Update: this will vary day to day but Norbert's Gambit looks worth it for values above $1700. Forex will probably be greater than $20. Below that, forex might be <$20. But that's a moving target.
I'm looking at buying some US ETFs (SHE, SPYX) to get my toes wet with investing. I'm using RBC Direct Investing. I only have 2K at the moment to play with and to me, it looks like converting this to USD in RBC is better than doing Norbert's Gambit which will cost me $20 in fees ($10 to buy, $10 to sell). But everyone is telling me to do Norbert's Gambit when exchanging funds between the US and Canada. Am I missing something?
Also, some guides say to have both a USD and a CAD trading accounts but my current TFSA DI account can have both USD and CAD funds. Should I have dedicated accounts for US and CAD trading or is just the one dual currency account ok?

I have opened up a forex trading account and I have to wire transfer the funds from my bank account to the trading account. My bank, RBC, only allows for a daily limit of $2500 to be wire transferred from the account. I am looking to put about $10,000 or more into my trading account, but it is very frustrating to have to do it $2,500 at a time and to have to pay their transfer fee each time. Any suggestions about how I can easily and hopefully cheaply wire transfer my money in larger quantities?
Thank you

🤖 Mean Polarity = 0.01 | Mean Subjectivity = 0.15
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I just want to share my personal experience change brokerage from RBC&TD to interactive broker since late 2019. I found interactive broker much better than TD/RBC for my US equity investment. I invest predominantly in US stocks, including Canadian companies dual listed in NYSE/NASDAQ.
Some of the big Pros:

1. Very low commission compared to RBC/TD. 1USD for fixed pricing, 0.35 for tired pricing.
2. Participation in pre-market and after-market. This help me to fill my aggressive limit order.
3. USD/CAD forex is 2USD, even cheaper than Nombert Gambit.
4. Fractional shares allow me to invest in Google/Amazon/Tesla in a more reasonable pace.(buy 500 dollars for four times vs buy 2000 at one time)

Some Cons:

1. They have several platforms which is very confusing. TWS is most powerful but look ugly on Mac. Client portal is nice looking but function-lacking. I actually found IBKR IOS to be powerful but also nice looking, so end up mostly use IBKR IOS.
2. Be careful using EFT deposit. There is a 60 business day holding period if withdrawal to a different bank.
3. One might need to spend some time research on their fee structure, deposit/withdrawal procedure.

I have ignored IB for years due to it being an American brokerage and do not have physical locations. Finally tried it and now think it is the best for US equity investment in Canada. Hopefully if we move more investment to online brokerage such as Questrade/IB/Wealthsimple, eventually will shake the big 5 and force them to lower their ridiculous commission.(It is still nice to have one of the big 5 for some portfolio.)

Welcome to /churningcanada. Use this thread to ask beginner questions about churning, credit scores and any other questions you might have about getting and redeeming points.

I need to transfer about a little over 300K USD soon to Canada.
Currently I live in the US and still have my RBC account from when I lived in Canada. The US dollars are currently in a US bank account.
My plan is to open a RBC US cross border account (no annual fee for first year if I get their account/credit card bundle) and transfer it to my RBC account in Canada which has a US dollar savings account.
Then I'll open a RBC direct investing account where I'll perform the Norbit Gambit method using DLR.U/DLR ETF.
It seems pretty straightforward, but I was wondering if there are better options. eg. Using a forex trading service here in the US and using that to exchange it to CAD and then sending CAD over directly to my RBC account in Canada. I'm trying to avoid having to open a credit card I have no intention to use (though the card will be opened using my Canadian credit history so I'm not too concerned about the drop in credit score after closing the card later in the year).
I don't expect to be doing this kinda transfer again anytime soon. So any accounts I open will be closed fairly quickly.
​
Would be great to hear if anyone has tried the forex route or any other method I haven't mentioned. With the amount I'm transferring, any significant drop in exchange rates results in a few thousand dollars lost (hence why I can't just use normal transfer methods since RBC rates suck).

Hello! So during school I was lazy for the most part regarding my banking, and now that I've graduated and I have a real job I want to sort out my financials and make sure I am getting the most out of my spending. Currently I have 2 credit cards, an RBC Signature Rewards and Scotia's Scene CC with credit limits close to $10K each. I am planning to cancel my RBC rewards because I'm in the process of switching out to TD and I'm not going to pay the $40 annual fee to keep the card, and as for my Scene it gets me good points but I don't got to Cineplex often and they keep jacking up the Scene redemption rates.
My monthly expenses are roughly as follows:

• Restaurants: $250
• Recurring bill payments: $320
• Gas: $50 (For when I'm running super low, my dad's CT card gets him 10c/L discount at the pump and I pay him cash lol)
• Groceries: $50
• Other: $580 (Clothing, Amazon, games, etc?)

This is what I plan to hold (upon approval of course):
Simplii Cash Back Visa - Use exclusively for 4% on restaurants (I'll have to open an account with them tho, which is fine because I can churn and get $200 for opening one)
Tangerine MC - 2% back on the recurring payments + maybe gas? (IF I get approved that is)
Rogers WE MasterCard - $0 annual fee, 1.75% on everything, 2% on my Fido bill (in case I can't get Tangerine), 4% on Forex when I travel and online purchases + WE benefits. I don't make $80K but I feel like my combined household limit is $150K but I need to double check this.
And my fallback option if I can't get the Rogers WE is to go for the SimplyCash and get 1.25% on the rest of my purchases. I saw somewhere that the Amex Cobalt was good but I got confused on how the redemption works and I don't think be positive enough over the $120 annual fee for it to be worth it. Also I was exploring the TD and Scotiabank offers and they didn't seem to entice me as much as the Rogers WE, and I can get TD's annual fee's waved because I can put $5K liquid as my emergency funds in a No Limit account and avoid banking/CC fees. I could do the same for Scotia with their new account, but I am wary of them because I've heard stories on here about them being poor to deal with.
Thanks for looking and I'll appreciate any advice on cards that I may have missed!

