RE:RE:RE:RE:RE:QUINTY...RE: $USD Dividends,,,,,,,,,,This is VERY INTERESTING__To SEE that EVEN THOUGH ScotiaMcLeod (Full Service Broker) and ScotiaITrade (online Discount Brokerage which I use)
BOTH OWNED by SCOTIA BANK__do
Business in
TOTALLY DIFFERENT Ways !!!!!!!
No way would I EVER PUT UP With this Kind of NONESENSE from Full Service Brokers eh !!!!!!
Quintessential1 wrote: Again...Scotia converts the div from CAD to USD at a lesser rate than the going exchange rate (why would they pay full knock?). They send bttmbngr a check which he takes to his bank and has it converted back to CAD again at a lesser rate than the going rate (they always make theirs). He gets a bump because of the American Exchange rate but ends up with less div than if he had of just kept it in CAD as they dinged him twice on the currency conversion. He doesn't know this because he hasn't checked because he thinks he's winning and by the time he actually physically gets mailed a check and cashes it at his bank(how is that simpler?) he has no idea what he should have received.
If you want USD get a USD div stock otherwise....
Just get your ENB DIV in CAD it will be the most you get. (If you are DRIPing it does not matter)
Go Enbridge! ;-)
bttmfischer wrote: Red Deer you seem to complicate things. I have ENB common and ENB preferreds among many other things. One of the brokerages IS SCOTIA MCLEOD.
The ENB preferreds are in my US account therefore the quarterly dividends are sen to me in a paper check form IN US FUNDS. I take that into a bank, and convert it into Loonies. And get op to 30% bonus on the amount.
That's it.
The dividends from other companies are done by ETF into my bank account.
The only thing is ScotiaMcLeod is pretty tardy with sending the money,so I moved one of my accounts to another brokerage. Scotia has now less than i mil.