Best way to convert CDN to USD?

[Super_Geo]

Hey I have a decent chunk of change that I need to convert to USD... what's the best way of going about it? Fuck, I'm choked that I missed the $1.09 point... it's at $1.02x this morning :(

[benyl]

the bank.

[Rav4Guy]

Banks won't take change unless it's rolled and even then, they won't take it sometimes. Another excuse is that you don't have a USD account with them.

[Super_Geo]

Oh, by a 'decent chunk of change' I meant like $30kCDN. :burnout: Haha I'm tempted to go through www.peerFX.com from their Dragon's Den pitch.

[Rav4Guy]

Sorry I misunderstood.

The best retail rates I've found have been through Calforex.

[sputnik]

Open a USD account at your bank and move money into it.

[Tik-Tok]

Originally posted by Super_Geo
Oh, by a 'decent chunk of change' I meant like $30kCDN. :burnout:

Wow, that's a lot of change, you must have broken into an hours worth of downtown parking meters :rofl:

[misterrick]

Originally posted by sputnik
Open a USD account at your bank and move money into it.


i think that would be the best idea. then it would gain interest as well....

[gpomp]

are you bringing down a suitcase full of cash???

[Impreza]

If you plan to exchange a decent chunk of that into cash, then you should call the bank first. They don't have that much USD on hand usually.

[ZorroAMG]

LOL - Call your bank.

[Pahnda]

If you need to convert anything just use the powers of Jesus. That shit is magic.

But really, just shop around for forex shops and banks, see who has the best rates.

[Super_Geo]

Yeah I would just go to the bank but every percentage counts for quite a bit now! At $30k, a 1% less in fees is $300 more in my pocket, so I'm trying to track down the best rates.

Thanks for the input guys, I'll look into those companies!

[gpomp]

Originally posted by Super_Geo
Yeah I would just go to the bank but every percentage counts for quite a bit now! At $30k, a 1% less in fees is $300 more in my pocket, so I'm trying to track down the best rates.

Thanks for the input guys, I'll look into those companies! man, the dollar dropped 10 cents this week. so for a $30k car, it's now $3000 more. wtf

[SilverRex]

Originally posted by gpomp
man, the dollar dropped 10 cents this week. so for a $30k car, it's now $3000 more. wtf

or just purchase US stock like google whos down 10%, im sure it'll get back to its record highs in due time.,

[Super_Geo]

Originally posted by gpomp
man, the dollar dropped 10 cents this week. so for a $30k car, it's now $3000 more. wtf

Yeah, dropped 7% as of right now.. from 1.09 to 1.02 :(

[autoBITCH]

If you go to to TD Canada Trust, open up both a CDN chqing account and a U.S. Dollar Daily CHQing Account (or a BORDERLESS Plan-depending on how often you plan on using it: TD USD Accounts (http://www.tdcanadatrust.com/accounts/index_usd.jsp)) you'll be able to deposit the CDN Cash into your CDN account and do a transfer into your USD account. By making the transfer, you are able to earn a little bit of a better exchange rate in comparison to a customer without a USD account.

Even then, if you're converting such a significant amount of CDN currency into USD, the CSR at TD will have to call a department at head office to get an even better rate for you.

Please Note: when converting funds at the bank, the rates will rarely be as good as you see it on the TV, this is due to the commission banks tend to take from the sale.

Without getting too complicated, a simpler option for you MAY BE going to Calforex, please don't quote me, just opening up some options for you. As well, I'm sure you dont just have to go to TD, I'm sure the other banks work in a similar manner.

If you have any questions, just PM me!! Hope I helped, or at the least, made sense!

[78si]

I exchanged $4000 (CAD) online through RBC and ended up with $3989USD..:banghead:

[autosm]

Custom house or Calforx have the best rates . Call around for quotes .The banks will be higher unless you know some one.

[rc2002]

^ Or if you buy a large amount of it. You get the current exchange rate if you buy enough.

Walking into a bank or opening a cross border account won't help. You'll still pay a premium to change US money.

[autosm]

On 30 k you still will have to pay commission .When it was at 1.09 the best you would have got was 1.085 . At a bank it would have been 1.07 or worse.

