Personal Finance

Currency Exchange with XE

  • Last Updated:
  • Jan 27th, 2016 8:58 pm
[OP]
Newbie
Mar 11, 2014
2 posts
Toronto

Currency Exchange with XE

Hi,

I have a few questions regarding converting money from US$ to CDN$ and have gotten conflicting information from various bank "help" people so I figure I'd ask here.

Background: I have about $2000 USD in a Bank of America chequing account which I want that to end up in my Tangerine chequing in CDN$. It's not a lot of money but I will be doing this often in the future so I want to learn the best way possible.

I want to use xe.com, but I was told by Tangerine that they cannot support this.

I then talked to TD about opening a Minimum Chequings account to work around this issue. They told me though that if I use xe.com I would need to pay $17.50 for the incoming EFT... but I thought EFT would be take a longer but they would be free?

So, in summary if someone can please help me with
1) Can Tangerine really not be able to work with xe.com?
2) If I open a TD Minimum Chequings account, would I be charged any fees for receiving the EFT from xe.com?

Thanks!
3 replies
Member
Feb 4, 2012
308 posts
117 upvotes
Ottawa
You can have XE mail you a draft. It's free and takes maybe 10 days or so. They will also do an EFT into your account, no charge. I do both regularly, no problem. I'm at CT as well.
Deal Addict
User avatar
Aug 4, 2003
2877 posts
1415 upvotes
Hmm, there should not be any problems or fees if you instruct XE to EFT the funds to your Tangerine chequing account.
Deal Expert
Mar 25, 2005
22219 posts
3052 upvotes
Just tried to add the account and it works fine, xe will pull the correct branch info.

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