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  • Aug 4th, 2019 2:11 am
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Dec 4, 2007
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Quebec

CAD -> USD cash

I have an account with questrade,

I'd like to norbert gambit it into usd

But, my issue is how to keep that money in usd and use it in US, without converting it back to CAD and pay foreign exchange fees?

What solution is available for Canadian that is cost effective to own have a usd account and usd credit card. Cheapest close to nothing. Paying monthly fees or high fees per transaction is something I'd like to avoid to maximize the value of the money

Also, is questrade allow us to transfers usd currency to a Canadian usd account without converting it to cad, then when the money is in the canadian bank, the bank convert it back to usd?

Lot's of conversion is gonna cost way too much, just to converting currency back and forward.
Last edited by HyperTech on Aug 1st, 2019 10:16 am, edited 1 time in total.
10 replies
Sr. Member
Mar 7, 2008
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If not lots of money, for saving the time, just convert CAD to USD in bank, and withdraw USD cash. you do not even need a USD account.

if you really want to do the way you said. you need a CAD account and a USD account in your bank.

1) link both accounts with questrade.
2) transfer CAD from bank to questrade.
3) use CAD buy a CAD ETF (DLR.TO),
4) call questrade to convert it to USD ETF (DLR.U.TO).
5) sell it to get USD.
6) transfer it back to your USD account in your bank.
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CND Brain & Hear…
HyperTech wrote: But, my issue is how to keep that money in usd and use it in US, without converting it back to CAD and pay foreign exchange fees?
Open an American bank acct? Problem solved
HyperTech wrote: Also, is questrade allow us to transfers usd currency to a Canadian usd account without converting it to cad, then when the money is in the canadian bank, the bank convert it back to usd?
Not sure what it even means.
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[OP]
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dekvitaly wrote:
Not sure what it even means.
me either, thanks for pointing out the can/usa banking thread.
[OP]
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mouseswimming wrote: If not lots of money, for saving the time, just convert CAD to USD in bank, and withdraw USD cash. you do not even need a USD account.

if you really want to do the way you said. you need a CAD account and a USD account in your bank.

1) link both accounts with questrade.
2) transfer CAD from bank to questrade.
3) use CAD buy a CAD ETF (DLR.TO),
4) call questrade to convert it to USD ETF (DLR.U.TO).
5) sell it to get USD.
6) transfer it back to your USD account in your bank.
and if its alot of money, where is the most cheap bank to do it?
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Mar 7, 2008
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HyperTech wrote: and if its alot of money, where is the most cheap bank to do it?
All banks are same. transfer money between bank and questrade is free.
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Going to the Moon
HyperTech wrote: and if its alot of money, where is the most cheap bank to do it?
@HyperTech
  1. you'll want a USD account in Canada to withdraw USD at a branch in Canada. You would likely benefit from a bank account in the USA
  2. If you want no-fee "me to me" wires in USD between Canada/US, then you're stuck with dealing with a Canadian bank that has a sister bank in the US. This can be done with RBC (min balance $300 USD on US side to waive monthly fee on savings account with six free withdrawals per month, Canadian side no min balance, one free withdrawal per month), TD ($100 min balance on US side to waive checking account fee, $1.25 PPU fee or $1.5k min balance on Canadian side to waive fees), BMO (no fee or min balance on US side, don't know what the fees are on Canadian side), CIBC (lousy deal, don't bother), or would be a de-bundle with BNS ($200 min balance to waive the $1/month, two free withdrawals per month, min balance gives no fee USD bank drafts using US routing, so you can transfer USD cross-border using paper)
  3. If you go cross-border, consider how useful or relevant the debit card would be. Aside that, basically it's whichever fee structure works best for you
  4. Now you can deposit USD on US side using TransferWise (it's an ACH, US equivalent of PAD), or Knightsbridge, they'll PAD direct deposit USD on Canadian side for you. If in YYZ or YVR, can use Everforex (cash)
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titaniumtux wrote: @HyperTech
[*]Now you can deposit USD on US side using TransferWise (it's an ACH, US equivalent of PAD), or Knightsbridge, they'll PAD direct deposit USD on Canadian side for you. If in YYZ or YVR, can use Everforex (cash)
[/list]
ACH is US version of Canadian EFT Just FYI
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Aug 3, 2007
649 posts
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titaniumtux wrote: @HyperTech
  1. you'll want a USD account in Canada to withdraw USD at a branch in Canada. You would likely benefit from a bank account in the USA
  2. If you want no-fee "me to me" wires in USD between Canada/US, then you're stuck with dealing with a Canadian bank that has a sister bank in the US. This can be done with RBC (min balance $300 USD on US side to waive monthly fee on savings account with six free withdrawals per month, Canadian side no min balance, one free withdrawal per month), TD ($100 min balance on US side to waive checking account fee, $1.25 PPU fee or $1.5k min balance on Canadian side to waive fees), BMO (no fee or min balance on US side, don't know what the fees are on Canadian side), CIBC (lousy deal, don't bother), or would be a de-bundle with BNS ($200 min balance to waive the $1/month, two free withdrawals per month, min balance gives no fee USD bank drafts using US routing, so you can transfer USD cross-border using paper)
  3. If you go cross-border, consider how useful or relevant the debit card would be. Aside that, basically it's whichever fee structure works best for you
  4. Now you can deposit USD on US side using TransferWise (it's an ACH, US equivalent of PAD), or Knightsbridge, they'll PAD direct deposit USD on Canadian side for you. If in YYZ or YVR, can use Everforex (cash)
Holly molly, you know your stuff well!

What's your recommendation for someone who doesn't want to carry 7K - 8K USD cash over the border and who has USD in both CA (TD & CIBC) and US (Banner Bank, WA).

Options I have now but not ideal:
- I could buy a USD bank draft here in Canada and drive over the border and deposit into Banner Bank. Banner Bank does have mobile deposit, but low limit of $2500.
- Getting USD bank draft from Banner Bank and deposit in Canada is no problem, except for 30 days hold for USD draft for CIBC/TD Canada.

- Don't want to use 3rd parties exchanges like XE/KnightsBridge/Transferwise.

Thanks.
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Ben07 wrote: Holly molly, you know your stuff well!

What's your recommendation for someone who doesn't want to carry 7K - 8K USD cash over the border and who has USD in both CA (TD & CIBC) and US (Banner Bank, WA).

Options I have now but not ideal:
- I could buy a USD bank draft here in Canada and drive over the border and deposit into Banner Bank. Banner Bank does have mobile deposit, but low limit of $2500.
- Getting USD bank draft from Banner Bank and deposit in Canada is no problem, except for 30 days hold for USD draft for CIBC/TD Canada.

- Don't want to use 3rd parties exchanges like XE/KnightsBridge/Transferwise.

Thanks.
Bank draft or wire.

3rd party services such as KBFX, TW and the likes are awesome. Highly recommended.
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Sr. Member
Aug 3, 2007
649 posts
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titaniumtux wrote: Bank draft or wire.

3rd party services such as KBFX, TW and the likes are awesome. Highly recommended.
Thanks, will reconsider 3rd parties!

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