Personal Finance

USD to CAD Conversion

  • Last Updated:
  • Feb 5th, 2020 11:57 am
[OP]
Newbie
Mar 26, 2017
86 posts
111 upvotes

USD to CAD Conversion

Hi, originally posted this a different thread but was advised its better suited here.

I recently was able to secure an accepted offer on a condo sale. I'm in the process of putting my funds together for the deposit and will have to sell my USD securities. Anyone know or have suggestions on what the best way to convert $35k USD to CAD is, banks charge a hefty amount to do that and I'm trying to save as much as I can.

I'm located in downtown Vancouver [...]
Thanks!
Last edited by Mars2012 on Feb 5th, 2020 8:41 am, edited 1 time in total.
Reason: request not allowed
4 replies
Member
Jul 10, 2008
268 posts
18 upvotes
North York
Somewhat related question,
What is the percentage fee at the big 5 (RBC), if I decide to convert CDN(in my unregistered account) to USD to purchase US stocks?
Is it 2.5 to 3%? Im getting anywhere that it's free, to 5%. Does it take a few days, or instantaneous? Money already in account.

Thanks
Deal Guru
User avatar
Sep 1, 2005
11655 posts
6547 upvotes
Markham
TorLeafsFan wrote: Hi, originally posted this a different thread but was advised its better suited here.

I recently was able to secure an accepted offer on a condo sale. I'm in the process of putting my funds together for the deposit and will have to sell my USD securities. Anyone know or have suggestions on what the best way to convert $35k USD to CAD is, banks charge a hefty amount to do that and I'm trying to save as much as I can.

I'm located in downtown Vancouver [...]
Thanks!
$35k USD is not too much to go crazy about IMO...opening accounts (do you have a USD bank account because you first have to get it out of the bank/brokerage), moving it around etc might save you 1% or $350 (or perhaps a bit more say $500). Vs a condo purchase of $500,000 or more, it's a drop in the bucket IMO. Consider you might save more than 1% in taxes by "spreading the capital gain" over a couple of years...would you borrow from family only to pay them back next year?

I know it's still money but put it into a different frame of reference. This is just another "cost" of buying the condo.

Eg. Are you going to "shop" around for the cheapest lawyer (you could save hundreds there as well).
We're all bozos on the bus until we find a way to express ourselves...

Failure is always an option...just not the preferred one!

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