In summary; like Larry Weber and myself have said;
For currency exchanges (Canadian to US dollars involving say $20,000 to $50,000) there is no reason to pay more than in the order of a quarter of a percent fee for the exchange (0.25%).
Anyone who thinks they are getting it for free by using a credit card; free money order or any special package account deal from their favorite banking institution is naive and is actually paying 2% to 5% if they could do the math.
For small amounts that may be quite acceptable for the convenience and lack of other viable options. But supposedly worldly people are missing the differences between "day rates" (that our nickel and dime service charge institutions use to make their huge profits); Bank of Canada exchange rates; flucuating by the second money Canadian to US exchange values; brokers acting on your instructions to buy tens of thousands of US dollars right now; exchange fees that the money changers are not going to lower to 0% let alone do for a loss etc. etc.
You can save the recipient some "$35.00" fee by choosing the correct money order. But don't think you aren't on average paying about 2 1/2% to 5% more than what the exchange rate should really be.
For currency exchanges (Canadian to US dollars involving say $20,000 to $50,000) there is no reason to pay more than in the order of a quarter of a percent fee for the exchange (0.25%).
Anyone who thinks they are getting it for free by using a credit card; free money order or any special package account deal from their favorite banking institution is naive and is actually paying 2% to 5% if they could do the math.
For small amounts that may be quite acceptable for the convenience and lack of other viable options. But supposedly worldly people are missing the differences between "day rates" (that our nickel and dime service charge institutions use to make their huge profits); Bank of Canada exchange rates; flucuating by the second money Canadian to US exchange values; brokers acting on your instructions to buy tens of thousands of US dollars right now; exchange fees that the money changers are not going to lower to 0% let alone do for a loss etc. etc.
You can save the recipient some "$35.00" fee by choosing the correct money order. But don't think you aren't on average paying about 2 1/2% to 5% more than what the exchange rate should really be.
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