RE:QUINTY...RE: $USD Dividends,,,,,,,,,,Thanks for the answers Red and just to be clear I was aware of certain things you mentioned as I do hold certain stocks in a USD account that I journaled over from CAD.
Points that I wouldn't mind clarrification on if you don't mind please:
1. ENB has a corporate DRIP still?
2. When dividends are paid to USD accounts from Canadian companies there isn't a currency exchange fee by way of a lower exchange rate given by the brokerage? It was always the case with my stocks that pay USD dividends even though I found it to be small.it was never the quoted exchange rate of the day(always less).
Thnaks for your previous answers and just to clarrify I do recieve one stocks dividends in USD that they pay in USD so no conversion. I then hold these dividends in my USD cash account and use them for international travel as the USD is king just about everywhere.
GTLY and Go Enbridge! ;-)
Red_Deer wrote: Hey QUINTY__You asked a number of Questions REGARDING How $USD Dividends are
Administered WITH REGARD to Bank/Brokerage EXCHANGE FEES
Here is HOW This WORKS__at least in My ScotiaITrade account.
First you HAVE to SET UP a SEPERATE $USD account in addition to your Regular $CDN account.
With DUAL LISTED securities__such as ENB__I can make ONLINE Requests to TRANSFER any number of shares BETWEEN my $CDN and $USD accounts__WITH NO FEES.
So to GET the BENEFIT of Taking Dividends in $USD__AND Pay NO FEES__You FIRST Have to
Either BUY shares IN Your $USD account__OR Transfer shares FROM Your $CDN account.
The Dividends that You Will Get IN YOUR $USD account WILL BE the $CDN Dividend CONVERTED BY Enbridge INTO $USD.
BUT__To AVOID all Exchange Fees__You NEED to DRIP Your Dividends IN YOUR $USD account__BECAUSED It is ONLY shares which CAN BE TRANSFERRED with NO FEES Back and Forth between Your US and CDN accounts__Transferring $USD into your CDN account WOULD INCUR Exchange Fees.
You Can OF COURSE Get CASH Dividends in Your USD account and BUY any US Listed shares You WANT TO__Including OF COURSE the NUMEROUS DUAL LISTED Companies.
THUS__When EVER You NEED to GET Some of Your Accumulated Dividends OUT of Your $USD account__You Would HAVE to Transfer FREE of CHARGE Some Enbridge shares__and Then SELL these shares IN Your CDN account__the Sale Commission WILL BE a LOT LESS than Any EXCHANGE Fees WOULD BE.
Right now for example the YIELD in $USD is Quoted as a Bit MORE than the Yield in $CDN.