<p>Could anyone tell me how US parents go about getting the most favorable exchange rate when paying for McGill? In general, how do you go about managing the banking issues that come up when working between the two countries? Is there any one bank in either the US or Canada that is easier to deal with?</p>
<p>I don't know specifics, but I'd bet that its easier than doing international banking between the US and somewhere else. One thing I might suggest is locking in the exchange rate when it is favorable, by purchasing futures (call your broker) or just converting your US Dollars to Canadian when the rate is high. You have to fill out paper work when moving any amount over $10,000 across international borders, and the IRS will be paying more attention to your tax returns.</p>
<p>The strength of the dollar has been declining steadily for about a decade now, but it seems to have hit bottom against the Canadian Dollar recently, and has rebounded over the last month of so.</p>
<p>The site lists a number ways of paying <a href="http://www.mcgill.ca/student-accounts/procedure/%5B/url%5D">http://www.mcgill.ca/student-accounts/procedure/</a> I haven't read through all the details. Maybe someone with experience can give advice. Right now debiting a bank account looks like a good option.</p>
<p>Last year McGill started a program where they will withdraw funds from your own American bank account and transfer the funds to your students McGill account to pay tuition, fees, rez, etc. It is very easy to set up and they give the best exchange rate I have found. So paying the McGill bill is procedurally easy now. Your student will get info in the mail on this. Starting this year, you can even log in your students Minerva account as a guest and check any balances.</p>
<p>Getting funds into your students personal bank account is harder. A check can take one week to get to Canada, and ten more days to clear. There are corresponding banks, such as RBC, which will make a transfer automatically. The easiest way we have found is to open an American account for student expenses with a debit card. The student can use the debit card at a bank to draw out Canadian funds, up to $300 per day. Banks also give a much better exchange rate than foreign exchange places.
Six years ago the US dollar was $1.55 CDN. Last year it dropped to $1.09, but is currently trading in the $1.16-$1.18 range. This years tuition was about 8% lower because the US dollar was stronger.</p>
<p>Hope this helps.</p>
<p>Thank you all for your answers. McGilldad's were especially useful. The McGill account sounds a great idea, and the debit card makes a lot of sense. We have dealt with moving money in and out of Canada before, and it has always been a bit of a Byzantine process. I was hoping that things had improved by now and it sounds like they have.</p>
<p>For day to day funds, the debit card from a US bank was easiest. Just know that recently Visa has begun adding a currency conversion fee on top of the ATM fee. The bank conversion rates are good, but the new fee just adds to the declining US dollar value. </p>
<p>I wasn't aware of the new McGill program -- it sounds like the way to go. Once you move off campus, though, you'll need a Canadian checking account to pay the rent and a way to get money into it. If you plan ahead, you can deposit a US check in a Canadian bank account and they will convert the funds without a fee, but the rate isn't as good as the true bank rate. Wire transfers of funds are very quick, but also costly.</p>
<p>As for Canadian banks, look around -- many have special deals for students that waive fees, which seemed to be to be substantially higher than those for US banks. There's an HSBC branch right across Sherbrooke from the main gate. My son's account had no fees and no minimums. Not sure if that deal is still open.</p>