We believe you do a lot of analysis because you purchase US stocks. That is most likely why you are here.
Now you’ve got a new chance. So far, using Questrade to convert Canadian dollars to U.S. dollars and vice versa, charging 1.5% to 1.99% in either direction has become a competitive option (at least better than banks calculated at 2.5%). You now have the chance to use the currency exchange of Remitbee without payments.
If you only want to convert $100 in your life, it may not be worth the conversion - you will save $4 (about $2 each way), but once you start investing thousands of dollars, you may lose just on commission alone.
Compared with Questrade fees, please note the following:
- Investing $1,000 in U.S. stocks: You will risk $40 in income
- $50,000 of stocks: You may waste about 2,000 Canadian dollars
If you buy across the border, because you are a snowbird and you want to go when winter comes, or because you want to take advantage of the spending in assets on the other hand, you have a great decision to make. One of the most critical decisions you take is to determine how to ensure that the purchase is not too profitable for a third party.
Don’t allow conventional institutions to use the high interest rates of your money. In 2020, Canada’s average home price is CAD 531,000. Remitbee currency exchange will save $9,000 in comparison with major banks.
Banks understand that the majority of customers would not question the exchange rate they offer so they just get away with it. They are a lot lower than the real exchange rate, but most people are unaware of this. A fast Google search would yield the latest exchange rate. Simply type usd to cad or cad to usd into the search window.
There are no fees when you exchange a minimum of only $10 between two currencies while the rates are highly competitive.
The Canadian company FINTRAC is a government entity that controls and verifies our currency trade. You should be assured that your funds are safe.
Nothing beats making you feel irritated with trying to speak with a customer service agent who can only give you general, drilled responses. We'll let the constructive user feedback on Trustpilot and Google demonstrate how much we value our clients.