Convert into USD | GTAMotorcycle.com

Convert into USD

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LiNK666

Well-known member
I need to convert a significant amount of CAD into USD. What's the best place in Canada to do this?
 
I use Xe, never had issues. Assuming it is digital money, you just use use xe.com to run the transaction, make a bill payment to their toronto bank account for the correct amount of cdn and the usd shows up where you sent it. If you have a suitcase of cash, I am assuming similar with more paperwork and delays.
 

Knightsbridge Foreign Exchange

Send money abroad with Knightsbridge's competitive rates. Best foreign exchange service in Canada. Click here to get a quote!
www.knightsbridgefx.com www.knightsbridgefx.com

Or XE as stated by @GreyGhost
 
LiNK666 said:
I need to convert a significant amount of CAD into USD. What's the best place in Canada to do this?
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Do you have a brokerage account with separate CAD and USD accounts?

You can buy DLR on the TSX, call up the brokerage and have them do a journal transfer to DLR-U in your US account, which you can sell (only disadvantage is that it'll take two days to settle) and you'll get pretty much the spot rate minus the $10 per trade both ways.

More info here:

medium.com

Norbert’s Gambit for Dummies: Exchanging CAD to USD the smart way

This post is a duplicate from my blog https://www.thomasthoughts.com/finance/2017/10/04/norberts-gambit/
medium.com medium.com
 
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LiNK666 said:
Physical cash need to convert and pay someone. Not digital. Any assistance is appreciated.
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I used to have a guy that would do that at great rates but it turns out he was mobbed up and is no longer in business.
 
Ive used Continental currency exchange with favorable rates , you will have to explain your self for anything over $9,999.00 dollars . Chartered banks will ask questions over 10k also
 
Continental will give you a decent rate , 5k is usually in house.

Unless your dealing at one of the bigger branches of a chartered bank a lot of them don't keep much foreign currency on hand anymore.
 
crankcall said:
Continental will give you a decent rate , 5k is usually in house.

Unless your dealing at one of the bigger branches of a chartered bank a lot of them don't keep much foreign currency on hand anymore.
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Hell, most charter banks get grumpy if you try to get that much canadian cash without advance notice. Give them 48 hours notice that it's happening and they are happy to bring in as much as you want though.
 
LiNK666 said:
I need to convert a significant amount of CAD into USD. What's the best place in Canada to do this?
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Significant is relative, for FX that starts at about $1m. For that you book an FX contract.

For $100k and up, most big banks will still do a contract deal.

Less than $100k - do a private deal or use a specialty exchange like Knightsbridge. Find or make a friend who works for a bank — most banks provide any staff member great FX rates as an employee benefit.
 
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