I have to get some USD and I've been waiting for the dollar to get better, but my bank is offering only .75 on the dollar, is there anywhere else that is better for exchange?
I have to get some USD and I've been waiting for the dollar to get better, but my bank is offering only .75 on the dollar, is there anywhere else that is better for exchange?
How much money are you looking to exchange? If it's a larger amount, and if you have a trading account, you can do the "Norbert's Gambit".
You basically buy DLR (Horizons US Dollar Currency ETF) on the TSX and request a journal entry from your broker to DLR.U (the usd version) and sell that. Then move your money out of your trading account.
This method gets you the best rate (at the time of post, DLR is at 12.94 and DLR.U is at 9.95, so it's 0.7689 usd/cad).
You do have to pay broker commission twice, or whatever deal you have with the broker. So factor that in with the cost of transaction, but commission is usually capped, so the more you exchange the better.
Disclaimer: Yes there are risks as the two transactions take some time (especially the journal entry) and the price of the ETFs may change.
Canex forex in eau Claire is the best for retail that I've seen
Also I have $3000 Usd I need to convert to Canadian. I could meet you at a BMO branch and give you a better rate (0.76) as long as it's $1000 or more
I might take you up on that. what part of the city are you in?Originally posted by sabad66
Canex forex in eau Claire is the best for retail that I've seen
Also I have $3000 Usd I need to convert to Canadian. I could meet you at a BMO branch and give you a better rate (0.76) as long as it's $1000 or more
Drive around the city for $10.00 savings?Originally posted by 03ozwhip
I might take you up on that. what part of the city are you in?
Calforex will most likely give you the same or better rate.
I don't live in the city. but when I go to the city, if it's not out of the way, I wouldn't mind doing it.Originally posted by roopi
Drive around the city for $10.00 savings?
Calforex will most likely give you the same or better rate.
i am in beddington as i'm off today. There's a BMO branch nearby. offer is good for today only as i'm not sure what the rate will be like next week...Originally posted by 03ozwhip
I might take you up on that. what part of the city are you in?
by all means if you can find a better rate somehwere else go for it. Just thought i'd offer since i'm in the same (opposite) boat so might as well both avoid bank commissions if we can.
What about a place like this?
http://www.knightsbridgefx.com/
sent PM.
I didn't get a PM...Originally posted by DJ_NAV
sent PM.
it was to me
I use knightsbridge FX. they give much better rates than the bank. They also wire your funds for you for free to anywhere in the world.
takes about 2 days to get your funds though