Finance people: How do I get Canadian money wired to me and not get raped by exchange rates?

[Dan Druff]

Bovada is now using a Canadian payment processor to send wires.

The problem is that I get RAPED by the difference in exchange rates, because I never get the "interbank" exchange rate. I always get a reduced rate, which tends to be 2.5% or so lower.

So my $9500 wires become something like $9260.

This is adding up and it's pissing me off.

I also need to receive the wires in a business name, as they will not send them to Todd Witteles (because I'm a "known poker player").

So here are my questions:

1) Will a forex service work for this? Something like Oanda?

2) Is it possible for third parties in other countries to wire to my business account on the forex service? So, for example, can I set up a forex account in my business' name, and then have Bovada's shady processor send Canadian funds to it?

3) Will I be able to then withdraw the money to my US bank account without incurring a substantial fee or coversion rate hit? (A small fee is okay.)

Any assistance with this would be appreciated.

Again, I will need the forex account in my business' name (I do have a TIN), to where it can receive wires addressed to that business.

TY

[Sanlmar]

Let me think about that.

But if you have Forex .... Oil is about to drill $47. Wait for couple couple red candles and buy the bounce...

I am feeling $46.7x

WTI

Edit: missed a beautiful trade by 2-3 cents. (Low set in @ $46.81 ---> $47.34 and counting.).

Pip pip

[Sanlmar]

DanDruff Enterprises doesn't have to account for the receipt of $9500 ?

Edit. Taxes/income

[chinamaniac]

Can't you write off the fees u get charged as a business expense?

[Dan Druff]

Can't you write off the fees u get charged as a business expense?

Yes, but that doesn't fully recoup them, or even come close.

[limitles]

Send the cash to me. No fees. Just a favour.

disclaimer. Hash coins may be part of the trade.

[cmoney]

Bovada is now using a Canadian payment processor to send wires.

The problem is that I get RAPED by the difference in exchange rates, because I never get the "interbank" exchange rate. I always get a reduced rate, which tends to be 2.5% or so lower.

So my $9500 wires become something like $9260.

This is adding up and it's pissing me off.

I also need to receive the wires in a business name, as they will not send them to Todd Witteles (because I'm a "known poker player").

So here are my questions:

1) Will a forex service work for this? Something like Oanda?

2) Is it possible for third parties in other countries to wire to my business account on the forex service? So, for example, can I set up a forex account in my business' name, and then have Bovada's shady processor send Canadian funds to it?

3) Will I be able to then withdraw the money to my US bank account without incurring a substantial fee or coversion rate hit? (A small fee is okay.)

Any assistance with this would be appreciated.

Again, I will need the forex account in my business' name (I do have a TIN), to where it can receive wires addressed to that business.

TY

I have run into this same issue when dealing with euros and quite frankly have never found a good solution. I have heard HSBC/Citibank allows you to open a mufti currency account . That may be worth investigating.

Of course another option is to go up to Canada and try to open up an account and take in the money that way., Obv huge pain in the ass, and I am not sure the regulations on being a non citizen and opening a business account. I know it is easy to open up a personal account in Canada though as a non citizen.

[simpdog]

Ship funds to me

I will ship for 1% fee rather than bank rape.

[simpdog]

Let me think about that.

But if you have Forex .... Oil is about to drill $47. Wait for couple couple red candles and buy the bounce...

I am feeling $46.7x

WTI

Edit: missed a beautiful trade by 2-3 cents. (Low set in @ $46.81 ---> $47.34 and counting.).

Pip pip

Burning the midnight oil watching oil?

[Forum Wars]

Whoops, see below...

[Forum Wars]

Here is an interesting and legitimate method for currency exchange which perhaps the Forumship has not ever heard of. I was rather proud of myself to "invent" this method a decade or so ago...only to find it had already been devised and named:


Norbert's Gambit

http://www.finiki.org/wiki/Norbert%27s_Gambit



Basically, you need a US$ denominated and CA$ denominated account at the same brokerage. Ability to short sell stocks in the brokerage side where you want the currency to ultimately end up makes it more painless/self serve. You end up getting the perfect <arbitrage-controlled rate of exchange> - two brokerage commissions and maybe a bit of spread. So maybe a cost of 2 x $6.95? $14 sure hella-beats the $240 cost in Druff's example. If you're going from US$ to CA$ it's a bonus because sometimes interlisted stocks (which Norbert's Gambit relies on) are very very slightly higher priced in on Canadian stock markets (home team advantage for these Canadian stocks, right?)..giving a benefit when they are sold on that side.


Canadian Interlisted Stocks which have the same CUSIP # making them the same security on the Candian and US stock markets (maybe a bit out of date):

http://www.stockhouse.com/blogs/note...stock-exchange



Again, this requires that you have a CA$ denominated brokerage account. Assume Druff already has a US$ one.

[Muck Ficon]

I have had issues with credit cards in Europe.

