Transfer USD between investment and bank w/o converting back to CAD?

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Feb 27th, 2018 3:22 pm

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Feb 26th, 2018 3:27 pm

seriesofcontradictions [OP]: Sr. Member; Feb 1, 2018; 959 posts; 1098 upvotes; Montréal

Feb 26th, 2018 3:27 pm

Transfer USD between investment and bank w/o converting back to CAD?

Hypothetical situation: Let's say you have an investment portfolio with a Canadian investment firm or bank. (For the sake of the example, let's say CIBC). Within your portfolio, you have a non-registered investment account with holdings in USD as well as CAD.

Is there any way to transfer USD funds between that investment account and a USD bank account, without having to convert back to CAD in the interim and incurring double FX fees? If so, what might that setup look like?

I suspect the answer is no, but I figured I'd ask if anyone has encountered this before.

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Feb 26th, 2018 4:12 pm

fastlayne: Deal Addict; Nov 18, 2007; 3510 posts; 608 upvotes; Valleywood

Feb 26th, 2018 4:12 pm

For BMO Investorline, non-registered/trading account, they open two linked accounts, one Canadian currency and one US currency.

Whatever US cash I have in my trading account is visible and usable from my BMO banking website.

I can transfer US cash to my BMO US Dollar Mastercard to pay off my statement or I can walk into a branch and withdraw US funds.

In fact twice a month I deposit US cheques via my BMO bank teller, drive home and immediately do a Norbert Gambit on the US funds to convert to C$ (when I want Canadian cash).

Feb 26th, 2018 4:35 pm

ml88888888: Deal Addict; Jan 19, 2017; 4782 posts; 2772 upvotes

Feb 26th, 2018 4:35 pm

seriesofcontradictions wrote: ↑ Hypothetical situation: Let's say you have an investment portfolio with a Canadian investment firm or bank. (For the sake of the example, let's say CIBC). Within your portfolio, you have a non-registered investment account with holdings in USD as well as CAD.

Is there any way to transfer USD funds between that investment account and a USD bank account, without having to convert back to CAD in the interim and incurring double FX fees? If so, what might that setup look like?

I suspect the answer is no, but I figured I'd ask if anyone has encountered this before.

I have US$ acct with RBCDI and. US$ saving acct with ROyal Bank. I can transfer between the 2 accts online directly without converting. Since the exchange rate is better on RBCDI, I usually exchange on RBCDI and move it to the saving acct. then walk into a RBC branch to take the US$ out.

Feb 27th, 2018 12:21 am

seriesofcontradictions [OP]: Sr. Member; Feb 1, 2018; 959 posts; 1098 upvotes; Montréal

Feb 27th, 2018 12:21 am

Thanks. Looks like this works with RBC and BMO, but not CIBC? Any data points about TD?

Feb 27th, 2018 8:22 am

X360: Deal Addict; May 13, 2005; 3535 posts; 3391 upvotes; Montreal

Feb 27th, 2018 8:22 am

seriesofcontradictions wrote: ↑ Thanks. Looks like this works with RBC and BMO, but not CIBC? Any data points about TD?

Most of Canada brokers allow you to transfer USD from non-register account to Canadian banks USD account using EFT without conversion.

I see CIBC has the form Electronic Funds Transfer form for Non-CIBC Bank Accounts Only
https://www.investorsedge.cibc.com/cont ... s/9235.pdf

Feb 27th, 2018 3:22 pm

phantomfj: Member; Mar 31, 2013; 229 posts; 942 upvotes; Courtenay, BC

Feb 27th, 2018 3:22 pm

Not that it directly applies to the question, but I use Interactive Brokers, I have one account which contains both US and Can securities and dollars. Because part of their business is Forex (money trading) you get the best possible exchange rate at that time, better than any bank will give you, plus no bullshit fees. The only downfall is it can take a few days for the cash to show up in whatever account you a transferring to. Usually I want US cash for traveling in the US, so this is what I do:
-I set up a $US funds transfer from IA account to my US dollar bank account at Scotia
-I note the forex rate at that time and figure out the $C equivalent and transfer from my $C checking account to IA that equivalent
The only downfalls are the speed at which the money is available, and IA only gives you 1 free transfer in or out per month(anything more is $1 per transaction)

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