WHAT’S THE CHEAPEST WAY TO EXCHANGE MY MONEY FOR A TRIP TO CANADA?
Posted on 10. Mar, 2010 by admin in Canada travel
I springy in borough and requirement to mercantilism my U.S. dollars to river dollars for a activate to Montreal. I poverty to intend the prizewinning mercantilism evaluate and minimal fees possible. What’s the prizewinning artefact to do this? Should I do it in NYC, or move until I intend to montreal? Should I ingest a bank? etc. etc…
thanks in advance!
- can you use canadian money in new york
- whats cheapest to get CAD
- where can i exchange canadian currency in nys
- where can i exchange canadian money for american money in manhattan
- where to get Canadian money in NYC
- which bank to buy canadian dollar in manhattan ny
Barney Rubble
10. Mar, 2010
Yes, use a bank. Any bank in the US or Canada are probably similar fees. I don’t know about the fees but the bank is your best bet. Your credit card company will also give you good rates when you purchase stuff.
Eric S
10. Mar, 2010
You should wait until you are in Canada unless you believe between now and your trip to Canada, the expected value of the Canadian Dollar to the US Dollar will change by more than .06 in favor of the Canadian Dollar!!!!
In other words, if it were $.87 Canadian Dollars for every $1 US Dollar, and you think the mid-range will be $.93, do it in New York. Otherwise, wait.
80+% likelihood you would make more money not exchanging in New York. I would wait till Canada if in doubt.
Think of it as 2 NFL football teams close in standings play each other.
Exchanging in New York is like saying “I will not take the chance that specifically Team 1 will upset Team 2, eventhough a tie or a Team 2 victory is more likely the case.
Now when I say do it in Canada, I mean at an exchange bureau or American Express in Canada. Do not do it at a retail store because some stores will just do $1 dollar for c$1 Loonie.
SteveN
10. Mar, 2010
The bank will typically give you the bext exchange rates, so that is where I would get it done.
More specifically, I would use my own bank if I had one, since they are likely to not charge me any extra fees other than the exchange rate. Some bank will charge you a currency exchange fee or give you a less favorable exchange rate if you do not have a bank account with them.
But why exchange it at all? Your ATM card, VISA, or Mastercard will all work here in Canada. I would simply come to Canada, go to the nearest bank ATM, and withdraw $100 or more. You will then get Canadian dollars to spend here in Montreal, and your bank will calculate the daily exchange rate, and deduct the right amount from your account.
The same goes for your credit cards. The VISA or Mastercard head office will give you the exchange rate on the day that they process your purchase.
The only thing I would say about using ATMs in Canada is that you may want to take out more money less frequently, rather than smaller amounts often. The reason is that some banks and ATMs will charge a transaction fee for bank cards that are not for their bank. The fees can be anywhere from $1 to $5, so if you take out $200 once with a $3 fee, it costs you CAD$203. But if you take out $50 four times, it would actually cost you CAD$212 because of the four $3 fees imposed.
Jeff H
10. Mar, 2010
I suggest exchanging your money at your local bank branch for the best exchange rates. Do not exchange it at stores simply because they will give you a lower rate for two reasons, one they are in the business of making a profit and two, it cost them a bit more to deal with American currency.
The rates of exchange are generally better at the bank and what you are exchanging for will affect your rate. Traveller’s cheques have a better exchange rate than cash however you may have problems cashing them in some stores. Presently the Canadian dollar has fallen just below $ .80 US so the rate is in your favour now.