Greetings,

I am moving from the US to Canada next month.
Can anyone suggest which bank/agency in the US is likely to provide the best exchange rate for USD to CAD?

I am planning to take a combination of traveller's checks and cash.

Thanks.

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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."

-- Rhett Butler in "Gone with the Wind"

Your best deal will be like this
(1) Carry most portion of your money in USD .Travellers cheque is fliexible and after deposite in Candadian bank will be avalibale for withdrawal immidiately where as cashier check or standard cheque
take minimum 30 days time to be available for withdrawal .Also I never faced any problem at POE with traveller chaque /cash when I moved from USA
(2) Open USD and CAD checking account in a Canadian bank (TD Canada Trust is good) and deposite your USD traveller cheque /Cashier cheque first in USD checking account and then transfer into CAD checking account ...you will always get a better exchange rate than standard bank rate if you transfer from USD account to your CAD account(True for any bank)
(3) Convert USD to CAD only that amount which you need for initial expense.Curreently USD /CAD exchange rate is pathetic but slowly picking up(today it is 1.32).So I would say keep a close watch on it and when you are getting a better rate exchange accordingly .You can use internet banking To check exchange rate/ and even transfer from US to Cad account yourself
(4)I heard couple of advertisement in local desi newspapaer and they tell that they will give you at lease $2 more than any bank rate..but don't know how dependable they are
Let me know if you need any other info

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ani

Thanks for your detailed response.
I have a couple of more questions:

Which are the banks other than TD Canada that provide flexibility of USD and CAD accounts (and automatic transfers between the two)?
Do you recommend TD Canada above all the others?

Are there any fees, etc. if I deposit a check drawn on a US bank into a CAD account in Canada?
For example, I can use this method to "transfer" money from my US bank into the Canadian bank.

Thanks for your help.

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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."

-- Rhett Butler in "Gone with the Wind"

You can also open an ingdirect account and sell your USD there, then electronically transfer it. Although there are a cpl of days delay for the funds to show in your CAD account(if outside ingdirect..e.g:TD)...you will notice that the ingdirect offers better rates for your USD on any given day. It really makes a difference when you are converting bigger amounts.
p.s:there may be some difference in the operation of ingdirect.ca and Ingdirect.com. I only deal with Ingdirect.ca and am very satisfied with their services.

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Quote:

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Orginally posted by pratickm

Are there any fees, etc. if I deposit a check drawn on a US bank into a CAD account in Canada?
For example, I can use this method to "transfer" money from my US bank into the Canadian bank.

Thanks for your help.

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http://www.servicedomino.com

Quote:

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Orginally posted by jake3d
no fees except the normal transaction charges(if you have a limit on the # of transactions...depending on the type of account you have set up). However, like ani mentioned...it will be better if you open an USD account in Canada and deposit into that first, and factor in the delays for standard cheques. I believe all banks offer the ability to transfer funds from one account to another electronically...TD and CIBC do, for sure.

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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."

-- Rhett Butler in "Gone with the Wind"

Quote:

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Orginally posted by pratickm

Thanks, Jake, for your response.
So are you suggesting that I open a USD account in Canada?
I was under the impression that I should open a USD account in the US with a bank like TD and after moving to Canada open a CAD account with the same bank there and transfer funds within the same bank.

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Quote:

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Orginally posted by pratickm
Are you saying it is better to open a USD account in Canada, rather than US?

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Quote:

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Orginally posted by pratickm
So I take the required sum as USD traveller's checks/cash, open a USD account with a bank like TD, deposit the USD there, then open a CAD account in the same bank and transfer the USD into that account?

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Orginally posted by pratickm
If this is true, then I don't have to open any new account here in the US before moving.
I was not aware that you can have a USD account in Canada.

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