Td bank fx trading
We matched that to: You may also try: I do not reside in Canada. What type of investments can I trade on thinkorswim? How do I find out more information about investing? What is the thinkorswim Platform? How do I get a direct deposit form on the TD app?
How do I open an account? How can I identify transactions I don't recognize? How do I locate my closest branch? How do I get and provide a void cheque?
What are the TD Canada Trust transactions affected by holiday processing days? Is there a fee to send an Interac e-Transfer? In that case, using a bank would likely result in fewer fees, because most retail money exchanges have high rates. As everyone else seems to comment, great info. I have a question for you. My son will be attending a school in Vancouver area for one year starting in September, and I live in US. I want to transfer funds to the school to cover his tuition. I got the daily exchange rates as you discuss.
I also took cash out of machines using a Charles Schwab Debit card from a USD checking account I setup with them and again, foreign currency with no fees and no loss from daily currency rates. If you equip your son with a Canadian credit card for the purpose of paying tuition, when funding the card from your US account, you will still need to pay a transaction fee.
You may be able to explore getting him an American credit card without foreign transaction fees, but as we only review Canadian cards, we cannot recommend a suitable solution for you.
Before ordering your second card however, check with the school in Vancouver to see if this method would work — or if they have alternative suggestions. Would the no annual fee Rogers credit card you mention be an accepted card on PayPal for Canadian sellers on eBay who use PayPal to accept payment? Officially, this fee is 3. Only purchases made abroad or from foreign online retailers with cards like these are exempt from the extra transaction fees , and adding foreign money to the card or account may not be considered as eligible for this benefit.
Regardless, PayPal is the party charging you the extra 2. You could try looking into opening a USD bank account in Canada, which is easily possible, but when trying to use that money you will run into fees as well. Transferwise or X-E trading to mention two. However, it will be necessary to open an on-line account first with these companies who typically charge about 0.
I just wanted to comment on the Chase Amazon visa, which is what I use and think its good No Foreign transaction fee card. Some others mentioned previously they were getting charged what looked like higher rate or the fees.
I have not found that in an cases since I have had the card August I used it when I went to Europe and now for all my US purchases.
In Europe the days I compared posted rate on card was 1. Thank you for putting up so much useful information here! I definitely learned a lot from you! Thanks for the appreciation. Establishments in Japan accept most credit cards and take payment in Yen. MasterCard and Visa will apply the standard foreign exchange rate and then any foreign transaction fee that comes with using your card abroad. On a related note, be sure to let the card issuer know that you will be abroad.
This way, purchases will not get red-flagged and access to funds will go uninterrupted. Sorry for the late response… somehow I lost this page and just found it. Hi Jason, thanks for your insightful comment. You can learn more about that card by reading our Rogers Mastercard Review , or you can apply for the card directly via this link. Another option would be the Home Trust Preferred card, which accomplishes the same goals when it comes to avoiding extra foreign transaction charges.
You can learn more about it by checking out our complete Home Trust Preferred Card review , or you can apply directly via this link. I will be traveling around the world for a year, and now have the Rogers Platinum credit card you recommend.
However, many places I will be traveling do not accept credit card. Do you know of a Canadian bank that does not charge or rebates foreign ATM fees? Some of the US banks have this type of account, e. The network seems to be quite extensive throughout the globe. When I use it for purchases in the US, will I have to pay the 2.
I expect to earn in US funds to be deposited in a US bank account. Those funds will be used to pay Canadian bank loan on a bi-weekly basis. Could you please advise as to what would be the best approach for me to obtain best exchange rate and save on currency conversion fees? Thanks for your guidance and advice.
Your best bet is to get a few quotes and determine which is the lowest cost and most convenient provider for you. You should probably check out Knightsbridge as well as the online exchange rate with your retail bank — this can be especially advantageous if you have a cross border account with TD or RBC.
Hi there, I came across your site while searching for currency converters. Thank you so much for the help. What is the best route to take for converting currency for a large purchase like this? Thanks so much, Sandra. Please correct me if I am wrong on my understanding. Please respond to my query, as I am trying to figure out the cheapest way to travel in Europe without incurring additional charges that need not be.
I am sure you have answered this question above, but for me to understand, I need you to answer my question in the form it is written. Correct, Visa and MasterCard set the foreign exchange rate 2. Over 52 testing periods, MasterCard averaged 58 basis points. As a result, a card with no foreign transaction fees, will typically be cheaper than most if not all other currency exchange alternatives available to an individual.
