Quote:
Originally Posted by akula
I am thinking UP but would like some advice. I will be trading anywhere from 5k - 15k USD today
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Rather than guess the market direction or trading in dribs and drabs, you might do better by switching everything at once to minimize the spread you pay when you exchange. At Canadian banks, I believe that anything below 25K is considered to be a small retail exchange, subject to the retail spread of at least 300 basis points. By exchanging 50K you get a much better rate, typically close to 100 bp's. The spread should be very narrow with a 6 or 7-figure amount being exchanged, in which case your branch can/should negotiate on your behalf with the bank's currency trading desk.
