Personal Finance

Which Canadian bank has the best USD to CAD rate?

  • Last Updated:
  • Feb 11th, 2020 3:34 pm
[OP]
Newbie
Oct 25, 2019
8 posts
2 upvotes

Which Canadian bank has the best USD to CAD rate?

I often get US dollar deposits from oversea, so does anyone know generally which bank has the best rate? I'm looking to open a new account.
14 replies
Deal Addict
Jan 21, 2018
1953 posts
1848 upvotes
Vancouver
None of them. Nobody should use their bank to convert USD to CAD except for small amounts where you can't be bothered to take an extra step. That's giving money away. There are plenty of exchange services that offer much better exchange rates. Read some of the threads here on that topic.
Deal Addict
Jan 21, 2018
1953 posts
1848 upvotes
Vancouver
aspiretobegreat wrote: TD Borderless is a good option.
TD Borderless is primarily a US$ account for holding US$, but they do offer a slightly better USD -> CAD exchange rate than the normal TD bank rate. However it's still nowhere near as good as other dedicated forex services.
[OP]
Newbie
Oct 25, 2019
8 posts
2 upvotes
Scote64 wrote: None of them. Nobody should use their bank to convert USD to CAD except for small amounts where you can't be bothered to take an extra step. That's giving money away. There are plenty of exchange services that offer much better exchange rates. Read some of the threads here on that topic.
I get payments wire transferred to the bank account which it's the only way to receive the money. I guess I could open a USD account and don't let the bank converting the money, but I really don't want to carry the cash to those exchange services every month, is there a way to do it electronically?
Deal Addict
Jan 21, 2018
1953 posts
1848 upvotes
Vancouver
jtdekz wrote: I get payments wire transferred to the bank account which it's the only way to receive the money. I guess I could open a USD account and don't let the bank converting the money, but I really don't want to carry the cash to those exchange services every month unless there is a way to do it electronically.
Try a Transferwise multi-currency account. They give you a real US bank account number for holding US$, and offer cheap fees for currency conversion. Everything done online.
Member
Nov 30, 2016
274 posts
250 upvotes
Mississauga
TransferWise is great, easy to use and convenient. However it appears you can only deposit USD from a US based account (I think?).
I use xe.com, I am able to transfer USD to them from just about anywhere. Rate is definitely better than the banks
Deal Fanatic
Jul 1, 2007
8333 posts
1324 upvotes
All f/x rates at the bank are garbage. Even if they're "discounting" and offering you a premium rate, like with the Borderless plan, they're still taking 1-2% commissions each way.
Money Smarts Blog wrote: I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.
Newbie
Dec 27, 2019
12 posts
3 upvotes
Toronto
I have just opened XE.COM account and all setup.

However, I stuck while adding my TD borderless USD account as a recipient. XE.COM online form for crating recipient requires Institution and branch numbers in the same field. Does anybody know/tell how you fill that as combining 3 digits of Institution number (004) and 4-digit branch number as it makes only 7 digits and it says as invalid. Actually, XE requires 9 digit number for Institution and branch numbers. I tried adding preceding zeros but did not work. Any help?
Deal Addict
Jan 19, 2017
1816 posts
891 upvotes
jtdekz wrote: I often get US dollar deposits from oversea, so does anyone know generally which bank has the best rate? I'm looking to open a new account.
If you have an online stock discount trading acct at TD(i.e. TD direct investing), then the exchange rate is much better than the TD bank.
Member
Aug 14, 2011
328 posts
84 upvotes
Calgary
I use knightsbridge and have done a handful of transactions both ways from cad to usd and usd to cad.

I pay .05%

Hope that helps,
Deal Fanatic
Nov 24, 2013
5879 posts
2536 upvotes
Kingston, ON
1RdFan wrote: I have just opened XE.COM account and all setup.

However, I stuck while adding my TD borderless USD account as a recipient. XE.COM online form for crating recipient requires Institution and branch numbers in the same field. Does anybody know/tell how you fill that as combining 3 digits of Institution number (004) and 4-digit branch number as it makes only 7 digits and it says as invalid. Actually, XE requires 9 digit number for Institution and branch numbers. I tried adding preceding zeros but did not work. Any help?
There is a way, I have it set up, but I forget what the steps were. At the very least you should find out your 5-digit branch number (there’s another distinguishing digit at the end)

Edit: Checked my setup. It is 9 digits. Preceding 0 on bank institution number (0004) and then the 5-digit branch number. If you don’t know this there’s ways to look it up.
Newbie
Dec 27, 2019
12 posts
3 upvotes
Toronto
Mike15 wrote: There is a way, I have it set up, but I forget what the steps were. At the very least you should find out your 5-digit branch number (there’s another distinguishing digit at the end)

Edit: Checked my setup. It is 9 digits. Preceding 0 on bank institution number (0004) and then the 5-digit branch number. If you don’t know this there’s ways to look it up.
Thanks for checking, Mike15.

I just provided this info to TD rep on FB which then quickly helped me to convert my 4 digit branch number (as read from the statement) to a 5 digit code simply by adding a succeeding 'province code' which is 2 for Ontario. 0004+[4-digit branch code]+1-digit of the province(It's '2' in case of ON).

I just completed my test transfer. The transaction status says my US$ account will be deposited on Feb 14th.
Deal Addict
Sep 11, 2006
1569 posts
385 upvotes
Pretty straight forward to do with the Norbert Gambit through Questrade. bit time consuming though so you gotta plan ahead

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