Comments on: Comparing US Dollar Bank Accounts http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm Building Wealth through Saving and Investing Fri, 19 Mar 2010 19:36:23 -0400 http://wordpress.org/?v=abc hourly 1 By: How to Avoid or Reduce Bank Fees | Finance Blog http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm/comment-page-1#comment-109158 How to Avoid or Reduce Bank Fees | Finance Blog Wed, 06 Jan 2010 09:25:54 +0000 http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm#comment-109158 [...] Comparing US Dollar Bank Accounts [...]

[...] Comparing US Dollar Bank Accounts [...]

]]> By: Top Low-Cost Canadian DRIP Stocks Ranked by Yield, Dividend Growth and Discounts | Million Dollar Journey http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm/comment-page-1#comment-107047 Top Low-Cost Canadian DRIP Stocks Ranked by Yield, Dividend Growth and Discounts | Million Dollar Journey Tue, 10 Nov 2009 10:31:14 +0000 http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm#comment-107047 [...] but the process is a bit more complicated and requires you to have an American bank account or a chequing account drawn on U.S. dollars in [...]

[...] but the process is a bit more complicated and requires you to have an American bank account or a chequing account drawn on U.S. dollars in [...]

]]> By: Glenn http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm/comment-page-1#comment-66080 Glenn Sat, 03 Jan 2009 23:11:18 +0000 http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm#comment-66080 Kevin, Try Olympia Trust www.olympiatrust.com you give them a $US and a $CDN account and they will do the exchange electronically overnight. Pros... they only charge 0.5% (vs. 2-4%) for the exchange. Cons... the minimum to exchange is $5,000 Glenn Kevin,

Try Olympia Trust http://www.olympiatrust.com you give them a $US and a $CDN account and they will do the exchange electronically overnight.

Pros… they only charge 0.5% (vs. 2-4%) for the exchange.
Cons… the minimum to exchange is $5,000

Glenn

]]> By: Kevin http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm/comment-page-1#comment-64763 Kevin Thu, 18 Dec 2008 02:12:21 +0000 http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm#comment-64763 Hey all, I'm late to the party here, but hoping someone might be monitoring this story still. How do I make a contract that pays me in US$ work in the best possible way for me? Right now its all good, the bank just determines the exchange and I get paid in CAN$. But I figured I'd set up a US$ account, at ATB, where my other accounts are, and get my employer to pay into that. My thought was that I could just move the money over when the rate was best, and leave it in there if it was low. Does this make sense? Thing is, I can't transfer money between accounts online. Any thoughts on how to handle this US cash so I can take advantage of fluctuating exchange? The contract is about $10,000 spread out over 2-3 months. Thanks for any advice or help! Kevin krosm@hotmail.com Hey all,

I’m late to the party here, but hoping someone might be monitoring this story still.

How do I make a contract that pays me in US$ work in the best possible way for me? Right now its all good, the bank just determines the exchange and I get paid in CAN$. But I figured I’d set up a US$ account, at ATB, where my other accounts are, and get my employer to pay into that. My thought was that I could just move the money over when the rate was best, and leave it in there if it was low. Does this make sense? Thing is, I can’t transfer money between accounts online.

Any thoughts on how to handle this US cash so I can take advantage of fluctuating exchange? The contract is about $10,000 spread out over 2-3 months.

Thanks for any advice or help!

Kevin
krosm@hotmail.com

]]> By: Jordan http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm/comment-page-1#comment-38896 Jordan Wed, 11 Jun 2008 00:36:50 +0000 http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm#comment-38896 They charge $2 on the chequing account, and as soon as I got that mail from them, I promptly closed my account. They did introduce a high-interest USD savings account which still has no monthly fee, which is where I've moved my USD cash @ RBC. They charge $2 on the chequing account, and as soon as I got that mail from them, I promptly closed my account. They did introduce a high-interest USD savings account which still has no monthly fee, which is where I’ve moved my USD cash @ RBC.

]]> By: Grad Student http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm/comment-page-1#comment-38886 Grad Student Tue, 10 Jun 2008 22:35:05 +0000 http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm#comment-38886 looks like RBC now charges 2$/month looks like RBC now charges 2$/month

]]> By: FrugalTrader http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm/comment-page-1#comment-11435 FrugalTrader Sun, 02 Sep 2007 01:15:00 +0000 http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm#comment-11435 Darren, according to their site, they only offer seniors 2 free transactions. Everyone else has to pay $0.75/transaction. Darren, according to their site, they only offer seniors 2 free transactions. Everyone else has to pay $0.75/transaction.

]]> By: Darren http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm/comment-page-1#comment-11434 Darren Sun, 02 Sep 2007 01:14:07 +0000 http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm#comment-11434 Ooops, that's for seniors. Hahaha, sorry! Ooops, that’s for seniors. Hahaha, sorry!

