Where would I go for the lowest commission? A bank, credit union, bureau de change, other...?
Where would I go for the lowest commission? A bank, credit union, bureau de change, other...?
Feature costumes for sale!
Scarlett.
The best exchange rate is to go to the nearest ATM machine. Take out $400-$500 (your daily limit) at a time so the $1.50 fee does not add up to much as a percentage. The bank does the exchange at market rates and you do not get eaten by commissions and people having to pay as a protection against currency swings. It costs almost nothing for the bank to convert one electron for another, so they do not charge high fees.
Or use your credit card and pay off the balance before interest accumulates.
Agree with Monty - I use ATM's when possible for direct currency exchange. Credit cards add a small tranlation/transaction fee to the market rate - so depending upon the card, can create an unfavorbable exchange rate. Avoid airports/train stations except for small working cash needs. Banks are generally the best sources and I have used AMEX stations in both Asia and Europe with positive results.
Dan
My charged a currency conversion fee of $12 everytime I withdrew cash from an overseas machine so you want to withdraw the max amount of cash each time, not do it in drips and drabs if this is the case.
I need to exchange UK pounds (cash) to CAD...There a 'bullion & exchange' office in Vancouver that claims to have the cheapest rates. http://www.vbce.info/
Do banks not charge a fee for exchanges, even if it's at an ATM? I thought they did. Thanks for the tip, though.
Feature costumes for sale!
They did not at Fleet 5 years ago, but I would deem it wise to ask. Iwas withdrawing Can$ from a US$ account. It really costs almost nothing to do it and any decent size bank does hundreds of such transactions a day unless it is an obscure currency. No human probably touches the transaction.Originally Posted by scarlett_vancouver
If someone holds pieces of paper, one has to charge more in case that paper tomorrow is worth less than today and have someone do transactions (kind of a currency bankteller). If all it is is electrons floating around the ether, you charge the price at the instant it happens and the bank has no risk of losing money on something
Last edited by montythegeek; 12-09-2005 at 06:24 PM.
The posters above are right: Credit cards and ATMs generally give you the best exchange rate possible and the best part is you don't have to do any of the legwork involved in finding a moneychanger with low commission/good rates.
If you are going to change hard currency, it is generally better to do it once you get to your destination than to do it in the airport before you leave the United States. Hotels usually give decent rates. Also, note that in some countries it is illegal to change your money with anyone other than licensed people, so that guy in the trenchcoat offering you a great rate on Thai Baht may not be someone you want to consider.
But like I said, those are only general rules...




Re: Using an ATM, it would depend on whether your bank charges you for using an ATM that isn't theirs (for example, when I use my American bank's ATM card to withdraw British pounds from my U.S. Dollar account back home, I get a favorable rate, but I'm charged $5.00 for using a non-bank ATM). I've found it best to cash and convert a U.S. Dollar check at the bank and deposit the pounds in my local pound account - my local bank doesn't charge a commission for currency conversions.
For converting cash, again I prefer using the bank because I get better rates than at a high street currency converter, travel agent, or at the airport. (Oh, and I noticed that hotels usually aren't any better than a travel agent or high street converter.)
"Women, not girls, rule my world" - Prince
"No parking on the dance floor" - Midnight Star
Bookmarks