An American Dream

Living in Canada and working to earn an income of Canadian dollarettes it has been a challenge to buy American stocks. The biggest hurdle is the cost of converting Canadian dollarettes to American dollars. Questrade is currently charging a 2.5% fee on the exchange.

So to avoid paying this fee I have been dreaming up some ways of getting American dollars without paying these exuberant fees.

Dream 1
To find a more cost effective currency converter and then deposit the American dollars into the account.

Dream 2
To buy quality dividend paying stocks that pay their dividend in US dollars

Once I follow through on one of these dreams I will be ready to make my first American stock purchase. This in turn will result in more cold hard American cash from dividends..

As I have started leaning towards dream number 2 I have researched stocks that trade on the Toronto Stock Exchange (TSE) and pay dividends in US dollars. In order to expedite the process of gaining US dollars I am looking principally for stocks that pay a higher yield.