Currency Exchange and Transfer

Summer 2006 CSANews Issue 59  |  Posted date : May 28, 2007.Back to list

Dear Bird Talk,

I am writing with respect to the Bird Talk on p. 7 of the latest CSANews Spring 2006, Issue 58, about a cash in dispute with an American bank.

At the beginning of the 1980's I opened my chequing account with a bank in florida, and shortly after mailed my pay cheque in Canadian currency to credit my account there. They charged me about US $100.00 for the transaction. Since then I am buying money orders or drafts in American currency from a bank in Canada, then sending them to my Bank in Florida to credit my account there. I have never had any trouble with them since.

At the moment, once a year I am sending them a draft for $5,000.00 in American currency, which I am buying from a Canadian bank situated in Canada. If I need cash, I am taking that from an ATM once back in Florida, using my Canadian bank card. A charge of $3.00 is paid for every transaction – large or small.

With respect to border crossing: With a Canadian passport in my hand, it is now easier than it ever was before. American Immigration Officials are sliding the passport through their machine, and then asking some simple questions like they always did. So far so good, there has never even been a short holdup.

I am not enclosing my name, because I don't like popularity. Sorry about that.

Yours Very Truly,

A Member.

Response:
Every bank in the USA is different and they all have many options and charges. We recommend that you sit down with a bank employee and learn the best and cheapest way to do what you need to do. We deal with Wachovia and found that any normal account charges are waived if you leave a certain amount in the bank account (it was $1000 but later increased to $1500). Being fairly aggressive, we asked if the $1000 could be kept in an interest bearing Term Certificate, or GIC, instead of the bank account. To my great surprise they said "Yes". I have been happy with this arrangement for about 15 years, so far. I also recommend the use of the CSA Currency Exchange Program which we use every month. Simple, easy and very cost effective over $500.