What is the best method to exchange money to another currency?

[freedomseeker]

I am looking to exchange hundreds of thousands of Canadian dollars to USD and then transfer overseas. What method of exchange has the least fees involved with the best rate? Banks? investment firms? crypto?

What would you use?

 

[troubled soul]

For small amount You can use wise,currencyfair etc.
If you have private bank account /wealth management account they do have this feature under multi currency account.
You can convert currency instantly.

For real time, best interbank rate you can use multi dealer or single dealer platform. for very large currency conversion.

For multi dealer
360T, Fxall ,Fx Connect, EBS, Currenex, Saxo Trader

For single dealer
Barx-Barcalys Capital, Autobahn-Deutsche bank, UBS FX trader, REDI trader- Goldman sachs, Matrix-Morgan stanley, NomuraLive-Nomura, MorganDirect- Jp Morgan- HSBCnet

 

[freedomseeker]

Has anyone ever used or heard of this?

https://maplemoney.com/norberts-gambit/

 

[Kermit]

Current market volatility increases the risk of Norbert's Gambit.

 

[Larin]

I've used Interactive Broker quite successfully in the past to convert large amounts. Just make sure you have local accounts in your name.

 

[BlueMist]

I use Moneycorp. You can negotiate heavily for large amounts, they will offer usually the best spreads on the market (in my experience). They will then send you money as SWIFT payment with OUR charges (covering all fees along the way).

 

[Golden Fleece]

BlueMist said:
I use Moneycorp. You can negotiate heavily for large amounts, they will offer usually the best spreads on the market (in my experience). They will then send you money as SWIFT payment with OUR charges (covering all fees along the way).
Click to expand...

Live and Invest Overseas also recommends Moneycorp.
https://www.offshorelivingletter.com/making-a-money-transfer-overseas-what-you-need-to-know/

 

[zuyderz]

Interactive Brokers for large amounts and even for smaller amounts (sub $25K) lets you make the physical currency trade at the spot market rates the banks get, and withdraw the proceeds in most major currencies including AUD, CAD, CHF, CNH, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, MXN, NOK, NZD, RUB, SEK, SGD or USD. In addition, IB-India accounts are required to maintain a Base Currency of INR."

This said, if all you ever do is exchange currencies and withdraw proceeds, in my experience IB will eventually close your account. They charge tiny $2 commission on forex regardless of the size of the trade and the AML KYC isn't worth their trouble if you aren't generating some revenue.

 

[wellington]

freedomseeker said:
I am looking to exchange hundreds of thousands of Canadian dollars to USD and then transfer overseas. What method of exchange has the least fees involved with the best rate? Banks? investment firms? crypto?

What would you use?
Click to expand...

Use something like wise... you want a simple paper trail... and perhaps do CHF, the dollar is gonna collapse.. at some point.

 

[alley]

wellington said:
Use something like wise... you want a simple paper trail... and perhaps do CHF, the dollar is gonna collapse.. at some point.
Click to expand...

The dollar is still around rof/%

 

[altavistasf]

wellington said:
Use something like wise... you want a simple paper trail... and perhaps do CHF, the dollar is gonna collapse.. at some point.
Click to expand...

You are so true. Thanks

 

[Dubsize]

Moneycorp is the best option IMO. Their conversion rate is the best.
You get a dedicated account manager in your timezone. They are friendly and professionals. It's one of the biggest FX/Money transmitter in the market. Can easily do 6/7 digits.
for CAD they receive the money locally at Bank of America Canada - then they convert to USD and send wherever you want.