Currency Conversion for Foreign Securities-Quicken Deluxe 2018. (Windows)

Unknown
Unknown Member
edited December 2018 in Investing (Windows)

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  • Arctic Hare
    Arctic Hare Quicken Windows Subscription SuperUser ✭✭✭✭
    edited December 2018
  • Unknown
    Unknown Member
    edited September 2018
    Hello and thank you for your response.  Okay a couple of the of the securities associated with my TFSA are: IEFA

    (iShares Core MSCI EAFE ETF) and  
    VTI (Vanguard Total Stock Market Index Fund ETF

    Shares). 







    These trade on US Stock markets .


    The brokerage is "ShareOwner" but the accounts are through WealthSimple. Neither of which are in the list of Quicken, so the Financial Institution was setup manually.  The Account is set to Canadian Dollar.  


    I have also attached an example of one of the US security settings and the price history showing quotes coming in US Dollars which is the source of my problem since I purchased the shares in Canadian Dollars.

    image



    image
  • Arctic Hare
    Arctic Hare Quicken Windows Subscription SuperUser ✭✭✭✭
    edited December 2018
  • Unknown
    Unknown Member
    edited December 2018
    Thanks Arctic. So if I do a Cash Transfer does quicken automatically do a currency conversion for me? 
  • Arctic Hare
    Arctic Hare Quicken Windows Subscription SuperUser ✭✭✭✭
    edited September 2018
    Paul Cachia said:

    Thanks Arctic. So if I do a Cash Transfer does quicken automatically do a currency conversion for me? 

    It does, but you'll have to adjust the f/x rate to match the rate that actually applied to your transaction. Your brokerage's rate will be different (more costly) than the trading rate that Quicken chooses. 
  • Unknown
    Unknown Member
    edited September 2018
    Paul Cachia said:

    Thanks Arctic. So if I do a Cash Transfer does quicken automatically do a currency conversion for me? 

    Is this what I would use for the f/x rate correction? image
  • Unknown
    Unknown Member
    edited September 2018
    Paul Cachia said:

    Thanks Arctic. So if I do a Cash Transfer does quicken automatically do a currency conversion for me? 

    So to confirm, I am going to create two accounts (in my case they are TFSA's) One in CAD the other in USD, I am then going to link the US Exchange Securities to the US TFSA and the CAD to the CAD TFSA, I will then transfer cash investments from my CAD TFSA to my US TFSA and set the correct currency conversion?    The only problem I see with this is that now I lost my ability to manage my TFSA account as a whole, being split up like this makes it harder to track, I am also going to have to figure out what the exchange rate was being used at the time of the the funds being invested every month.. 
  • Arctic Hare
    Arctic Hare Quicken Windows Subscription SuperUser ✭✭✭✭
    edited September 2018
    Paul Cachia said:

    Thanks Arctic. So if I do a Cash Transfer does quicken automatically do a currency conversion for me? 

    Yes @Paul, you've understood the setup correctly. You can still view your account as a whole, essentially, in quicken by selecting the accounts that are included in views/reports. For example, if you want to consider asset allocation, you simply select the two accounts that make up the complete TFSA.

    Yes, that is where you would set the exchange rate, however, depending on what data you receive from your broker, you might find it easier to enter the amount of CAD leaving one Q account and the amount of USD entering the other account and let Q calculate the resultant rate.

    Again, I suggest that you consider Norbert's Gambit. It will save you money on the F/X conversion. You'd have to confirm that your broker allows the Gambit and, if so, if there are any special instructions you need to follow. Using the Gambit also makes the F/X transaction straight forward.

    You might also consider switching to a broker that handles the CAD + USD like RBC DI; it is quite convenient.
  • Unknown
    Unknown Member
    edited September 2018
    Paul Cachia said:

    Thanks Arctic. So if I do a Cash Transfer does quicken automatically do a currency conversion for me? 

