The Business and Financial Forum THIS SPACE OPEN FOR ADVERTISEMENT. YOU SHOULD BE ADVERTISING HERE!
Revscene Wall Street.
Consolidating debt? Good business tips? Buying stock? How's our economy doing? Discuss and share advice and tools on everyday banking, investing, wealth management and insurance. |
 | | 
10-12-2009, 10:57 PM
|
#26 | | Diagonally parked in a parallel universe
Join Date: Apr 2008 Location: Vancouver
Posts: 1,486
Thanked 66 Times in 61 Posts
Failed 3 Times in 2 Posts
|
I think dude was asking if just sticking with his ING ISA paying interest is "better" than buying and selling USD.
I say nope, more money is to be made by buying and selling USD, also dont by your USD from ING, as you said they are charging an extra 2% which will cut into your future profits. Just withdraw the CAD from your ING and go buy USD elsewhere, open up a service fee free USD account somewhere and stash it, put it in a safe or under your mattress (bad advice but it works). Most banks pay super low interest on USD accounts, maybe a fraction of a percent.
| 
|  | |
10-13-2009, 04:50 AM
|
#27 | | 14 dolla balla aint got nothing on me!
Join Date: Jan 2003 Location: Vancouver
Posts: 635
Thanked 3 Times in 3 Posts
Failed 0 Times in 0 Posts
|
0.9730 now
exchange us dollars and buy some us stocks, risky though.
| |
| | |
10-13-2009, 06:49 AM
|
#28 | | Raping Captured Dolphins since 2002 on EZ board days
Join Date: Jul 2002 Location: Hong Kong
Posts: 6,251
Thanked 658 Times in 191 Posts
Failed 78 Times in 45 Posts
| Quote:
Originally Posted by waddy41  I have an ING account...with no service charges....they do take an extra 2% when exchanging but they give monthly interest on all accounts...I don't even need to put it in a GIC
That's better than holding American cash for who knows how long right? | So you pay 2% to put your money in and make 0.75% per year? Better to hide your money under your mattress, at least you're only losing inflation...
__________________ Quote:
Originally Posted by asian_XL apparently, freedom of speech does not exist on RS
| Quote:
Originally Posted by Alphamale I give a lot of people rim jobs. | My Feedback | |
| | |
10-13-2009, 08:44 AM
|
#29 | | ninja edits your posts without your knowledge
Join Date: Jan 2004 Location: Vancouver
Posts: 14,997
Thanked 6,370 Times in 1,795 Posts
Failed 114 Times in 70 Posts
|
So which banks are you guys using that is offering the best interest on the US dollar? Or better yet, which is the best US savings account?
I noticed that one of you is using an ING account (via the .75% interest)
| |
| | |
10-13-2009, 09:06 AM
|
#30 | | Diagonally parked in a parallel universe
Join Date: Apr 2008 Location: Vancouver
Posts: 1,486
Thanked 66 Times in 61 Posts
Failed 3 Times in 2 Posts
|
Donno, I quit banking with the major 5 a few years back and switched to Vancity. Currently they are paying a whole 0.5% interest on USD balances over $60,000. If u have less than that then expect a much less payout, IMHO the interest isn't worth it and I don't think other institutions pay much more. Still keeping thousands of USD is safer in an account that under your mattress.
| |
| | |
10-13-2009, 09:14 AM
|
#31 | | Diagonally parked in a parallel universe
Join Date: Apr 2008 Location: Vancouver
Posts: 1,486
Thanked 66 Times in 61 Posts
Failed 3 Times in 2 Posts
| Quote:
Originally Posted by RFlush So you pay 2% to put your money in and make 0.75% per year? Better to hide your money under your mattress, at least you're only losing inflation... | http://www.ingdirect.ca/en/save-invest/usisa/index.html
ING looks great but here's the problem... They are paying 0.75% on all USD acct balances, great rate but that's only $7.50 on a $1000 after one full year. The interest is better than nothing but transferring money from your CAD ING acct to you USD ING acct you will loose out, this is wear the extra 2% comes in. Because ING is a big institution their exchange rate is not as good as small forex joints or VBCE, expect to pay up to 2% more than if u walked in somewhere and exchange cash (or used Interac), that loss cuts into your profit in the end. I say screw ING just exchange at VBCE and deposit the USD into fee free USD acct at a local bank.
Last edited by skholla; 10-13-2009 at 04:48 PM.
| |
| | |
10-13-2009, 03:30 PM
|
#32 | | I STILL don't get it
Join Date: Dec 2003 Location: Vancouver
Posts: 457
Thanked 62 Times in 27 Posts
Failed 0 Times in 0 Posts
| Quote:
Originally Posted by skholla http://www.ingdirect.ca/en/save-invest/usisa/index.html
ING looks great but here's the problem... They are paying 0.75% on all USD acct balances, great rate but that's only $75 on a $1000 after one full year. The interest is better than nothing but transferring money from your CAD ING acct to you USD ING acct you will loose out, this is wear the extra 2% comes in. Because ING is a big institution their exchange rate is not as good as small forex joints or VBCE, expect to pay up to 2% more than if u walked in somewhere and exchange cash (or used Interac), that loss cuts into your profit in the end. I say screw ING just exchange at VBCE and deposit the USD into fee free USD acct at a local bank. | 0.75% per annum translates to $7.50 per $1000 invested, so it's actually not really better than nothing.
