xetrade.com looks interesting. Custom house is a credable frim from what i know. Looks good. As always you just have to get a quote from them and see how good it is when compared to the spot market.
i think some people forget or fail to realize that currency is another risk just like "bonds" or "stocks". the 'loss' for a CDN's with 4USD's the last few years has been HUGE.
I would suggest that you set up a regular avergaing program. perhaps do $20,000 per month to just try and get a blended rate. thats the best you can expect without taking the risk.
best way to convert Canadian$ to US$
Moderator: Mark T Serbinski CA CPA
-
Rickerbucks
- Posts: 40
- Joined: Tue Oct 25, 2005 3:43 pm
No problems with Custom House. Takes a few days to set up the account. You have to fax or scan then email in(via there secure site) ID and bank info. After that they will phone you for a short interview and if all goes well, shortly after that, your acct is activated!! Very easy to trade $$$ and the given exchange rate does change (small increases or decreases)pretty quick ( you have a refresh button) and if you do not like the rate, you can always cancel it. Very easy!! Was taking about 3-4 business days to transfer $$ from my CDN account to the USA account.
flames,
could you give us an idea of the fees that customhouse, and your Cdn and US banks charged for either the setting up or the actuyal transaction(s).
I find that firms that give good exchange rates, usually make up for this with set up fees, wire fees, transaction fess, yearly, etc.
Also, banks love to ding you for extra charges on 'out-of-the-ordinary' transactions....
what was your experience?
could you give us an idea of the fees that customhouse, and your Cdn and US banks charged for either the setting up or the actuyal transaction(s).
I find that firms that give good exchange rates, usually make up for this with set up fees, wire fees, transaction fess, yearly, etc.
Also, banks love to ding you for extra charges on 'out-of-the-ordinary' transactions....
what was your experience?
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
There was no fees if you "wired" the $$ electronically. No fees from the Cdn bank acct, no fees from Customhouse and no fees from my USA bank, Wachovia. The rates I was getting was always better than what my USA bank Wachovia was giving me, and no hassles, sit at home sip my coffee and make the transaction!! One could sort of make it a game, are the exchange rates going to go up or down, lol
If you wanted a draft from customhouse then there was fees, but I always did my transactions electronically. 3-4 business days to complete a transaction, so it is not instant!! I believe one of their offices is in Victoria BC, that is where the fellow phoned me for the interview!!
Steps to open account (to the best of my memory)
1. Commence process at https://vantage.customhouse.com/cgi-bin/Login.cgi
2. I believe they then email you back requesting you to FAX or scan (scan, then email through the secure email, they will provide email addy in their response) Identification (drivers license, birth cert, passport, etc) As well you have to send in your banking information, by same methods.
3. I believe there may be one other form to fax or email in
4. As well they have to do a phone interview. They ask just basic security questions and does not take that long. You provide an approx best time for them to call. Not sure if you do that when you first register, or in one of the corresponding emails.
5. They call ask you a few questions, and if al goes well, they say your account will be activated in approx 24-48 hrs!! Mine was activated just a few hrs after the phone interview.
6. Transactions are very easy to do. Prior to making the trade of the $$ you see the exchange rate, and you can always back out if it isn't to your like. And there is a refresh button; the rate given is only good for like 60 seconds, so if you feel lucky, just keep hitting the refresh button. 3-4 BUSINESS days for the trade to go through. No Fees what so ever from any of my banks! I was told they make their $$ on the exchange rates.
7. They were very helpful and polite on the phone, its a free phone call, doesn’t hurt to call and ask questions. Hope this info helps!!
Scott
If you wanted a draft from customhouse then there was fees, but I always did my transactions electronically. 3-4 business days to complete a transaction, so it is not instant!! I believe one of their offices is in Victoria BC, that is where the fellow phoned me for the interview!!
Steps to open account (to the best of my memory)
1. Commence process at https://vantage.customhouse.com/cgi-bin/Login.cgi
2. I believe they then email you back requesting you to FAX or scan (scan, then email through the secure email, they will provide email addy in their response) Identification (drivers license, birth cert, passport, etc) As well you have to send in your banking information, by same methods.
3. I believe there may be one other form to fax or email in
4. As well they have to do a phone interview. They ask just basic security questions and does not take that long. You provide an approx best time for them to call. Not sure if you do that when you first register, or in one of the corresponding emails.
5. They call ask you a few questions, and if al goes well, they say your account will be activated in approx 24-48 hrs!! Mine was activated just a few hrs after the phone interview.
6. Transactions are very easy to do. Prior to making the trade of the $$ you see the exchange rate, and you can always back out if it isn't to your like. And there is a refresh button; the rate given is only good for like 60 seconds, so if you feel lucky, just keep hitting the refresh button. 3-4 BUSINESS days for the trade to go through. No Fees what so ever from any of my banks! I was told they make their $$ on the exchange rates.
7. They were very helpful and polite on the phone, its a free phone call, doesn’t hurt to call and ask questions. Hope this info helps!!
Scott
Actually,
I did setup an xetrade.com account and while I did check the demo version that gave me e.g. CAN 1.157 for 1 USD, when I logged into my xetrade.com account, it actually gave me CAN 1.147 for 1 USD. And my TD Canada Trust USD account transfer was giving me 1.15! What a surprise for me, and I just went on exchanging on my TD account since it was definitely better than xetrade.com! I have a Borderless US account at TD.
Anybody else noticed this?
I did setup an xetrade.com account and while I did check the demo version that gave me e.g. CAN 1.157 for 1 USD, when I logged into my xetrade.com account, it actually gave me CAN 1.147 for 1 USD. And my TD Canada Trust USD account transfer was giving me 1.15! What a surprise for me, and I just went on exchanging on my TD account since it was definitely better than xetrade.com! I have a Borderless US account at TD.
Anybody else noticed this?