Posted on: 24-01-05 10:23:14
What is the best option to convert US Currency in to Canadaian on monthly basis ,banks dont seem to give good rates.
Unfortunately, the rate is very unfavourable right now, regardless of where you convert.
I have found that banks give the best rates if you have a USD as well as CAD account in the same bank.
Also, depends on how much amount you are converting.
You will definetely get a better rate from your own bank, rather than forex kiosks at airports or at a travel agency, etc.
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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"
One has to realise that unless he is converting big amounts, it does not really matter what one organisation (say a bank) is offering compared to another one (say money changer.
For example, if you are changing USD 1,000, it hardly matters whether you convert it your own bank or spend the extra time, effort and gas to go out and get it converted. However, if you are changing say anything above USD 25k, then it would make a difference.
In case anyone wants to convert more than USD25K, I can offer best rates to them which I can get from my bank in Singapore and that can save them a few hundred dollars when compared to the best rates one can get in Canada.
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
Quote:
Orginally posted by Mohanjeet
What is the best option to convert US Currency in to Canadaian on monthly basis ,banks dont seem to give good rates.
If you mean that the conversion is not as favourable as it used to be, I think it's not going to get better any time soon. The sooner you convert your USD to CAD, the better.
Read what the Congressional Budget Office has to say about the US dollar's decline...:
http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=7425896
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Regards - ezrider
Here is my experience..!!
I was going to USA in Christmas with $1800 US which I converted by CAD with the rate of 1.2499 for each USD.
I was planning to buy something from USA but unfortunately I couldn't buy and I was came back with the same amount of USD.
When I went to bank to convert back into CAD, the bank was offering 1.19 for each USD. It means I'd had a loss of $105 CAD within 1 week.
But I was waiting for better exchange rate and fortunately last week I got the rate of 1.22 for each USD. But still I had loss around $50 CAD.
Was there any other options not to get loss??
