By Remitbee - Apr 26, 2022
Many Canadians regularly need to exchange USD in Canada.
But do you know the cheapest way to do it? There are banks, currency exchange companies, and a number of other services to choose from.
Before you pick one, it’s best to have all the facts. You can use your USD to buy a home, travel south for the winter, or trade stocks. Whatever your reason for looking for a cheap way to exchange USD in Canada, keep reading to find out how best to do it.
One of the tops tips for Canadian snowbirds when choosing a currency exchange is to look for alternatives to banks.
To exchange money with other banks, banks usually use one rate, known as the market rate. They do not, however, give this more favourable rate to their customers. To make a profit, they instead apply a margin to the exchange rate. They even tack on extra charges like a cash processing fee or an international transaction fee, for example.
Withdrawing funds frequently for your time south of the border means you may be losing hundreds of dollars each time you exchange. Once a month, for instance, equates to 12 sets of fees per year. A supposedly insignificant withdrawal of $2,000 CAD per month equals $24,000 CAD annually. You would receive $19,094.40 USD if you used Remitbee. With a bank like Scotiabank, you would only get $18,681.40 USD, which means you lose almost $500 USD per year!
Remitbee’s Canadian currency exchange, on the other hand, charges no fees and is one of the cheapest ways to exchange USD in Canada.
Are you looking to make a large transaction, such as buying US real estate or a car in the US? Then you should consider using a specialty currency exchange service like Remitbee currency exchange that specializes in larger transactions. Also, the more money you exchange, the more you stand to gain.
These foreign exchange companies give better rates on larger transactions and operate with low costs. So they are able to provide exchange rates that are many times lower than banks, resulting in considerable savings.
Exchanging USD in Canada for stock trading is a popular thing to do. Adding American stocks to your portfolio is a smart way to invest.
However, you might have noticed that purchasing stocks with a Canadian bank account can be frustrating and costly. Buying and selling dollars in the United States through your brokerage comes at a bad price.
If you want to keep your currency costs as low as possible, consider buying your USD through a currency exchange service like Remitbee. This ensures that your conversion rate is as high as possible.
Wondering why Remitbee is the best Canadian currency exchange? Here are some of its benefits. Instant quotes and confirmation. No more wondering what the final total will be. No more hidden fees or charges. Know that as soon as you deposit the money you’ll have access to it.
Easy exchange with your Canada-based US dollar account. You don’t need to open any new accounts or sign up for another service. With Remitbee, the money for the transfer goes right to your account.
Save up to 10x compared to your bank. Remitbee doesn’t have the high overheads that banks do, so we offer US currency exchange at a low cost for you. We’re completely transparent, so what you see is exactly how much you get.
Fully online currency exchange service. No need to get in line at a bank or office. You can send at any time of the day that is convenient for you. You can even exchange money using your phone by using our Android or iPhone app.
Signing up with Remitbee is quick and easy. Here’s how to do it, step by step.
You can access all your transactions in future by clicking on the Transactions tab from the Dashboard.
Using an online currency exchange service like Remitbee is the cheapest way to exchange USD in Canada. Sign up today and see for yourself.