[Super_Geo]

Originally posted by autosm
On 30 k you still will have to pay commission .When it was at 1.09 the best you would have got was 1.085 . At a bank it would have been 1.07 or worse.

Please don't use a $1.09 exchange rate for your examples :(

[autosm]

I missed that one also . :( Today at a bank you would be getting around par . Pretty sad when par does not look good, LOL.

[heizervr6]

As mentioned above, www.customhouse.com is who I always end up using.

[Splooge]

^ werd, Super_Geo a PM was sent. My friend works for Custom House

[gpomp]

can you send me a pm as well? thx :thumbsup:

[autosm]

Me to please :thumbsup:

[Splooge]

^^ both pm'd

[blownz]

Another vote for custom house. Saved about 6 grand on just over 300k. They even took care of wiring the US to the company in the states. Definitly use them over the banks on a large amount. For small amounts the banks are more convenient imo.

[l/l/rX]

Originally posted by autoBITCH
If you go to to TD Canada Trust, open up both a CDN chqing account and a U.S. Dollar Daily CHQing Account (or a BORDERLESS Plan-depending on how often you plan on using it: TD USD Accounts (http://www.tdcanadatrust.com/accounts/index_usd.jsp)) you'll be able to deposit the CDN Cash into your CDN account and do a transfer into your USD account. By making the transfer, you are able to earn a little bit of a better exchange rate in comparison to a customer without a USD account.

Even then, if you're converting such a significant amount of CDN currency into USD, the CSR at TD will have to call a department at head office to get an even better rate for you.

Please Note: when converting funds at the bank, the rates will rarely be as good as you see it on the TV, this is due to the commission banks tend to take from the sale.

Without getting too complicated, a simpler option for you MAY BE going to Calforex, please don't quote me, just opening up some options for you. As well, I'm sure you dont just have to go to TD, I'm sure the other banks work in a similar manner.

If you have any questions, just PM me!! Hope I helped, or at the least, made sense!

if you go this route...transfer the funds via online. you get a better rate. the reason why you get a shittier rate when going through the teller is because you're using the teller, hence a "teller fee" ... do it online by yourself, you only use via the internet and no other resources. :)

[autosm]

Now might be the time to get some USD before it dips below par. from a press release




Canadian dollar is going to amplify the impact of the US slow down. One third of Canada’s GDP is tied to exports to the US. 100% of Canada’s oil and gas exports, 90% of our mining and paper and forest product exports and 100% of Canada’s motor vehicle exports go to the US. Last week we saw some very weak manufacturing and vehicle sales numbers for Canada, and this might be what spurred Mr. Dodge to start preparing the market for lower Canadian interest rates sooner rather than later. The Bank knows that the Canadian economy has become overly dependent on commodities, much like in the late 80s and early 90s, and when commodity prices correct, the high currency is really going to cause a lot of pain (not that it hasn’t already in the manufacturing sector). Look for the Canadian dollar to continue to come down to earth over the coming months.

[turbotrip]

Didn't want to create a new thread, so just bumping this old one. For a small business, where you have to convert 100k to USD a few times a year, do you guys have any recommendations on which foreign exchange company to use? Thought there might be some people on here also doing business in the US, and the best rate I could find so far was through CambridgeFX.

[bjstare]

My dad does a bunch, but admittedly hasn't shopped around a ton for rates. His two go-to's were Olympia Trust (he likes being able to do it all online), and also Custom House.

[turbotrip]

I've been told custom house by a few ppl but it seems to have shut down?

[holden]

Norbert's gambit.

[bjstare]

Originally posted by turbotrip
I've been told custom house by a few ppl but it seems to have shut down?

Yeah, that's possible, it sounded like he hadn't used them in a while. Sorry I can't be more help.

[JohnnyHockey]

Wow that 2007 post about the dollar dropping below par:rofl: good times!

[FixedGear]

I've done this a few times and always did the exchange through my bank(RBC). I don't remember the details but I do remember looking into calforex and it didn't seem worth the time/expense/hassle. It was super easy and convenient at my bank.

[turbotrip]

Just an update for anyone else in the same position: Olympia Trust had the best exchange rate out of everyone I called, thanks cjblair!

[bjstare]

Glad it worked out. :thumbsup: