD, while at Knightsbridge, $16 000 USD gets you $20 156.32 CAD.
Yep! Shop around.someweirdo wrote: ↑ According to the calculators on their home pages, XE's rates are slightly better than Knightsbridge's. At XE, $16 000 USD gets you $20 157.31 CAD, while at Knightsbridge, $16 000 USD gets you $20 156.32 CAD.
Are there any forex places that give better rates than XE or Knightsbridge?
Norbert's gambit should be better than any forex company, though. Get your USD into a cash account or margin account at Questrade or Interactive Brokers. (There may be other brokerages you can use for this, but I'm not sure.) Use it to buy DLR.U.TO, which is just a stable ETF that holds a bunch of USD. Contact the brokerage to have them journal your DLR.U.TO shares to DLR.TO shares. When the journaling process finishes a few days later, sell your DLR.TO, which will give you CAD.
Whichever method you choose, you'll first have to open a USD account where you can deposit the cheques without immediately converting to CAD.
Hey rich guy. $100 is a lot of money.fogetmylogin wrote: ↑ Is this worth it for such a small check? You are looking at losing in spread a few hundred dollars. If you already have a USD account and a USD trading and CAD trading account fine but to open new accounts. Wait for the cheque hold, Account to fund journal over etc. Still have to pay for the bid ask spread and transaction fee for the ETF.
The spread shouldn’t be that much on 16k if you’re set up. The stocks generally track pretty close to each other. While transaction fees vary, they’re negligible. I did it with CIBC Investors Edge on the phone with an advisor my first time. Explained what I was intending to do and he knew the process exactly and just did it for me without a advisor fee.. just the transaction fee of the buy & sell which was $6.95ea. He completed the (buy, journal, sell) process in about 15 seconds. I took a total hit of ~$40 CAD with fees on 25k USD conversion.fogetmylogin wrote: ↑ Is this worth it for such a small check? You are looking at losing in spread a few hundred dollars. If you already have a USD account and a USD trading and CAD trading account fine but to open new accounts. Wait for the cheque hold, Account to fund journal over etc. Still have to pay for the bid ask spread and transaction fee for the ETF.
Hi there, not to hijack this post but I have this scenario just in the opposite direction. I will be in a position to convert a sizeable amount of CAD into USD. I have a USD acct at one of the big 5, so I imagine I need to perform the same process of linking a FX company?someweirdo wrote: ↑ According to the calculators on their home pages, XE's rates are slightly better than Knightsbridge's. At XE, $16 000 USD gets you $20 157.31 CAD, while at Knightsbridge, $16 000 USD gets you $20 156.32 CAD.
Are there any forex places that give better rates than XE or Knightsbridge?
Norbert's gambit should be better than any forex company, though. Get your USD into a cash account or margin account at Questrade or Interactive Brokers. (There may be other brokerages you can use for this, but I'm not sure.) Use it to buy DLR.U.TO, which is just a stable ETF that holds a bunch of USD. Contact the brokerage to have them journal your DLR.U.TO shares to DLR.TO shares. When the journaling process finishes a few days later, sell your DLR.TO, which will give you CAD.
Whichever method you choose, you'll first have to open a USD account where you can deposit the cheques without immediately converting to CAD.
If you're converting an amount that large, I recommend using Norbert's gambit. It involves a few extra steps, but it will save you money.neluabaclia wrote: ↑ Hi there, not to hijack this post but I have this scenario just in the opposite direction. I will be in a position to convert a sizeable amount of CAD into USD. I have a USD acct at one of the big 5, so I imagine I need to perform the same process of linking a FX company?
If the amount is quite large - I am talking a few hundred thousand - is there a strategy eg, convert $50k at 8 AM each morning when the rate might be best, or just go with the entire amount...then go offline and not watch the rate
Excellent, thank you!someweirdo wrote: ↑ If you're converting an amount that large, I recommend using Norbert's gambit. It involves a few extra steps, but it will save you money.
Shadow Rider wrote: ↑ Norbert's DLR.U and DLR works very well
questrade. you might have capital gain....or you might have capital loss.vivmk20 wrote: ↑ Which account would you recommend for NG?
If the objective is to get the USD to CAD and then withdrawin to a bank account then RRSP / TFSA will not work due to withdrawal rules .
In Non registered account, it is possible to move but I am not sure if this will this impact the capital gain taxes
