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This is great! Would have definitely help me out when I moved to the US. People don't realize the fees banks charge for currency conversion is not the entire s
by jlizzle30 7y ago
This is great! Would have definitely help me out when I moved to the US.
People don't realize the fees banks charge for currency conversion is not the entire story. My bank offered me 'no-fee' CAD to USD transfers but were giving me a 5% worse exchange rate than competitors. Be careful out there!
- Scoundreller 7y agoFor larger amounts, look into “Norbert’s Gambit”. Basically, but a stock that trades in Toronto with CAD, call your broker to move it to the US side, then sell it for USD. Convert any amount for 2 brokerage charges (2x$10 for me). Yes, it exposes you to stock market fluctuations for that stock for a few hours or days (depending on your broker), but at least you get to stay in the market instead of the money being “dead”. Arbitrageurs keep the prices exactly in sync several thousand times per day.
- jlizzle30 7y agoGreat idea; thanks!