#1
|
|||
|
|||
Canadians - USD Banks / Converting Funds
I know there are a lot of threads on this but I have still been having trouble getting the information i've been looking for.
I spent a bit of time today figuring out what im going to do with my funds now that the exchange is low, party sucks for conversion and cashout methods. I believe the best route to go at the moment is to keep extra funds in a USD account. Best options i've found: ICIC HiSave Account - 5% Intrest (I'm not sure how bad this is but "US Dollar deposits are not insured by CDIC.") http://www.icicibank.ca/personal/per...nts/hiSave.htm ETrade Canada - 4.75% https://www.canada.etrade.com/splash/COIA.shtml ING - 3% http://www.ingdirect.ca/en/save-inve...isa/index.html I think for the time being im going to start with an ING account as they also offer a fairly good exchange rate.(better then party typically) The rates were close today but sometimes Party's exchange is just an absolute rip off. I will also open an ICIC and give it a try. My plan is to Bank Wire funds to a CIBC USD account so they can be transfered into the ING or ICIC account. This step is nessesary I believe as neither ING or ICIC will accept wires. If anyone has any experience using the above banks, ideas for converting funds cheaply or any other comments/advice please feel free to post. |
#2
|
|||
|
|||
Re: Canadians - USD Banks / Converting Funds
[ QUOTE ]
I believe the best route to go at the moment is to keep extra funds in a USD account. [/ QUOTE ] can you tell us why? |
#3
|
|||
|
|||
Re: Canadians - USD Banks / Converting Funds
[ QUOTE ]
[ QUOTE ] I believe the best route to go at the moment is to keep extra funds in a USD account. [/ QUOTE ] can you tell us why? [/ QUOTE ] No point keeping a large ammount of funds online with a poker site making no return. The 5% return is higher then any other CAD savings and this way there are no conversion fees as well. |
#4
|
|||
|
|||
Re: Canadians - USD Banks / Converting Funds
[ QUOTE ]
The 5% return is higher then any other CAD savings [/ QUOTE ] this is irrelevant. look up "interest rate parity" |
#5
|
|||
|
|||
Re: Canadians - USD Banks / Converting Funds
[ QUOTE ]
[ QUOTE ] The 5% return is higher then any other CAD savings [/ QUOTE ] this is irrelevant. look up "interest rate parity" [/ QUOTE ] Well I would love to hear what you think I should do [img]/images/graemlins/wink.gif[/img] |
#6
|
|||
|
|||
Re: Canadians - USD Banks / Converting Funds
No one has any constructive advice?
|
#7
|
|||
|
|||
Re: Canadians - USD Banks / Converting Funds
I will advise you never to cash out in CAD from party. They will rob u on the rate
|
#8
|
|||
|
|||
Re: Canadians - USD Banks / Converting Funds
if youre a reg on party (so most of ur roll is there) where would u suggest withdrawing from then instead?
|
#9
|
|||
|
|||
Re: Canadians - USD Banks / Converting Funds
Create a USD bank account and withdraw directly to that (wire transfer)
Sorry OP to hijack your thread, hopefully someone can provide you with advice [img]/images/graemlins/smile.gif[/img] |
|
|