In light of the dolloar nearing par I was considering to buy some US currency, obviously to take advantage of it when it will fall back! I have never done this before so would like some help. Are there any online resources that can help me out. My understanding is to set up a US account and just have the money transfered into there. Any help would be appreciated! Thanks!
Currency Exchange
- Thread starter aabbaa1975
- Start date
When I am buying U.S. funds, i always go to a Continental Currency Exchange outlet. They are located in various malls and have always had a better exchange rate than the banks do. They do cash for cash, and do debit but the U.S. funds you buy are always handed to you in cash.
Much appreciated! I do know of those places! One thing i guess i forgot to mention is that this is around $15,000 I am looking to exchange!
Sorry to say my friend but unless you are planning on spending it all in the U.S. it's not a great investment idea for 2 reasons.
1. The USD will hit parity and the Canadian dollar may likely go stronger than the USD in the near future so you will lose on that deal.
2. If you are looking for a quick retracement the most you'll make without leveraging it would be in this range - buy now at 1.04+ bank exchange fee gets you $15000*.93 = $13950 then if you hope it falls back to (stretching it would be .85) then you change it back with the bank fee and you get $15750.
That could take months. But if you are cool with that, by all means, but there is also a good chance you'll lose $500 in the near future and have to hold that money for a year or multi years to get your profit - or just spend it in the U.S.
You could probably buy a number of things that would be more profitable to sell here - like cars, rv's, ski-doos, atv's etc.
1. The USD will hit parity and the Canadian dollar may likely go stronger than the USD in the near future so you will lose on that deal.
2. If you are looking for a quick retracement the most you'll make without leveraging it would be in this range - buy now at 1.04+ bank exchange fee gets you $15000*.93 = $13950 then if you hope it falls back to (stretching it would be .85) then you change it back with the bank fee and you get $15750.
That could take months. But if you are cool with that, by all means, but there is also a good chance you'll lose $500 in the near future and have to hold that money for a year or multi years to get your profit - or just spend it in the U.S.
You could probably buy a number of things that would be more profitable to sell here - like cars, rv's, ski-doos, atv's etc.
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