There is now a more recent update of the method I use for exchanging currency at BMO OnvestorLine . I recently changed the procedure I use to convert large sums between Canadian and U.S. dollars at BMO InvestorLine. The method I use saves a lot of money compared to using the InvestorLine foreign exchange system. The latest change I made eliminated an annoying interest charge that I had to ask to be reversed. Most people don’t realize how expensive it can be to exchange currency. The extra charge banks and brokerages add gets hidden in the exchange rate. To see this extra charge, start by taking a sum in Canadian dollars, say C$10,000, and finding out how many U.S. dollars you can get. Then see what this U.S. amount would get going back to Canadian dollars. Many people might guess they’d get their original C$10,000 back, but they’d be wrong. In a recent test I did at BMO InvestorLine, I’d get back C$9754, for a loss of C$246 in two currency exchanges. That’s $123 per excha...
Thanks for the mention, some good comments about Pet Insurance too!
ReplyDeleteThanks for the mention. It seems that retailers are miscalculating the ecofees on various products too, in some cases it can add 50% or more to the original cost of the item. Lots of people calling into the local radio station I listen too with anecdotal evidence. We may see a Canadian Tea Party...
ReplyDeleteThanks for the link Michael. Insurance rates are getting ridiculous in Ontario, let's hope the Auto Reform will bring them back to normal in the long term.
ReplyDeleteThanks for the mention Michael!
ReplyDelete