However, the net rewards rate ends up being 1. As a result, we believe the Rogers credit card offers the best FX value in the Canadian marketplace.
Have you heard of this, and are rates competitive? If you need U. However, there are two caveats. The Rogers card offers more value on foreign purchases than either the Amazon or Marriott cards. The Rogers card comes out ahead. Hopefully this clarifies why we recommend the Rogers MasterCard for foreign purchases. Rogers is just subsidizing the foreign transaction fee with its high cash back rate on foreign purchases, but is still offering more value than any other credit card alternative in the Canadian marketplace.
Hi, If you have a credit card with 2. The first time when converting Nzd to Usd and the second time when converting Usd to Cad? Thank you very much Dao. In fact, as far as we know, every credit card issuer uses the US Dollar as the peg currency when switching an intl currency to the Cdn dollar. Some just articulate it in their disclosures while others do not.
Would this be a viable alternative? Payoff the US Visa card balance with the funds pre-purchased at a favourable rate. I would like to hear opinions on this method of saving on exchange fees — any info would be appreciated. The reason is because when you convert your Canadian dollars to US dollars at the bank or exchange bureau, you will be charged a fee on top of the spot rate.
However, the fee is not separated from the exchange rate provided. In general, that fee will be in the 2. When using a credit card with subsidized foreign exchange fees, you will be paying substantially less.
Moreover, not only will you be avoiding the 2. As of right now, no Canadian US Dollar cards offer a competitive rewards program, if any at all. I opened a U. Thanks for the feedback. It would be helpful to all of us. Thank you so much for the fantastic article! I have a few questions:.
Would you use the Rogers Mastercard or Marriott Visa to exchange currency at a foreign bank? It seems that with the 1st year waiver and 30, points, it is a great churning opportunity? I would get quotes from 3 places. They match it every time. You get the best price and it saves the inconvenience of having to work with an exchange bureau.
Always better to get some quotes and do it domestically. You might be better off ensuring you bring some foreign cash with you for those eventualities. Doing a cash advance is also expensive, given that you will be paying a cash advance fee, plus incurring interest right away. Both cards are great. Ultimately we chose the Rogers card because it has no annual fee, you earn 1.
Sorry one more question! With the Marriot Rewards card, I believe the current offer is 30, points after first purchase. In the past, there used to be an offer with 30, points plus 1 free night after approval. Does that not exist anymore? You get 30, points plus a 1 free night anniversary certificate, every year. Always been like that as far as we know. Hi, Somebody already asked this question but unfortunately there is no answer posted. I have some inheritance money in British pounds due to me.
What can I do to get a better exchange rate? Is there anywhere to go that would be better? Or is there someone to whom I can launch a complaint? BitGold is an interesting approach to reducing the exchange rate. At the same time, sell the DLR. What suggestions would you have for securing the best rate? Went to US yesterday and shopped at the duty free store using the Amazon Visa, the exchange rate is 1. Not sure how Chase can be charging you at 1. Yes the foreign transaction fee is supposed to be waived for the Chase Amazon Visa.
Shawn, I had the exact same complaint. Same thing as CIBC. I left a review on Amazon. Chase needs to be called on their bait-and-switch. My son will be going to a US prep-school in the fall and I am looking for the best option of exchanging Canadian to US funds to pay for it. As a private school, they very well may.
If so, use a no foreign transaction fee credit card to pay for the tuition — that will give you the lowest exchange rate. The credit card will convert your US dollar purchase to Canadian dollars, close to, or at, the spot rate, with no additional exchange rate fees or margin. If your credit card does not come with a sufficiently big enough credit line to pay for the tuition, either iteratively break up the tuition payments and repay your credit card each time, or see if the credit card company will temporarily grant you a larger line for a big purchase.
If not, the best thing for you to do is to exchange your money through a company like KnightsbridgeFX. You can also take your quote from Knightsbridge and see if your branch manager can match it by calling into the FX desk of the bank — saves you the trouble of applying through Knightsbridge and transferring funds. HSBC debit cards have no 2. They are the only Canadian bank to do that now that Citibank is gone. Just remember, you cannot use your HSBC debit card at foreign merchants, either face-to-face out of country, or on the internet.
