Question for Canadian affiliates

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strikernr

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Oct 19, 2008
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The sign says "Nowhere".
I have a Canadian business banking account. All my wires and checks are in US dollar obviously. The teller at the bank is been telling me I should open up a US account instead so I can take advantage of the exchange rate at a later date or whenever. Do you think this is smart?

P.S. Not sure if this thread should be in this section?
 
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Ya why not? Even if you need the money right away open up an account with a preferred exchange rate and you should be saving yourself around a penny vs regular rate. Make sure whatever your bank is offering is actually a preferred rate not some BS. I have mine at TD.

Then just get the wires deposited into your US account. That penny adds up.
 
Get a USD bank account and get a USD credit card. If you are a registered business, go with BMO because they are the only one offer USD Business credit card.
 
strikernr said:
I have a Canadian business banking account. All my wires and checks are in US dollar obviously. The teller at the bank is been telling me I should open up a US account instead so I can take advantage of the exchange rate at a later date or whenever. Do you think this is smart?

P.S. Not sure if this thread should be in this section?
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YES. Don't live my mistakes. TD (and most other banks in Canada) charges 2.5% on top of the exchange rate. So on a $1000 deposit - your paying $25 just to transfer it to Canadian. Furthermore, get a USD CC as Visa and MC both take another 2.5% to exchange Canadian to American.

So pretty much if your getting deposits of American into a Canadian account and using a Canadian funds CC to pay for advertising in American - your losing 5% right off the top.
 
Yah I agree with what these guys are saying.

It's well worth it.

Not only for that reason, but it's also valuable to have when buying things in USD.

if you got $10,000 USD and converted it all to CAD, then say you wanted to spend $2000 USD advertising something, you would have to buy USD with your CAD.

Doing that you lose about 3% on the transaction to Canadian, then you lose another 3% when buying american.

It's a great idea to have a USD account and not cash it all out at the same time, and like these guys said, a USD CC.
 
That's a no brainer question dude. If you want to save on international wire charges, get them to mail you weekly cheques and then you deposit into your USD account. $10 a wire x 52 weeks is $520 bucks. Some people think it's worth saving the $520 per year to drive to the bank, others would rather pay and expense it at the end of the year. But definitely get a USD account and a USD CC.
 
I see what you guys are saying. Here's my predicament.

1. My Adword account is Canadian Dollars.

2. My YSM account in US Dollars.

3. My CC (American Express) is in Canadian.

4. My business account (TD) is in Canadian.

I'm wondering if it is possible to change my Adwords to US dollars (would it affect my bids?). I'm not sure about CC. I will have to call them and ask if they can switch my CC to US dollars. I can get a US business account with TD. That won't be a problem.

Yes, I also want to just deal in US dollars. I'm loosing money every time I make a deposit. And every time YSM charges my AMEX card.
 
Definitely get a US business account, and if you are with TD sign up for a business trading account at TD waterhouse that is attached to your US bank account. This allows you to get the best rates on conversion when you transfer your money over.
 
This is what a Google representative said to me just now. I asked him if it is possible to transfer my account history to this new account.

It is possible to transfer your account keywords, ad text, etc to a new account. However, it is not possible to transfer account history information.
Click to expand...
sucks!
 
Oh wait she also said

While your quality score will start fresh, there are several factors of quality that will carry over and so will help you in establishing new quality score. These include: the historical CTR of the display URLs in the ad group, the quality of your landing page, and the historical clickthrough rate (CTR) of the keyword and the matched ad on Google.
Click to expand...

Consequently, while factors such as account performance will be lost, several factors of quality score will remain.
Click to expand...

In case anyone else needs to know this. Basically, some thing like historical CTR rate on keywords, display url and landing page quality are transferred.
 
Interesting about the Google conversion. I'm sure they're raping us on their exchange rates to Canadian, but I'm surprised they will allow you to switch over to paying USD. Theoretically your CPC prices should then drop and you should still see the same impressions etc. But with big G you never know right? You may end up paying the same CPC in USD and getting the same impressions!
 
Spliffic said:
Interesting about the Google conversion. I'm sure they're raping us on their exchange rates to Canadian, but I'm surprised they will allow you to switch over to paying USD. Theoretically your CPC prices should then drop and you should still see the same impressions etc. But with big G you never know right? You may end up paying the same CPC in USD and getting the same impressions!
Click to expand...


This can be a good experiment. One would think you will be paying less CPC but I wouldn't be surprised if it ends being almost the same.
 
Spliffic said:
That's a no brainer question dude. If you want to save on international wire charges, get them to mail you weekly cheques and then you deposit into your USD account. $10 a wire x 52 weeks is $520 bucks. Some people think it's worth saving the $520 per year to drive to the bank, others would rather pay and expense it at the end of the year. But definitely get a USD account and a USD CC.
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True but also factor in the 21 business day holds they put on USD cheques
 
I live in the UK where for some reason they are able to cash $ checks in 2 days. If you get a check in £'s on the other hand it takes about a week...
 
xentech said:
I live in the UK where for some reason they are able to cash $ checks in 2 days. If you get a check in £'s on the other hand it takes about a week...
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What happens there is the cheques don't actually clear, they just allow you access to the funds right away (which most Canadian banks will do anyways as long as they think you can pay it back if it bounces).

For a cheque to clear, the bank you deposited it at sends it to their clearing centre, where they sort them all out by institution. Then, they mail them to the bank where the cheques came from, that institution sees the cheque and takes the money out of the drawer's account, and mails the cheque back to your bank so they know it cleared.

The entire process takes about 3-5 business days domestically, from Canada to USA about 10 business days and internationally up to 30 business days.
 
Rajuthan said:
True but also factor in the 21 business day holds they put on USD cheques
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No, it depends on your credit history.

My account with BMO is pre authorized for 50k. So basically, even if I would have a balance of $10, I could cash 49k cheque.
 
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