Best Way to Convert Money

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Hi all,

I'm a Cdn. student who is going to a US school, and I'm looking for the cheapest way to convert CAD to USD? I really don't want to pay 150bps to the banks to convert my money.

What do you guys do for your trips, school, etc?

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Comments (14)

 
Sep 15, 2020 - 5:35pm

hsclown

About 25k

Why? 

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

 
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  • Associate 1 in PE - Other
Sep 15, 2020 - 5:56pm

I use TransferWise and would recommend it. You can hold or transfer multiple currencies through their universal account. I just plugged in $25k CAD to USD, you would pay $165 CAD as a fee and the rest would be converted at 0.758351 (current rate), you’d get $18.8k USD.

 
Sep 15, 2020 - 5:06pm

Just withdraw USD from the ATM.

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

 
Sep 15, 2020 - 11:26pm

This... I don't know how this works from Canada to the USA, but when traveling abroad in Asia I could just use my BofA checking account, go to certain banks they were partnered with, and withdraw a certain amount in cash every day at what was basically the market exchange rate. Also, students may be looking to do the opposite trade and you could find someone to do this exchange with at the Google rate.

Be excellent to each other, and party on, dudes.
 
Sep 16, 2020 - 3:40pm

When I went to London a few years back I did almost the same thing. I checked my card's exchange rate and informed them I was travelling, and it was almost as good as the spot rate that I was seeing on my Terminal.  The most painful thing is that the UK had almost completely switched to contactless, and and people looked at me like I had two heads when I said I only had chip-cards.  Forget about swiping.  I'm not sure I ever touched physical currency until my elderly parents handed me what they had left in their pockets before flying home.  I think that I used it to pay for a bottle of water for the flight.

The US is a bit more of a challenge, since we cling to cash so hard, but credit cards generally offer some of the best rates around if you get the right card.  It might cut down on your need for cash, although you will likely still need some.

I generally see somebody I know on TV on Bloomberg/CNBC etc. once or twice a week. This sounds cool, until I remind myself that I see somebody I know on ESPN five days a week.
 
Sep 16, 2020 - 10:23am
"Full speed ahead, damn the torpedoes." -U.S. Navy General Farragut
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