You can only use it to withdraw cash at an ATM in a foreign country. Moreover, while HSBC confirmed to GreedyRates that they do no charge a foreign transaction fee with their debit card this comment is not referring to credit cards , they were less transparent on where they derived their conversaion rate from. Will any of the major banks waive the foreign currency transaction fee on the credit cards BMO, TD, or even AmEx if you call them to advise you are travelling internationally?
Maybe a one time offer? Is there any truth to it or would I be wasting my time? However, your question peaked our curiosity! None were willing or able.
If your bank does agree to waive your FX fee, please let us know so we can share with our readers! You have a couple of options. We usggest you get multiple quotes, more or less at the same time, to see which one gets you the best rate, with the least fees:. If you have a brokerage account, see how much it charges for currency conversion.
Brokerage accounts tend to offer cheap conversion options for high dollar amounts. Check currencyfair, which allows you to exchange currency and transfer money internationally through P2P. In the end, you ay always want to take the best rate you get, bring it to your branch manager, and see if they can call their FX desk and match it.
They will then charge your Canadian credit card the converted Canadian dollar amount. Because PayPal controls the transaction, they astutely convert the currencies themselves before it hits the creidt card and keep the 2. The workaround on this, is obviously to use your no foreign transaction fee credit card directly, without going through PayPal.
Truthfully, not that big a hassle. You can get a U. If you have a U. I do a lot of business online in U. Yo bring up a point we think merits additional comment. Dollard credit card, or a no foreign transaction fee card? If you earn U. However, if you earn Canadian dollars, a no foreign transaction fee card will save you more.
The reason is because, if you get a U. You will typically do so at the bank or through an exchange service. That fee will be included in your exchange rate. Typically it will cost from 1.
You will then use those US dollars to pay down your US dollar credit card bill. Plus, most US dollar cards either earn you no rewards, or minimal rewards. Whereas, you will earn substantial rewards with all of the no foreign transaction fee credit cards Rogers — 1. The only exception would be if you earn income in US dollars. I use my regularly earned USD to pay that bill each month.
I also have an Amazon. Awesome question, and the answer is yes — it would be beneficial for you to make purchases in, or from the US with your Amazon. Hopefully this answers your questions! I have an Intercam account in Mexico. In addition, you will be charged for the foreign exchange by TD as follows: Deposit transactions are free. In our opinion, there are two ways we would recommend converting your Canadian dollars to Pesos. First, for those merchants accepting credit cards, use a no foreign transaction fee credit card Rogers, Marriot, Amazon.
You will only be charged the foreign exchange set by Visa or Mastercard, which is better than anything you will be able to achieve on your own. The other advantage is, you want have to pay any ATM fees to access your cash. Secondly, to pay merchants who require cash, we would recommend you get multiple quotes from TD speak to a branch manager and get a quote from the foreign exchange desk , HSBC, Knightsbridge only charge.
Thanks so much for this post. I have an expensive surgery in the US this spring and have been watching the live currency chart religiously for awhile now. Finally pulled the trigger to pay half of it after seeing the terrible 1.
Sigh, just sent an application to Rogers, was rejected from Amazon already. I use it daily in the USA. The Chase card also accumulates points. Yearly one gets a free one overnight in any 1 to 4 or 5 category Marriott Hotel.
It is the Scotiabank Momentum card. I just got my replacement card for the Sears card. That said, previous and NEW Scotia cardholders will not have their foreign transaction fees waived. Only those who were converted from the Sears portfolio. Are you aware if casinos in the US offer better exchange rates on using Canadian cash to purchase US cash?
I do know that many casinos in Canada offer better rates for exchanging US to Canadian, but I am not sure if this is the same in the US. Hi, You Guys are best advisors than big banks have,very knowledgeable indeed. I have Us account and have some money sitting in it.
Is it good time to convert it into CDN? From where I can get best rates? Do the banks charge any fee on conversion of currency? Thanks in advance for your time. Thanks for the kind words! If you look at historical charts since , the dollar has not been this weak very often.
However, some people prefer converting their currency over time i. Timing the market perfectly is hard, but you can at least rely on the fact that now is a historically good time. Yes banks do charge a fee for converting your currency. However, the do not publish the fee. The fee is baked into the exchange rate they offer you. I would focus on a few specialized shops like Knightsbridge, XEtrade. Then speak to your branch manager and see if they can call their foreign exchange desk and match your rate.
If yes, it makes things a lot simpler. If no, choose the cheapest and most convenient alternative.