With last year going on and the dollar going down, Canadians need to know the ins and outs of US banking, especially that they have to know the RBC exchange rate for guidance. As several Canadians opt to break from winter in the United States, around 750,000 of them own properties here. They will just have to cross-border shop, and they’re at it.
Will the Dollar Recover?
The dollar will probably recover as it moves with basic prices. There may probably a retreat for metals and oil; however, the “loonie” has gradually risen from as low as 61.98 cents (US) in 2002 to $1.10 in September 2007.
Why is the Exchange Rate Different from What I Get?
One must know that the rate banks use to buy and sell currency are the best rates offered to business customers. The online currency converter provided by the Bank of Canada computes this cash rate to about 60 currencies.
Is My Bank the Best Place for Foreign Exchange?
Banks may not be the best places for a foreign exchange but it’s actually the most convenient. If you had to find money changers to exchange a small amount of money, you’ll be surprised that they offer lower rates but with hidden fees. If you do it on banks, they can exchange the currency based on the RBC exchange rate, which will seem fair enough.
Why Can’t You Pay Online in the US if You Have a US Dollar Account?
One must note that the United States is a different country. Crossing the border is an international boundary. And you must remember that US will have its own sets of banking system with various rules and regulations.
What about Opening a US Account in Canada?
If you were to open a US account in a Canadian bank, you can always approach the TD and RBC, as they can put you into the US banking system. However, you need to have properties in the US, so you can spend more time in this country. You can initiate online bill payments and pay real estate taxes, cable and telephone bills.