Ahernjp

Exchange Rate (US$ to CA$) Recommendation. Insights for new (to be) U.S. owners of Escape Travel Trailers that have yet to pay for their trailer. When all was said and done we owed ETI about $40,000 (in CA$) before we could call it ours. So I asked "Siri" what the exchange rate was for US$ to CA$ - she said it was $1.29 CA$ per $1 US. That is what's called the "International Exchange Rate". It's updated every day for virtually all currencies. That's the rate I wanted but it took awhile to find out how to get it. In general I found there are three different rate approaches. 1) Cash for cash bank rate; 2) Bank wire transfer rate; and 3) a non-bank transfer rate + fee. I do most of my banking via credit unions - neither that I use did foreign money exchanges. Bank of America (BOA) offered me a cash for cash rate at $1.18 CA$ for 1 US$. BOA also offered me wire transfer (WT) rate of 1.245 CA$ for 1 US$ plus a fee for the WT. A company called TransferWise offered me the international rate (1.29) plus a flat fee of $188.
So the choice was:

1) use the cash rate and pay $2,891 (US) extra, or
2) use the WT rate and pay $1,121 (US) extra, or
3) use TransferWise and pay the flat fee of $188 (US). I did 3) and am considering buying stock in BOA.


Not sure if I posted this message the right way. If not - sorry!