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Best exchange rates for converting US to Canadian dollar
September 21, 2022
8:31 am
optimize
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October 15, 2020
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Looking to find the best exchange rates for converting USD to CAD. This is for personal transactions amounts of about $10,000 to $50,000.

As a TD Waterhouse discount brokerage customer, it's convenient to use them. They appear to charge around a 1.5% (give or take) markup over the "wholesale" or "interbank" exchange rate when converting USD for CAD without any listed fees or costs.

I'm looking for other reputable & easy to deal with institutions that ideally, provides better than TD Waterhouse by .5% or more. Another words, their markup is about 1% or less.

I inquired at KnightsbridgeFx (https://www.knightsbridgefx.com/) & they claim to charge about less than 1% over the "interbank" or "wholesale" rate.

I saw Peter Keung's old 2018 article where he compared & recommends OFX with Wise. 

Thanks in advance for sharing your feedback & experiences.

September 21, 2022
8:36 am
Peter
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I still use OFX monthly for my business, and Wise a few times a year. I negotiated a really good rate from OFX, and have heard varying degrees of success from others around negotiating good rates. My guess is that the factors include size of transfer, frequency of transfer, and whether you can mostly use the online platform yourself versus requiring support.

September 21, 2022
9:56 am
MG
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optimize said
Looking to find the best exchange rates for converting USD to CAD. This is for personal transactions amounts of about $10,000 to $50,000.

As a TD Waterhouse discount brokerage customer, it's convenient to use them.
  

Since you mention that you are a discount brokerage customer, have you considered using the Norbert's gambit to convert your funds? This removes the 1.5% fee and involves only a couple of trading commissions.

September 21, 2022
1:22 pm
bigzim
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I used Knightsbridge on a 100K usd transaction. They will send you a quote and then stick to the guarantee. Transaction is linked to your account. They charged me 40 basis points which I was very happy with.
Good luck

September 21, 2022
3:06 pm
suburbs4life
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MG said

Since you mention that you are a discount brokerage customer, have you considered using the Norbert's gambit to convert your funds? This removes the 1.5% fee and involves only a couple of trading commissions.  

Agreed MG. This is likely the cheapest route but not the fastest for larger sums.

September 21, 2022
3:49 pm
maGIC
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I have used Agility for about 6 years. Never an issue. Rates run around 40 basis points or a little less, depending on amount. Minimum I believe is 3000 USD. I have found during business hours seem to have better rates. Money can be paid from Canadian account as add on your bank site as a payee, so no transfer fees. Then in 24 to 48 hours the USD arrives in your connected USD account.
Once you set up the connected accounts, you log into Agility pick the amount and they give an instant quote. If you like it, press execute. If not it times out and you can get another quote or disregard transaction.
Once executed you have I believe 24 hours to send the currency you are using. Just log into your own bank and pay a bill. I use RBC. Not sure if all or which other banks have Agility as a payee.

https://agilityforex.com/

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