Exchanging USD to CAD and More
Wednesday, October 21, 2009 3:26 AM
It's been a busy month and as usual I've heard from some of you over the course of it. We'll plan our next Meetup - most likely at the very beginning of November as next week might be a little too early (although I might spring a surprise - who knows).
Exchanging USD to CAD and Vice Versa
One question that I get often - besides "which broker to open an account with" is how to get the best deal when exchanging US dollars to Canadian dollars. For many of you who have USD denominated accounts or otherwise have currency exchange needs, read on.
As an example today I exchanged USD to CAD. At my bank their best rate (for exchanging $10,000 or more) was 1.0310. With my friend Ali at Express Currency Exchange in White Rock (who routinely has the best rates of brick and mortar establishments) it was 1.0340. A friend of mine has started a company called PeerFX and its rate was the best at 1.0440.
On an exchange of $10,000, PeerFX's rate would have saved $100 over the next best rate. Taking into account PeerFX's 0.5% fee one would still save $47.80. After a while it adds up, and it does make a difference.
Visit www.TradingMetro.com/PeerFX for more information, and get your fees refunded for the first month of transactions.
I have created a special incentive with FXDD for those of you who are looking to open up new trading accounts. It is a 5% account deposit promotion. So if you deposit $10,000 you'll get a $500 credit into your account. More information will follow in the coming days.
A few of you had expressed interest in the Currency Convenience Trading course offered by the Institute of Higher Earning and had purchased it in the past couple of weeks. Good for everyone that did because the price has now tripled to $1495. You got it at a great value.
Till next time, happy trading, and keep your feedback, questions, and comments coming.