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Email this9:53 pm
December 21, 2018
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US/CA citizen.
US resident. (Non-Canadian resident. )
Id like to exchange CAD->USD as cheap as possible. Im aware of Norbert Gambit, but Interactive Brokers USA trades currencies at par and only charges $2 to trade (amazing deal) so I will use them.
My problem is getting my CAD to them which will require wiring. As a non-Canadian resident I cannot open new banks nor own a brokerage account (including Interactive Brokers Canada).
Which Bank / Credit union (Which allows non-residents) or service offers the cheapest wires? I currently have accounts with B2B, Tangerine, and DUCA. DUCA charges $25 per $25,000. Are there cheaper options?
My volumes will be between $20,000 to $300,000 CAD.
Note: Im aware of Transferwise. They charge $150 per $20,000. Wiring is still much cheaper than them.
8:47 pm
December 21, 2018
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Spoke with IB today. Looks like Wiring is my only option. They cant take a cheque, nor do EFT from my Canadian bank so only wires work.
Ill be spending about $300 in wires to transfer all my funds to them. If anyone knows any cheaper alternatives im all ears.
9:52 am
April 6, 2013
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I don't think there is any other way than by wire transfer.
You are trying to move C$ into the the US clearing system as C$. I don't think the US clearing system has a way to do that.
In Canada, Payments Canada runs a facility to clear US$ items between Canadian financial institutions. But, I don't think there is as much demand for clearing C$ items between US financial institutions for them to set up a facility in the US.
Had you wished to exchange your C$ into US$ in Canada, there is a way to obtain a US$ cheque or US$ draft in Canada that is drawn on a financial institution in the US and can be cleared through the ACH network in the US.
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