Hubert - Free EFT (money transfers) from US Dollar accounts

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Hogwild
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Hubert - Free EFT (money transfers) from US Dollar accounts

Post by Hogwild »

Hi everyone:

As someone who has been complaining about $US dollar savings accounts and..well, the lack of them....just wanted to say I got this in my email inbox this morning:

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You told us what you wanted, and we listened: US dollar electronic fund transfers are officially available at happysavings.ca.

Hubert members are now able to transfer US dollars to and from external financial institutions (located in Canada) at no cost. Now go ahead and link your external account by selecting ‘manage transfer accounts’ from the left hand menu. We’ll send a small verification deposit to your US external account to confirm the account. Once you receive the small deposit log back into Hubert and confirm the deposit and viola you’re ready to transfer in US dollars!

We’re here to help if you have any questions!


Sincerely,
Hubert
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This makes it tempting for me to keep my larger quantities of US cash there, since they are one of the few institutions
that offer a decent return (0.75% on the savings account) So tempting...but I have too many accounts
already.
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adrian2
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Re: Hubert now offers free EFT (money transfers) from US Dollar accounts

Post by adrian2 »

Hogwild wrote:This makes it tempting for me to keep my larger quantities of US cash there, since they are one of the few institutions
that offer a decent return (0.75% on the savings account) So tempting...but I have too many accounts
already.
If you have a brokerage account, RBC US$ MMF current yield is 0.7753%
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Re: Hubert now offers free EFT (money transfers) from US Dollar accounts

Post by gsp_ »

Viola?

The NY Mets pitcher? The American actress?

Sigh.
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Shakespeare
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Re: Hubert now offers free EFT (money transfers) from US Dollar accounts

Post by Shakespeare »

Hubert Financial

Manitoba credit union.
Sic transit gloria mundi. Tuesday is usually worse. - Robert A. Heinlein, Starman Jones
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Re: Hubert now offers free EFT (money transfers) from US Dollar accounts

Post by gsp_ »

Shakespeare wrote:Hubert Financial

Manitoba credit union.
Well aware.

You seem to have missed the point of my reply.
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Re: Hubert now offers free EFT (money transfers) from US Dollar accounts

Post by zeno »

gsp_ wrote:Viola?

The NY Mets pitcher? The American actress?

Sigh.
Stringed instrument, slightly larger and deeper sounding than a violin.
Hogwild
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Re: Hubert now offers free EFT (money transfers) from US Dollar accounts

Post by Hogwild »

adrian2:

Yes, but that's an MMF. Look at the last few years. Obviously, it's been very volatile. Would you want to risk getting a 0.09% return?
Hubert Financial's rate is fixed...for now. From what I was told, it's barely changed since the service was established. Not a good comparison.

Speaking of which...I need to learn..what most influences money market rates? Is there some sort of index/indicator?
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Re: Hubert now offers free EFT (money transfers) from US Dollar accounts

Post by adrian2 »

Hogwild wrote:Hubert Financial's rate is fixed...for now. From what I was told, it's barely changed since the service was established.
From the creation of TFSA on 01/01/2009 until 31/07/2015, People's Trust has kept the TFSA ISA rate (Canadian dollars, of course) constant at 3%. Many people expected it would go on forever. On 31/07/2015, the rate changed to 2%; 6 months later it has dropped again to 1.75%. YMMV.

As for MMF: yields have been volatile, true. But, as far as I know, no MMF in Canada has ever "broken the buck", i.e., deviated from a fixed price. Again, you decide whether it's a risk worth taking.
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Re: Hubert now offers free EFT (money transfers) from US Dollar accounts

Post by Hogwild »

adrian:

Yes. But I'm still hoping to an answer to my question: Are MMF rates indexed to or correlate reasonably well with anything? I really don't have any understanding of what influences them. And I shouldn't be taking us so far off-topic. This was supposed to be about Hubert's $USD account rates.

And back on topic..somewhere or other I saw that Zenbanx offers 1% on $USD accounts, with the flexibility to hold $CDN as well. Though the interest rate is lower on the $CDN.

Thanks
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Re: Hubert now offers free EFT (money transfers) from US Dollar accounts

Post by adrian2 »

Hogwild wrote:But I'm still hoping to an answer to my question: Are MMF rates indexed to or correlate reasonably well with anything? I really don't have any understanding of what influences them.
In theory, they correlate to short term interest rates, including HISA rates, T-bill rates etc.
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Re: Hubert now offers free EFT (money transfers) from US Dollar accounts

Post by Hogwild »

Adrian2:

Thanks. I'm thinking those two correlate, but isn't there something that's more of a leading indicator/predictor of where MMF rates are going to go? Is it mostly the Fed overnight rate?
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Re: Hubert now offers free EFT (money transfers) from US Dollar accounts

Post by adrian2 »

Hogwild wrote:I'm thinking those two correlate, but isn't there something that's more of a leading indicator/predictor of where MMF rates are going to go? Is it mostly the Fed overnight rate?
Even if you knew, how would it help you?
I've given up long time ago predicting interest rates and forex.
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Re: Hubert now offers free EFT (money transfers) from US Dollar accounts

Post by Wing »

Any idea why the US Fed raised rates for 0.5% since last Dec but the US HISA rates (at least for Hubert and big banks) don't seem to follow?
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Re: Hubert now offers free EFT (money transfers) from US Dollar accounts

Post by Wing »

Hogwild wrote: 07 Feb 2017 13:53 adrian:

Yes. But I'm still hoping to an answer to my question: Are MMF rates indexed to or correlate reasonably well with anything? I really don't have any understanding of what influences them. And I shouldn't be taking us so far off-topic. This was supposed to be about Hubert's $USD account rates.

And back on topic..somewhere or other I saw that Zenbanx offers 1% on $USD accounts, with the flexibility to hold $CDN as well. Though the interest rate is lower on the $CDN.

Thanks
Watch out for MMF investing, may trigger capital gains on fx.

Also Zenbanx's insurance only covers CAD deposits. Hubert's covers all deposits, including USD.
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