Anyone changing $C to USD's

[boarderbloke]

Just wondering if anyone here is topping up a USD account or exchanging money from CAN$ to USD's? What rates are banks or brokers taking? Just checked one place on Fri. and they were taking 5% off the market price(for $1000 cash) Seemed like a big discount to me, but it was just a local CU. Anybody moving six figures or more to a USD account, what rate can you get? NOT ready to exchange yet, but want to get ALL the necesary details down first before I make a move.

[oneoff]

There are few financial moves simpler than getting very affordable exchange rates on more than $50,000 US dollars.
The first step is to get a US dollar account in your local bank (yes credit unions all call themselves banks too).
It could cost you a buck a month service fees. This will entitle you to withdrw US greenbacks from your US funds. You may have to book ahead for withdrawing larger amounts than they normallly keep on hand; but this is no great hardship for an organized person. You can also arrange for a supply US fund cheques (which cost about $0.25 each) and are acceptable and can be used with little difficulty across the line. They have "US Dollars" embossed on each one. There is liable to be a reasonable service charge at your bank for each cheque used (eg. a dollar each)
Then one of the least publicized secrets comes into play. If you talk to your local "banking" person at the very instant you like the current exchange rate for Canadian to US dollar rate; and you have enough Canadian dollars on hand; and you want to exchange for at least $50,001 US dollars; and the "bank" has agreed to process your transaction for 0.25% or less; then you will be very satisfied with saving some big bucks. They phone in to a broker (probably at Credit Union Central, Regina); and the deal is done in seconds.
And yes; 0.25% is a going rate of banks and credit unions for more than $50,000 amounts. Those institutions all know it; but there is so much more in it to charge suckers; those in a hurry and unfortunately anyone who doesn't have $50,000 of loose change.
But thats the way of our current capitalistic system isn't it?

[LWeber]

HSBC - Min. $20,000 not $50,000

They take one fifth to one quarter percent.

Anything under $20,000 you can negotiate.

If your bank won't negotiate - open a USD account with someone that will.

5% is like paying list price for a vehicle.

[cottonpicken]

I dont think buying us dollars is the right thing to do.

[parsley]

http://www.bloomberg.com/news/2010-11-06/treasury-yields-tumble-to-records-on-fed-s-plan-to-purchase-600-billion.html


I agrree with cott. I predict $1.00 will be worth .80 cents not far down the road. Pars

[SASKFARMER3]

I agree with cotton right now at this time and with the huge amount of debt the USA is carrying I wouldn't bet on them just yet. Obama isn't the man and will be a one term president. Simply when going to USA or buying equipment there its easy do money transfer. Use Visa etc your charged the days rate. But just set a account up in ND in Minot works to.

[SASKFARMER3]

Remember your house in USA that you paid 100000 for on a deal could be worth 75000 or less shortly.
But when it gets to 75000 or less that's the time to look at USA but then you better hope you have dual citizen ship because a tax on profit from a home sale for foreigners will be coming.

[SASKFARMER3]

Remember your house in USA that you paid 100000 for on a deal could be worth 75000 or less shortly.
But when it gets to 75000 or less that's the time to look at USA but then you better hope you have dual citizen ship because a tax on profit from a home sale for foreigners will be coming.

[parsley]

Astute observation Sask.

Don't be wooed by the little Pres O's main street talk...goin' and huntin' and talkin'

No G's.

He'll tack on G's to cell phone roaming, and winter homes and airport fees...etc.

They will become protectionist, looking after their own, (Note the RIM thread) and tax foreign ownership hard.
Pars

[parsley]

They won't tax US citizens as hard as foreigners, will they?

http://www.redstate.com/jeff_emanuel/2010/11/05/looming-obama-tax-increases-will-hit-working-americans-right-where-it-hurts-most/