]]> By: Darren http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm/comment-page-1#comment-11433 Darren Sun, 02 Sep 2007 01:11:52 +0000 http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm#comment-11433 The CIBC US$ personal account gives you 2 free transactions per month before the fees start - better than RBC (and, IMO, probably the best for people like me who will just use the account occasionally)/ The CIBC US$ personal account gives you 2 free transactions per month before the fees start – better than RBC (and, IMO, probably the best for people like me who will just use the account occasionally)/

]]> By: Best of August 2007 and More! | Million Dollar Journey http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm/comment-page-1#comment-11343 Best of August 2007 and More! | Million Dollar Journey Fri, 31 Aug 2007 07:34:21 +0000 http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm#comment-11343 [...] Comparing US Dollar Bank Accounts (20 comments) [...]

[...] Comparing US Dollar Bank Accounts (20 comments) [...]

]]> By: Bootsie http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm/comment-page-1#comment-9902 Bootsie Wed, 08 Aug 2007 17:39:15 +0000 http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm#comment-9902 I know what you're saying AJ but your comment "Isn’t there a substantial risk in holding USD particularly with the way the USD has been declining in value against many other currencies?" indicates that you're recommending selling USD. I guess the argument could also be made that what's good isn't necessarily going to get better (i.e. the Canadian $). I guess we all have a tendency to market time to some extent. I am paid in USD but live in Canada so my tendency (now) is too keep savings in USD. I made the big mistake of saving USD back in the $1.60 days. I have no idea what the USD will do but I just don't see the USD dropping below the CAD. I wish I had that currency crystal ball! :) I know what you’re saying AJ but your comment “Isn’t there a substantial risk in holding USD particularly with the way the USD has been declining in value against many other currencies?” indicates that you’re recommending selling USD. I guess the argument could also be made that what’s good isn’t necessarily going to get better (i.e. the Canadian $).

I guess we all have a tendency to market time to some extent. I am paid in USD but live in Canada so my tendency (now) is too keep savings in USD. I made the big mistake of saving USD back in the $1.60 days. I have no idea what the USD will do but I just don’t see the USD dropping below the CAD. I wish I had that currency crystal ball! :)

]]> By: A.J. - IAmFacingMillions.com http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm/comment-page-1#comment-9633 A.J. - IAmFacingMillions.com Sat, 04 Aug 2007 18:49:24 +0000 http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm#comment-9633 @Bootsie, I don't necessarily subscribe to the idea that low can't go lower or it's a good buy/investment just because it's low. There's a whole school of thought about throwing more money after bad and I think that thought follows exactly the same. The forces that have dragged the U.S. Dollar down are still occuring and I don't see any suggestions that the forces will change. Right now, I think any movement in the other direction would be more likely due to changes in other economies than in the U.S. (in other words the other currencies weakening rather than the U.S. dollar strengthening, I know it has the same effect and is semantics, but I think there is an important distinction). @Bootsie,

I don’t necessarily subscribe to the idea that low can’t go lower or it’s a good buy/investment just because it’s low.

There’s a whole school of thought about throwing more money after bad and I think that thought follows exactly the same.

The forces that have dragged the U.S. Dollar down are still occuring and I don’t see any suggestions that the forces will change. Right now, I think any movement in the other direction would be more likely due to changes in other economies than in the U.S. (in other words the other currencies weakening rather than the U.S. dollar strengthening, I know it has the same effect and is semantics, but I think there is an important distinction).

]]> By: Stefan http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm/comment-page-1#comment-9629 Stefan Sat, 04 Aug 2007 17:06:39 +0000 http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm#comment-9629 Their comparison table (http://www.tdcanadatrust.com/accounts/compare_usd.jsp) is ok IMHO. In that row, the first column (for US Daily Interest account) states "none", $4.95 is for the borderless plan. Nevermind, sorry I'm being too analytical :). Thanks for the nice comparisons. Their comparison table (http://www.tdcanadatrust.com/accounts/compare_usd.jsp) is ok IMHO. In that row, the first column (for US Daily Interest account) states “none”, $4.95 is for the borderless plan.
Nevermind, sorry I’m being too analytical :).
Thanks for the nice comparisons.

]]> By: FrugalTrader http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm/comment-page-1#comment-9628 FrugalTrader Sat, 04 Aug 2007 16:51:31 +0000 http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm#comment-9628 Stefan, AH! I see what you're saying now. However, their web site clearly states "Monthly fees - waived w/ min monthly balance". The next to it, they have the $4.95 plan. Their table is not clear. I see now, their min balance only applies to the Borderless Plan. Thanks for the heads up STefan! Stefan, AH! I see what you’re saying now. However, their web site clearly states “Monthly fees – waived w/ min monthly balance”. The next to it, they have the $4.95 plan. Their table is not clear.

