Where’s the best place to exchange money to another currency? In my home country (Canada) or in the country I’m going to (France, Switzerland)?
Also, if I change it in Canada, are banks or money exchanges better?
Where’s the best place to exchange money to another currency? In my home country (Canada) or in the country I’m going to (France, Switzerland)?
Also, if I change it in Canada, are banks or money exchanges better?
Since the introduction of the Euro, the banks and other exchange places have lost a lot of business because travellers from other parts of the Euro zone do not have to change their money. To compensate for this their commissions have risen and you will also get a worse rate of exchange. So , if travelling to the Eurozone, I would think it better to get change your money before leavin home. That is what I do and I think I come off better.
Also, you may find that using an ATM machine in Europe is a cheaper way to get cash.
Also using plastic is usually better. My bank does not levy any charges when using debit or credit cards overseas and it also uses the commercial rate of exchange ( not the tourist rate ) for all the transactions thus giving a better rate of exchange.
One tip- If you do not have a debit card, before leaving home, you can pay extra money into your credit card account to produce a positive balance and then use it like a debit card. You should earn interest on the surplus and if you have paid enough into the account it should not slip into the red.
Ask friends who have been recently if there’s an atm machine at the airport or some other way to get FX when you arrive. Generally speaking, the absolutely worst rate you’ll get is in your home country. However, it’s always nice to have a little bit of foreign cash.
Read your credit card/debit card terms and conditions <very> closely. In addition to whatever transaction fees are charged, you may find that there is now a currency exchange fee added. This did not used to be the case – many/most credit card issuers would simply convert the currencies at, say, the applicable day’s LIBOR, making it a great deal. The banks started catching on, though, and now all my credit cards have a surcharge/“processing fee” that in some cases completely nullifies the advantage (vis a vis, for instance, the exchange rate I can get from my bank based on my preferred checking/savings accounts).
If what Huerta88 says is universal, then you may be back to the situation I experienced in the 1970’s-80’s. The best way to do it then was to get free traveler’s check’s denominated in Canadian funds(in your case. When you get to a European country, go to a large bank in a major city and cash a check for the local currency. Don’t cash anymore than you will need while there. If you switch countries, go do the same at a local bank. You may be going to non-euro countries.
The banks give the best rate on travelers checks. Of course, if you Canadian credit card issuer doesn’t charge fees, that’s the way to go.
I often post this link . Chek the “europe” message board. There are usually several threads/week on this topic. The answers are always the same : don’t exchange money. Not only you’ll pay fees but also the money could be stolen. Take a Visa or MC ATM card. You’ll pay less fees this way and it will be more convenient.
Advices which are often given (some are contradictory, but they don’t come from the same people):
-Shop for a bank adding less fees on ATM withdrawal in foreign countries.
-Make sure your PIN is four digit and only numbers (no letters)
-Take a second ATM card or a credit card as a back-up in case something would happen (you lose your card, your bank blocks it, it’s swallowed by a machine, etc…).
-Take some traveller’s checks in your own currency as a back up. And only as a back-up, since they aren’t very convenient to cash, aren’t accepted by most businesses, and there are fees added when you cash them.
-Warn your bank that you’ll be using your card in a foreign country. It seems that sometimes, the bank will block the card when there are unusual and important withdrawals in a foreign country.
-Put your money on your regular account. The european ATMs won’t get access to your saving account.
-Exchange some money before leaving (enough to pay for a taxi and a breakfast, for instance) for convenience, in case you’re tired and don’t feel like finding an ATM in the airport, or somesuch.
The comments above aren’t my own, of course, since I’m european. It’s just a sum up of the advices which are given on a regular basis on the board I linked to. You’d better check it by yourself, or ask your question there.