Currency Conversion - Looking for Ideas

Discussion in 'Forex' started by Slave2Market, Mar 28, 2006.

  1. I posted this question under Forex Trading because I thought someone here might have an answer. Here's my question:

    I'm a U.S. citizen but in the near future I'll be transferring money on a regular basis to/from Canada. I've discovered that currency conversion is a major source of revenue for the banks i.e. they rip-off their customers. Does anyone here know of a fast and inexpensive way to perform U.S. <-> Canadian currency conversions? Could this somehow be done cheaply via an FX trading account?

    Thanks for any responses,

  2. You may want to look here and here.

    Good luck, :)

  3. I just opened an IB account to do this to convert trading profits to canadian dollars as i am canadian. Although i havent made a trade yet i believe its $2, and lose only the spread, which is something like 3-4 pips. The bank is normally 200-400 pips i believe, so this is a major savings.

    And like i said although i havent even made my first trade on it yet, this seems like a viable option that im sure others can second.