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Best Currency Conversion Method

Discussion in 'Off Topic [BG]' started by Sonic_Death, Jul 24, 2007.


  1. I am going to be traveling to Canada by plane this Sunday and wanted to hear your guys thoughts.

    To convert my money to Canadian currency, where do you think will get me the best rate and not incur a huge charge.

    I know the airport in Ottawa will probably have a place to do it, that some banks in the US do it, and that I can get it done from an ATM in Canada but that I will incur a charge for doing it.

    Out of those, and any other possible options, what do you think will be the best method?

    Thanks guys.
     
  2. Mark Wilson

    Mark Wilson Supporting Member

    Jan 12, 2005
    Toronto, Ontario
    Endorsing Artist: Elixir® Strings
    I'm pretty sure at the moment it's even.
    But, I use www.xe.com for everything I convert.

    EDIT: Nevermind. I'm an idiot.

    Try MoneyMart. I think they're pretty good.
    I just go through my bank. :D
     
  3. Petebass

    Petebass

    Dec 22, 2002
    QLD Australia
    I've always found the best exchange rates are at the Reception desk of the hotel you're staying in, assuming it a biggish one...... Otherwise, I just use ATM and pay the fee for the convenience.
     
  4. use yuor credit card
    no exchange fees
     
  5. Petebass

    Petebass

    Dec 22, 2002
    QLD Australia
    Not always, and not if you use it at an ATM. It might pay to check.
     
  6. JansenW

    JansenW

    Nov 14, 2005
    Cambridge, MA
    I would check with your bank. Most likely they would charge a small fee. Also they most likely will exchange your left overs back to $US if you have the receipt.
     
  7. flakeh

    flakeh Banned

    Apr 21, 2007
    Ontario, Canada
    whoooooooooow!!!1!!11!! Go Canada!

    whereabouts in Canada you going too?

    I'm pretty sure ottawa has currency exchange booth somewhere. they should atleast. if not, a moneymart should.
     
  8. I will be about 20 minutes from the Ottawa International Airport, pretty close to Algonquin University.

    Thanks for all the suggestions so far guys, I will try to contact my bank and talk to them about it. I may just end up using my Debit card to only once take out a good amount of money to spend, so that way at least it is only one fee.
     
  9. bassman314

    bassman314 I seem to be a verb, an evolutionary process...

    Mar 13, 2005
    Bay Area, CA
    that's in Kemptville, right? maybe I'm thinking of another school *L*

    When I lived in WA, we always went to our bank to exchange. Your own bank will rarely charge you a fee, as you are already a customer. They'll give you a good rate, too.
     
  10. I looked up Kemptville and it is about 20 miles from where I am so I believe you're thinking of another school. Where I will be residing (at my friends house), Algonquin University and the Ottawa International Airport are all about 15-20 minutes from each other by bus.
     
  11. Petebass

    Petebass

    Dec 22, 2002
    QLD Australia
    That's what I do, but within reason - The danger is you'll lose your wallet or get mugged, so be sensible about it.
     
  12. Besides the fact that I am a cheap guy who would want to minimize spending, I also don't have all that much money anyways. :crying:

    I appreciate the advice though, I will take caution.
     
  13. Marlat

    Marlat

    Sep 17, 2002
    London UK
    Not a big problem in Europe as most UK banks don't charge a fee for Euro currency withdrawls from a sterling account - you jsut pay the market conversion rate. However, if I am going overseas I usually just withdraw money from my bank account using an ATM charge in slightly larger amounts to save paying too many fees. The hassle of changing money and maybe having to change it back isn't worth it.
     
  14. Jeff Moote

    Jeff Moote Supporting Member

    Oct 11, 2001
    Beamsville, ON, Canada
    In my experience traveling to the US, I've always got my US currency ahead of time from my bank here. A bank which you hold an account at will almost always have a better rate than any exchange service at the destination or when compared to simply withdrawing from an ATM.
     
  15. Bob Lee (QSC)

    Bob Lee (QSC) In case you missed it, I work for QSC Audio! Commercial User

    Jul 3, 2001
    Costa Mesa, Calif.
    Technical Communications Developer, QSC Audio
    Issuers of MasterCard and Visa cards charge "foreign transaction fees" on purchases in other currencies. Usually they're at least 1 or 2 percent, but typically 3 or 4.

    As I understand it, Discover doesn't charge these fees.
     

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