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AR
Premium,ExMod 2001-04
join:2000-09-21
Toronto, ON

1 edit

IGNORE this thread

I transferred USD 515 to my Bank North account and that's supposed to be CAD 565.

»www.oanda.com/currency/converter/

Currency converter shows that a 5% fee would make it CAD 546.

So TD Bank North's charging me what...7-8%? Wow!

Anyone know of a better way to transfer money to a US bank account on a regular basis? This sure isn't working out now.

MaynardKrebs
Heave Steve, for the good of the country
Premium
join:2009-06-17
kudos:4

Re: [Rant] TD Bank North's rapacious CAD -> USD rates

Do the TD CanadaTrust Borderless account. Better Fx rates.

How much of the haircut was Fx and how much was a transfer fee (if any).

Don't forget that the Canadian Peso fluctuates a lot in value vs. USD, so having a wide conversion spread is not uncommon - the banks are not in business to give you a fair deal on something so volatile.


AR
Premium,ExMod 2001-04
join:2000-09-21
Toronto, ON
They don't do a "fee"....because the marketing is as a "free transfer"! The fee is embedded in the conversion rate.

The problem with the borderless account is that it would be hella slow to move money back and forth. If i opened one up, then I have to write me a check to my creditors in the US (Amex and Bank of America) when the payments come due and mail the checks from Toronto to US payment processing centers. Ok for Amex I can make the payment at Amex Bank in Markham. But still......

MaynardKrebs
Heave Steve, for the good of the country
Premium
join:2009-06-17
kudos:4
Royal has (had) better integration between RBC here and Centura (RBC US). Same day funds between accounts. Now that RBC has sold most of their US retail banking assets off, they might only be providing that service to grandfathered customers. But check with a branch manager here, not a teller. or Call their 800 number and see if they will link RBC and Centura accounts for new customers.

You could also see what BMO/Harris can do for you.

jfmezei
Premium
join:2007-01-03
Pointe-Claire, QC
kudos:23
Have you tried the various on-line converters ? like www.ucx.com (a canadian company). You can setup wire transfers with them. No sure how much it all ends up costing though.

The lowest fees are gotten with the good old traveller's cheques.

if this is to pay your credit card, could you setup your web banking to pay your amex card, enter the card number and pay i canadian funds ?

When amex gets the transaction they would credit your US account by the value of the CAD you sent them (or they may reject the payment)


AR
Premium,ExMod 2001-04
join:2000-09-21
Toronto, ON
That wouldn't work because a US CC provider needs American routing numbers....i can't give them the routing # of a Canadian institution.

I can mitigate this whole problem largely by using Amex and then paying Amex bills (US) at the Amex bank in Markham.

But I still need to transfer a couple of hundred every month to the US regardless and wire transfers or Traveler's checks aren't the most optimal.

TD North was greedy but 7-8% is waaaaay too much!


Guspaz
Guspaz
Premium,MVM
join:2001-11-05
Montreal, QC
kudos:23
reply to AR
You'll get much better rates out of a good forex store than any bank. We use calforex, who have branches in most major Canadian cities. They have the best rates we've seen (I think their fee is 1%, but I could be mistaken) and they're generally pretty awesome (particularly their policies, and going above and beyond).

One of the most awesome things that they do is their buyback program. Basically, they will buy back up to 50% of the money you got, within 30 days, at the same rate you bought it (even refunding fees, I believe), regardless of how the rate has changed since.

As an example, say you buy $1000 USD for $1100 CAD (a rate of 0.9091), and you go on a trip. You spend 75% of the money, but you come back with $250 USD. You want to put it back into CAD because you don't need the USD. Now say that the US dollar has sunk a bit since you left, and there are fees the other direction, so the rate has gone from 0.9091 to 0.9500). Your $250 USD cost you $275 CAD originally, but because of the new rate you would normally only get $263 back. But CalForEx would ignore the current rate and buy back your money for the same $275 you got it for.

They even went above and beyond for us. A group of us planned a trip to Japan, and we bought something like $6000 CAD worth of yen to spend (Japan is a cash culture, credit and debit cards are rare). But one week before our trip, the tsunami hit, and the trip was cancelled. On top of that, by the time the trip was confirmed cancelled, the yen had sunk a bunch. We stood to lose hundreds of dollars in the transaction.

