Damn, a lot of you guys sold your cars to US buyers.

I sold my Z to a US buyer 2 years ago.

The fee that my bank charges is about 2.5% to convert USD to CAD (often called the spread.) For example, lets say my buyer owes me $60,500 CAD which is $45,596.72 USD at the moment. If I accept a draft / cashier cheque for $45,596.72 USD and take it to my bank to be converted to CAD they will give me the daily rate which is at least 2.5% lower than the actual rate of exchange.

Now if you put your USD in a USD account and can wait until the CAD falls, you will win and could cover the spread and then some.

Understanding The Spread in Retail Currency Exchange Rates | Investopedia

Edit: Just noticed Westopher posted above and note that banks sell for a fee. (In my case 2.5%)

Took me 5 mins to open a US account within my account so i am withholding the US funds till the rate gets better

Trump is going to get elected and your USD will only be worth 600 pesos soon.

sounds like an excellent plan...

except for a minor detail... what if cad goes up. lol.

In case of car selling, I fail to see where the problem is.

If you want CAD at the moment of sell, just ask the buyer to deal with the whole currency exchange problem. They will provide you a certified check, cash... whatever in CAD to satisfy your CAD asking.

If you wanted in USD, then you could use this at your advantage... as they would pay you in USD in whatever rate it costs them to convert (hence a much higher rate given it's indifferent to them.
This is hardly an issue unless he needs CAD right away.

If USD grows, you exchange to CAD and earning all the difference.

If CAD grows, you go and shop in US and problem solved. During the entire decade that CAD was above .85USD, I have yet to see anything that's actually cheaper in Canada. Gas, electronics, grocery... you name it, US had it cheaper this entire time.

or u can just open a forex account and trade

USD rebounded up a bit this morning, Hope this is the trend

Actually the trend looks like it's been steadily going down since the peak in January. It's been going up and down for awhile now but each one of the peaks is getting progressively lower. It should probably stabilize in the 1.30 range for awhile.

haha
Yes if CAD goes up more than 2.5% I would make money.

I am more risk averse at the moment rather than trying to make money on the dollar. This was a substantial sale not a $10,000 car. I am simply trying to avoid the 2.5% fee ($60,500 x .025 = approx $1512.50 CAD) which my buyer just paid today at Wells Fargo. He purchased a CAD draft for the balance so I don't have to worry about the dollar fluctuating or paying the fee when I convert.

The money is marked for CAD purchases / investments so I don't have a reason for wanting USD right now unless I was bullish on the CAD going up.

Charlie's Currency Exchange on Granville I find has the best rates, VCBC has the 2nd best.

Outside of USD, the thing to keep in mind with Charlie's is he doesn't always have all currencies in stock so best thing is to call ahead first if you need something less popular. He also sometimes doesn't have all denominations of every currency, so you might not get the precise amount you are looking for. VCBE on the other hand carries pretty much everything.

1.2999999999999999999:)

woo hoo........... just in time for my road trip.

1.298

Think it will get down to 1.2 by summer?

If it hits parity, not a parody, I'll be converting my grandchildren's inheritance to USD in a heartbeat, lol. Since none of that is gonna happen anytime soon....................

I always thought this

but when its 1:1 its hard to buy in, and when its 1:1.45 its hard to sell.

while this is good...fuck you canadian dollar why didn't you do this 6 months ago when i was in central and south america paying out my ass in USD alot of the time

Dollar at a very good low today.

???

it was better yesterday

LOL damn rs with no chill :lol

I feel ya... was in Asia and converted CAD to HKD (pegged to USD) at the worst rates. USD:CAD was like 1.38-1.41 at the time.

wtf, bought something a few weeks ago at 1.32.
Then it dips down to 1.30 and stays there for a week, just to tease me.
I was planning to buy something today, but woke up to see the exchange rate spiked up to 1.32 again.

Just my luck :okay:

^ what were you buying? The difference is only $2 bucks for a $100 purchase.

mods for the car... lol
It's really more of the bad luck, cause it was stable at around 1.3 for a good week. And I literally was going to make my purchase the morning it spiked up.
Yeah, in the end, probably less than $20 diff.