So I am moving to the US for a new job, suddenly I need to convert CAD to US. Time for a reverse norbert's gambit using TSX/NYSE: POT as my conversion stock.
Currency value at time of trade: 1.00 CAD = 1.03991 USD
I am going to go a into detail with this post and include all the numbers. I purchased 275 shares of TSX:POT at $55.68 CAD a share with a $9.95 trading fee through RBC direct investing. Total cost: $15321.95 CAD.
I then sold these same shares immediately as NYSE:POT at $57.94 with a $9.95 trading fee, for a total proceeds of $15943.45 USD.
My personal conversion rate for the transaction: 15943.45/15321.95 = 1.04056
So instead of paying currency conversion fees, I got slightly lucky and made .65 basis points in profit on the transaction. Much better than paying fees!