Question for Canadian buyers

[Lperd]

We are in the (very long) process of buying our first DVC resale. We are waiting on estoppel and I am thinking I should get my US funds arranged.
I was wondering if any Canadian buyers have paid the balance by wire transfer using a foreign exchange company?
Can anyone recommend reputable forex companies that offer better rates than the banks?
How long did it take before funds were received?

 

[pangyal]

I opened an account with RBC Bank through my local Royal Bank branch here in Toronto. It's $2.95 per month for the US side, and you get a Canadian-side Savings account that is $0 monthly fee. This allows you to transfer funds between your accounts easily. It's $25 to send a wire transfer over the phone (once you email them an agreement) through RBC Bank. This way, you are not getting dinged on the exchange, as you would have already transferred CDN to USD with no Forex fee between accounts, just the daily bank exchange rate. Maybe this would be a good way to go?

 

[mort1331]

I opened an account with RBC Bank through my local Royal Bank branch here in Toronto. It's $2.95 per month for the US side, and you get a Canadian-side Savings account that is $0 monthly fee. This allows you to transfer funds between your accounts easily. It's $25 to send a wire transfer over the phone (once you email them an agreement) through RBC Bank. This way, you are not getting dinged on the exchange, as you would have already transferred CDN to USD with no Forex fee between accounts, just the daily bank exchange rate. Maybe this would be a good way to go?

This plus the added bonus is that you can if you wish set up monthly withdraws for your dues instead of one lump sum in Jan.

 

[3pletprincesses]

I also have a royal bank US account like others have mentioned. it will make it so much easier to pay dues. I've heard of others mention canadianforex.ca

 

[pangyal]

Also, I got a no-fee US Visa with my US RBC account, and it earns 1% rewards (I convert those into WestJet dollars) on all purchases, so I use that to pay my dues and then pay it right off. That's $50 right there towards flights every year!

 

[mort1331]

Also, I got a no-fee US Visa with my US RBC account, and it earns 1% rewards (I convert those into WestJet dollars) on all purchases, so I use that to pay my dues and then pay it right off. That's $50 right there towards flights every year!

never even thought about that. is the visa issued in the states? how to convert to WJ or is there others to convert to? can you do autopay with it?
sorry for the hi-jack

 

[pangyal]

never even thought about that. is the visa issued in the states? how to convert to WJ or is there others to convert to? can you do autopay with it?
sorry for the hi-jack

I got my Visa through the US side, so RBC Bank. When you have your US account set up, you can call them and ask them to issue you one. It goes by your Canadian credit rating, obviously. You can do anything you would do with a Visa, there are no restrictions. You can transfer your rewards points to the Canadian side, then convert them to WJ$ from there if you want. Hope this helps!

 

[mort1331]

I got my Visa through the US side, so RBC Bank. When you have your US account set up, you can call them and ask them to issue you one. It goes by your Canadian credit rating, obviously. You can do anything you would do with a Visa, there are no restrictions. You can transfer your rewards points to the Canadian side, then convert them to WJ$ from there if you want. Hope this helps!

thanks i will check it out