Comments on: Converting Euros To Dollars In Canada http://www.moneysmartsblog.com/converting-euros-to-dollars-in-canada/ Investing and Personal Finance Fri, 10 Sep 2010 18:15:57 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Bluemoon http://www.moneysmartsblog.com/converting-euros-to-dollars-in-canada/comment-page-1/#comment-8714 Bluemoon Tue, 28 Oct 2008 16:45:26 +0000 http://www.moneysmartsblog.com/converting-euros-to-dollars-in-canada/#comment-8714 I believe HSBC charges for cash transactions and none for electronic transactions. So it would be highly inconvenient for the average person to keep this kind of account. I've checked into HSBC and it wasn't worth the hassle. However, if you transact and do business in these countries, it may be worth it. EmperorCoder // Jul 4, 2008 at 10:47 pm Just found out that HSBC offers USD, Euro, Hong Kong Dollar, Swiss franc, Japanese Yen and British Pound denominated accounts in Canada. http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=45235&IdSection=146&cat=146 Might be worth checking it out. Still not clear if you can actually withdraw paper money from them. I believe HSBC charges for cash transactions and none for electronic transactions. So it would be highly inconvenient for the average person to keep this kind of account.

I’ve checked into HSBC and it wasn’t worth the hassle. However, if you transact and do business in these countries, it may be worth it.

EmperorCoder // Jul 4, 2008 at 10:47 pm

Just found out that HSBC offers USD, Euro, Hong Kong Dollar, Swiss franc, Japanese Yen and British Pound denominated accounts in Canada.

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=45235&IdSection=146&cat=146

Might be worth checking it out. Still not clear if you can actually withdraw paper money from them.

]]> By: Dividend Growth Investor http://www.moneysmartsblog.com/converting-euros-to-dollars-in-canada/comment-page-1/#comment-6901 Dividend Growth Investor Thu, 10 Jul 2008 15:31:29 +0000 http://www.moneysmartsblog.com/converting-euros-to-dollars-in-canada/#comment-6901 I don't know if this works for Canadian Dollars, but if you open a Forex Trading account with a Forex Broker, you might be able to deposit the euros. You don't have to trade at all. You will then withdraw the canadian money and close the account. I don't know if the $20+ in currency savings is worth the effort though :-) I don’t know if this works for Canadian Dollars, but if you open a Forex Trading account with a Forex Broker, you might be able to deposit the euros. You don’t have to trade at all. You will then withdraw the canadian money and close the account. I don’t know if the $20+ in currency savings is worth the effort though :-)

]]> By: Saturday LinkStuff http://www.moneysmartsblog.com/converting-euros-to-dollars-in-canada/comment-page-1/#comment-6821 Saturday LinkStuff Sat, 05 Jul 2008 09:02:35 +0000 http://www.moneysmartsblog.com/converting-euros-to-dollars-in-canada/#comment-6821 [...] which I urge you to check out since it’s pretty good. Her most recent post is a response to a comment I made this week about not traveling with my kids ever [...] [...] which I urge you to check out since it’s pretty good. Her most recent post is a response to a comment I made this week about not traveling with my kids ever [...]

]]> By: Gail Bebee http://www.moneysmartsblog.com/converting-euros-to-dollars-in-canada/comment-page-1/#comment-6819 Gail Bebee Sat, 05 Jul 2008 03:11:05 +0000 http://www.moneysmartsblog.com/converting-euros-to-dollars-in-canada/#comment-6819 I changed Canadian dollars into euros recently for my son and I found that the Taheri Exchange near Yonge and Finch in Toronto had very competitive rates, even better than the rate TD gives its employees. Last year I bought euros at Calforex exchange across from ROM. It had better rates than CIBC. I think I saved about $60 on around $1000 purchase. I changed Canadian dollars into euros recently for my son and I found that the Taheri Exchange near Yonge and Finch in Toronto had very competitive rates, even better than the rate TD gives its employees.
Last year I bought euros at Calforex exchange across from ROM. It had better rates than CIBC. I think I saved about $60 on around $1000 purchase.

]]> By: EmperorCoder http://www.moneysmartsblog.com/converting-euros-to-dollars-in-canada/comment-page-1/#comment-6818 EmperorCoder Sat, 05 Jul 2008 02:47:21 +0000 http://www.moneysmartsblog.com/converting-euros-to-dollars-in-canada/#comment-6818 Just found out that HSBC offers USD, Euro, Hong Kong Dollar, Swiss franc, Japanese Yen and British Pound denominated accounts in Canada. http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=45235&IdSection=146&cat=146 Might be worth checking it out. Still not clear if you can actually withdraw paper money from them. Just found out that HSBC offers USD, Euro, Hong Kong Dollar, Swiss franc, Japanese Yen and British Pound denominated accounts in Canada.

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=45235&IdSection=146&cat=146

Might be worth checking it out. Still not clear if you can actually withdraw paper money from them.

