Originally Posted by thoer
There is another thread about this too: How to hedge exchange rate?
I followed some good advice there and opened an EverBank World Market Portfolio CAD account. I first opened one of their Money Market accounts so that I could do online transfers from my local credit union. Then it was just a matter of moving money from the Money Market into the World Market account whenever I thought the exchange rate was to my benefit. It is not immediate - you usually get the next day rate, but they gave me good rates always. When I am ready they will wire transfer the funds in CAD right to ETI for about $40. They have been very helpful to deal with so far.
I used the same process as Eric except I transfered money from my BoA account into the Everbank Money Market Account (no charge) and also set up a CAD World Market Access acct and then you are able to purchase CAD with your USD. Everbank charged a .75% spread which beats what you will find at most banks. It worked well for me and I had Everbank mail a Bank Cheque directly to ETI in CAD for a ($25) fee. They will also wire the money but it's a little more expensive ($40), I believe.
Just wanted to say I had no issues (except that the CAD seems to keep falling vs the USD so whenever you are comfortable with the exchange rate, go for it.