To our great surprise, even though it was against their policy, CalForEx bought back 100% of our yen at the same rate that we paid for it. We didn't lose a single cent. Talk about going above and beyond to build customer loyalty! Now we do all of our currency exchange there, and some of us use calforex to get USD to pay off USD credit cards (we have a lot of USD expenses for our convention) or to fill USD bank accounts.
--
Developer: Tomato/MLPPP, Linux/MLPPP, etc »fixppp.org


AR
Premium,ExMod 2001-04
join:2000-09-21
Toronto, ON
Ok --- so say I buy USD from Calforex and take advantage of a great rate.

After that, what's the speediest way (with minimal fees) of depositing it into TD North or Chase in the US?


corster
Premium
join:2002-02-23
Gatineau, QC
reply to AR
You could also use something like XE Trade to transfer money from a Canadian Account to a US Account.. Rates are fair, and you can have the transfer completed in less than a week through EFT

Best way to do it is to send money to XE via your Canadian bank's Bill Payment feature and then have XE deposit it directly into your US account through ACH
--
Ontario can lead again with Tim Hudak and the Ontario PC Party on October 6th


AR
Premium,ExMod 2001-04
join:2000-09-21
Toronto, ON
Hmm....didn't know about that. Thanks, I'll look into it!

Could you do me a favor: what's the conversion rate from XE Trade if someone wants to buy USD 515 today? Any other fees on top?


Guspaz
Guspaz
Premium,MVM
join:2001-11-05
Montreal, QC
kudos:23
reply to AR
said by AR:

Ok --- so say I buy USD from Calforex and take advantage of a great rate.

After that, what's the speediest way (with minimal fees) of depositing it into TD North or Chase in the US?

I'm not sure. We normally just take out cash and deposit it directly into a USD account at an ATM or teller (since our USD accounts are with Canadian banks), but Calforex does other kinds of transfers than cash. Bank drafts, outgoing bank transfers to the US, wire transfers, travellers cheques, etc. It sounds to me like you want a bank transfer:

»www.calforex.com/en/retail-servi···s-to-usa

You might have to call them to find out what fees, if any, apply to things, or ask them what the best option is.
--
Developer: Tomato/MLPPP, Linux/MLPPP, etc »fixppp.org

jfmezei
Premium
join:2007-01-03
Pointe-Claire, QC
kudos:23
reply to AR
»www.xe.com/ucc/

In terms of paying your Amex card, couldn't you setup a canadian bank payment to your amex card ? The canadian bank wouldn't know this was a US amex card, would it ? and it would just send the transaction to american express and let Amex apply it to your account.

It is possible Amex woudl reject the payment, or it could accept it and do its own currency conversion. Call them up to ask.

In terms of money transfers, canadian banks compete againsts FedEx, so they set their rates accordingly.

You could get a US dollar account at a canadian bank, and get US dollar cheques. You can send those cheques to your folks in the USA. They get treated as it they came from a USA bank.


corster
Premium
join:2002-02-23
Gatineau, QC
reply to AR
said by AR:

Hmm....didn't know about that. Thanks, I'll look into it!

Could you do me a favor: what's the conversion rate from XE Trade if someone wants to buy USD 515 today? Any other fees on top?

The link JF provided is the market rate, not the actual rate you get.

There are only extra fees if you choose to use Wire Transfer to receive your payment. If you receive your USD payments by ACH/EFT, there are no additional fees.
--
Ontario can lead again with Tim Hudak and the Ontario PC Party on October 6th


corster
Premium
join:2002-02-23
Gatineau, QC

2 edits
reply to AR
Click for full size
said by AR:

Hmm....didn't know about that. Thanks, I'll look into it!

Could you do me a favor: what's the conversion rate from XE Trade if someone wants to buy USD 515 today? Any other fees on top?

Logged in to XE Trade... rate is constantly refreshing based on market price, but when I pulled you a quote the rate was 1 CAD = 0.9825 USD.

I've only ever used them once to test the service out, but I had my money in my USD account in about Four Business Days.. and the rate was far better than what my bank offered.
--
Ontario can lead again with Tim Hudak and the Ontario PC Party on October 6th


I_H8_Spam

join:2004-03-10
St Catharines, ON
said by corster:

Logged in to XE Trade... rate is constantly refreshing based on market price, but when I pulled you a quote the rate was 1 CAD = 0.9825 USD.

Looks like they are charging Interbank + 1.50% - which is right in line with TD Borderless.


nitzguy
Premium
join:2002-07-11
Sudbury, ON
reply to AR
said by AR:

Hmm....didn't know about that. Thanks, I'll look into it!

Could you do me a favor: what's the conversion rate from XE Trade if someone wants to buy USD 515 today? Any other fees on top?

