Dear Members/Friends, I am arriving Toronto on 6th July 2004 with my family, I just wana asked the US $ CAD rate 15000 US$ become home much CAD.


With Regards


Ejaz Naqvi

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Orginally posted by ejaz

Dear Members/Friends, I am arriving Toronto on 6th July 2004 with my family, I just wana asked the US $ CAD rate 15000 US$ become home much CAD.


With Regards


Ejaz Naqvi

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Deal With Reality or Reality Will Deal With You

This is the official Bank of canada rate and is good for a million dollars exchange rate ..

When you actually go to the bank they will give you by the following rate

http://www.tdcommercialbanking.com/tradefinance/rates.jsp

15000 * 1.323 = 19845

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We will find a way or we will make one

HI,

I agree with smiley, you will get the bank rate that is lower than the exchange rate but does make a diff based on the amount you are converting.

What you should not be doing is exchanging it at any place downtown. Generally Tourists exchange their currency there and they are not very particular about the rate being offered so there are more chances of getting less marginally.

Is it not possible to buy Canadian dollars directly from rupees in your bank? I am not sure but do calculate if it is beneficial to convert it directly rather than converting your money twice. (unless you are coming from the US)

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Ejaz,

You can do 2 things.

The first is to find out if it is better for you to bring Canadian Dollars from your country and you get a good rate, then do so. This will save you 'double excange' which means first converting Rupees in to US Dollars and then converting US Dollars in to Canadian Dollars. Every time an excange takes place you loose money as the bank's load the exchange rates in their favour.

Secondly, if it is not possible to get Can Dollars or if you do not get a good conversion rate for Canadian Dollars ( I am saying so because I know in India and Pakistan etc. we do not get good conversion rates for Can $) then you should bring US Dolalrs but do not repeat do not immediately convert all in to Canadian Dollars. Instead open 2 deposit accounts with ING BANK one in US DOLLARS and the other in Canadian Dollars and convert the US in to Canadian funds gradually and in installments. This way you will average out the conversion rate and might actually save some as the ING BANK offers best conversion rates.

You will find information on ING DIRECT or which bank is better by doing a 'search in charcha' as regarding ING BANK. Still if you have some questions, you can email me directly.

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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada