Best way to convert CAD$ to US$?

[Table 5]

So at some point in the next few months, I'd like to convert a fairly sizable chunk of money from my Canadian bank account to my American one. Can anyone recommend the best way do this, in order to ensure the best rate possible? Would it be through a wire-transfer with a bank? Or is there some other service/company that offers a better rate? It's a lot of money (to me at least!) so even the smallest percentage point would make a difference.

And speaking of which, anyone have any thoughts where the Dollar is going in the next little while? Obviously, the time to convert was a few months ago, but it would be nice to at least try to get a little closer to that great exchange rate.

[HOOT]

The best way would have been doing it 6 months ago, when the rate was better

Depending on the amount I bet you could get a special rate. A small amount like under $50K I bet they don't do anything special.

[Table 5]

Hmm, that's about the same amount I have. I've never heard of Calforex, but will definitely look into this.

And yeah, I assume it's pretty hard to predict where the dollar will go. I keep hearing that the Canadian dollar is tied to oil and commodities, which seem to be pretty damn low these days!

[mykalberta]

Those same people also said that $150 oil was due to demand.

[ernie]

We have a CAD and USD savings account with RBC. Other than typical service charges on an account we can transfer money back and forth at whatever the current exchange rate is.

[Displaced Flames fan]

You guys make me sick.

$100K savings and I'm fairly certain you are both younger than I am. Now, I've made my fair share of bad decisions in the past and have paid for them dearly at times, but given my current salary and modest lifestyle I can't imagine being able to save that much in less than 20 years.

Fotze even has kids.

What kind of racket you guys got going? I know what Table does for a living. You must have mad skills my friend.

[Phanuthier]

Between the CND and USD, I'd lean more towards CND right now just because I see a huge amount of money being injected into American currency system. Right now, I'm holding Canadian cash and short term investments, and for US a few CD's but mostly equity.

[HOOT]

Originally Posted by Displaced Flames fan

You guys make me sick.

$100K savings and I'm fairly certain you are both younger than I am. Now, I've made my fair share of bad decisions in the past and have paid for them dearly at times, but given my current salary and modest lifestyle I can't imagine being able to save that much in less than 20 years.

Fotze even has kids.

What kind of racket you guys got going? I know what Table does for a living. You must have mad skills my friend.

If you put it in the right investments you could have a $100K in under 20 years by investing about ~$350/month. Let's say you found a job that paid you $2.50/hour and you never touched that raise but rather banked it, there you go 6 figures

Warning: I've been drinking and well....you see my nickname...so my math might be a bit off. But if you set a 20 year goal, you could do it, anyone can!

[Table 5]

Originally Posted by Displaced Flames fan

$100K savings and I'm fairly certain you are both younger than I am. Now, I've made my fair share of bad decisions in the past and have paid for them dearly at times, but given my current salary and modest lifestyle I can't imagine being able to save that much in less than 20 years.

Haha, don't worry DIS. While I'd rather not go into detail, objects in mirror are much poorer than they appear.

Having said that though, having a fairly steady flow of income, being single, and not being a big spender, makes it a lot easier to save, compared to someone who is raising a family. I'm trying to do it while I still can.