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US Dollars / Canadian Banks? |
Which Canadian bank gives the best exchange rate on US dollars? Are there other options besides banks that I should look at? I get paid in USD but live in Canada so while the amounts aren't huge its a few thousand dollars a month. Also, what about lump sum conversions from Canadian to US, any other options besides banks that I should be looking at for best rates? If I were you, I wouldn't use the banks to exchange US dollars. They are all pretty much the same; they all use a 200-400 point spread. Sure, the banks are better than the Airport or the rip-off exchange booths on Yonge Street, but if you are getting paid regularly in US dollars, you can do better. I have used Friedberg before. They have a 100 point spread or even less. You can haggle with them, especially on large lump sums. They seem to have closed their cash desk, unfortunately. If you don't live in Toronto, or you just don't want to go to exchange the money in person, you could check out Cambridge Mercantile. I've never used them, so I don't know if they are any good or not. But it looks like they offer useful services as well as better rates than the banks. Source(s): http://www.friedberg.com/ http://www.cambridgefx.com/ |
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