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Email this7:19 pm
February 20, 2018
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"If you are planning to exchange USD, we have a great news for you!
It has come to our attention that KEB Hana Bank Canada offers the favorable USD exchange rate among the major banks(including Korean banks) in Canada.
Those customers who do not hold and account with KEB Hana Bank Canada can also exchange foreign currencies up to $3,000! (may differ depending on the branch situation)"
Who's the best for investment transaction purposes rather than day-to-day spending, for example, exchanging 25-100k US to CAD?
7:33 pm
December 12, 2009
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hotmony said
"If you are planning to exchange USD, we have a great news for you!
It has come to our attention that KEB Hana Bank Canada offers the favorable USD exchange rate among the major banks(including Korean banks) in Canada.
Those customers who do not hold and account with KEB Hana Bank Canada can also exchange foreign currencies up to $3,000! (may differ depending on the branch situation)"Who's the best for investment transaction purposes rather than day-to-day spending, for example, exchanging 25-100k US to CAD?
A lot of people like TransferWise (https://transferwise.com/ca).
According to a rate quote right now, TransferWise would give you $731.59 USD for $1,000 CAD. Scotiabank would give you $723.32, so it seems like they are true to their word in giving you the mid-market foreign exchange rate with a nominal markup/spread, if anything. $723.32 would likely be Scotiabank's staff rate since staff get the mid-market rate.
Cheers,
Doug
8:54 pm
May 15, 2007
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Here's some previous discussion about XE Trade, TransferWise, and OFX.
Or, if you have a trading account, look up "Norbert's Gambit".
9:05 pm
February 20, 2018
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I'll add a stronger institution that won't cause sweat when funds are on hold for 5d till cheque clears
What u guys think bottom is for CAD 72?
9:53 pm
December 12, 2009
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Peter said
Here's some previous discussion about XE Trade, TransferWise, and OFX.Or, if you have a trading account, look up "Norbert's Gambit".
Thanks, Peter. I was going to suggest using Norbert's Gambit, but wasn't sure if hotmony had a brokerage account.
The only downside, as far as I can tell, is that TransferWise charges a small fee (~$5.50 CAD it looks like) to add funds to your TransferWise account or to withdraw to a bank account. That's not significant on a large value FX conversion, so it's still a good deal. But if you're just converting, say, $1000, then it may make sense just to convert with your bank. Having said that, you're gonna pay minimum $20 in trading commissions to do a Norbert's Gambit trade and then you've got T+1 settlement on the buy side (DLR) and sell side (DLR.U). So, cost wise, it's probably a wash with Norbert's Gambit?
Totally depends on your use case, too. If you're looking to buy US-listed stocks, then I'd just do Norbert's Gambit as the turnaround time is faster.
Cheers,
Doug
9:54 pm
December 12, 2009
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hotmony said
I'll add a stronger institution that won't cause sweat when funds are on hold for 5d till cheque clearsWhat u guys think bottom is for CAD 72?
Hard to say...I didn't realize it was sub 0.74 actually. That's probably a good near-term bet, but if the US continues raising rates and the BoC stays on hold or is forced to cut, then I think we could go to 0.65 potentially.
Cheers,
Doug
3:46 pm
May 3, 2015
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Another option is Agility Forex. They are based in Vancouver and I have used them before. Between TransferWise, XE and Agility, they had the best available rate at the time. Worth looking into it.
5:44 pm
April 2, 2018
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Exchange at Yonge street beats any bank. I use USD credit card, buy USD there and pay the bill. Not even employee discount can match those guys.
6:22 pm
February 20, 2018
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Continental best in mall. They had a deal to be bought by Pace cu but it fell thru.
https://www.continentalcurrency.ca/branches/
Ethnic grocer for certain countries can be best
Original question i meant best for larger transactions. Royal seems to be ahead of the next 5. The big 6 have the largest trading desks but not great for smaller transactions need to order for most currencies other than greenbacks. Sometimes theyll recommend u go somewhere else for under a 100 bucks. Larger amounts they call their desk for a quote. Sometimes u gotta pay more for added security. I believe their cut is around $400 per 100k or about .4% commission. Any other secure Fi better?
9:54 am
October 27, 2013
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Doug said
Hard to say...I didn't realize it was sub 0.74 actually. That's probably a good near-term bet, but if the US continues raising rates and the BoC stays on hold or is forced to cut, then I think we could go to 0.65 potentially.
Cheers,
Doug
Forex rates have been entirely unpredictable. In my opinion, Canada would likely have to be close to hitting the debt wall again (like in early '90s) to hit 65 cents. The worst it has been in 10 years is 0.68587 in Jan 2016 and over the past year 0.72707 of Dec 26 of 2018.
I think we'd have to be heading for a significant recession to get to 72 cents, but somewhere in 72-73 cents is where I would be swapping currency. I have a bunch of USD and a few US stocks that I'd likely pull the trigger on if we got to that level.
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