USD to CAD - Which bank gives you the best rate?

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  • x582
    Confirmed User
    • Mar 2002
    • 609
    #1

    USD to CAD - Which bank gives you the best rate?

    This is my experience today.

    For a $3,326.99 USD transfer

    Royal Bank
    $3,346.95 CAD (Rate 1.0059)

    HSBC CANADA
    $3,384.38 (Premier Rate 1.0172)

    HSBC UK
    $3,399.07 CAD (Premier Rate 1.0217)

    That's one hell of a difference I think. This was a small transfer I was doing, but it sure adds up. There is about a 1.5% difference in the rate from HSBC UK and Royal Bank. That's huge! You would think that the Banks in Canada would give you a better rate eh?
    Tags: None
    • JayDeeZee
      Confirmed User
      • Aug 2006
      • 3595
      #2
      Ugh! It hurts to look at those numbers. Back in may it was 1.22

        Comment

        • Phoenix
          BACON BACON BACON
          • Nov 2002
          • 35475
          #3
          sucks today td is offering 1.0086

          what the fuck...come on usa...get the numbers back up
          Telegram PhoenixBrad
          https://quantads.io

            Comment

            • SpyCam
              PoiSEO.com
              • Apr 2001
              • 1201
              #4
              tomorrow the rates will be different, you can try playing in forex, haha

                Comment

                • rowan
                  Too lazy to set a custom title
                  • Mar 2002
                  • 17393
                  #5
                  Make sure you find out all of the fees involved. For example, my "main" bank has a slightly worse conversion rate but charges a flat fee of a few bucks to receive a wire. My second bank has a better conversion rate but also charges a percentage based fee.

                  Some banks also update rates multiple times per day so they don't have to work in so much contingency into their rate.

                    Comment

                    • Pipecrew
                      Master of Gfy.com
                      • Feb 2002
                      • 14888
                      #6
                      you should be going CAD to USD. coming to par happens very rarely. The USD will always rein supreme.

                        Comment

                        • JayDeeZee
                          Confirmed User
                          • Aug 2006
                          • 3595
                          #7
                          Originally posted by Phoenix
                          sucks today td is offering 1.0086

                          what the fuck...come on usa...get the numbers back up
                          The good thing is that our Canadian Economy is doing very well as a whole.

                            Comment

                            • Bomber8888
                              Confirmed User
                              • Mar 2004
                              • 1444
                              #8
                              Ouch.. thank god i transferred at 1.25 6 months ago
                              Icq - 403858640
                              bomber.jason AT gmail dot com

                                Comment

                                • WiredGuy
                                  Pounding Googlebot
                                  • Aug 2002
                                  • 34512
                                  #9
                                  You should ask an FX broker, not a bank. I use Custom House, they guarantee they'll beat all 5 national bank rates. Be prepared for a ton of paperwork though
                                  WG
                                  I play with Google.

                                    Comment

                                    • cyberpunk
                                      Confirmed User
                                      • Feb 2001
                                      • 1377
                                      #10
                                      I usually just use TD since my accts are there. They have a borderless acct that usually gives almost 1% better then the regular rates.
                                      POST NO ADS!

                                        Comment

                                        • cwd
                                          Confirmed User
                                          • Feb 2006
                                          • 1955
                                          #11
                                          IMPORTANT: That rate can be negociated with the bank if you have a big volume.

                                          I even asked my bank to pay me back for the last 10 months when I negociated my new rate. They did it.

                                            Comment

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