Concern by Roger: Buying US forex in Canada at the market value?
How can I purchase US forex at marketplace cost? Is it very challenging? I want to do this to keep away from the substantial commission expenses billed by my lender or broker when acquiring US forex.
Moreoever, if I do acquire some US currency, the place can I hold it and how can I transfer it to my broker? I suppose I can’t keep US currency in my Canadian bank account?
I realize that there will constantly be spread, but in which need to I acquire my forex to get the small unfold attainable?
Very best answer:
Response by John W
Numerous Canadian Financial institutions allow you to open up a US resources account exactly where the harmony is held in US dollars. The bank trade prices are not as well bad but you can constantly get US greenback funds orders at the post business office or trade international currencies on-line. Hold in mind that there will always be a spread when changing currencies and regrettably, you may usually be on the shedding conclude of that unfold.
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