My wife has inherited 56,000 Canadian dollars. It is in a bank in Canada and we need to get it changed to US dollars. The banks want a ridiculous rate. It would cost us about 5% through the bank. Is there a better way to get this money converted from Canadian to American dollars?
2006-07-16 05:08:50 · 3 answers · asked by Donald G 1 in Business & Finance ➔ Other - Business & Finance
Withdraw it in $US from an automatic teller machine, bit by bit. You'll get the best bank exchange rate, pay no commission, and if you have the right banks / credit unions in Canada and US then there will not even be any ATM fees. When I am abroad and want local currency I use my ATM with my US bank and get pesos, Euro, whatever. Quick and cheap.
You might check into putting it into a money market fund with a manager like Merrill Lynch or Schwab or somebody that might operate in both countries and offers checking or ATM service.
2006-07-16 08:18:42 · answer #1 · answered by w_tn_woodhack 2 · 0⤊ 0⤋
It makes a difference what form your CAD are in (electronic or actual paper dollars?). Probably best to have them sent electronically to your bank and withdraw them in USD.
Also bear in mind that any transaction of $10000 USD or more MUST be reported to the IRS. It is better to do the exchange in small increments, if that is an option.
Good luck.
2006-07-16 06:36:55 · answer #2 · answered by F. Frederick Skitty 7 · 0⤊ 0⤋
with draw the money. and drive it through the border a little at a time. up to their max. right to an american bank. they can't touch you. grant it the as might be expensive but i am sure it will not add up to 5%. there is always the option of the black market over there but i am sure they want a %age.
2006-07-16 05:12:29 · answer #3 · answered by wedjb 6 · 0⤊ 0⤋