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Living in US - What to do with CAD / Canadian $ inheritance?

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quantumburnz
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Cash: $ 0.45

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Joined: 13 Aug 2016
Location: Jersey City, NJ
Living in US - What to do with CAD / Canadian $ inheritance?  Reply with quote  

I’m hoping someone can give me some ideas of what I can do with an inheritance in Canadian dollars, other than convert them to USD. Or, perhaps that’s the best option, I’m not sure. I’m hesitant to exchange the money from CAD to USD because I only get about $0.77 on the CAD. Furthermore, banks don’t give spot, so it’s even worse, ~$.72.

I spoke with Vanguard and the USAA financial advisers. Neither had much advice but they both seemed to indicate restrictions between the US and Canada are pretty tight so I probably couldn’t even open a Canadian bank account, which I thought was interesting.

Any advice, thoughts, or guidance would be greatly appreciated!

Chris
Post Sat Aug 13, 2016 9:14 pm
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quantumburnz
New Poster


Cash: $ 0.45

Posts: 2
Joined: 13 Aug 2016
Location: Jersey City, NJ
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For anyone seeking the answer to my question, check out these two other forum posts:

    https://www.bogleheads.org/forum/viewtopic.php?f=1&t=197434&p=3016669

    http://www.financialwisdomforum.org/forum/viewtopic.php?f=29&t=119480&p=581282


Long story short, I'm going to convert the CAD to USD. I'll either have the law firm handling the estate convert the money for me since Canadian banks will do it cheaper or sign my check over to family member and ask them to send me the money through a currency exchange service like XE.
Post Thu Aug 18, 2016 1:47 am
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