when is the good time to transfer CAD to US$

[redBlue 1]

I remember that similar subject was being discuseed recently,but I can't find the threat.

So when is the best time to convert CAD to US these days?Should we wait untill at the end of the summer or begining of fall?

I've been watching out US $ for couple of months and it's getting better to do the convertaion but not quite yet.

Any thought on that would be appriciated it.

Thnx

[JillA 2]

I guess just keep checking the exchange... can't really predict a date that it will be better.... I am hoping for it to improve too as I have $$ that I want to get over here

[Udella&Wiz 325]

I just waited until the rate was pretty good - Fortunately at the time I did it, the rate had swung the opposite way and it worked out really well - do it when you lose the least $$$!

[SapphireDreams 71]

I've been doing it whenever at the moment since I just happen to need money here and there... but I'm sure I've wasted some money.

It went down quite a bit just before I moved and I wish I had withdrawan US cash then... but oh well... there's not way to know you just kind of have to go with the flow. The rate hasn't changed much in the past month... its not terrible, but it could be better.

[sly_wolf 199]

The significant exchange yoyo has been quite a pain especially since I still get Canadian employment income. It's impossible to predict and it's also affected by the current stock market trends and price of oil etc. Typically when the markets slump so does the Canadian $

I can only hope and pray for better days .... like please not 45% as it was in early 2003

If you can, its much better to do the exchange at a Canadian bank though. Get a US$ account with them.

[CDAgirlMI 51]

If I only knew!!! lol.

I heard it was going up to par sometime this year, but who knows. Just keep watching it.

[bradcanuck 1]

If you're playing the currency game with small amounts of $ it doesn't matter much..... not to mention banks never give the best and market rates. They make $ on currency exchanges.

[redBlue 1]

Actually I'm not planning to convert any amount at bank,even if it's smaller.I'd like to use Money mart or go to downtown in TO and ask all exchange stores and get a better deal...

Agree,banks are terrible in that sense.

[Krikit 1,164]

You'll get a better deal at customhouse.com. And the larger the amount, the better the exchange rate. But you'll need to speak with a broker about that.

[Flames9_RN 358]

Love Customhouse.com. Been using it since 2005!! I keep an acct open back in Canada-keep my balance under $1 majority of time, and of course top it up when visiting Canada! Left a bank card with my folks, so if they need to deposit any Cdn $$$, they have access, ya know for birthdays,or they want me to pick something up for them, and then to repay me, use the card! Has come in very handy!!

[JillA 2]

Love Customhouse.com. Been using it since 2005!! I keep an acct open back in Canada-keep my balance under $1 majority of time, and of course top it up when visiting Canada! Left a bank card with my folks, so if they need to deposit any Cdn $$$, they have access, ya know for birthdays,or they want me to pick something up for them, and then to repay me, use the card! Has come in very handy!!

I Customhouse, makes life easier for me!

[redBlue 1]

Love Customhouse.com. Been using it since 2005!! I keep an acct open back in Canada-keep my balance under $1 majority of time, and of course top it up when visiting Canada! Left a bank card with my folks, so if they need to deposit any Cdn $$$, they have access, ya know for birthdays,or they want me to pick something up for them, and then to repay me, use the card! Has come in very handy!!

so when u compare their rates with other places,is it a good deal?

[JillA 2]

Love Customhouse.com. Been using it since 2005!! I keep an acct open back in Canada-keep my balance under $1 majority of time, and of course top it up when visiting Canada! Left a bank card with my folks, so if they need to deposit any Cdn $$$, they have access, ya know for birthdays,or they want me to pick something up for them, and then to repay me, use the card! Has come in very handy!!

so when u compare their rates with other places,is it a good deal?

Plus it's FREE!!

[Flames9_RN 358]

I to compare CH rates to what Wachovia would give me--and CH was always better! As well I checked what Bank of Montreal would give me a few times, and again CH was better!

Some banks may not charge you a fee, BUT their exchange rate may be sub par! Some will charge a fee and the rate sub par,lol

What i found truly frustrating with American banks when it came to giving them a Cdn cheque, was that 99% of the staff was clueless!! Some would try to charge me a fee, up to $75!!! 1 time i thought it all went well,BUT 2 weeks later in the mail, i recieved the cheques back, stating since they were less than $200 in total, I couldnt cash them, and they just debited my account for the amt of the cheques! I learned to goto the same Wachovia branc, and deal with ONE teller. if she wasn't there, I just left,lol Then I found CH!! ahhhhh relief!!

Edited July 7, 2009 by flames9

[Krikit 1,164]

so when u compare their rates with other places,is it a good deal?

Basically, it cuts out the middleman. Think wholesale as opposed to retail. CH works with a fluctuating exchange rate. The banks pick one rate for the day and stick with it. Then they add on their revenue markup. In contrast, Custom House follows the market throughout the day, so you can pick a preferred exchange rate and they will contact you when it reaches that point. Or, if you're just doing a small trade, you can refresh the exchange rate and then decide when to lock in. What happened with me was the broker basically watched the market for me (this is for large $$ amounts only), then called when he perceived that this was the best exchange rate for my situation. They're a fabulous organization.