What is the best way to convert Canadian Dollars to U.S. Dollars?
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Am going to be getting a check for several hundred Canadian Dollars each month. I live in the U.S. My U.S. bank offers a terrible exchange rate (as much as 5% different from the exchange rate quoted online by the Bank of Canada). What is the best way to convert from Canadian Dollars to U.S. Dollars without getting ripped off every month?
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Answer:
If you ever want to use the money in Canada, you best bet would be to open a Canadian dollar account or open a Canadian dollar credit card. If you intend to spend it, you are going to have to shop around and find the bank which offers the best deal (perhaps a US branch of a Canadian bank like the Royal Bank, or Toronto Dominion (TD) The quoted rates are for interbank transfers of millions of dollars, you will take a hit doing it retail.
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Other answers
5% sounds pretty normal for a US bank. A Canadian bank normally offers a better rate. You could look at opening both a US ans CA$ account. You can get US$ accounts which offer checks which are accepted in the US. Or, join the Canadian Snowbird Association. They will convert a regular monthly amount for no fee (other than their annual membership fee).
Fred S
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