Buying US currency in Canada at the market price?
Hello,
How can I buy US currency at market price? Is it very complicated? I want to do this to avoid the high commission fees charged by my bank or broker when buying US currency.
Moreoever, if I do buy some US currency, where can I hold it and how can I transfer it to my broker? I assume I cannot hold US currency in my Canadian bank account?
Thanks!
I understand that there will always be spread, but where should I buy my currency to get the minimal spread possible?
Many Canadian Banks allow you to open a US funds account where the balance is kept in US dollars. The bank exchange rates are not too bad but you can always buy US dollar money orders at the post office or trade foreign Currencies online. Keep in mind that there will always be a spread when converting currencies and unfortunately, you’ll always be on the losing end of that spread.
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