Best way to transfer USD to CAD? Questions about Norbert's Gambit, TD Borderless Account, help please?
I get paid online with USD and before I used to get paid directly in USD Paypal and would use Transferwise to then convert and transfer to my CAD Chequing Account. I am now forced to receive money into a USD Bank Account that's not Paypal, so I had to open a TD Borderless USD Account. It's not possible to transfer from TD Borderless to Transferwise, so I need to find another way to transfer USD from my TD Borderless to a CAD Checking Account.
I've heard transferring using TD Borderless to TD Chequing incurs pretty high Exchange fees. So would like to avoid this as I will be transferring approximately $10K USD every month. So i need to find the cheapest way to transfer money on a consistent basis.
I've researched Norbert's Gambit, and it seems simple enough to do once you have all your accounts set up. But from what I'm reading this may be a solution if you plan on transferring/exchanging the funds, then using funds to invest in stocks or whatever a trading account would allow for. For me, I don't plan on doing stocks or investing using the trading account, I simply want my USD money to convert and be deposited in CAD. So possibly opening a trading account for the sole and only purpose of converting money using the Norberts Gambit might not be the optimal solution for me? What I am worried about, is if there are fees to transfer funds into and out of my Trading Account. So for example, let's say I open a Questtrade or TD Direct Investing account, when I transfer USD funds into this trading account for the purposes of Norbert's Gambit and then transfer it out in CAD after Norbert's Gambit is complete will I need to pay fees for these transfers? I know each trade (buying or selling DLR.U or DLR.TO will incur a commission fee), but what about when wanting to transfer funds away from my trading account and into chequing and vice versa? All the info online on how to do the Gambit don't seem to mention this, and seems to assume that you'll be using the exchanged funds for trading/investing.
I would also be open to other options beside Norbert's Gambit, if someone has some suggestions, but from my research it seems like this would be the best option assuming transfering into and out of a trading account is cost-free.
I've heard transferring using TD Borderless to TD Chequing incurs pretty high Exchange fees. So would like to avoid this as I will be transferring approximately $10K USD every month. So i need to find the cheapest way to transfer money on a consistent basis.
I've researched Norbert's Gambit, and it seems simple enough to do once you have all your accounts set up. But from what I'm reading this may be a solution if you plan on transferring/exchanging the funds, then using funds to invest in stocks or whatever a trading account would allow for. For me, I don't plan on doing stocks or investing using the trading account, I simply want my USD money to convert and be deposited in CAD. So possibly opening a trading account for the sole and only purpose of converting money using the Norberts Gambit might not be the optimal solution for me? What I am worried about, is if there are fees to transfer funds into and out of my Trading Account. So for example, let's say I open a Questtrade or TD Direct Investing account, when I transfer USD funds into this trading account for the purposes of Norbert's Gambit and then transfer it out in CAD after Norbert's Gambit is complete will I need to pay fees for these transfers? I know each trade (buying or selling DLR.U or DLR.TO will incur a commission fee), but what about when wanting to transfer funds away from my trading account and into chequing and vice versa? All the info online on how to do the Gambit don't seem to mention this, and seems to assume that you'll be using the exchanged funds for trading/investing.
I would also be open to other options beside Norbert's Gambit, if someone has some suggestions, but from my research it seems like this would be the best option assuming transfering into and out of a trading account is cost-free.