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  Canada Immigration Forum > About Canada > Financial Planning > Best money exchange centre
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Best money exchange centre




Hello friends,

I have deposits in USD and would like to convert then in CAD. Please suggest best money exchange centre in Scarborough / Toronto area. Or should i get then converted in bank itself? I have a/c with TD Bank.

Any commission is charged for converting them? Any taxes to be paid while converting?

I am a new immigrant.

Thanks.


 
NM

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Member since: Jan 09
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Post ID: 140000 18-03-09 01:26:28
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desi-friend
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Member since: Jun 08




Posts: 237
Location: Toronto


You can open a US Dollar account with TD Bank and tansfer money to your CAD account and vice versa whenever exchange rate is good. Echange rates are better with a US Dollar Borderless account. Consult your account manager for more info.
Hope this helps.


 
Post ID: 140025 18-03-09 11:53:00
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coolvip
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Use ATM card
When I withdrew money from US account I always used ATM card at the most you will have to pay ATM charge of 1-2 USD but exchange rate that you will get is the current market published rate. Simply do one thing and you will realize how best it is to use the ATM card. I had saved a lot.
Withdraw 1K using ATM and withdraw 1K using any other method on the same day. Compare the rate and you will thank me for saving you some buck! But do keep record of all the ATM receipts.



 
Post ID: 140032 18-03-09 13:20:29
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NM
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Member since: Jan 09




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Thank you guys.

If i withdraw USD from ATM, Can i exchange in any money exchange center? any such exchangers available in Toronto?


 
Post ID: 140075 19-03-09 05:24:23
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coolvip
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Member since: Jan 09




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Withdraw CAD
Use the US ATM card (I hope it is VSA or Master) in Canadian ATM to withdraw Canadian Dollors. Do not withdraw USD else you will again have to pay exchange rate.

 
Post ID: 140099 19-03-09 10:28:43
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Garvo GujaratiMember of Administrators
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Member since: Nov 01




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You can use xetrade.com

-----------------------------------------------------------------
A Proud Indian Canadian

 
Post ID: 140868 30-03-09 15:02:21
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NM
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Member since: Jan 09




Posts: 180
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Hi Garvo,

The deposit is in Bank. How i can use xetrade.com?

Suggestions welcome, thanks.


 
Post ID: 140871 30-03-09 15:07:57
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ftfl
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Member since: Jul 06




Posts: 2335
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THE EXCHANGE RATES NOT TO EXCEED THREE CENTS TO THE MARKET RATES.

Today the current market rate is about 1.32 cents for each US Dollar. Yet we see absurd exchange rates.

Here is one such quote. This one is off by eight cents.

XE is off by thirteen cents.

Interactive brokers by TWO cents.

Wake up guys. Don't get fleeced. Just spend the same if you get twentyfive cents on the dollar.

Monday, March 30, 2009

1 US Dollar = 1.24227 Canadian Dollar
1 Canadian Dollar (CAD) = 0.80498 US Dollar (USD)

Median price = 1.24127 / 1.24227 (bid/ask)
Minimum price = 1.23778 / 1.23878
Maximum price = 1.24143 / 1.24243

FXTrade: Online Currency Trading with OANDA FXTrade.

FXConverter - Currency Converter for 164 Currencies164 Currency Converter 1997-2009 by OANDA.com.




 
Post ID: 140874 30-03-09 15:27:45
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NM
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Member since: Jan 09




Posts: 180
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Hi ftfl,

Can you explain how one can trade currencies on line?

Thanks.


 
Post ID: 140879 30-03-09 16:13:44
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vikshr
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Member since: Aug 07




Posts: 157
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Quote:
Originally posted by ftfl


Today the current market rate is about 1.32 cents for each US Dollar. Yet we see absurd exchange rates.





Can we also know, who is offering 1.32 cents today ?
I have seen USD picking up today and reaching as high as 1.2635, but not more than that.... would appreciate you sharing his contact info with us...

Thanks

-----------------------------------------------------------------
Vik

 
Post ID: 140880 30-03-09 16:15:42
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Contributors:
ashedfc(1)  Canada_Ka_Bhikari(2)  coolvip(2)  desi-friend(1)  ftfl(3)  G13(1)  Garvo Gujarati(1)  
HelenWHillman(1)  NM(4)  vikshr(2)  
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