Personal Finance

Best way to send large amount from USD to CAD

  • Last Updated:
  • May 23rd, 2019 9:08 am
[OP]
Newbie
May 18, 2019
1 posts
1 upvote

Best way to send large amount from USD to CAD

I work in the U.S. and have saved up some money to buy property in Canada. I want to transfer a large amount, like a couple hundred thousand USD to Canada and get the best conversion rate possible. If this was a small amount, I wouldn't think too much about it but not this time around. I have a TD Borderless account in Canada but their rate isn't too nice. What's the best way to do it? I'd appreciate any feedback.
8 replies
Newbie
Oct 21, 2010
9 posts
7 upvotes
Cambridge
canuckland wrote: I work in the U.S. and have saved up some money to buy property in Canada. I want to transfer a large amount, like a couple hundred thousand USD to Canada and get the best conversion rate possible. If this was a small amount, I wouldn't think too much about it but not this time around. I have a TD Borderless account in Canada but their rate isn't too nice. What's the best way to do it? I'd appreciate any feedback.
Agility Forex has the best rates I've found, I use them regularly.
Sr. Member
Apr 7, 2019
817 posts
950 upvotes
sandeep8g wrote: Transferwise Borderless Account.
Not sure why you keep recommending TW borderless account. It's additional step for USD to CAD conversion and their is small fees for that. Money can be directly converted USD to CAD without borderless account and I do it all the times.
Sr. Member
Apr 19, 2017
932 posts
755 upvotes
mr2711 wrote: Not sure why you keep recommending TW borderless account. It's additional step for USD to CAD conversion and their is small fees for that. Money can be directly converted USD to CAD without borderless account and I do it all the times.
It doesnt cost anything to create it or maintain it.
Sr. Member
Apr 7, 2019
817 posts
950 upvotes
sandeep8g wrote: It doesnt cost anything to create it or maintain it.
Have you ever used borderless account to convert USD to CAD? USD to borderless account is free but borderless to CAD is $0.95 and one has to logon to TW to initiate borderless to CAD.
https://transferwise.com/ca/borderless/pricing

Direct transfer from USD to CAD without borderless is free ( besides conversion rate) and does not involve additional step. Borderless account only makes sense if someone needs an account in local currency for ex - USD account but OP already mentioned that he has saved money in USD so no need for borderless account.

Also moot point here as KnightsbridgeFX will always give better rate than Transferwise for anything over 50k
Jr. Member
Feb 8, 2018
126 posts
41 upvotes
Norbert gambit for that amount of money. Takes additional steps and time but still worth it
Member
User avatar
Jan 7, 2019
313 posts
289 upvotes
Transfer the funes from your US based USD account to a Canada based USD account and then start speaking to various FI about a mortgage. The mortgage specialist will be super hungry for your mortgage they will speak to their manager to get you the best FX rate possible at that bank.

If your bank doesnt do this for you, PM me and ill point you to the right people within the bank (RBC, BMO, CIBC, only tho)
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