Re: cashing out 3/4 of my USD bankroll, convert in CAD? invest?
You should open a US bank account for the withdrawl from party, the exchange rate that they give you is ridiculous.
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If you're American keep it in USD, if you're Canadian keep it in CAD (either way, put it in a money market account). Don't speculate on currency with your living expenses emergency fund.
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I am Canadian but am in a similar situation, just having withdrawn a large sum from party. I am hesitant to convert it to Canadian earning only 3 cents per dollar on the conversion, when I remember going on trips to the US in the past decade and getting over 50 cents on the conversion. What would your recommendation be for me? I am thinking of putting it into ING direct, where I have both a US and CAN savings account. Is there a wiser option? Would you recommend the conversion now, or will the US dollar gain (or the canadian dollar fall) in the short term future?
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