The cheapest way to convert Canadian to US or vice versa

I just found out today that the cheapest way to convert 2 currencies is through internet banking or on-line money transfer if you have 2 different currencies accounts in the same bank.

Instead of going to the bank to buy US dollars or transfer money from Canadian to US, the teller told me the exchange rate is so much better through on-line banking as there is no banking fee involved. I tried and the rate is really 1 to 2 % better. All you need is to transfer money from Canadian account to US account or vice versa.

Another advantage with on line banking is that the rate is the market rate so it fluctuates instantly and you may be able to catch the better rate if you have the time to watch the market. When you go to the bank the rate is fixed by the moment of time.


This tip may save you hundreds of dollars.

Happy saving...

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