Is It Wise to convert your POF in US Dollar to Canadian Dollar?

[rslcanada]

Heard the news re US Dollar devaluation... is it wise to convert it now when opening a bank account? or just open a US Dollar acct but what if the exhange rate of US dollar will be devaluated in the near future.

what did you do in your POF in US Dollar most esp whose country of origin is USA

thanks!

RSL

 

[wilson]

Hi, A you are going to live in the future in Canada I would suggest converting to Canadian dollar and operating CAD account would be better. But if you wish to visit USA frequently you can retain a portion of USD as it is and open account in USD for use of tickets and shopping in USA. I still maintain a US$ a/c from the beginning and use it only during my US trips. That will save some money from conversion margin and commission of banks or currency dealers.

 

[rslcanada]

Hi, A you are going to live in the future in Canada I would suggest converting to Canadian dollar and operating CAD account would be better. But if you wish to visit USA frequently you can retain a portion of USD as it is and open account in USD for use of tickets and shopping in USA. I still maintain a US$ a/c from the beginning and use it only during my US trips. That will save some money from conversion margin and commission of banks or currency dealers.

Thanks... We will just stay for 2wks in Canada upon landing and open an acct & convert it to CAD. Planning to convert all POF since we are coming back to US. I prefer to carry bank draft in US dollar & accdg to Scotiabank only 7days for clearing.

Thanks for the advise.