Quote:
Originally Posted by goose slayer10
Not that its a huge deal but Marty is correct. You can take US money from the bank at 1.35 ish percent right now. Or you can deposit US funds and get and exchange of 1.29 ish percent right now..To think Banks would not have the same or similar protocol for an auction house just doesn't add up for me.
|
Yeah, he's right.....kinda, sorta.....by manipulating things a bit. The banks charge a rate to buy and sell currency. You can't lose anything that you don't already have though. Even if you don't think that way you certainly don't lose 5% with the exchange rate.
1 United States Dollar equals 1.33 Canadian Dollar as at Feb. 26, 6:53 p.m.
US DOLLAR Cost to buy with CD 1.3661 Cost to sell to CD 1.2957 As at Wed Feb 26 13:35:00 EST 2020
If you can be convinced that you are somehow losing something with the exchange rate it would be 1.02%.......Cost $1.30 divided by Value $1.33 =
1.02% cost for converting currency.
If Buyers were buying in US$ and converting it to $CD without charging the 1.02% conversion rate then Marty might have a valid point with losing that 1.02% at auction. But they aren't so the issue of losing on the exchange rate is moot.
Some will understand it and some will not.