5k) amounts? Watch above: If youre heading to warmer climates this winter, make sure you shop around before exchanging your Canadian money. She feels its important to ask if the business has enough cash on hand in the currency you want to exchange. They just assumeespecially with the banksthat they would have it readily available on hand, that its an in-and-out process. Of course these results are also dependent on all being executed at the same time the realities of the currency exchange markets could mean that a big currency swing from one day to the next could outweigh the different rates charged. As a result of a recent trip, I have a number of euros that I wanted to convert to Canadian dollars. Bank fees can add up to over eight dollars once it goes through the foreign bank and out of your account and the exchange rate on that transaction could be higher. I phoned my bank and got the spot rates for Euros to Canadian dollars. Availability is something that a lot of people wouldnt ask, either. In my case I only have 460 euros which is about 736 Canadian dollars so this exercise might end up being somewhat academic since Im not going to put a lot of effort just to save. Amber Magee with Calforex Foreign Exchange also recommends shopping around. .
I ended up going to my local cibc branch and after waiting in line for 5-10 minutes, I got my 700 loonies! Buy The Book: The resp Book: The Simple Guide to Registered Education Savings Plans. Want to learn more about resps? Not only does the exchange rate vary at different institutions, but theres also a range in service fees, he said, adding some charge more than others and some dont charge extra at all.
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Your bank might not give you the best rate, and as Tony Tighe reports, the currency exchange business is very competitive. Then I called Thomas Cook and got a sell rate.509 which only nets me 694.14 which.62 less than cibc. A A, listen, calgary If youre travelling to the southern United States or Mexico this winter, it will pay to shop around when it comes to exchanging your Canadian money before you leave. The best thing to do is phone around for rates before you leave; plan in advance, Brown said. If you dont have time to exchange money before you leave, remember that withdrawing cash from an ATM in a foreign country is more expensive. Most people go to their bank to buy foreign money, but the currency exchange business is very competitive, according to Keith Brown with Albern Coin and Foreign Exchange.