[abrown83]

Nobert's Gambit is the cheapest but can be a pain in the ass and has some hurdles involved.

1. You need a Canadian Bank Account

2. You need to be able to get money from Bovada to that Canadian bank account for free (not sure the current withdrawal options for Canadians at the moment), and what hoops Bovada might make you jump through to verify that account.

3. You need a Canadian Brokerage account that allows for both Canadian and US accounts (TD Ameritrade used to do this, there are others)

4. You need to be able to get your money onto the Brokerage account for free (EFT in Canada).

5. You then buy a Stock that trades on both US and Canadian exchanges that has lots of volume and low Bid/Ask spreads. You buy on the Canada market and then instantly sell it on the US Market. Also, different brokerages might have different procedures for getting this to work (although this method is well known and well studied in Finance classes, so I am sure there are videos out there on this topic)

6. You then have to withdrawal the money from your Brokerage account into your US bank account.

[chinamaniac]

Bovada is now using a Canadian payment processor to send wires.

The problem is that I get RAPED by the difference in exchange rates, because I never get the "interbank" exchange rate. I always get a reduced rate, which tends to be 2.5% or so lower.

So my $9500 wires become something like $9260.

This is adding up and it's pissing me off.

I also need to receive the wires in a business name, as they will not send them to Todd Witteles (because I'm a "known poker player").

So here are my questions:

1) Will a forex service work for this? Something like Oanda?

2) Is it possible for third parties in other countries to wire to my business account on the forex service? So, for example, can I set up a forex account in my business' name, and then have Bovada's shady processor send Canadian funds to it?

3) Will I be able to then withdraw the money to my US bank account without incurring a substantial fee or coversion rate hit? (A small fee is okay.)

Any assistance with this would be appreciated.

Again, I will need the forex account in my business' name (I do have a TIN), to where it can receive wires addressed to that business.

TY

I have run into this same issue when dealing with euros and quite frankly have never found a good solution. I have heard HSBC/Citibank allows you to open a mufti currency account . That may be worth investigating.

Of course another option is to go up to Canada and try to open up an account and take in the money that way., Obv huge pain in the ass, and I am not sure the regulations on being a non citizen and opening a business account. I know it is easy to open up a personal account in Canada though as a non citizen.

I heard this is one of the best ways to go as you will get raped less on the currency charges.

[herbertstemple]

$9500 to $9260 not exactly getting raped. More like somebody is pinching your ass then going on their way.

[Sanlmar]

Let me think about that.

But if you have Forex .... Oil is about to drill $47. Wait for couple couple red candles and buy the bounce...

I am feeling $46.7x

WTI

Edit: missed a beautiful trade by 2-3 cents. (Low set in @ $46.81 ---> $47.34 and counting.).

Pip pip

Burning the midnight oil watching oil?

Oil $46.81 ---> $48.71. Thousands of shekels missed over 2-3 cents entry price.

Fewer people trade in the wee hours but I have been moved to guest bedroom. Lol

[Sanlmar]

For the love of God, please explain why you are not using Bitcoin & 5Dimes?

You can shove $25k back & forth.

The only caveat (there always is one or two) they use Bitstamp (currently down) for pricing on receipt & settlement is 1-2 hours (buy in an uptrend if possible)

[BeerAndPoker]

Nobert's Gambit is the cheapest but can be a pain in the ass and has some hurdles involved.

1. You need a Canadian Bank Account

2. You need to be able to get money from Bovada to that Canadian bank account for free (not sure the current withdrawal options for Canadians at the moment), and what hoops Bovada might make you jump through to verify that account.

Canadians are playing on Bodog and Americans on Bovada skin so you run into a problem right there. Even if someone was able to get an account in each country they don't have p2p transfers on Bodog/Bovada.

To get money from Bovada to a Canadian bank account just isn't possible.

[simpdog]

Nobert's Gambit is the cheapest but can be a pain in the ass and has some hurdles involved.

1. You need a Canadian Bank Account

2. You need to be able to get money from Bovada to that Canadian bank account for free (not sure the current withdrawal options for Canadians at the moment), and what hoops Bovada might make you jump through to verify that account.

Canadians are playing on Bodog and Americans on Bovada skin so you run into a problem right there. Even if someone was able to get an account in each country they don't have p2p transfers on Bodog/Bovada.

To get money from Bovada to a Canadian bank account just isn't possible.

I just looked into it a bit this afternoon and you are correct that Canadians can't sign up to bovada.

However based on Druff's notes where they won't send to his name due to being a "name player" I'm guessing they have some leeway over where they will send wires. They strike me as trying to avoid some legal issues but at the same time they are a US facing poker room...they definitely don't play by the rules.

[chinamaniac]

For the love of God, please explain why you are not using Bitcoin & 5Dimes?

You can shove $25k back & forth.

The only caveat (there always is one or two) they use Bitstamp (currently down) for pricing on receipt & settlement is 1-2 hours (buy in an uptrend if possible)

Because poker games are scarce