| |
| | |
10-13-2009, 04:51 PM
|
#33 | | Diagonally parked in a parallel universe
Join Date: Apr 2008 Location: Vancouver
Posts: 1,486
Thanked 66 Times in 61 Posts
Failed 3 Times in 2 Posts
|
Oopps that's $7.50, not $75. For $7.50 it's a waste of time but to even get that u have to buy USD from ING which is 2% more so u r paying and extra $20 per $1000 off the bat, also u have to sit on it for a year, depending on the market u may or may not be doing that.
| |
| | |
10-23-2009, 12:53 PM
|
#34 | | nuggets mod
Join Date: Feb 2002 Location: richmond
Posts: 7,065
Thanked 3,835 Times in 987 Posts
Failed 178 Times in 60 Posts
| Quote:
Originally Posted by skholla If you have a hookup through a bank then you can get a bit lower rate than these guys... but if not nobody beats VBCE... http://vbce.ca/ | Most of the time, Kingmark beats VBCE. www.kingmark.ca
__________________
I searched for truth, and all I found was You
| |
| | |
10-23-2009, 02:50 PM
|
#35 | | Orgasm Donor & Alatar owned my ass twice!
Join Date: Mar 2003 Location: Vancouver
Posts: 6,803
Thanked 91 Times in 38 Posts
Failed 17 Times in 6 Posts
| Quote:
Originally Posted by freakshow | Well as I write this reply...
Kingmark
1.035 1.065
VCBE
1.038000 1.063000
So unless they change there spread occasionally...
| |
| | |
10-23-2009, 02:56 PM
|
#36 | | nuggets mod
Join Date: Feb 2002 Location: richmond
Posts: 7,065
Thanked 3,835 Times in 987 Posts
Failed 178 Times in 60 Posts
|
^^ whenever I exchange, I check out both sites; the last few times in a row, Kingsmark ended up being cheaper.. so i dunno..
__________________
I searched for truth, and all I found was You
| |
| | |
10-23-2009, 03:44 PM
|
#37 | | Orgasm Donor & Alatar owned my ass twice!
Join Date: Mar 2003 Location: Vancouver
Posts: 6,803
Thanked 91 Times in 38 Posts
Failed 17 Times in 6 Posts
| Quote:
Originally Posted by freakshow ^^ whenever I exchange, I check out both sites; the last few times in a row, Kingsmark ended up being cheaper.. so i dunno.. | Well that's different because as you know, prices change constantly and VBCE only updates their rates once a day.
The spread on the other hand generally doesn't.
| |
| | |
10-23-2009, 05:11 PM
|
#38 | | Diagonally parked in a parallel universe
Join Date: Apr 2008 Location: Vancouver
Posts: 1,486
Thanked 66 Times in 61 Posts
Failed 3 Times in 2 Posts
|
Good tip about Kingmark, never been there before. Unfortunately its a bit out of my way to save a few bucks, VBCE is close by so I will probably just go there unless I am exchanging more than a couple thousand.
| |
| | |
10-30-2009, 09:12 PM
|
#39 | | Raping Captured Dolphins since 2002 on EZ board days
Join Date: Jul 2002 Location: Hong Kong
Posts: 6,251
Thanked 658 Times in 191 Posts
Failed 78 Times in 45 Posts
|
So end of the month and it never hit par. How many of you fools were waiting? lol
__________________ Quote:
Originally Posted by asian_XL apparently, freedom of speech does not exist on RS
| Quote:
Originally Posted by Alphamale I give a lot of people rim jobs. | My Feedback | |
| | |
10-31-2009, 03:32 AM
|
#40 | | I keep RS good
Join Date: May 2001 Location: Cosmos
Posts: 28,720
Thanked 5,581 Times in 1,516 Posts
Failed 869 Times in 293 Posts
|
they're worried about the few bucks they're going to save at the amount most ppl are talking about haha
| |
| | |
10-31-2009, 10:55 AM
|
#41 | | Diagonally parked in a parallel universe
Join Date: Apr 2008 Location: Vancouver
Posts: 1,486
Thanked 66 Times in 61 Posts
Failed 3 Times in 2 Posts
|
exchange rate is going the other way right now, but when our dollar bounces back and the rate gets close to par then im flipping 5-10 stacks and am going to sit on it for a while.
| |
| | |
10-31-2009, 05:48 PM
|
#42 | | ninja edits your posts without your knowledge
Join Date: Jan 2004 Location: Vancouver
Posts: 14,997
Thanked 6,370 Times in 1,795 Posts
Failed 114 Times in 70 Posts
|
Well, it is time for maturing US bonds and this is probably the US trying to get some bond money and why the US dollar is getting strong.
| |
| | |
11-04-2009, 10:49 AM
|
#43 | | nuggets mod
Join Date: Feb 2002 Location: richmond
Posts: 7,065
Thanked 3,835 Times in 987 Posts
Failed 178 Times in 60 Posts
| Quote:
Originally Posted by RFlush So end of the month and it never hit par. How many of you fools were waiting? lol | *raises hand*
I got greedy, shoulda exchanged in stages instead of waiting to do it in one shot. 
__________________
I searched for truth, and all I found was You
| |
| | |
11-07-2009, 01:42 AM
|
#44 | | Raping Captured Dolphins since 2002 on EZ board days
Join Date: Jul 2002 Location: Hong Kong
Posts: 6,251
Thanked 658 Times in 191 Posts
Failed 78 Times in 45 Posts
|
Just do price averaging. I bought some at 1.07,1.05,1.03 and 1.02 (near it). I was going to buy more at par but never reached. I was buying hkd though but basically the same. Posted via RS Mobile | |
| | | |
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts
HTML code is Off
| | |
All times are GMT -8. The time now is 10:25 AM.
|
You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!
The banners on the left side and below do not show for registered users!
