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Foreign Exchange Question

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S

sore

New member
Dec 16, 2005
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Foreign Exchange Questions

1. My company has about $ 30,000 Cdn Funds to exchange into US Funds (legitimately). Where would I obtain the most favorable rates in Toronto?


2. My business buys supplies from the USA in US Funds, and sells them to Canadian customers in Canadian Funds. With the weakening Canadian Dollar over the past couple of months, I am taking a loss when it comes time to exchange my receivables that are collected in Cdn Funds and converting it to US funds to pay my supplier. Is there a way to hedge the currency? It is a small business, and I am need to collect the Cdn. Receivables before being able to change them into US funds.

thanks
 
B

Bostonmass

Member
Jul 10, 2016
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Rosco Trading International, southeast corner of Yonge and Steeles, have yet to find a place with better rates.
Roscotrading.ca
 
K

K Douglas

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Jan 5, 2005
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You need to look into forward exchange contracts. For my F/X needs I deal with Western Union Business Solutions, their rates are definitely more favorable than the major banks.
 
B

bluecolt

Well-known member
Jun 18, 2011
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K Douglas said:
You need to look into forward exchange contracts. For my F/X needs I deal with Western Union Business Solutions, their rates are definitely more favorable than the major banks.
Click to expand...
Damn good idea, K Douglas. Car dealers who work in border cities and trade in the U.S. use this frequently to hedge against inevitable currency fluctuations. This way, you have a know how much you will pay for cars and parts to be purchased in the U.S. and what one would pay to transport a sold vehicle to the U.S.

Damn good strategy.
 
T

testing1

Member
Jan 12, 2014
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K Douglas said:
You need to look into forward exchange contracts. For my F/X needs I deal with Western Union Business Solutions, their rates are definitely more favorable than the major banks.
Click to expand...
I second western union, I started with them when that division was called "custom house" and you get legitimate spot rate plus around 15bps and no charges for wiring funds and often times same day transfers. Only issue is i believe they want larger clients who do at least regular 50K transfers or large trades.
 
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