I see now, their min balance only applies to the Borderless Plan. Thanks for the heads up STefan!

]]> By: Stefan http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm/comment-page-1#comment-9618 Stefan Sat, 04 Aug 2007 14:36:07 +0000 http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm#comment-9618 It's true what you've just said: "It’s $1.00/transaction if your balance is under $1,000.". What is wrong in that table, is the column named "Min Balance for no fee". Which lists $1000 for the TD account. Which is not true. The name of the column is ambigous. Let's be rigurous here. Effectively, it's not true for the "U.S. Dollar Daily Interest Chequing Account". Believe me. I have this account, with zero balance, and don't pay anything if I don't do any transaction. Or maybe you just wanted that column to mean the "total fees" (monthly fee + debit transactions). It's ambigous anyway. It’s true what you’ve just said: “It’s $1.00/transaction if your balance is under $1,000.”.

What is wrong in that table, is the column named “Min Balance for no fee”. Which lists $1000 for the TD account. Which is not true.

The name of the column is ambigous. Let’s be rigurous here.

Effectively, it’s not true for the “U.S. Dollar Daily Interest Chequing Account”. Believe me. I have this account, with zero balance, and don’t pay anything if I don’t do any transaction.

Or maybe you just wanted that column to mean the “total fees” (monthly fee + debit transactions). It’s ambigous anyway.

]]> By: FrugalTrader http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm/comment-page-1#comment-9613 FrugalTrader Sat, 04 Aug 2007 13:34:21 +0000 http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm#comment-9613 Stefan, if you click on the link indicated in the table, it explains TD's fees. It's $1.00/transaction if your balance is under $1,000. http://www.tdcanadatrust.com/accounts/compare_usd.jsp Stefan, if you click on the link indicated in the table, it explains TD’s fees. It’s $1.00/transaction if your balance is under $1,000.

http://www.tdcanadatrust.com/accounts/compare_usd.jsp

]]> By: Stefan http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm/comment-page-1#comment-9612 Stefan Sat, 04 Aug 2007 13:24:01 +0000 http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm#comment-9612 Some information that was posted about TD is incorrect in that table. The "U.S. Dollar Daily Interest Chequing Account" from TD has no monthly fee if you choose the paperless record keeping option. It has only a transaction/debit fee. Some information that was posted about TD is incorrect in that table. The “U.S. Dollar Daily Interest Chequing Account” from TD has no monthly fee if you choose the paperless record keeping option. It has only a transaction/debit fee.

]]> By: MoneySheep http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm/comment-page-1#comment-9589 MoneySheep Sat, 04 Aug 2007 04:10:51 +0000 http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm#comment-9589 MDJ, I have a TD U.S. account with a min. $250 without fee, plus interest (minute!). Debit=$1. Have had it for years. FT, I agree with you about the 4% robbery. I think that when Mutual Fund charge fee of 2%, it is already a highway robbery. I followed your link with fascination. Looks like 1bp spread from IB is as low as one can get, but you have to deal with IB's $10 charge a month. If someone plan to convert $100k U.S., do you have any possible suggestion as to where to look, for 10bp to 20bp one way? MDJ, I have a TD U.S. account with a min. $250 without fee, plus interest (minute!). Debit=$1. Have had it for years.

FT, I agree with you about the 4% robbery. I think that when Mutual Fund charge fee of 2%, it is already a highway robbery. I followed your link with fascination. Looks like 1bp spread from IB is as low as one can get, but you have to deal with IB’s $10 charge a month. If someone plan to convert $100k U.S., do you have any possible suggestion as to where to look, for 10bp to 20bp one way?

]]> By: FrugalTrader http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm/comment-page-1#comment-9555 FrugalTrader Fri, 03 Aug 2007 15:57:33 +0000 http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm#comment-9555 Jordan, If you're interested in reading, I already have the forex fees that many discount brokerages charge here: http://www.milliondollarjourney.com/review-canadian-discount-brokerages.htm 4% one way is robbery. Jordan,

If you’re interested in reading, I already have the forex fees that many discount brokerages charge here:
http://www.milliondollarjourney.com/review-canadian-discount-brokerages.htm

4% one way is robbery.

]]> By: Jordan http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm/comment-page-1#comment-9554 Jordan Fri, 03 Aug 2007 15:45:04 +0000 http://www.milliondollarjourney.com/comparing-us-dollar-bank-accounts.htm#comment-9554 FT, you should consider doing a post on the spread at the big 5 vs. CUs vs brokerages. I don't think Canadians know how much they are paying when switching currencies. FT, you should consider doing a post on the spread at the big 5 vs. CUs vs brokerages. I don’t think Canadians know how much they are paying when switching currencies.

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