    Thanks Arctic for your help, I will try this out next week, I doubt I will be able to use Gambit as I am using a roboadvisor and I am not doing the investing myself, I was able to find the statements showing the shares purchased in US dollar equivalents, I should be able to calculate the exchange rate from that..  
  • Arctic Hare
    Arctic Hare Quicken Windows Subscription SuperUser ✭✭✭✭
    edited September 2018
    Paul Cachia said:

    Thanks Arctic. So if I do a Cash Transfer does quicken automatically do a currency conversion for me? 

    Good luck. Please *Like* the comments that you found helpful !
  • Unknown
    Unknown Member
    edited September 2018
    Paul Cachia said:

    Thanks Arctic. So if I do a Cash Transfer does quicken automatically do a currency conversion for me? 

    Hello Arctic, so I setup the funds as you suggested and so far so good.  Now I have hopefully the last piece of the puzzle, how do I see the total value of the two TFSA's I created in a single currency?  Basically I want to know the total balance of both accounts in CAD$ and not have to stay doing currency conversions to find this out.  Is there anyway I can do this in reporting? 
  • UKR
    UKR Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited September 2018
    Paul Cachia said:

    Thanks Arctic. So if I do a Cash Transfer does quicken automatically do a currency conversion for me? 

    Paul,
    in the Investing tab, Portfolio view customize a view to include the accounts you wish to see. (At least in the US version which I use) the Portfolio view has a field in the header portion of the view, "Currency:". Set the currency to C$. Also be sure to set the view to "Group by: Account"
  • Unknown
    Unknown Member
    edited September 2018
    Paul Cachia said:

    Thanks Arctic. So if I do a Cash Transfer does quicken automatically do a currency conversion for me? 

    Okay so I setup this view, and now I discovered another issue related to currency.  I have my view set to show me the Amount Invested and the Market Value as well as the Gain/Loss. It of course subtracts the two amounts to caculate your gains or losses.  The problem is that it is applies the daily currency rate to convert the US funds back to CAD currency to give you total's in currency, that's not a problem for the Current Market Value amounts, but its a problem for the Amount Invested because its changing based on today's value, of course this throws off the Gain/Loss calculation and it shows wrong results.  The amount invested should not be changing based on today's currency, it should only be calculated based on the rate at the day of investment.   If I change the US$ Currency setting (CTRL+Q) to so the rate at the time of investment now my Amount invested is accurate but my Market Value is off, its a catch 22...   going nuts here..  need a life line badly!! 
  • Arctic Hare
    Arctic Hare Quicken Windows Subscription SuperUser ✭✭✭✭
    edited September 2018
  • Unknown
    Unknown Member
    edited September 2018
    Paul Cachia said:

    Thanks Arctic. So if I do a Cash Transfer does quicken automatically do a currency conversion for me? 

    Thanks Arctic, I will test this tonight. So is this option only available in the settings of the Canned Reports? Is it not available in the default Investing view to allow the correct calculations of the Amount Invested & Market Value Columns.
  • Arctic Hare
    Arctic Hare Quicken Windows Subscription SuperUser ✭✭✭✭
    edited September 2018
    Paul Cachia said:

    Thanks Arctic. So if I do a Cash Transfer does quicken automatically do a currency conversion for me? 

    @Paul: I'm not exactly certain what you mean by "default Investing view". Perhaps you can take some screen shots this evening if you have further questions? The answer to your questions is, probably, "correct; you need to run a report and set custom options"... but, you can always save the customized report, so I don't see that as a problem, per se.

    BTW, I have never used the USA version of Q, but, to the best of my understanding, this feature is unique to the CAD version. This is one case where the CAD version is more feature rich... thankfully... because some of us need this feature !
  • Unknown
    Unknown Member
    edited September 2018
    Paul Cachia said:

    Thanks Arctic. So if I do a Cash Transfer does quicken automatically do a currency conversion for me? 

    Artic, it worked!!  good stuff and thanks so much for the tips and help and everybody else.  I will work on some custom Graph's..  now
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