Originally Posted by sallemann
Wow... the rate today to do a US to Canadian dollar wire transfer through Schwab is 1.24084. Schwab charges a $25 wire transfer fee, one of the cheapest I've seen. Even though our trailer isn't going to be ready until 2016, we'll be wiring a chunk as soon as we receive the wire transfer instructions from ETI.
Agreed, it is a great rate right now, better tomorrow? Who knows.
Another way to lock it in the USD/CAD rate w/Schwab and keep the $$ in your control is to buy the FXC :
100 shares = 10,000 Loonies. Just sell it when you need to write the big check.
My .02 for locking in a rate after looking into plans A.....calling the local RBC and them telling me I'd have to drive to Canada to do it and plan B
a whole slew of travelers checks.
As Donna says YMMV and as my old Bank e-mail account used to append to my e-mails......"your investments may lose value"
And, no I'm not associated with Guggenheim.......the guys offering the FXC ETF, but their Prospectus can be found here :
CurrencyShares - FXC