Hi, my name is Ray from Galesburg, IL. My wife and I own mineral rights in Saskatchewan. Each month we receive a check in Canadian dollars. It costs us a good deal, around 7%, to convert it to US dollars at our local bank. I saw a suggestion online that we should set up a Canadian bank account and do the conversion there. I wondered if someone at the Mineral Rights Forum has already solved this problem and we could benefit from their experience. Thanks for your help.
I think you may need to set up a FOREX account and use your Canadian dollars to buy American dollars. As long as you are not actually dabbling in the currency markets, just converting your own money there should be no risk and I bet you can do alot better than 7%. I think you can also get a better rate if you do larger sums. I have been thinking of retiring abroad and I think a forex account may be the best way to convert my dollars to the local currency.
Thank you.
r w kennedy said:
I think you may need to set up a FOREX account and use your Canadian dollars to buy American dollars. As long as you are not actually dabbling in the currency markets, just converting your own money there should be no risk and I bet you can do alot better than 7%. I think you can also get a better rate if you do larger sums. I have been thinking of retiring abroad and I think a forex account may be the best way to convert my dollars to the local currency.
Hi. we also own rights in sask. Canada. Not that we have royalties, but whenever we get a check like this, same problem as you. I have thought I will leave it up there in a bank, and travel there for medical things. HMMM. I'm from MN, lived in Chicago a while, and now live in Florida. Just thinking about the same problem as you shared. I had forex soft ware in 2006, and was about to open an account when my husband lost his job. We had to be able to show proof of income to have that type of an account, for trades.