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Best method/rate for one time conversion of USD to CAD

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  • Dec 17th, 2015 4:09 pm
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Dec 12th, 2015 6:41 pm
blindemboss [OP]
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Dec 12th, 2015 6:41 pm

Best method/rate for one time conversion of USD to CAD

I have roughly $40K in USD in a TD US Account that I want to convert to CAD.

Of course I can just use TD's Foreign exchange conversion between accounts.
But I know the rate at TD is pretty poor comparatively to places like Interactive Brokers, forex, etc.

But I won't be doing this often, if ever. So if possible, I'd rather not open up an account where I'm expected to make 'x' amount of trades.
I'd like to get a great exchange rate, but understand I may lose some points for the convenience.
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Dec 12th, 2015 7:32 pm
jerryhung
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Dec 12th, 2015 7:32 pm

TD Borderless account will give you preferred rate
either way, there are different rates for $10K, $25K, etc... i.e. $9999 gets worse rate than $10001

If you have TDDI, Norbert's Gambit is another alternative, but it's not easy to do

Otherwise, look around TO for FX places? may not be much different than TD


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Dec 13th, 2015 3:12 pm
wilbrod
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Dec 13th, 2015 3:12 pm

jerryhung wrote: ↑TD Borderless account will give you preferred rate
either way, there are different rates for $10K, $25K, etc... i.e. $9999 gets worse rate than $10001

If you have TDDI, Norbert's Gambit is another alternative, but it's not easy to do

Otherwise, look around TO for FX places? may not be much different than TD


http://savvybuck.com/2014/12/17/using-n ... aterhouse/
I don't know how CurrencyFair.com works ...
blindemboss wrote: ↑I have roughly $40K in USD in a TD US Account that I want to convert to CAD.

Of course I can just use TD's Foreign exchange conversion between accounts.
But I know the rate at TD is pretty poor comparatively to places like Interactive Brokers, forex, etc.

But I won't be doing this often, if ever. So if possible, I'd rather not open up an account where I'm expected to make 'x' amount of trades.
I'd like to get a great exchange rate, but understand I may lose some points for the convenience.
As poster above mentioned, Norbert's Gambit is the best way to go to pay almost no conversion fees. Keep in mind that there's a risk for the currency to go up or down within the 3-5 days it will take you to complete the procedure and it could potentially offset the saving. At least that is the case with Questrade as you have to wait for the trade to settle before you can journal over to the other currency of the same stock.
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Dec 17th, 2015 4:09 pm
blindemboss [OP]
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Dec 17th, 2015 4:09 pm

jerryhung wrote: ↑TD Borderless account will give you preferred rate
either way, there are different rates for $10K, $25K, etc... i.e. $9999 gets worse rate than $10001
I called to see what the 'preferred rate' is and it's actually worse than me transferring by Foreign Exchange on my EasyWeb banking.
When I asked why this was the case, they said it had to do with constant changing rates.
But wouldn't there just be a percentage spread that would fluctuate with the market?, I suggested.
They had no answer.

I might just transfer that way instead of hassles with the Norbert's Gambit since it's a one time thing.

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