Living in US - What to do with CAD / Canadian $ inheritance? |
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quantumburnz
New Poster
Cash: $ 0.45
Posts: 2
Joined: 13 Aug 2016
Location: Jersey City, NJ |
Living in US - What to do with CAD / Canadian $ inheritance? |
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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
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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 |
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.
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Thu Aug 18, 2016 1:47 am |
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