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
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