2019 Investment Outlook

• Axa
• Baird
• Barclays
• Blackrock
• BNP
• Bofaml
• Canacoord
• Citi
• CommerceBank
• Goldman
• JPMorgan
• LPL
• Living Granger
• Macquarie
• Morgan
• Openheimer
• RBC
• Rusell
• State Street
• UBS
• Vanguard
• WellsFargo

Bonus:

• Copper
• Fixed Income
• Forex
• Precious Metals

2018

I've booked a month-long trip to Australia with my family next March. I'm happy to churn as much as I can until then. I'm wondering about two things:

• What points can I use to book intra-Australia short haul flights efficiently?
• What's a good card/strategy to use while on the trip to avoid big forex fees?

Thanks!

I am a Canadian by nationality and currently live in Canada. My only affiliation with the US is that I have a social security number from when I worked there a few years ago on an exchange visa.
I've recently started earning my income online in USD and want to keep it all in a US online bank (Ally.com). Eventually I also want to get a USD credit card since most of my expenses are online in the US.
I do have a family member in the US whose address I can use for these applications.
Does this sound like a bad idea? Can anything go wrong?

Hi /personalfinancecanada
I'm looking at accepting a contract from the US for some IT work. It would be in the range of 40-70k USD, but am unaware how to properly receive/declare/tax it. I would be doing this contract with another colleague (sub-contractor or co-worker, whatever would make the most sense). Pay would be on a bi-weekly amount.

• How would I tax this?
• How would I go about receiving pay? Wire transfers, cheques, e-mail money transfer, paypal, etc?
• How would I declare this on my income tax?

EDIT: Thanks so much for all the responses! Will be digesting this information over the next few days! Any recommendations for readings? Or should I go straight to an accountant for advice?
Thanks!

This is the best tl;dr I could make, original reduced by 51%. (I'm a bot)

LONDON - The U.S. dollar weakened to its lowest since mid-April on Tuesday as investors bet the Federal Reserve could soon cut interest rates, while concerns about global growth encouraged investors to buy the safe-haven yen.
The euro rose on the back of dollar weakness but lower-than-expected euro zone inflation in May brought the single currency's rally to a halt.
The benchmark 10-year U.S. Treasury yield fell to its lowest since September 2017 overnight after St. Louis Federal Reserve President James Bullard said a rate cut "May be warranted soon" given weak U.S. inflation and the threat global trade tensions pose to economic growth.
The dollar index, which measures the greenback against a basket of currencies, slipped to 96.995, its weakest since April 18, before recovering as the euro reversed its gains.
"We still see the policy background in the euro zone leaving the euro as the anti-dollar," said Adam Cole, currency strategist at RBC Capital Markets, predicting euro/dollar could fall to $1.10 before finishing the year at $1.14 - still firmly within its current trading range.
The Australian dollar was little changed, at $0.6977, after the Reserve Bank of Australia cut interest rates to a record low of 1.25%, as expected.

Summary Source | FAQ | Feedback | Top keywords: dollar^#1 euro^#2 cut^#3 rate^#4 U.S.^#5
Post found in /Economics.
NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.

Hello, Our company is a US listed company and there is a program to put a percentage of your earnings to a discounted stock purchase plan. They just moved the program to Fidelity and I need to setup my banking information for withdrawals from the program. I have the option to sell shares with the money going straight to my chequing account as CAD (2.5% exchange fee goes to Fidelity), or a free transaction in USD. I have RBC chequing so the USD would appear as CAD converted at the RBC rate (which looked about 2.25% off of normal forex rates). Also I could shift the shares for free to my Direct Investing account, and sell in RBC for CAD or USD.
What one of the 4 options (Sell Fidelity in USD, sell Fidelity in CAD, sell direct investing in USD, sell direct investing in CAD) is the least fee heavy? I know there are all around the same, but with a transfer of $10,000-20,000 the fees add up! Thanks

I will soon find myself in a position where I will be transferred to a US office for work, for at least 6 months. I will still be paid by the Canadian parent company, in CAD. I'm trying to think if the best way to exchange funds between the two currencies.
My understanding is that the best rate will be a forex, but that is somewhat impractical and requires me physically returning to Canada.
Second option, I have a USD account with RBC so can simply transfer cash from my CAD accounts, but am then subject to the bank's exchange rate.
Finally, I want these funds to eventually end up in an American bank, so I can take advantage of their superior credit card offerings and start building credit in the US.
Does anyone have any suggestions for the best way to go about this?
Thanks in advance.

Looking for a card to use when I only get 1% back from Tangerine. I have considered the below:

• Rogers MasterCard 1.75%CB (currently a Fido internet customer)
• American Express SimplyCash 1.25%CB
• Amazon.ca Visa 1% CB (0% forex really attracts me but many reviews seem to indicate that Chase is a headache to deal with when they verify purchases)

I am 22, living at home, and my personal income is under $60,000 (over $100,000 including parents). I have never used any of the insurance coverage, warranty, purchase protection etc features of a card. I would be open to having them though. I also plan to change my RBC Signature Rewards Visa to the CB MasterCard since it gives 2% back on groceries (and since I need a credit card from them to keep my banking free).
I recognize that these other cards only deposit cashback periodically, instead of monthly (which I prefer but not everyone can be as great as Tangerine with this).
What are your thoughts?
Edit: added info for my current banking situation