![]() ![]() Due to exchange rate changes in the months preceding our return, I lost CAD 14,000 on the conversion rate difference from my earlier projections. I converted our holdings to CAD and set up life in Canada with those funds before I actually returned. When moving back to Canada some years ago, I personally fell into the trap of wanting to have all of my money in Canada when I arrived back. The key word for understanding foreign exchange is timing. Part 4: Offshore banking - where to keep your money so it is safe and so you can move it quickly and easily around the world to take advantage of opportunities and to prepare for potentially changing personal circumstances.Part 3: Foreign Exchange and Transferring Money to Canada - if you need to exchange currencies and transfer large amounts of money to Canada in anticipation of moving back, you will want to read this section.Part 2: "Hedging" - balancing your risk.Part 1: Timing - when do you need your money to be in Canadian dollars?.There are several aspects to transferring money and foreign exchange: This is one of the more important aspects of returning to Canada for citizens who have lived abroad for many years and want to repatriate some or all of their money back to Canada and have it converted into Canadian dollars ("CAD"). ![]()
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