Simple (?) Currency Question

[VladtheImpaler]

Let's say you wanted to buy an American property, and your money is in $CDN. You have a USD account here and an account in US. What is the most effective way to move your money to minimize the exchange rate hit???

[MoneyGuy]

Still looking at that property, Vlad? I'll see what I can find out for you. I'll get back to either her or by email.

[bizaro86]

Originally Posted by fotze

Buy some stock in a dually listed company in Canadian dollars and then sell it for USD. No exchange fee. Its a gambit.

Indeed. Do Norbert's Gambit, and then withdraw a cheque from your brokerage company. Deposit the cheque into your US bank account in the US.

[MoneyGuy]

Okay, this is what I have so far, but am seeking more info for you. If you're using your own funds (cash on hand plus maybe a Canadian line of credit so no U.S. loan required), I'm told that with things so bad in the States that they will give you a fee-less 1-1 exchange rate just to make the sale. I think you may be asking more than just about the exchange rate, but also the fees on the exchange. It seems that they would likely entertain a 1-1 exchange so then you wouldn't have to actually exchange fund. I'll likely have more info within 24 hours.

[MoneyGuy]

Here's more for ya. With a large sum you should be able to get a good rate, either at your bank or at http://www.knightsbridgefx.com/faqs.htm. I'd first try to see if the buyer will accept your Canuck dollars at par with no exchange. Maybe negotiate it in. Good luck. If you have specific questions, you know where to find me.