Quote:
Originally Posted by Vansterdam
yea i need a suggestion for another place to exchange besides the banks :0
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In Richmond I always compare between two places:
http://Kingmark.ca and
http://www.vbce.ca/
Quote:
Originally Posted by haymura
from my understanding, ur converting 10gs to US right now since the rate is close or will be at par so your profit comes in when you ride and wait for the US to go up again. once it hits the all time high again your pretty much almost doubling your money on the rate. If i decide to do something like this, where would i do it and what would i need to do? Do i need to make a US savings account?
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You wouldn't double your money, even if the USD went fairly high again.
All you need is a USD account and a CAD account. It's not a simple flip though, you may need to wait a bit of time to get your money back.
eg.
Let's generalize and say that an exchange place will always exchange at .02 + or - depending on if you're buying or selling.
With rough numbers, lets say the market is at par (1.0), and you change CAD$10K to USD @ 1.02 (rate +.02), which is USD$9803.92.
Now you need to wait until the market is at 1.04 so that you can change it back, and you'll just break even: USD$9803.92 @ 1.02 = CAD$10K
So to make any profit, let's say you could change it back at 1.04, which would be CAD$10196.08 ($196 profit), you essentially had to wait for the market to go all the way from 1.0 to 1.06.
*Disclaimer.. I'm a total noob.. so.. please correct me if any of this is wrong.