OT - US Dollar Savings Acct Question

[nflder]

I'm hoping someone can help explain this to me. We just opened a US Dollar Savings account with our bank. When we signed up it stated there would be no fees if you maintained a balance of $200. That part I understand - here is what I don't understand - we tranferred $20 Canadian into the account last nite - when it was converted over to US dollars it came in at $19.01 - we lost 91 cents!! The dollar was close to par yesterday, I don't understand how come we lost on the conversion.

Any insights? Is there a good time to transfer money to the account?

TIA

 

[dancin Disney style]

The exchange rate that you see posted is never what you pay. The banks charge a fee for the service of converting your money.

The rate right now is 1.0332....yesterday it was 1.02