Moving money back from the USA to Canada

[mode3sour]

good list brad. Perhaps could number it, to make the divisions clearer ?

(on 2nd thought maybe i'd go something like this):


1. Lowest cost.
a) the gambit (some risk & complication; requires a learning phase)
b) forex trading at interactive brokers or elsewhere (requires a learning phase)

2. Higher cost but cheaper than a bank.
a) XE trade
b) Knightsbridge Foreign Exchange

3. High cost: traditional bank or credit union

4. Highest cost: Airport, hotel or streetcorner bureaux de change

That's how I would rank them as well. I use all of those on a regular basis, depending on the situation. I would say I avoid option 4 like the plague, but many situations there is just no alternative for a short visit to the many random currencies. The $10k limit must be for USA only as I have transferred far more with XE, and they also post better rates for transfers far far above $10k. Maybe it has to do with the $10k limit you see on declaration forms when entering a country. The limit I've hit is actually the Cdn bank which will only transfer so much electronically at one time... luckily XE will accept multiple deposits as one if you warn them ahead of time while negotiating a better rate.

Ref some comments above about ING, I have tested that theory now around Europe Asia and USA and I don't see any major difference between ING's rate and TD Select Service rate. I get free international withdrawals from both, but for larger deposits it's actually much cheaper to withdraw from a Euro bank with the regulated fees.

[MrMatt]

I'd actually watch the in mall moneychangers, I've seen them have some pretty tight spreads occasionally.

[mode3sour]

I'd actually watch the in mall moneychangers, I've seen them have some pretty tight spreads occasionally.

Haha but then you have to account for the cost of a decent briefcase to carry $10k+ and armed bodyguard, assuming the malls stock over $10k CAD