Expert: Dr. Joseph de Beauchamp - 1/18/2006

Question
There doesn't seem to be an expert listed who specializes in this field, so I will try you,Dr. de Beauchamp, and hope you know something about it.

We have moved from the US to Canada and are about to buy a home.  We need to transfer our funds from the the US to Canada soon (and will be continuing to transfer funds, since my husband's income will come from the US).  At any given moment the currency rate actually paid out by a Canadian bank is actually about 4 cents less than the published official currency rate.  Is there some way an ordinary consumer who doesn't play with the big guys in currency specualtion can get a better exchange rate than the banks offer?  As the US dollar continues to shrink relative to the Canadian dollar, this matter could make an enormous difference in our income, and especially right now with this large expenditure for a home.
Thanks.

Answer
Best way would be to keep checking accounts on both sides of the border, and then transfer funds to your advantage. The banks will always play this the wholesale and retail pricing, but this methods will give you the choice when it is best for you.

I do believe the dollar will go up against the Canadian currency over the next year ... so do not assume that the trend will continue for long.

Dr. Joseph de Beauchamp