[kwlug-disc] consulting fees

[Chamunks]

@Khalid https://transferwise.com for god's sake just use that.  It's
basically free and it skips losing a pile of money in hidden exchange rate
bank fees.

On Fri, Feb 23, 2018 at 11:57 PM Dave Cramer <davecramer at gmail.com> wrote:

>
>
> Dave Cramer
>
> On 23 February 2018 at 18:37, Kyle Spaans <3lucid at gmail.com> wrote:
>
>>
>> On Fri, Feb 23, 2018 at 11:47 AM Khalid Baheyeldin <kb at 2bits.com> wrote:
>>
>>> On Fri, Feb 23, 2018 at 11:41 AM, Dave Cramer <davecramer at gmail.com>
>>> wrote:
>>>
>>>> On 23 February 2018 at 11:34, Khalid Baheyeldin <kb at 2bits.com> wrote:
>>>>
>>>>> The majority of my clients are outside Canada, so I get wire transfers
>>>>> often.
>>>>>
>>>>> Incoming wire fees will be around $37.50 or less. Some countries are
>>>>> higher.
>>>>>
>>>>> Also, the USD is higher than the CAD for the time being. But if it
>>>>> shifts the other way (and it did for many years) you eat up the difference.
>>>>>
>>>>> Banks offer different US chequing accounts. Some give you lower fees
>>>>> or flat per-transaction fee, others have preferred transfer rates. You can
>>>>> get your bank to open a US chequing account, and change the type when you
>>>>> want to transfer funds, then change it back. This works only if you have a
>>>>> buffer of CAD to weather the USD/CAD fluctuations. I strongly advise that
>>>>> though, since you can make up 5% more in currency difference if you wait
>>>>> for 8 or 10 months rather than do it monthly at whatever rate is in effect.
>>>>>
>>>>
>>>> I use a currency exchange that will sell futures on the dollar.  This
>>>> means you can lock in a rate. There of course is a downside. If you sell
>>>> 50k of futures you have to use it. FWIW, all the currency traders I talk to
>>>> expect the USD to be stronger for the foreseeable future. If you are
>>>> interested in the currency exchange contact me off list. Either way they
>>>> have significantly better rates than the banks.
>>>>
>>>
>>> When it comes to money, I am a conservative (not much in other spheres).
>>>
>>> That means I don't do options or futures or any of that.
>>>
>>> In good years when I had an excess in USD, I bought (through my bank)
>>> mutual funds that are in USD. If the market is down when you need the
>>> money, the difference in currency can make up for the bear market when you
>>> sell the mutual funds and sell the USD in CAD.
>>>
>>
>> Another thing you can do to save on conversion rates if you’re converting
>> large amounts (around $10k or so at a time) is called Norbert’s Gambit.
>> Basically you use a brokerage to buy a special fund that trades in both USD
>> and CAD: buy with one and sell with the other. The spread between the two
>> funds will be kept close to the live exchange rate by traders. You need to
>> ask for a special account with the brokerage though.
>>
>>
>> http://www.moneysense.ca/magazine-archive/norberts-gambit-a-better-way-to-buy-u-s-dollars/
>>
>
> Interesting.
>
> As a data point the last exchange I did was 10k CAD on Feb 1 it cost me
> 8195, the bank of Canada rate for that day was .8138 so it cost me $57 in
> exchange fees
>
>>
>>
>> _______________________________________________
>> kwlug-disc mailing list
>> kwlug-disc at kwlug.org
>> http://kwlug.org/mailman/listinfo/kwlug-disc_kwlug.org
>>
>> _______________________________________________
> kwlug-disc mailing list
> kwlug-disc at kwlug.org
> http://kwlug.org/mailman/listinfo/kwlug-disc_kwlug.org
>
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://kwlug.org/pipermail/kwlug-disc_kwlug.org/attachments/20180301/f11954ed/attachment.htm>