Author Topic: Save on currency exchange  (Read 2189 times)

AlexM1359

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Save on currency exchange
« on: October 29, 2015, 11:41:47 AM »
A hot topic this year in Canada has been our weak Canadian dollar, which has been hovering around the .70-.80 on the USD, since sometime in February or March. For almost the entire year of 2011 and portions of 2012, the Canadian dollar was at par, or over par with the USD. This meant we spent and invested more in the US. I myself during that time decided to invest in property in Florida, to have a nice retirement spot one day when I can no longer put up with the cold winters in Canada. Making payments on the mortgage has been displeasure-able due to the exchange rate, and has made me re-consider my investment, until a friend of mine introduced me to KnightsbridgeFX http://www.knightsbridgefx.com/, an online currency exchange company, that offers rates for Canadians at a much cheaper rate than the banks. While this does not solve the real problem at hand of our weakening Canadian dollar, I hope to introduce this idea to other forum members part of the MMM community to help them save money on currency exchanges.

If you live outside of Canada, or looking for currency that might not be supported by Knightsbridge I would recommend checking out fxcompare.com or mycurrencytransfer.com. These two website will compare currency exchange companies in your respective country, and their rates for all currencies. Great tools to help you shop for the best rate.

Hope this helps someone out,
Alex 

NextTime

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Re: Save on currency exchange
« Reply #1 on: October 29, 2015, 01:26:20 PM »
I don't know anything about exchanging money to purchase property in another country.

I do know that the worst way to exchange money in my travels was through my bank. They gouge the hell out of you. The ATM has usually been the best way, however last time I went to Colombia, I got better than the exchange rate for cash at the mall close to the airport.  I don't really like carrying a lot of cash down there though

nereo

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Re: Save on currency exchange
« Reply #2 on: October 29, 2015, 05:21:04 PM »
thanks for the info Alex

I'll just throw this out there to further discussion: I think it's important not to let recency bias cloud what we thing the exchange rate 'should' be. It's hard to listen to the CBC, pick up a newspaper or (recently) watch the debates and hear about how weak the Canadian dollar is to the USD.  Funny thing is, we've been here before, and for the majority of the last 40 years teh USD:CAD has sat at or below 85¢.  As I type this we sit at 76¢ - still above where we were from 1984-1988 & 1994-2004.

 

Wow, a phone plan for fifteen bucks!