I live in the US, and I recently took a vacation in Canada. My flight home was oversold, and I was stuck at the airport for several hours. The airline is required to send me a check for 2400 Canadian dollars (CAD), which I should receive in the next few days.
What is the least expensive way for me to cash this check into US Dollars (USD)? That is, how can I maximize the amount of USD I will get from my 2400 CAD check? I'm happy to open up a new bank account (or use a family members') and/or wait a bit for the cash, but I'd like to make the most of my payment.
The market value of 2400 CAD as of today (according to Google) is 1823.06 USD. I called two banks -- TD Bank said that they would pay 1768.56 USD, and Wells Fargo said they'd pay me 1765.09 USD. This means, either way, I would lose out on 50-60 USD with the banks' exchange rates, fees, etc. Is there any bank or other institution that would give me more than the ~1769 USD? Or is it best to just deposit with TD?
I realize I'll have to pay something to get the money from CAD to USD -- I just want to make sure I'm getting the best deal possible. Thank you for your help.