[Saniokca]

I called RBC today to find out what the fees/spreads are for converting CAD/USD and was told it is "somewhere between 30 to 40 bp depending on the amount". "Ok, what are the thresholds?" "Sorry Sir this information is not available".

Does anyone know where I can get this information from? I would assume that it has to be disclosed somewhere...

Thank you.

 

[FrugalTrader]

RBC is one of the best brokerages for the DLR/DLR.U combo because they journal the shares automatically. Have you considered using that strategy? Basically buy DLR on the TSX (in your TFSA), journal them over to your US side (TFSA) (this step is automatic i'm told), then sell DLR.U on the US market.

 

[Beaver101]

RBC is one of the best brokerages for the DLR/DLR.U combo because they journal the shares automatically. Have you considered using that strategy? Basically buy DLR on the TSX (in your TFSA), journal them over to your US side (TFSA) (this step is automatic i'm told), then sell DLR.U on the US market.

... journalling to the US side "automatically"? This is a first I have heard/read on but then I seldom does this maneouvre and I'm with BMOIL (which is a small pain or inconvenience to call at times ... wait wait wait on the phone) ... thanks very much for the update/tip!

 

[FrugalTrader]

I've also been told that BMOIL will journal your shares to the US via their "link" email system. But i'm sure others with BMOIL can comment on that.

 

[Saniokca]

RBC is one of the best brokerages for the DLR/DLR.U combo because they journal the shares automatically. Have you considered using that strategy? Basically buy DLR on the TSX (in your TFSA), journal them over to your US side (TFSA) (this step is automatic i'm told), then sell DLR.U on the US market.

I use that in my questrade account all the time but the amounts I needed to convert in RBC were small so it would cost more. I wanted to find out of curiosity but couldn't get anything out of them which is quite frustrating.

 

[richard]

Yes, it is completely automatic in RBC. I do it with RY shares (higher price = lower spread, and it only takes a few minutes to buy and sell). If it's a small amount and a one-time transaction I would just do it and forget about the cost. You might lose $20... that's ok.