Currency Conversion

Currency Conversion: CAD to USD, and USD to CAD


So you have decided that you want to acquire precious metals within your registered accounts. What steps do you need to take now to facilitate that strategy?

  1. You must first open a discount brokerage trading account at Questrade which is the only custodian of precious metals investing in Canada. See the previous course lecture on How to Acquire Gold & Silver for instructions on opening an account.
  2. Once that account is open, you will need to request a Transfer In of your current registered accounts from your current institutions. This can take up to 30 days to happen.
  3. You will also need to complete a Dealer Authorization Form which allows us to authorize the bullion dealer to "pull" the funds from Questrade whenever you make a bullion purchase using your registered funds.
  4. All registered accounts must be denominated in US dollars except for RESP's which must remain in Canadian funds. To save you about 1-2% on the currency conversion process compared to the banks, our inside agent at Questrade will be put in contact with you to make the currency conversion at severely discounted rates, potentially saving your thousands in conversion fees.

Example:

  • A $100,000 RRSP account converted CAD to USD
  • Bank conversion rate at 3% = $3000
  • Questrade conversion rate 1% = $1000
  • Total savings = $2000

I can be of great assistance in helping you to facilitate your bullion investments inside your tax-sheltered registered accounts. Many clients trying to self-serve their own transfers do not know how to do it and do not have the inside connections to convert currencies at a discounted rate. I have spent years building these connections and routinely save my clients thousands of dollars in transaction fees they would otherwise have paid doing this through their banks or by self-serving online through their Questrade account.

Make a smart move into bullion by contacting me today at www.thewealthcoaches.com.


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