USD - CAD Forex

[Rocky]

I am new to this, but am wondering what would be the best and most efficient way to buy USD when it gets cheaper and sell when it gains value. I am not interested to have a broker help me but am willing to do any extra work involved. Wondering what would be the best place to buy and sell the US dollars at. If banks, then which bank generally has the best buying and selling rates, Any and all suggestions and ideas are welcome Thanksb

 

[kEiThZ]

If you are employed in a large firm, your employer might have a preferred exchange that they use for travel. You can usually piggy back personal exchanges off this agreement.

 

[slickpete83]

ok if your with a ____ bank , try opening an USD account , i think if you have one open with them they give you a discount when converting CAD to USD ,


I plan on doing the samething soon , bloomberg claims the CAD will be par with USD by the end of the 4th quarter , the US government will drive down the vaule of US dollar to create rally in the stock market

 

[Rocky]

ok if your with a ____ bank , try opening an USD account , I plan on doing the samething soon

Excuse my stupidity as i am quite new at the idea, but wanted to see any one knows as to if there are any fees assocaited with transfering currency between USD and CAD accounts (conversion rate etc).

plus if you think USD will be coming to par with Canada, i guess that would be the best time to buy !

 

[slickpete83]

its not really about paying fees , but rather the exchange they offer
"buy and sell" rate , Having an US account saves about 1.0 cent on the exchange rate at TD . i think TD calls it the " TD Borderless account"

 

[Therion]

Why don't you open a Forex account? Most discount stock brokerages offer a Forex trading account (Questrade, Interactive Brokers, E-Trade etc.) Much, much tighter spreads and you can use margin.

 

[kEiThZ]

I think USD and CAD should be coming to par within 6 months to a year. As soon as oil bounces back we'll be there.

 

[Therion]

Possibly, but it will head down first on the coming market correction.

 

[alexp]

I can trade you $1200 US

I am new to this, but am wondering what would be the best and most efficient way to buy USD when it gets cheaper and sell when it gains value. I am not interested to have a broker help me but am willing to do any extra work involved. Wondering what would be the best place to buy and sell the US dollars at. If banks, then which bank generally has the best buying and selling rates, Any and all suggestions and ideas are welcome Thanksb

I just moved to Toronto from the states, and have $1200 I would like to exchange for Canadian (for the exact exchage rate). Would prefer to exchnage it with someone looking to buy US, rather than going through a bank and getting charged 3-4%. I'd also be happy to meet up at a bank if you are concerned with the validity of the transaction. Anyway, let me know if you are interested.


Alex

 

[Seesus]

Possibly, but it will head down first on the coming market correction.

Understanding that suggesting the right time to buy any currency is next to impossible, but would you think this time when the rate comes to par (hopefully in the next two months or so) - one should buy USD for long term may be wait for it to appreciate in about 3 year time or so !? that would rather be better than keeping money in savings account !? would it be ?

 

[fedrigo]

World Exchange

Try Jameson Bank. I just did a wire to the US without the normal 3-4% spread.

 

[Therion]

Understanding that suggesting the right time to buy any currency is next to impossible, but would you think this time when the rate comes to par (hopefully in the next two months or so) - one should buy USD for long term may be wait for it to appreciate in about 3 year time or so !? that would rather be better than keeping money in savings account !? would it be ?

I honestly don't know. The deciding factor will be the speed of the economic recovery. Another dip, when the stimulus runs out and bad earnings start hitting the market, could throw a wrench in any long-term currency speculation. If you believe in a steady recovery situation, keep your money in CAD (recovery is good for commodities); if you think we're headed back down, buy USD. That's about the only advice I can give you.

 

[Bubba]

The best foreign currency exchange rates are provided by XE.com (from my experience).

To sign up for an account is free, and money can be bought/sold in any currency.

I have USD and CDN accounts so I buy money from my CDN account and have it sent to my USD account. There is also no fee to do the transaction. The only catch is that it takes about 5 days or so to process but your rate is guaranteed from the moment you initiate the trade.