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Online Banks and the highest rates: HISA, TFSA, GIC?
August 25, 2019
7:48 pm
Norman1
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Years ago, I bought some US$ at a foreign exchange place and received a slightly better exchange rate when I asked for a US$ cheque, drawn on a US bank, instead of US$ cash. That actually worked out better for me as the funds were for someone in the US.

I think those exchange rates on HappyCurrency.com are for buying modest amounts of cash with cash. Baked into those rates is the cost of having cash available on the spot for buyers.

They may offer a slightly better rate if you don't want the US$18,000 converted to $23,925.92 in cash!

August 25, 2019
8:01 pm
saren
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My intention after converting the money is to deposit the funds at the bank so I can then transfer out to other online banks with better rates. I don't really need the cash in hand, just as long as the rate is the best it can be, I would even take a cheque (if the rate is better). I could do all this at the bank entirely but at a bad rate, of course. That's why I thought to physically withdrawl the USD, close the USD account, go down to the exchange place, get the CAD, and then come back to the bank, and deposit, then go home, and transfer the new CAD into the online bank with the best rate (Motive, B2B, Meridian, Manulife, etc..)

August 27, 2019
8:07 pm
Norman1
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I don't think I would do that in cash. It isn't a good idea to be transporting US$18,000 or $23,900+ around in cash! As well, the exchange and deposit of that much cash would definitely result in FINTRAC reports.

I would talk with the foreign exchange place to see what the best way is to convert such a large amount. Having to count 180 US$100 bills and 239 C$100 bills is probably not the best way to go!

August 27, 2019
8:11 pm
GICinvestor
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Norman1 said
I don't think I would do that in cash. It isn't a good idea to be transporting US$18,000 or $23,900+ around in cash! As well, the exchange and deposit of that much cash would definitely result in FINTRAC reports.

I would talk with the foreign exchange place to see what the best way is to convert such a large amount. Having to count 180 US$100 bills and 239 C$100 bills is probably not the best way to go!  

Or do it in chunks over a period of time.

August 27, 2019
8:59 pm
saren
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Yes I agree, I decided to find someone who wants USD, and we went to the bank together, and made a transaction in each other's account, we did it at 1.33 or 5000USD = 6650 CAD.

A backup option is Knightsbridge based in Toronto. They offered a rate of 1.32325. Unless I find someone else to exchange with directly in person, I will go with Knightsbridge as their rate beats Transferwise, and they have no fees of any kind.

August 28, 2019
3:37 am
rodeworthy
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Good move, Saren. I have been tempted to reach out to you to offer to buy any or all of your $US directly but didn't want to add to your already full plate in deciding your finances. I would benefit by getting an agreed to sell rate and you benefit by paying no transaction fees. Unfortunately, the distance between us does not make that practical for a face-to-face exchange. Also, I believe your money is at TD and I have long ago left that FI for the same reasons you have mentioned - they are all about fees.

Knightsbridge Foreign Exchange is very good. I use them regularly to buy $US. They do have fees (have to make money somehow) but it is built into the rate they quote. There are no additional fees. I recommend them if you have exhausted your ability to do a private exchange. Good luck.

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