Alternatives to wiring funds?

[deathandtaxes]

US/CA citizen. US resident.

Majority of my savings are in CAD. When I need USD I Norbert Gambit using Charles Schwab, however in order to get my CAD funds to Schwab they require I wire the funds in. Wiring costs around $50-75 CAD each time.

Does anyone know a cheaper method instead of wiring? Normally an institution would send a micro-deposit and link an account allow free transfers to and from.

[EndlessJourney]

If you can link your Schwab account with PayPal, it'll be much cheaper than $50.

If not, try Transferwise:

https://transferwise.com/us/blog/international-transfer-charles-schwab-us

[deathandtaxes]

Interactive Brokers Lite converts CAD to USD on par and only charges a $2 fee. This is amazing. In this example using $20,000 CAD Transfer wise charges $150.

Again the online problem is the wire costs.

[nalor511]

Interactive Brokers Lite converts CAD to USD on par and only charges a $2 fee. This is amazing. In this example using $20,000 CAD Transfer wise charges $150.

Again the online problem is the wire costs.

If you're really having trouble setting up any kind of digital option (ACH, EFT), maybe you can write a check, and move your savings (or a chunk of it) to Schwab or IB and just have it earn the interest there instead of wherever you have it now

[talltexan]

I recently heard that the Reagan administration successfully secured a $10 million pledge for the Contras from the Sultan of Brunei, but a clerical error in typing the account number meant that the money was sent to the wrong (Swiss bank) account, and it was never seen again. Shoulda used paypal.