The automatic washing helps in saving
on currency conversion charges when selling a security denominated in US dollars and buying another USD security even on different days.
Not exact matches
While there are no set - up or monthly fees, you will have fees like an extra 1 percent added
on to each transaction from outside of the U.S., 2 - 5 percent
charge above daily bank rate
on currency conversion and a $ 20
charge back fee.
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.
NAN reports that Babalola, Olaniran, Kayode Togun, Samuel Ogbiede and Olawumi Iyan along with others since 2015 been facing multiple
charges bordering
on conspiracy, unlawful
conversion, stealing and re-circulation of mutilated
currency at the Ibadan branch of CBN.
Foreign
Currency Conversion 0 % For Purchases or Cash Advances in a foreign currency, that foreign currency will be converted into Canadian dollars at the exchange rate set by Visa International in effect on the day the transaction is posted to your Account, plus a 0 % currency conversion
Currency Conversion 0 % For Purchases or Cash Advances in a foreign
currency, that foreign currency will be converted into Canadian dollars at the exchange rate set by Visa International in effect on the day the transaction is posted to your Account, plus a 0 % currency conversion
currency, that foreign
currency will be converted into Canadian dollars at the exchange rate set by Visa International in effect on the day the transaction is posted to your Account, plus a 0 % currency conversion
currency will be converted into Canadian dollars at the exchange rate set by Visa International in effect
on the day the transaction is posted to your Account, plus a 0 %
currency conversion
currency conversion charge.
Most cards
charge you 2.5 %
on top of the
currency conversion rate
on foreign purchases, but earlier this year Chase introduced a line of cards to Canada that convert
currency for free.
When it comes to
currency -
conversion charges, I think the main thing to avoid is getting hit multiple times
on the same assets.
If I recall correctly Interactive Brokers has no mark - up
on currency conversions (and
charges $ 1 commission per board lot
on many transactions).
Discount brokerages that do not offer clients the option to have US dollar accounts will usually
charge currency conversion fees
on transactions that take place in US dollars (for example if a client buys shares of a company from a US listed exchange).
For purchasing ETF's
on foreign exchanges, I believe you incur a
currency conversion which essentially
charges a bank rate
on the monies transfered.
Also, an initial
currency conversion charge will be incurred when buying ETFs that are listed
on US exchanges.
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.
Currently, investors who want to save
on the steep
currency conversion charges turn to the Norbert Gambit.
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).
When you do
charge in a foreign
currency, while Visa or Mastercard do convert at a reasonable exchange rate, your bank may apply a 3 % or so
conversion fee
on the converted amount, tending to even things out.
Using your rewards - earning credit card for your foreign purchases will not only result in getting
charged the best
currency conversion rate when you make the purchase, you'll also be earning rewards
on those purchases.
Amex Bank of Canada v. Adams et al. 2014 SCC 56 Banks and Banking — Constitutional Law — Consumer Law — Creditors and Debtors — Quebec Obligations Summary: This class action was authorized respecting repayment of the
conversion charges imposed by Amex Bank of Canada
on credit card and
charge card purchases made in foreign
currencies primarily
on the basis that the
conversion charges violated Quebec's Consumer Protection Act (CPA).
Bank of Montreal v. Marcotte et al. 2014 SCC 55 Banks and Banking — Constitutional Law — Consumer Law — Creditors and Debtors — Damage Awards — Damages — Practice — Quebec Procedure Summary: This class action and two others were launched, seeking repayment of the
conversion charges imposed by several credit card issuing financial institutions (banks)
on credit card purchases made in foreign
currencies primarily
on the basis that the
conversion charges violated Quebec's Consumer Protection Act (CPA).
Class Actions in Québec: Credit Card
Conversion Charges Bank of Montreal v. Marcotte, 2014 SCC 55 (35009) Québec's Consumer Protection Act applies to credit card issuers re conversion charges on purchases made in foreign curr
Charges Bank of Montreal v. Marcotte, 2014 SCC 55 (35009) Québec's Consumer Protection Act applies to credit card issuers re
conversion charges on purchases made in foreign curr
charges on purchases made in foreign
currencies.
Note that the case for fiat
currency conversion is that VAT is not changed
on the volume of the trade, but only
on the service
charge.