Should I carry USD or CAD when going to Canada as PR from Bangladesh?

[Rifat Mahmud]

Hi,

I am going to land in Canada in May 2016.

With respect to exchange rate differences, does carrying CAD help me since I dont have to do double conversions (once from BDT to USD and then again from USD to CAD)?

Does anyone know good and reliable CAD exchange agencies in Dhaka?

 

[lelieuplusfroid]

If you are not going to spend in USD or invest in USD in the near future, then converting into USD is not needed. CDN is appreciating against USD in the last few months, so you'll lose much more by holding USD. Directly convert into CDN.. as per recent trend, sooner the better. But no one knows what will happen to rates.

 

[skutty]

Better carry CAD because when you exchange USD to CAD you may be need to pay TAX to exchange agency!

 

[torontosm]

Better carry CAD because when you exchange USD to CAD you may be need to pay TAX to exchange agency!

There is no tax payable on currency conversions.

You would likely get a much better rate on USD from Bangladesh given that it is a more liquid currency. If that is indeed the case, then you would be better served carrying USD and then opening USD and CAD accounts when you arrive in Canada. That way, you can exchange money when you need, or when you think it may be opportunistic given the exchange rates. The CAD has been appreciating recently, but a single interest rate increase by the Fed could very quickly reverse that trend.

 

[Canadaistheway]

I would say take USD with you. USD/CAD rate would be much more competitive than converting local to CAD since CAD is not an easily convertible currency in much of the world.