Money exchange

Discussion in 'Forex Brokers' started by marwanco, Jun 23, 2013.

  1. marwanco



    I want advise how to exchange 30000 USD to CAD, while US is strong, and when CAD become stronger transfer back to US, and so on.
    At the moment this sum is sitting in us account in canada doing nothing, bank rates are very bad.

    The goal is not a day trade, but money management, with minimal risk.

  2. if I understand what you are asking you want to look at Foreign Currency CD's and/or Deposit accounts.

    In the US, there are very few institutions offering foreign currency accounts. One (of a very small number) in the US is Everbank. I have no knowledge on residency rules. FWIW, I have positive, although not recent experience (pre-Lehman) with EverBank.

    Canada however has a much greater choice for foreign currency accounts. AFAIK, almost all banks in Canada have some offering of foreign currency accounts. In fact, you've already stated your funds are in USD sitting in a Canadian bank. I have no knowledge on residency rules.

  3. You can use Oanda for that. You can make subaccounts in various currencies, and transfer back and forth on thight spreads. No fees. Although the interest-rate will probably be worse than with a CD. They are paying 0.3% on CAD deposits at the moment. But compared to usd/cad fx risk its insignificant.