U.S. dollar bank account.

[mullysisters]

Hurray for the stronger Cdn dollar. I've just opened a US dollar account. I transferred $10 from a savings account just to see what they charged in exchange. Can anyone with experience in exchanging currency suggest the best way to convert some Canadian funds for our trip next spring please. Thanks in advance!

 

[deedubb]

https://www.knightsbridgefx.com/

 

[MyPrince&Princess]

https://www.knightsbridgefx.com/

How do we go about using Knightsbridge if we bank with one of the big banks?

 

[deedubb]

How do we go about using Knightsbridge if we bank with one of the big banks?

It has been a while since I used them. Details are probably on their website, but from what I recall, you set up an account, call them and tell them how much $USD you want, where to take the funds from and where you want the funds to go, and they will take it from there. It was quite easy.

 

[Aladora]

I use Interchange and it was super easy! Opened an account, went online and ordered the US funds, and the US$ was in my US account within a couple of days.

https://www.interchangefinancial.com/

 

[Sue M]

I just transfer funds with my bank that I have both a USD checking acct and USD visa with, along with my regular Canadian bank accts. I do a transfer online from my checking to my USD checking. Use my USD Visa while on vacay then pay it off when I return from USD checking.

 

[efrant]

Hurray for the stronger Cdn dollar. I've just opened a US dollar account. I transferred $10 from a savings account just to see what they charged in exchange. Can anyone with experience in exchanging currency suggest the best way to convert some Canadian funds for our trip next spring please. Thanks in advance!

All of the big 5 Canadian banks imbed a ~3% fee in their exchange rate, so if you are willing to accept that, then what you did (i.e., transferring directly between from your C$ account to your US$ account) is by far the easiest, most hassle-free way. Certainly for smaller amounts, I would say that's a reasonable fee.

However, if you are someone who needs larger sums of USD (say in the five-figure range annually, or even higher), then the 3% fee adds up. 3% on say $10k annually is $300 annually. Granted, $300/year is not going to make or break anything, and for some it's a fair fee to pay for the convenience of being able to simply transfer funds between your accounts. But for those that do have large purchase amounts and don't want to pay 3% when they don't have to, there are more cost-effective ways to buy USD, but obviously require a little more effort (though not that much more). KBFX was mentioned earlier, and that's one cheaper option. For those that have a online brokerage account, there's a way to convert CAD to USD for a cost of two trades (i.e., $20 at most brokerages) plus 0.1%. So, on $10k, you'll pay ~$30 vs. ~$300 by transferring funds the way you did.

 

[mullysisters]

I just transfer funds with my bank that I have both a USD checking acct and USD visa with, along with my regular Canadian bank accts. I do a transfer online from my checking to my USD checking. Use my USD Visa while on vacay then pay it off when I return from USD checking.

Wow thank you. Straightforward and simple.

 

[tinkerone]

You will find that when you transfer US funds from your Cnd acct to your US acct the rate you pay is slightly less than if you bought cash from your Cnd acct. Not tons less but a bit, so if your goal is to save a bit each week/month that is the way to go.
Your on the right track.