[kwlug-disc] consulting fees

[Khalid Baheyeldin]

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.

-- 
Khalid M. Baheyeldin
2bits.com, Inc.
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