Are exchange rates driving you mad this year? Is your bank layering fees on top of other fees, compounding the problem? The answers are probably yes and definitely, yes! Call CanAm Currency Exchange (844-915-5151) and save yourself more than a headache!
Did you know that the last time the Canadian dollar hit equal value with the U.S. dollar was 2007 - the first time since the 1970s?
When people become uncertain about the global economic outlook and interest rate dynamics, they look for safe harbors - and that’s what has happened this year as the Canadian dollar at one point dropped to a 2-year low against the greenback. These currency fluctuations present risks and opportunities for cross-border workers and the two-thirds of the Canadian population living within 100 kilometers (62 miles) of the Canada/U.S. border, says CanAm Currency Exchange, the Windsor, Ontario-based exchange provider.
"On the one hand, for those crossing into the U.S. in quest of everyday shopping bargains, it means their dollars won't go quite as far", says Michael Piccioni, CEO of CanAm Currency Exchange. "However, the weaker Canadian dollar is a boon to export-based industries since Canadian goods can take advantage of the weak loonie."
The company, which aims to become the most prevalent and preferred currency exchange service in Canada, has announced services for cross-border workers to maximize their currency exchange returns while protecting them from sudden adverse rate spikes - for workers on both sides of the border. The loonie plunged to a low of $0.68 at the beginning of the COVID era and soared to a high of $0.83 in June 2021 when the world's economies recovered and resumed trading - demonstrating the exposure risks faced by workers.
If you are working on the border or have any exposure to exchange rate fluctuations, CanAm recommends that you open up a foreign currency account at your current bank, and as soon as you need the funds converted to Canadian Dollars, you can call CanAm to book a trade. The converted funds will be sent to the designated foreign currency bank account within one business day.
CanAm promises the lowest rates on all currency exchanges, beating the bank rates by up to 2%. Foreign transaction costs are typically charged by Canadian banks between 2.5% and 3%, and conversion fees of about 1% may be applied on top of that.
"The Canadian currency has suffered against the U.S. dollar this year, and a rate increase in the coming week - or even a pause - might make the loonie more susceptible to significant declines in value in the months to come," remarked Mr. Piccioni, adding “We listen and help to develop custom solutions for our clients so they can achieve their particular goals and enjoy incredible savings - just by being on-point and client-focused.”
The economic schedule for this week is jam-packed: on Wednesday afternoon and Thursday morning, the Central Banks of the US, Europe, and the UK give their reports. “We never know which way the wind will blow. The reported drop in Canadian unemployment last week surprised many of us - and that’s why it’s always so important to hedge your bets,” said Mr. Piccioni.
Check it out at https://canamcurrencyexchange.com