Canadians - USD Banks / Converting Funds

[PatInTheHat]

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.

[stinkypete]

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I believe the best route to go at the moment is to keep extra funds in a USD account.


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can you tell us why?

[PatInTheHat]

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I believe the best route to go at the moment is to keep extra funds in a USD account.


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can you tell us why?

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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.

[stinkypete]

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The 5% return is higher then any other CAD savings

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this is irrelevant. look up "interest rate parity"

[PatInTheHat]

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The 5% return is higher then any other CAD savings

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this is irrelevant. look up "interest rate parity"

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Well I would love to hear what you think I should do [img]/images/graemlins/wink.gif[/img]

[PatInTheHat]

No one has any constructive advice?

[Scotty_12]

I will advise you never to cash out in CAD from party. They will rob u on the rate

[QuarterTon]

if youre a reg on party (so most of ur roll is there) where would u suggest withdrawing from then instead?

[Scotty_12]

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]