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Discussion Groups: Canada Votes 2008


Topic: Canadian Dollar
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RF

3/10/2010 7:51:25 PM
Member since:
Apr 2008
Total posts:213
Canadian Dollar

Got some great news for you folks who buy  
US Dollars. Just checked and it is 97.55. Should be at par before July if not earlier. Can't wait so I can get a few more thousand to add to my US account.

 
 
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krunch

3/10/2010 7:57:40 PM
Member since:
Dec 2005
Total posts:2243
my

average right now in my US account is about $0.98. As it crosses that threshold, I will average it up  
 
Krunch

A.G.

3/10/2010 8:18:48 PM
Member since:
Jan 2010
Total posts:1950
US account

What's up with ppl getting us accounts, does it save you more interest or something, please someone tell me all about them

krunch

3/10/2010 8:28:19 PM
Member since:
Dec 2005
Total posts:2243
I

use it to save money for trips to the US. Guarantees you get the best exchange rate when you go if you buy US money when the Canadian dollar is high.  
 
Plus, it's kinda like a mini way to play the currency market so to speak. Buy the US dollar when the Canadian dollar is high, and maybe someday the Canadian dollar would fall back to 70 cents maybe. If you bought the US money at par for example, you would make 30% on your money when you convert it back to Canadian...if it went back to 70 cents for example.  
 
Krunch

Rafter D

3/10/2010 8:28:36 PM
Member since:
Mar 2010
Total posts:129
They are banking money

They are banking money until the Canadian dollar drops again and then sell the money back. so if you buy 100 us dollars now with 100 canadian and then the dollar goes back to 60 cents then their 100 dollar us is now worth 160 canadian.

wheatiefan44

3/10/2010 8:28:38 PM
Member since:
May 2005
Total posts:1361
you

  
Shayy said "What's up with ppl getting us accounts, does it save you more interest or something, please someone tell me all about them "

can buy and hold it in US instead of keeping cash at home. With any investment its a good idea to dollar cost average it. Doesn't pay more interest usually.

Khakz

3/10/2010 9:15:23 PM
Member since:
Apr 2005
Total posts:1644
U.S. Accounts

pay less interest, but, like the majority say, is a good place to hold US funds until needed, only because you can gain interest, not not have to worry about security/losing it.

A.G.

3/10/2010 9:33:47 PM
Member since:
Jan 2010
Total posts:1950
Hmm

Maybe i'll have to look into doing this, I usually go on shopping trips to the states, might come in handy...

krunch

3/10/2010 10:09:55 PM
Member since:
Dec 2005
Total posts:2243
actually

  
Spongebobmang said "pay less interest, but, like the majority say, is a good place to hold US funds until needed, only because you can gain interest, not not have to worry about security/losing it. "

all savings and checking accounts pay little to no interest. The interest difference in a US account and a Canadian account makes the interest itself even more negligible. There is no money to be made on savings and checking accounts as dictated by the current interest rates.  
 
There is also no guarantee that none of us will loose money.  
 
If we all bought US money at par, then the Canadian dollar went up to a $1.20 for arguments sake. We just lost 20% IF we converted it back to Canadian dollars at that time.  
 
The trick is holding it, or being able to hold it.  
 
If money is a little tight and you do this, then, one day you GOTTA get that money back fro some emergency for example, you will loose money.  
 
The bet, gamble, or investment, if you want to think of it that way, is based on history, on average, the Canadian dollar has been worth less than the US dollar, and we are essentially betting, gambling, or investing, that those days will return someday.  
 
Krunch

Noob tube

3/10/2010 11:37:54 PM
Member since:
Feb 2009
Total posts:78
Account

How would you go about getting a US account? Can you do it online?

Khakz

3/10/2010 11:51:55 PM
Member since:
Apr 2005
Total posts:1644
depending on your bank

Most banks will allow you to do it online. My Td account pays less than 1/2 percent interest (savings). My ING Direct account pays 1.2% interest.  
 
If you have more than one bank, compare the rates, and pick the best one. Although the interest is peanuts (as Krunch said, little to none), a half percent is still money in your pocket.

RF

3/11/2010 12:40:49 AM
Member since:
Apr 2008
Total posts:213
US Accounts

Go to a bank. Tell them you want a US dollar account, and that is it. I deal with TD, so when I purchse at the bank or buy on line I get a better rate, and this goes for selling it. TD is a mimimun of $500.00 so no charges are taken off, Interest is very low, like I make under $1.50 last month on a balance of $19,200.00 US.

Bdnsam

3/11/2010 10:41:52 AM
Member since:
May 2008
Total posts:100
does this

work at the credit unions?

tha dude

3/11/2010 10:43:45 AM
Member since:
Jun 2006
Total posts:327
yes

  
MB said "work at the credit unions? "

at most banks you can have US bank accounts..

firstbabygirl

3/11/2010 10:49:00 AM
Member since:
Feb 2010
Total posts:87
yes

I have one at a credit union

sweetsopi

3/11/2010 12:21:11 PM
Member since:
Feb 2006
Total posts:515
Have your US dollar work for you.

Why not make the us dollar work for you, buy a US bond (you can buy TD Bank bond that is sold in the US). So not only are you benefiting from the exchange, the bond pays you interest and you are not locked in with the bond. Win win in my eyes.

-ZiGGY-

3/11/2010 12:40:49 PM
Member since:
Mar 2010
Total posts:679
Ummm not quite...

  
MC said "They are banking money until the Canadian dollar drops again and then sell the money back. so if you buy 100 us dollars now with 100 canadian and then the dollar goes back to 60 cents then their 100 dollar us is now worth 160 canadian. "

It's not quite as easy as you say....  
 
Don't forget the "fees"  
 
The banks don't sell you the money for what the dollar is current trading at. For example if the dollar is .97 you might buy it for .94  
 
Selling it back is the same. Banks won't buy the money back at .97 this rate is usually quite a bit less. You will lose if you sell it back, better to hold on to it and spend it.  
 
As for the dollar being at parity and then dropping to .60 that won't happen. If I could get some odds on this I would be a billionaire.  
 
This definitely isn't an "investment" opportunity you'd have to buy oodles to make anything worthwhile. Better off buying a GIC or a bonds. This is just nice for travelers or people with a little extra money. Save it for future vacations or purchases that's about all its good for.  
 
 
Edited by Uncle Z, 2010-03-11 12:45:33

RF

3/11/2010 2:46:37 PM
Member since:
Apr 2008
Total posts:213
Up Date

$97.66 is the rate now.


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