]]> By: EmperorCoder http://www.moneysmartsblog.com/converting-euros-to-dollars-in-canada/comment-page-1/#comment-6817 EmperorCoder Sat, 05 Jul 2008 02:39:54 +0000 http://www.moneysmartsblog.com/converting-euros-to-dollars-in-canada/#comment-6817 I second Dan on that one. Interactive Brokers simply have the best FOREX spreads of all the canadian brokerage firms and their commissions a very low (something like 0.02%). To withdraw the cash you will need to have a bank account in Europe and wire transfer the money to/from it (easily done via a web form, which I did numerous times). I'm not sure that canadian accounts denominated in euros let you withdraw the actual cash in euros. If they do, that would be even simpler. Opening an account in Europe might be a problem if you don't have an address of residence there. Giving the hotel address might work although I never tried. Oh, and IB also support many other currencies, like USD, british pound, australian dollar, swiss franc, etc. so it might be interesting for people who travel a lot in different countries to setup accounts in each. I second Dan on that one. Interactive Brokers simply have the best FOREX spreads of all the canadian brokerage firms and their commissions a very low (something like 0.02%). To withdraw the cash you will need to have a bank account in Europe and wire transfer the money to/from it (easily done via a web form, which I did numerous times). I’m not sure that canadian accounts denominated in euros let you withdraw the actual cash in euros. If they do, that would be even simpler.

Opening an account in Europe might be a problem if you don’t have an address of residence there. Giving the hotel address might work although I never tried.

Oh, and IB also support many other currencies, like USD, british pound, australian dollar, swiss franc, etc. so it might be interesting for people who travel a lot in different countries to setup accounts in each.

]]> By: Dan Zrobok http://www.moneysmartsblog.com/converting-euros-to-dollars-in-canada/comment-page-1/#comment-6815 Dan Zrobok Fri, 04 Jul 2008 20:03:45 +0000 http://www.moneysmartsblog.com/converting-euros-to-dollars-in-canada/#comment-6815 I have an interactive brokers trading account and use the FOREX market to exchange money. Always seems to return a better rate than the canadian banks and the market doesn't seem to care that it's only a few grand and not a few million. I have an interactive brokers trading account and use the FOREX market to exchange money. Always seems to return a better rate than the canadian banks and the market doesn’t seem to care that it’s only a few grand and not a few million.

]]> By: guinness416 http://www.moneysmartsblog.com/converting-euros-to-dollars-in-canada/comment-page-1/#comment-6801 guinness416 Fri, 04 Jul 2008 12:12:29 +0000 http://www.moneysmartsblog.com/converting-euros-to-dollars-in-canada/#comment-6801 Christine, I'm not sure I'd agree it's a pain to have money in another country (it's just more paperwork and I'm inundated with that anyway) but I can tell you from experience that EU banks and brokerages will enforce residency rules and generally make life miserable for expats, no matter what your passport says. And it's a giant pain in the arse to reinstate them from afar. (Plus, some <a href="http://econgirl.net/blog/?p=197" rel="nofollow">seriously good interest rates</a> are on the horizon over there at the moment). $30k is a lot but my advice would be to keep at least some of the money in France to keep your accounts active for when you need them. Christine, I’m not sure I’d agree it’s a pain to have money in another country (it’s just more paperwork and I’m inundated with that anyway) but I can tell you from experience that EU banks and brokerages will enforce residency rules and generally make life miserable for expats, no matter what your passport says. And it’s a giant pain in the arse to reinstate them from afar. (Plus, some seriously good interest rates are on the horizon over there at the moment). $30k is a lot but my advice would be to keep at least some of the money in France to keep your accounts active for when you need them.

]]> By: Four Pillars http://www.moneysmartsblog.com/converting-euros-to-dollars-in-canada/comment-page-1/#comment-6800 Four Pillars Fri, 04 Jul 2008 11:33:28 +0000 http://www.moneysmartsblog.com/converting-euros-to-dollars-in-canada/#comment-6800 Christine - 30k is a lot of money. I'm not sure if I would leave the money as euros for that long - it's a bit of a pain having investments in another country. Another option is you guys can travel to Europe every year and dip into the euro fund. :) Christine – 30k is a lot of money. I’m not sure if I would leave the money as euros for that long – it’s a bit of a pain having investments in another country.

Another option is you guys can travel to Europe every year and dip into the euro fund. :)

]]> By: Shevy http://www.moneysmartsblog.com/converting-euros-to-dollars-in-canada/comment-page-1/#comment-6795 Shevy Fri, 04 Jul 2008 07:39:09 +0000 http://www.moneysmartsblog.com/converting-euros-to-dollars-in-canada/#comment-6795 Mike, I was going to comment again about my memories of the travel I did when I was small, but there was so much to say that I wrote a <a href="http://shevysmisclife.blogspot.com/2008/07/value-of-travelling-with-children.html" rel="nofollow">post</a> instead! This really hit a chord with me. Mike, I was going to comment again about my memories of the travel I did when I was small, but there was so much to say that I wrote a post instead!

This really hit a chord with me.

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