The Best Process for Exchanging Currencies!

And that involves knowing the currency exchange rate.

Step One: Open an account

  • A: Open a USD account with your Canadian bank. I recommend a business account with RBC because they’re the best option for a USD account. Plus, their fees are minimal and allow access to AC transfers and other cool perks.
  • B: Open a business account on Wise. Wise is a banking website that allows your business to go global without the hassle of dealing with a bank. As with all exchanges, there is a processing fee, but the account creation is free, and it can work with over 50 currencies! Plus, their real-time rates mean you’re always getting the best price for your money.

Step Two: Connect your bank to a payment app.

Step Three: Transfer your Money.

Step Four: Track your accounts.

So, to recap, you’ll want to:

  • Open a USD bank account (or Wise account)
  • Connect it to a payment app like Stripe (Optional)
  • Connect your account to Wise for easy transfers
  • Track your accounts in YOUR currencies

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