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How to Get the Best Exchange Rate When Buying Large Amounts of US Dollars?

How to Get the Best Exchange Rate When Buying Large Amounts of US Dollars?

If you are looking to buy Florida real estate, you will eventually need to convert Canadian dollars to US Dollars to close on your real estate purchase.  One of the most overlooked areas for Canadians is how to convert currency from Canadian dollars in to US dollars at the best exchange rate.

Banks will charge you up to 2.5% to convert currency.  This can cost you several thousands of dollars.

Knightsbridge Foreign Exchange, a Toronto based company, will help you obtain the the best exchange rate and get your funds down to the US for you.

You want to be careful about all the volatility you are seeing in the Canadian dollar and US dollars.  Since Florida real estate is priced in US dollars, the price in Canadian dollars to you might change between the time when you make an agreement and from when you actually close on the property.  For example, in January 2015, the price of the Canadian dollar fell by about 9%, which means the cost of your US real estate purchase went up by 9% in just one month.

While a lot of the fluctuation in the US dollar and Canadian dollar is outside of your control, you need to be aware of the main factors that impact the currency.  You also want to ensure you are getting the best exchange rate when buying US dollar for a real estate purchase.

Banks typically have a steep markup as high as 2% or more and this can be very costly to Canadians that are looking to purchase US real estate. A better solution is likely to use a specialist currency exchange provider like KnightsbridgeFX, which can provide you better exchange rates than the banks.