What is the best way to convert Canadian dollars to USD ($15,000)?

Question

I have a bank draft for $15,000 Canadian dollars. I want it to become USD but don't want to lose like $500 on conversation. What is the best way?

Answer 1

Open an investors account at your bank. You can usually do this free of charge or would cost under 30-40 (one time fee). When you have an investors account, buy USD on the open market. This way you pay NO commissions, and get the exact open market rate. You'll save a decent margin.

This is how I do all my exchanges, and in the long run you'll save a bundle.

Answer 2

You can't, $15,000 Canadian is worth about $14,100 as of right now.  No one can get $15,000 American for $15,000 Canadian, so they certainly won't give you $15,000 American.

You could hold the draft and hope exchange rates get better, but it might expire before they get to 1:1 and you would lose it all.