Converting CAD to USD cheaply?
Hello,
I live in the USA, but my father recently passed away and has an apartment in Canada that me and my siblings (also US residents) have inherited. It does not make sense for us to hold on to this property, so we're selling it. We don't have a Canadian bank accounts (and am not sure we'd be allowed to open one without a Canadian address) so what will happen is that our attorney will get the funds from the sale and then wire it to our US banks.
I think the last time I deposited (a small amount) of CAD funds into my US bank, they effectively charged me a 3% fee based on the exchange rate they used to convert the deposit into USD. I'm concerned that with this upcoming transfer, we'll get hit with a terrible bank-set exchange rate and/or other fees, and considering the amount of money involved (six figures), wanted to reach out to folks here to see if you have suggestions.
Thank you!
Posted Sep 10, 2022, 3:11 AM UTC