A quick reference post on how to convert Canadian dollars to US dollars cheaply (i.e. without paying the exorbitant 2% broker fee).
The concept is to choose a liquid stock trading on both the Toronto and New York stock exchange. Buy in Canada, sell in New York and the conversion is complete.
– Buy 100 RY on TSE from CDN account using Canadian dollars.
– Sell 100 RY on NYSE, specifying funds going into USD account, for US dollars.
Note: you must select US$ account, and specify to sell on NYSE. The $US funds should be available immediately.
I recently achieved 1.030 including commissions, below the noon posted rate of 1.034! The bank rate would be 1.050+.