This year, when we needed to book a month long rental in La Manz, I borrowed a "page" from my employer. I work in an industry that requires significant inputs from US suppliers, paid for, of course, in US dollars. Our revenues are earned in CDN $.
We took advantage of our Canadian bank not charging its 60+ customers a monthly maintenance fee for bank accounts and opened a US dollar account. Then, we decided how much "currency risk" we were willing to assume on the rental -- i.e. less than 30% of the rental. During the months prior to the rental we transferred funds into the US dollar account.
It worked well, we never transferred funds into the US dollar account when the CDN dollar was "bottomed out" and we did not suffer a "currency exchange shock" when it was time to pay for the rental.
Message Thread | This response ↓
« Back to index | View thread »
Responses are not allowed!