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Cheapest most secure way to transfer foreign currency into Canada?
- Thread starter jc100
- Start date
Is it USD? if so, look up Norbert's Gambit.
wealthsavvy.ca
You can get the spot rate for a minimum trade fee of $9.99 or whatever your brokerage charges. Saved myself tens of thousands of dollars in conversion fees using this method.
Any other currency (EUR, GBP, etc) you need a brokerage that can execute trades on that country's exchange, as well as find a suitable dual-listed stock or ETF.
Norbert's Gambit with Questrade: Step-By-Step Guide (2024)
Norbert’s Gambit is a technique that many Canadian investors use to cheaply exchange between CAD and USD. Here is a step-by-step guide.
wealthsavvy.ca
You can get the spot rate for a minimum trade fee of $9.99 or whatever your brokerage charges. Saved myself tens of thousands of dollars in conversion fees using this method.
Any other currency (EUR, GBP, etc) you need a brokerage that can execute trades on that country's exchange, as well as find a suitable dual-listed stock or ETF.
Thanks for the reply!Is it USD? if so, look up Norbert's Gambit.
Norbert's Gambit with Questrade: Step-By-Step Guide (2024)
Norbert’s Gambit is a technique that many Canadian investors use to cheaply exchange between CAD and USD. Here is a step-by-step guide.
You can get the spot rate for a minimum trade fee of $9.99 or whatever your brokerage charges.
Any other currency (EUR, GBP, etc) you need a brokerage that can execute trades on that country's exchange, as well as find a suitable dual-listed stock or ETF.
It will be GBP.
Mad Mike
Well-known member
Swift wire transfer, fees are about $20 one the send and another $20 on the receive. Best to receive to an account denominated in same currency. USD accounts are usually free or cheap, other currency accounts at banks are typically only available if your setup with their wealth or investment banking.
$60k is peanuts in FX, banks won’t bother quoting on that. The best exchange rates will be thru a broker (no affiliation, but I use Knightsbridge).
What currency?
Mad Mike
Well-known member
NG is good for large sums, but the cost and efforts to setup for a one time deal is probably not with it.
If it’s GBP coming from England, there are plenty of UK based transfer services (not banks) do cheap currency conversion and transfers. Lookup KEY, Atlantic… I used to see those transfers when at the bank. UK banks will not likely do a CAD conversion and transfer, GBP or USD.
If it’s GBP coming from England, there are plenty of UK based transfer services (not banks) do cheap currency conversion and transfers. Lookup KEY, Atlantic… I used to see those transfers when at the bank. UK banks will not likely do a CAD conversion and transfer, GBP or USD.
Swift is the easiest. Send or receive funds with your on-line banking.
The way I understand it, no matter who you use for the transfer, it's going over the swift network... why add more steps?
TD doesn't charge me for USD conversion... but you get hosed on any other currency... like GBP. Maybe see if you can get the payment in USD.
The way I understand it, no matter who you use for the transfer, it's going over the swift network... why add more steps?
TD doesn't charge me for USD conversion... but you get hosed on any other currency... like GBP. Maybe see if you can get the payment in USD.
Check again. They most definitely do.
On the order of 4.344% in each direction if you're not a President's Account member, 3.1% if you are.
TD
On $60,000 USD, that's $2,600 in conversion fees.
I use xe.com to send money out. I've never had occasion to bring money in. Presumably it could work. I started with a different company based in New Zealand and passing money through cayman islands. Xe.com bought them. Simplified some things as now I don't need to do any wires from my bank.
EDIT:
Current xe rate is 0.6002. 60K GBP=99,967 CDN. That is the real rate if I wanted to do a transaction right now from a corporate account. The not logged in rate shows 103K CAD and is within a few dollars of knightsbridge guess. Logged in as a person, not a company improves my rate substantially (102.5K received).
EDIT:
Current xe rate is 0.6002. 60K GBP=99,967 CDN. That is the real rate if I wanted to do a transaction right now from a corporate account. The not logged in rate shows 103K CAD and is within a few dollars of knightsbridge guess. Logged in as a person, not a company improves my rate substantially (102.5K received).
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Not going to be possible. It’s sitting in a British account.
Not to worry I checked, I was expecting 5% on USD and the last two transfers I received (one for $11,200USD, and the second was $6600USD) there was a $7.20 conversion fee on both. Might be my pensioner's account. I know I've paid more in the past.
I sold a bike to Japan (before I had the pensioner's account) and fees and conversion was just under 10%.
It might be cheaper to convert it to USD in Britain, THEN send it.
Hmmmm. Always wanted an IOM bank account.
Mad Mike
Well-known member
What?
They charge you alright, they just don’t detail the charges.
When you change currencies, the bank takes a a margin on the exchange. Depending on which division of the bank you use, the rate can be as little as 0.2% trading desk, $1m or more, to 6% through Visa products.
Mad Mike
Well-known member
Not that high. Here’s the interbank:Check again. They most definitely do.
On the order of 4.344% in each direction if you're not a President's Account member, 3.1% if you are.
TD
apps.td.com
On $60,000 USD, that's $2,600 in conversion fees.
And TDs rate thru easyweb:
1.37-1.345 = 2.5%.
Attachments
I haven’t had to watch it in a few yrs but when we had a US home and needed to move money often we watched exchange rates like a religion.
Now that my company has hundreds of US customers and we move tens of millions of dollars , the exchange and fees can be the value of a new car .
If Banks do anything for free it’s news to me .
Sent from my iPhone using GTAMotorcycle.com
Now that my company has hundreds of US customers and we move tens of millions of dollars , the exchange and fees can be the value of a new car .
If Banks do anything for free it’s news to me .
Sent from my iPhone using GTAMotorcycle.com
That’s kind of what we are doing too. Looking for the best time to shift the UK cash over here without losing too much to exchange and transfer fees. This isn’t my cash by the way.
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