A few months back I wrote about $10,000 in shares that my employer would be paying me out as part of the separation of my employment. This past week, that cheque finally arrived! The consensus on that post was to keep the cash liquid until things settled down with the sale of our house, new baby, my future job prospects etc.
The decision I had to make was the best way to convert the cheque which was issued in USD to Canadian dollars. The exchange rate is around 1.35, but most institutions charge some sort of fee.
Here is a breakdown of the rates and fee's as of Thursday last week at some local banks:
I'm not going to write that post, or ask for that advise.
I decided to just deposit the cheque with Tangerine. I have to mail it because there are no Scotia ATMs where I live, and you can't use the cheque in feature with USD cheques. Sometimes, you just have to do what works - and this time, with the level of sleep depravation I'm dealing with, this worked.