Mr Dave

Hello!

I'm working in Canada for the next 5 months and Wells Fargo (my bank) charges me over 3% in exchange rate fees each time I deposit my paychecks (paid in CAD$).

I'm not really interested in losing several thousand dollars in fees to WF...do any of you work for banks (or know of banks) who could offer me a better deal?

Thank you in advance!

Juice Steez

you could always deposit the check into my account so you wouldn't get charged the fees and I'll cut you a check

but on serious note I'll ask around for you

Mr Dave

lol, thanks, brother.

skylinrcr01

Credit unions normally have really good policies with foreign transactions. See if you're eligible to join any.

Mr Dave

Outstanding -- I'll check it out.
I'm in a Union so that shouldn't be a problem.

Thanks!

QuagmireS2k

I would also check out Comerica Bank. I bank with them. I have had good results so far. I am not sure what policy they have towards your situation. On other items they have been able to out match other banks.

Mr Dave

Much appreciated

klee1113

u working for a CAN company or a US comp and getting paid in CAD? if working for a US comp in CAN i would ask them to foot the cost of the exchange rate

Mr Dave

Canadian Company.

dynimite53

Hey Mr.Dave! One possible option for you is to open a Canadian bank account for the amount of time you are there. IF the Canadian bank charges a flat rate to wire transfer money (most US banks charge a flat rate Example = Chase bank charges 45 dollars for any international wire transfer regardless of the amount) you can keep the money there then wire it to your Wells Fargo account to save some money on "Bank Fees". Now all you would have to worry about is the actual conversion rate from CAD$ to US$. Keep in mind when you send US$ to a foreign country (Example : sending 100 US dollars instead of 1200 pesos "MEX{:content:}quot you are allowing the receiving foreign bank to exchange the wire at whatever rate they want to. So IF the Canadian bank allows you to turn it in to US dollars before you send it to Wells you might beat Wells fargo conversion rate. If you decide to open the account over there make sure to ask about the usual : monthly service fees/ early closure fees (since you might only need the account for 5 months)/ misc fees.


If none of this helps you because, like me and most people, you need the money in your wells account to pay your monthly expenses, then im sorry to have wasted your time.



Disclaimer: I know nothing about Canada's banks and am solely basing my information from two US banks. Also if my grammar is off I apologize. I cheated my way through High school