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I've heard of doing it at one of the currency shops in the city of arrival....but i've also heard of people exchanging currency at their US bank like bank of america, etc.
What's the wisest and most sensible option?
(talking only a couple thousand dollars....nothing major)
Why are you taking thousands of dollars? That's my first question
Second do you have a chase sapphire reserved or Amex plat? No foreign transaction fees. I buy some but not thousands and use my credit cards but I buy my foreign currency brokerage firm. You should be able to buy it from bac, wfc jpm etc and check the rates on google before you do the transaction
Our bank does not charge foreign transaction fees on withdrawals through foreign ATMs. Whenever we travel, we find a local ATM that does not charge fees and take local currency out that way. Its important to not accept the exchange rate listed on the ATM. Just withdraw a specific amount of foreign currency and allow your bank to process the foreign exchange rate. Foreign ATMs make a ton of money off tourists who do not know better.
Foreign exchange counters will charge a hefty premium to sell or buy currency. Your best bet is to use a credit card without foreign transaction fees in places that accept credit cards (which is most places in Canada) and use an ATM for petty cash.
Generally speaking you do better with a no fee credit card. You'll get better spreads on average than the currency centers. Just pay it off when you come home.
I have a No Fee International Credit Card, Most costs go on the credit card.
For Cash I hit a ATM, I get 10 (Anywhere {WorldWide} off-network "Free" Up to $5USD) a month. Will Draw out as much cash for what I think I will spend for a week, Then If needed, Hit a ATM again for more.
Unlimited OnNetwork ATM transaction, Last time I checked there were 50K+ Network ATM's
To Get rid of cash at the end, I try to time it so I use it up at the last hotel, Place to eat, Fill the Rental car with Gas. Few time I've gone in and said put ie: 11.32 on the pump, and give the clerk all the cash. Then Do 2nd transaction @ the pump with CC to complete the fill up.
I would definitely use the CC, but if it was to be cash, is there any downside to exchanging at a bank of america in the us? are the rates any different than say exchanging at a kiosk in canada for instance?
There are two things getting mixed up here -- actual exchange rates and applicable transaction fees and charges. In general, you will get better exchange rates in a location where the currency you want is plentiful.
I would definitely use the CC, but if it was to be cash, is there any downside to exchanging at a bank of america in the us? are the rates any different than say exchanging at a kiosk in canada for instance?
It will almost definitely be more expensive to buy foreign currency from a US bank. You are better off taking money from a Canadian ATM, assuming your US bank does not change transaction fees.
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