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Converting Canadian Check to American

Discussion in 'BlackHat Lounge' started by thedon23, Sep 1, 2010.

  1. thedon23

    thedon23 Elite Member

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    I have a $10,000 check in CDN currency. I live in California, USA, and want to convert it.

    I went to Bank of America, and they offered me $9186.00 USD.

    Far too low if you ask me.

    What are my other options to get the most?
     
    Last edited: Sep 1, 2010
  2. The Scarlet Pimp

    The Scarlet Pimp Senior Member

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    conversion rates are set by the government.
     
  3. howard_hughes

    howard_hughes Elite Member

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    Isn't $10,000 US = $10,600 CDN ?

    Sorry If I'm wrong, thats just my calculation..
     
  4. hoot33

    hoot33 Regular Member

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    lol nope. Our buck is always cheap as f*ck.
     
  5. dabosh

    dabosh Registered Member

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    He has 10k cdn not usd so its going to be less when converted. Your other option would be to wait till the exchange rates are close to parity
     
  6. Fwiffo

    Fwiffo Power Member

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    that does seam kinda low, however not out of the ballpark. From what I've personally found, usual bank's cut is about $20 for every $1000, on top of the xe.com rate. if you were in there a few days ago, likely in the same range.

    you're kind of stuck because of where the rate is right now. A month or two ago you could probably get $0.95 on the dollar even with the bank taking their cut. Then again, a few years ago the rate was $0.65 on the dollar, so on the grand scheme of things not so bad.

    - do you have about $1,000 more lying around? you can usually get a better rate at the US$10k+ mark
    - consider opening a CDN $ account to wait till when the rate is better (HSBC would likely have one, if there's a Harris Bank, RBC centura, or TD Bank where you are, they probably would too. Wells Fargo and Citi may as well since they have some operations in Canada (not banking but loans))
    - any of the above banks would likely offer a better rate as they deal more often in int'l and cross border currency
    - phone a local travel agency to see who they recommend, there's usually one or two awesome players in a local area, sometimes it's a bank, sometimes it's a smaller money shop.
     
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    Last edited: Sep 1, 2010
  7. thedon23

    thedon23 Elite Member

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    Thank you everyone.

    I realize that. I guess I wasn't too clear in my original post. Going by the current conversion rate, I should get around $9,700 USD.

    The bank is taking a pretty big fee.
     
  8. Fwiffo

    Fwiffo Power Member

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    current rate as per xe.com is 0.95206

    This means that a "no fee" exchange would be 9,521

    Personal estimate on commercial banking fee is about 2%, bringing your expected cut to 9,330 (98% of above number).

    Last 6 months the rate has been trading probably from .92 to .98 (going off personal memory), so if you're expecting .97 you're going to have to wait for the rate to test the higher limit again, however that trend can easily change.