I have been watching the US/CDN dollar bouncing about and have been itching to take advantage of the decent rate, without going through the horribly expensive bank to do so. This means a 45 minute drive to make the transaction in person. With the US dollar being reversely correlated to the S&P 500 lately I just watched as the market peaked and hovered this week. I figured my best bet was for a Wednesday conversion (pre US holiday activity) so I set up some appointments to make better use of the trip last week.
On Wednesday I managed to catch one of the lowest US dollar prices this year other than the mid October slump which I missed due to the bank account setup delays. I was even lucky enough to catch the low for the day and saved another 1.5 cents over what the morning quotes were at. It was nice to have the rep read me the price at the time and get a pleasant surprise that it was lower than I anticipated. As a result I saved over $550 compared to doing the transaction through the bank 's online conversion system due to timing and extra charges.
I ended up trading a bit more than I needed as I figured I should start to build up a small US dollar base to use for a planned holiday in the spring. Hopefully in January the dollar will still be at a decent rate so I can convert some more.
The cost of convenience is just not worth it.
Jeff.
Questrade, My direct access discount broker.
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