TD Direct Investing, unfortunately, is not only dragging its feet on offering a US Dollar RRSP but also refusing to do anything
about currency conversion charges in registered accounts.
TD Direct Investing, unfortunately, is not only dragging its feet on offering a US Dollar RRSP but also refusing to do anything
about currency conversion charges in registered accounts.
Not exact matches
You start off talking
about charges for foreign -
currency transactions (not really the same as
currency conversion fees), but then you mention the fees for accessing exchange rate data - not really sure what your numerical example is intended to indicate.
Of course, ignoring foreign
currency conversion charges, which typically costs
about 1 %, does not result in a very accurate estimate.
Usually, you can «wire» transfer money from your BoA account to the account back home, but that is usually comes at a fee of
about $ 30 - $ 50 per transfer (in the US, additional fees may be
charged at the receiving end +
currency conversion costs).
Matyasfalvi also warned
about so - called «dynamic
currency conversion» in which foreign merchants ask if you want to be
charged in Canadian dollars while using your credit or debit card.
I haven't been bothered too much
about this but why pay needless
currency conversion charges that can be avoided elsewhere.
But just using a credit card that doesn't
charge foreign transaction fees is often not enough to make sure you're not paying more than you should be when making purchases abroad — I'm referring specifically to the practice of «dynamic
currency conversion» so if you already know all
about this feel free to move on to another post (there's a pretty good rant
about BA here if that's more to your liking).