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Would a forex account save money on converting $CAD to $USD
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I believe GFT does.
http://gftforex.com/support/faq-credit-card.asp#payNotBaseCurrency
http://gftforex.com/support/faq-credit-card.asp#payNotBaseCurrency
I believe GFT does, don't know if it is cheaper than converting the funds at a bank. I know they have some kind of bonus for opening an account with a certain amount of money.
http://gftforex.com/support/faq-credit-card.asp#payNotBaseCurrency
http://gftforex.com/support/faq-credit-card.asp#payNotBaseCurrency
Have a look at that:
http://fxglobaltransfer.oanda.com
Its Oanda's physical delivery service. You can exchange cash on low spreads (2 to 3 pips for usd/cad) for $25 flat fee. Get a quote from your bank and compare if its worth the hassle. Retail banks around here charge ridiculous fees and bid/ask spreads on the counter, so it may be well worth it.
P.S. if you choose a fx firm for the conversion, make sure they actually use the rates from their platform for physical exchange and not some retail bank benchmarks. Other than Oanda i only know IB that does that (for small amounts anyways).
http://fxglobaltransfer.oanda.com
Its Oanda's physical delivery service. You can exchange cash on low spreads (2 to 3 pips for usd/cad) for $25 flat fee. Get a quote from your bank and compare if its worth the hassle. Retail banks around here charge ridiculous fees and bid/ask spreads on the counter, so it may be well worth it.
P.S. if you choose a fx firm for the conversion, make sure they actually use the rates from their platform for physical exchange and not some retail bank benchmarks. Other than Oanda i only know IB that does that (for small amounts anyways).
Quote from psytrade:
bank of montreal will charge you .5% fee on 50k for converting into a USD account. This may be higher for you, if you are not a client of their firm..
A fee, and typically a bad conversion quote. My bank quotes a 300 pip bid/ask spread for eur/usd exchange at the counter.
Thanks. That looks good once I figure out how to get the Canadian $ into an Oanda account. The money is not coming from my account.
Quote from Pippi436:
Have a look at that:
http://fxglobaltransfer.oanda.com
Its Oanda's physical delivery service. You can exchange cash on low spreads (2 to 3 pips for usd/cad) for $25 flat fee. Get a quote from your bank and compare if its worth the hassle. Retail banks around here charge ridiculous fees and bid/ask spreads on the counter, so it may be well worth it.
P.S. if you choose a fx firm for the conversion, make sure they actually use the rates from their platform for physical exchange and not some retail bank benchmarks. Other than Oanda i only know IB that does that (for small amounts anyways).