I am moving back to Canada and will have a good chunk of US dollars to exchange. I have found that the large banks do not have a very favourable exchange rate.
I am considering using a foreign exchange company, such as Custom House (customhouse.com), as US to C$ rate seem to be 1-2% better. This can add up.
Anyone else have any experience with exchanging currency for relocating?
mabajada
Currency Exchange - better rates than the banks.
Moderator: Mark T Serbinski CA CPA
Hi. I have used Custom House 3 times with great success. Takes a few days to set up the account. There are a few steps
1) Apply online
2) They send you an email to set up a phone interview. Ask some security type questions. You provide them what is the best date and time for them to call you.
3)You have to Fax, or scan and email in appropriate ID, which is outlined in an email they have sent you
4) fax or Scan and email in your banking information. (They provide you with a secure webpage to email it in)
5) After the interview (I had sent in al requested info prior to interview if I recall correctly) they stated it could take up to 2-3 days to activate my account. It was activated 6 hrs later!!
You can exchange money by electronicaly, wire or they can mail you a bank draft. Electronically is FREE, the 2 other types may charge a fee!! Once I initiated a trade, it took 3-4 BUSINESS days to complete.
After signing in, click on "BASIC TRADE", then choose "Enter a basic trade" then follow the steps. Very easy to do. Once you have the Amt you want to exchange, and the bank accounts, takes you to the page thats shows the exchange rate. You can refresh the rate wheever you wish, it may go in your favor, and it may not. You can cancel the transaction than as well.
I was exchanging CDn into American $$. I phoned Wachovia, and the rate given at Custom house was better. And I phoned The Royal Bank in Saskatoon, and Custom house was better as well, just barely though. I would recommend them. Very professional to deal with, did not have to deal with inexperienced bank cashiers. Sit back at home in comfort. Cheers
1) Apply online
2) They send you an email to set up a phone interview. Ask some security type questions. You provide them what is the best date and time for them to call you.
3)You have to Fax, or scan and email in appropriate ID, which is outlined in an email they have sent you
4) fax or Scan and email in your banking information. (They provide you with a secure webpage to email it in)
5) After the interview (I had sent in al requested info prior to interview if I recall correctly) they stated it could take up to 2-3 days to activate my account. It was activated 6 hrs later!!
You can exchange money by electronicaly, wire or they can mail you a bank draft. Electronically is FREE, the 2 other types may charge a fee!! Once I initiated a trade, it took 3-4 BUSINESS days to complete.
After signing in, click on "BASIC TRADE", then choose "Enter a basic trade" then follow the steps. Very easy to do. Once you have the Amt you want to exchange, and the bank accounts, takes you to the page thats shows the exchange rate. You can refresh the rate wheever you wish, it may go in your favor, and it may not. You can cancel the transaction than as well.
I was exchanging CDn into American $$. I phoned Wachovia, and the rate given at Custom house was better. And I phoned The Royal Bank in Saskatoon, and Custom house was better as well, just barely though. I would recommend them. Very professional to deal with, did not have to deal with inexperienced bank cashiers. Sit back at home in comfort. Cheers
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Norbert Schlenker
- Posts: 68
- Joined: Sun Nov 21, 2004 1:22 pm
- Location: The Dry Side of the Wet Coast
- Contact:
You can save a ton of money versus any bank and even Customhouse by reading http://www.financialwebring.com/forum/v ... .php?t=198 and using the technique described therein.
Try Toronto Dominion (TD) Borderless account which has a 1.5 cents/per US $ exchange difference, based on the Bank of Canada exchange rate. We were paying over 3-4 cents per dollar at the regular big banks. You'll need to open a regular account before opening a Borderless US$ account. The fees for a no frills Can$ account is $3.95 mth and the US$ account is $4.95 mth. Deposit your paycheck - or personal check - in your Borderless account first and then transfer over to your Can account. Our US paychecks cleared immediately once they had them on file, so no waiting 6 weeks for international clearance.
Al
Al
TD Waterhouse Discount USA has brokerage accounts that can have a $CDN side. If they are still allowing them for new clients, they can be used to receive $Cdn funds and in transferring funds to US side of the account will get very good exchange rates. You do the transfer by calling them and they can tell you the amount needed to get the very best rates. The rates are changing during the day but are tied to inter bank rates. IF I remember correctly and assuming things have not changed you are looking at 1% from inter bank rate for small amounts dropping to .5 for large amounts eqivalent $60K US.
I believe you can do the reverse to change US to CDN but have not done that.
Not sure it would be worth setting up an account if you did also want to use a discount broker. Also there may be fees if you do not keep a balance (can be stock or cash).
Nick (Canadian in US)
I believe you can do the reverse to change US to CDN but have not done that.
Not sure it would be worth setting up an account if you did also want to use a discount broker. Also there may be fees if you do not keep a balance (can be stock or cash).
Nick (Canadian in US)