Whatever you want to do, decide quickly! It seems as though the CDN dollar is on one of its classic rallies because of factors nobody can really say and will erode your US dollars in Canada...on the positive side for me I'm looking to take a vacation in March so maybe nows the time to convert some cash...

MaynardKrebs
Heave Steve, for the good of the country
Premium
join:2009-06-17
kudos:4
reply to AR
said by AR:

Ok --- so say I buy USD from Calforex and take advantage of a great rate.

After that, what's the speediest way (with minimal fees) of depositing it into TD North or Chase in the US?

Drive to Buffalo!!!

Seriously, check the Royal out and see if they can still open a Centrua account for you. You can also get a Centura Visa card. The you have the simplest option - US Bank +cheques/on-line bill payments + US card connected to your Canadian with same-day funds transfer.

I know TD is working towards this with BankNorth but it's going to take a long while yet.


elwoodblues
Elwood Blues
Premium
join:2006-08-30
Somewhere in
kudos:2
reply to AR
Here is a thought, about having a "Canadian" credit card pay your other credit card, the banks charge the exchange rate at posting + 2.5%.

peterboro
Avatars are for posers
Premium
join:2006-11-03
Peterborough, ON
reply to nitzguy
said by nitzguy:

said by AR:

Hmm....didn't know about that. Thanks, I'll look into it!

Could you do me a favor: what's the conversion rate from XE Trade if someone wants to buy USD 515 today? Any other fees on top?

Whatever you want to do, decide quickly! It seems as though the CDN dollar is on one of its classic rallies because of factors nobody can really say and will erode your US dollars in Canada...on the positive side for me I'm looking to take a vacation in March so maybe nows the time to convert some cash...

I'm waiting to take a position and have until January. I wish I had your certainty about currency fluctuations.


Anav
Sarcastic Llama? Naw, Just Acerbic
Premium
join:2001-07-16
Dartmouth, NS
kudos:5
reply to AR
xe.com gives basically straight rates (very misleading to us regular joe exchangers...)

Best to use something more realistic and useful such as this visa calculator and use charge fee rate of 2.5%.

»www.visacemea.com/uv/exchange_rates.jsp

Based on that you should get $537 ish (if doing it today).

--
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Leave your troubles at the door! "Pepe Peregil" De Sevilla. Just Don't Wifi without WPA, "Yul Brenner"

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corster
Premium
join:2002-02-23
Gatineau, QC
said by Anav:

xe.com gives basically straight rates (very misleading to us regular joe exchangers...)

Best to use something more realistic and useful such as this visa calculator and use charge fee rate of 2.5%.

»www.visacemea.com/uv/exchange_rates.jsp

Based on that you should get $537 ish (if doing it today).

XE gives straight rates if your using their conversion widget. The rate I posted earlier in this thread is the one you get if you do your forex through them.


AR
Premium,ExMod 2001-04
join:2000-09-21
Toronto, ON
reply to AR
Ok dudes.....the guy on the phone heard me say USD 550 and not USD 515!!!

That ways, TD North charged me the typical 2% conversion rate.

I was like how the hell can USD 515 show up as CAD 565??!!!


Gone
Premium
join:2011-01-24
Fort Erie, ON
kudos:4
Hah. I know from experience that it is incredibly easy to mix up 15 and 50 on the phone. Can't say it surprises me.


AR
Premium,ExMod 2001-04
join:2000-09-21
Toronto, ON
this thread is all null and void now in the light of this information!!!

i clearly suck!

MaynardKrebs
Heave Steve, for the good of the country
Premium
join:2009-06-17
kudos:4
said by AR:

this thread is all null and void now in the light of this information!!!

i clearly suck!

Probably wasn't the first time.....for sure it won't be the last time.....after all, you have a girlfriend who will remind you of that fact periodically too.


AR
Premium,ExMod 2001-04
join:2000-09-21
Toronto, ON
Very very periodically!!!

MaynardKrebs
Heave Steve, for the good of the country
Premium
join:2009-06-17
kudos:4
I need to set my watch now.....could you have her remind you ...in 3, 2, 1, hack.


urbanriot
Premium
join:2004-10-18
Canada
kudos:3
reply to AR
Are you a TD customer? Rates are lower if you're transferring money from your home bank.


AR
Premium,ExMod 2001-04
join:2000-09-21
Toronto, ON
yes, i'm a TD customer here in Canada and also in US through TD North.

MaynardKrebs
Heave Steve, for the good of the country
Premium
join:2009-06-17
kudos:4
Maybe you should change the thread title too....
"Oops: I was clinically brain-dead when I posted this"