Personal Finance

What's the cheapest way to convert USD into CAD?

  • Last Updated:
  • Feb 2nd, 2021 3:21 pm
[OP]
Sr. Member
May 22, 2012
924 posts
80 upvotes
MONTR

What's the cheapest way to convert USD into CAD?

Hi,

So I have a RBC USD account in Canada but when I try to send USD, they don't allow sending it using interac. Can this be done?

If not, I checked the conversion rates of RBC and it's pretty bad.

So for $19000 USD, I get these:

RBC: $23820 CAD
TransferWise: $24257 CAD
Google: $24367 CAD

TW quotes $83 USD as fee, so I guess that's why it differs by that much from google?

So should I use TW to do the conversion? If so, then I will have to get the USD into TW, convert it to CAD and then back to RBC.


Thanks in advance.
7 replies
Deal Fanatic
Jul 7, 2017
5757 posts
2533 upvotes
SW corner of the cou…
If you are trying to pay in USD, best not to convert. What are you trying to do, exactly? Transfer money to?
Cream rises to the top. So does scum.
[OP]
Sr. Member
May 22, 2012
924 posts
80 upvotes
MONTR
I am trying to fund my crypto account using interac, and Paytrie said they accept both USD and CAD but unfortunately I dont see a way to send USD from interac.

Transfer wise was able to do it but Paytrie told me the way the money comes, they can't accept it due to AML.
Deal Addict
User avatar
Aug 3, 2009
1991 posts
448 upvotes
Nova Scotia
TW, knights bridge, norberts gambit. Good on you for looking into this.

Why paytrie VS ndax kraken etc?
[OP]
Sr. Member
May 22, 2012
924 posts
80 upvotes
MONTR
But Norbert's Gambit means I need my money in a stocks exchange no? Because that's one of the issues of trying to move my funds into an exchange (binance).
haliwood wrote: TW, knights bridge, norberts gambit. Good on you for looking into this.

Why paytrie VS ndax kraken etc?
Because I buy USDT then transfer to Binance where I buy/sell other coins like BTC, ETH, etc.
Deal Addict
Feb 4, 2019
1520 posts
2269 upvotes
BC
Some of the stablecoin issuers let you mint stablecoins 1:1 by wiring USD to them and then they transfer the equivalent number of stablecoins to your wallet.

For example TrustToken (TUSD): https://support.trusttoken.com/hc/en-us ... t-TrueUSD-

Or look for a crypto exchange that lets you fund a USD account by wire transfer.
[OP]
Sr. Member
May 22, 2012
924 posts
80 upvotes
MONTR
Thanks that's pretty good but I am overseas so online wires are limited to 2.5k which will take forever to move my funds.

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