71–78 of 78 posts
With the below link you will get your first transfer for FREE:
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For large transactions, I don't think it's true that rates are lower using a forex broker. In the limit of large transactions, Norbert's Gambit fees approach the bid-ask spread cost, which should be lower than any forex fee. For example, according to the calculator, converting $100k saves about $350 versus a 0.3% conversion fee. Even converting $10k is cheaper than 0.3%. What are Interactive Brokers fees? Another rea…
Interactive Brokers is your own brokerage account, they are a regulated broker that offers Forex in addition to the other stuff (stocks, options, etc.). I'm not 100% sure on the fees but they are not even close to 0.3% for forex. It's pretty much around $2 for most trades (their example covers: USD 50,000 daily volume for EUR = USD 2.00). Here are the details of the fees: https://www.interactivebrokers.com/en/index.p…
Based on some googling, there are secondary fees to consider such as minimum monthly fees and wire transfer fees, which might make it more or less attractive than alternatives depending on conversion amounts and regularity of transactions.
You mentioned that you use Interactive Brokers. Are you a Canadian citizen living in Canada that transfers money into and out of an Interactive Brokers account, exchanging USD and CAD?
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He probably has, which is why he's now asking for a cost effective solution.
Does he want to transfer it in $10 transactions or what? Even here in Brazil, where external commerce is completely disincetivised, my bank asks $50 a transaction (the most expensive one).
$1200/year in bank fees just to get paid every two weeks? It's real money in comfy western Europe, in Brazil it's surely a fortune?
Earlier quoted context omitted.
Interactive Brokers is your own brokerage account, they are a regulated broker that offers Forex in addition to the other stuff (stocks, options, etc.). I'm not 100% sure on the fees but they are not even close to 0.3% for forex. It's pretty much around $2 for most trades (their example covers: USD 50,000 daily volume for EUR = USD 2.00). Here are the details of the fees: https://www.interactivebrokers.com/en/index.p…
I looked into Interactive Brokers in more detail and you are correct that their fees are extremely low. They do not seem to charge a hidden "spread" fee, which is they usual method that forex traders hide their fees. Based on some googling, there are secondary fees to consider such as minimum monthly fees and wire transfer fees, which might make it more or less attractive than alternatives depending on conversion amo…
My email address is in my profile if you want to get in touch with more questions :)
Earlier quoted context omitted.
I looked into Interactive Brokers in more detail and you are correct that their fees are extremely low. They do not seem to charge a hidden "spread" fee, which is they usual method that forex traders hide their fees. Based on some googling, there are secondary fees to consider such as minimum monthly fees and wire transfer fees, which might make it more or less attractive than alternatives depending on conversion amo…
No, I'm not Canadian living in Canada but I'm sure they have deposit options (local banks) in Canada. I have used it to convert small amounts of money before. My email address is in my profile if you want to get in touch with more questions :)
After some further research, it does seem like Interactive Brokers is a good option for the OP. For posterity, here are two blog posts by a Canadian describing how he uses Interactive Brokers: http://blog.plsoucy.com/2012/11/best-way-to-convert-usd-to-c... and http://blog.plsoucy.com/2013/03/converting-usd-cad-interacti...
I have the same exact problem - living in Canada, with the same conditions. The reality is that it depends on the client, but here's what I do. 1. RBC has a USD account for $9/month. It's the cheapest in the country. For clients who insist on paying by ACH or cheque, that allows me to take USD inbound and hold them as needed. 2. I use a money changer (persepolis work, as do several on King Street) simply because the…
https://www.vancity.com/BusinessBanking/AccountsAndServices/...
But CUs are provincial entities, so that may not help you or the OP.
I am surprised nobody here use XOOM ( https://www.xoom.com )