HI DAVID,
THIS MAY NOT BE YOUR TYPICAL QUESTION & RIDICULOUS TO ASK YOU, BUT NO ONE CAN GIVE ME A ANSWER I AM HOPING YOU CAN DO SO BECAUSE YOU HAVE SO MUCH KNOWLEDGE & EXPERIENCE.
IF YOU ARE BUYING US DOLLARS WITH CANADIAN DOLLARS WHERE ARE THE BEST PLACES TO DO SO? I DON'T REALLY THINK MY BANK OR THE MONEY EXCHANGERS AT THE AIRPORT GIVE YOU A VERY GOOD RATE BUT MAYBE I AM WRONG. ARE THERE OTHER PLACES THAT EXCHANGE MONEY THAT I DON'T SEEM TO KNOW ABOUT THAT GIVE YOU A BETTER EXCHANGE RATE?
ALSO, WHAT IS YOUR OPINION OF HOW THE BANKS IN THE USA OPERATE COMPARED TO THE BANKS IN CANADA? I KNOW THIS MAY SEEM LIKE AN UNFAIR QUESTION BUT I SEEM TO HAVE PROBLEMS WHEN I DEAL WITH THE BANKS IN THE USA.
BEST REGARDS,
Saskatchewan
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david ingram replies:
If you shop around, you will find that different money exchange operations can give a better rate.
In BC, CKNW's Michael Levy's Collectibles Currency Exchange branches seem to have as good or better rates than any other place I have found. 1/4% does not make much difference on $200.00 but on $50,000 it means a good dinner. (604) 582-0088
I understand that the reason the Collectibles can offer a bit more for Canadian Dollars is that they do a lot of large trading in the lumber business and need Canadian Dollars to buy lumber.
Dealing with any bank is a matter of personalities and time.
US banks have had a lot of restrictions put on them since 9/11 when it comes to dealing with non-residents.
If you are not an easily recognized person/business with impeccable Canadian banking references, and intending to deal a large amount of money, the US bank has little incentive to make your life easier.
Canadian businesses with US accounts for a dozen years are being asked to justify their need for an American bank when it is so easy to have a US dollar account in Canada.
The following might help.
------------------------------------------------
The Maine Man
Some friends were on vacation in Maine,
and while watching fireworks heard their
small son say, "Oh, God!"
The father quickly cautioned his son,
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The boy nodded but obviously mis-heard,
because he asked quietly,
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=======================================
Answers to this and other similar questions can be obtained free on Air every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Cartier Partners and I will be hosting an INFOMERCIAL but LIVE talk show called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the internet at
www.600AM.com
Local phone calls to (604) 280-0600 - Long distance calls to 1-866-778-0600.
Old shows are archived at the site.
This from ask an income tax immigration planning and bankruptcy expert consultant guru or preparer from www.centa.com or www.jurock.com or www.featureweb.com. Canadian David Ingram deals daily with tax returns dealing with expatriate:
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David Ingram's US/Canada Services
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4466 Prospect Road (Personal residence by appointment only please)
North Vancouver, BC, CANADA, V7N 3L7
Calls accepted from 10 AM to 10 PM 7 days a week
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davidingram at shaw.ca www.david-ingram.com
Disclaimer: This question has been answered
without detailed information or consultation and
is to be regarded only as general comment.
Nothing in this message is or should be construed
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non-contractual duties are expressly denied. All readers should obtain formal advice from a competent financial, or real estate planner or advisor & appropriately qualified legal practitioner, tax or immigration specialist in connection with personal or business affairs such as at www.centa.com.
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