I transferred some money over to my non-registered margin account on Questrade today from my non-registered BMO investorline account. It took me a few days of procrastination, one day of trying to figure out why I couldn’t do a USD bill payment from my BMO bank account, and finally another day figuring out that in order to transfer USD, you need to do a pre-authorized deposit.
I actually searched my own blog on how to transfer USD and couldn’t find anything (I’m not narcissistic I swear! I just remembered that I posted about how long a USD transfer took back in January). I finally figured it out today (after wasting about a total of 45 minutes of my life that I will never see again). I thought I would actually post it and help you save 45 minutes of your precious time… and if I have a memory lapse again, I can search my blog with “great success”, as Borat would say.
The reason why you might do a USD transfer is because you won’t have to exchange your Canadian dollars into US dollars when the exchange rate isn’t favourable. I don’t like losing money to currency hits AND conversion charges. It’s a win-win situation.
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