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CanadaGeek Apr 10th 2011 5:53 am
Best currency conversion rate in Canada
 
Where can I find best currency conversion rates in Canada? Looking for transferring US $$ to CAD $$.

I went to Scotia bank yesterday and to my surprise 1500 CAD $ == 1620 US $$. This was a lost of 100 bucks!!

When looked online, I see that their buy rate is less than what is the actually conversion value in market (I know bank do so).

Any other way/bank which can provide better exchange rate? or what else are my options?

...Geek

the bucket woman Apr 11th 2011 1:06 pm
Re: Best currency conversion rate in Canada
 
I got a good rate from the Thomas Cook store in Eglinton the other day. They had an ATM outside the store that has 4 different currencies. The Canadian dollar is high against the US dollar at the moment, so you probably will lose money on the transaction.

Novocastrian Apr 11th 2011 1:19 pm
Re: Best currency conversion rate in Canada
 
Originally Posted by the bucket woman (Post 9299503)
I got a good rate from the Thomas Cook store in Eglinton the other day. They had an ATM outside the store that has 4 different currencies. The Canadian dollar is high against the US dollar at the moment, so you probably will lose money on the transaction.
You always lose money on currency exchanges. Typically for small cash transactions 4% either way.

Originally Posted by CanadaGeek (Post 9296573)
Where can I find best currency conversion rates in Canada? Looking for transferring US $$ to CAD $$.

I went to Scotia bank yesterday and to my surprise 1500 CAD $ == 1620 US $$. This was a lost of 100 bucks!!

When looked online, I see that their buy rate is less than what is the actually conversion value in market (I know bank do so).

Any other way/bank which can provide better exchange rate? or what else are my options?

...Geek
That sounds about right. the $Cdn closed at $1.0474 US today. Factor in the 4% and yes, $1620 US is $1500 Cdn.

ChrisBoar Apr 11th 2011 1:43 pm
Re: Best currency conversion rate in Canada
 
If you have an online brokerage account, you can do a trick called 'Norbert's Gambit' (google it). Not for the faint hearted or novices but you can save a tonne of money by doing it.

Brokers typically charge about 1-1.5% one way on an exchange. Doing the gambit reduces that down to a fixed charge of about $75 plus what ever the buy/sell fee is for the broker, in some cases $10. If you are looking at a large amount if could save you $500/$1000 plus.

TD Canada is one online brokerage allows the gambit to do done entirely online.

I'm seriously considering doing this as I want to invest in some U.S. Index funds for my RSP and they obviously have to be brought in $US.

CanadaGeek Apr 17th 2011 4:07 am
Re: Best currency conversion rate in Canada
 
Has anyone experience with CanadianForex? I saw their recommendation in WIKI and registered. The customer representative asked me to wire monay and then they will wire CAD in my account.

Was not sure how reliable is this service? Can someone share their experience?

...Geek

spaceace Apr 18th 2011 12:07 am
Re: Best currency conversion rate in Canada
 
Originally Posted by CanadaGeek (Post 9310221)
Has anyone experience with CanadianForex? I saw their recommendation in WIKI and registered. The customer representative asked me to wire monay and then they will wire CAD in my account.

Was not sure how reliable is this service? Can someone share their experience?

...Geek

yep

BumbleBeeUK Apr 18th 2011 11:08 am
Re: Best currency conversion rate in Canada
 
Originally Posted by CanadaGeek (Post 9310221)
Has anyone experience with CanadianForex? I saw their recommendation in WIKI and registered. The customer representative asked me to wire monay and then they will wire CAD in my account.

Was not sure how reliable is this service? Can someone share their experience?

...Geek

I am just going through this with UK FOREX. A friend recommended to me via OZ Forex. They have been very attentive so far. Very propmt on the email.

It takes a little while to set up. And if your UK bank does not do Faster payments you can see the transfer take 6 days.

EG Halifax has opted to not do a faster payment for me so I have to wait 3 days for them to send the money, then 3 days for forex to process, then they send the money to the Canadian bank.

The rate I got was 1.55 CAD to the pound.

No charges.

You send the money to their UK bank. Then they get their Canadian bank to put the money into your Canadian bank. This is how they dodge the International charges.

So next week i will let you know if it all worked ok!

Monique_in_Canada Apr 18th 2011 11:28 am
Re: Best currency conversion rate in Canada
 
Originally Posted by CanadaGeek (Post 9296573)
Where can I find best currency conversion rates in Canada? Looking for transferring US $$ to CAD $$.

I went to Scotia bank yesterday and to my surprise 1500 CAD $ == 1620 US $$. This was a lost of 100 bucks!!

When looked online, I see that their buy rate is less than what is the actually conversion value in market (I know bank do so).

Any other way/bank which can provide better exchange rate? or what else are my options?

...Geek
around here where we live (a few mins from the US Detroit border) everyone in town takes American $$'s my hubby earns American...so we withdraw big bills, and then pay for a $5 sub with a $50 bill and get the change in Cdn at par.....wish the exchange rate was back up to 1.5 like it was back in the early 2000's but it is wot it is!!


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