Exchanging USD to CAD and Vice Versa

For those who constantly exchange US dollars to Canadian dollars (as TradingMetro frequently does) or vice versa, what is that best way to go about getting the best rate?

I’m constantly asked the question.

And if you can follow along with me here, there are two default places where individuals will exchange currencies – at the bank or a retail currency exchange outfit (like www.customhouse.com). Now there is a different service (which with full disclaimer a friend and local entrepreneur) which matches currency exchangers on a peer-to-peer level. PeerFX is simple, you put forward your money to exchange and they handle the work of matching your funds up with the currency you want. Right now PeerFX only handles USD and CAD, but it’s plenty useful.

As an example today I exchanged USD to CAD. At my bank their best rate (for exchanging $10,000 or more) was 1.0310. With my friend Ali at Express Currency Exchange in White Rock (who routinely has the best rates of brick and mortar establishments) it was 1.0340. A friend of mine has started a company called PeerFX and its rate was the best at 1.0440.

On an exchange of $10,000, PeerFX’s rate would have saved $100 over the next best rate. Taking into account PeerFX’s 0.5% fee one would still save $47.80. After a while it adds up, and it does make a difference. 

Visit www.TradingMetro.com/PeerFX for more information, and get your fees refunded for the first month of transactions.