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$16K+ USD Cheque - maximize CAD exchange?

  • Last Updated:
  • Feb 25th, 2021 5:37 pm
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[OP]
Member
Feb 11, 2009
344 posts
633 upvotes
Chilliwack

$16K+ USD Cheque - maximize CAD exchange?

I am depositing several cheques totalling between 16-18K USD. I am trying to figure out the best way to maximize my possible return in CAD. Just looking for any possible suggestions. My plan was to deposit at my credit union into CAD, but I'm not sure about what possible alternative avenues exist?
"In a time of universal deceit - telling the truth is a revolutionary act."
George Orwell
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Jul 16, 2019
939 posts
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UrbanPoet wrote: Knightsbridge.
I also find the fx exchange from investment brokerages to be a good rate.
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.
[OP]
Member
Feb 11, 2009
344 posts
633 upvotes
Chilliwack
Thanks for this. Gonna give it a go. Slightly Smiling Face
"In a time of universal deceit - telling the truth is a revolutionary act."
George Orwell

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