how to pay less for foreign currency
While preparing to travel to the UK, I have been exploring ways of currency exchange and looking for the best foreign exchange deals available to a small business
Time players like me
What\'s more interesting is that I have been dealing with the pound, and the value of the pound has been declining since the UK voted to leave the EU.
I found it definitely worth it to go around, and the amount you end up paying has all sorts of bloats.
Here is a summary of my main conclusion with the aim of getting enough foreign funds for a moderate holiday, not more
Million dollar deal
Check interest rates on the Bank of Canada website. Add 4%.
This will allow you to find the best rate of consumption when buying foreign cash.
You can look at the current rate and the rate for weeks, months and years.
Bank of Canada exchanges the historical exchange rate of Bank of Canada daily.
There may be a big gap in the rates provided.
For example, the pound fell to $1 last weekend.
82 up to $1 in one place. 89 at another.
Check out the websites of banks, credit unions, and currency exchange stores.
The exchange rate is constantly changing.
It is difficult to predict what will happen to a currency.
If you buy a foreign currency while on vacation, you can buy a little a week --
Until you leave, average things.
Or, like me, monitor for a while, take a chance when a whim hits, hope you \'ve bought a lowcost day.
Buying Canadian domestic currencies in financial institutions may result in the best deal, at least for major currencies such as the euro and the US. S.
USD, GBP, yen and RMB. (
Although I have read different opinions about this. )For low-
Demand currency, you may need to order a few days or weeks in advance.
Some financial institutions will charge you on the basis of earning exchange rate profits.
However, due to the volume and the risk of theft, you may not want to carry large sums with you.
In this case, buy enough foreign cash to allow you to roll in the first few hours or days after arrival, and then use your bank card to withdraw cash from the bank machine.
This is the advice of tourism expert Rick Stephen.
Those machines can be expensive.
You pay for the convenience.
A minimum fee of $3 to $5 will be charged for each withdrawal, although you may have a bank account to waive the fee.
If you charge every time you use a cash machine, make a large sum of money and do not do so often.
A problem in this process: the exchange rate may be a mystery;
You won\'t know until you check your statement.
Steve\'s advice is to stick with bank cash machines located at the bank and use them during bank hours so you can go in and ask for help if something goes wrong. Don't use non-
Banks, \"stand alone\" machines, can easily charge you a higher fee.
A colleague said she was hit by a $15 fee for withdrawing money from a machine at a grocery store in Mexico.
For some bank accounts, you pay $30 a month or keep a high balance of $5,000 --
In addition, the cost of the machine may be waived.
Scotiabank announced its participation in the Global ATM Alliance;
Using the properly configured Scotiabank card, you can withdraw money from a foreign Union machine without charging the machine usage fee.
But there will be money exchange fees.
Whenever possible, pay by credit card, preferably a credit card that does not assess foreign transaction fees beyond the exchange rate that has increased by 4%plus markup.
In Canada, most credit cards charge at least 2.
Foreign transactions charge 5%.
This is detailed in the card agreement, but may not be displayed in your statement.
I know there are two cards that don\'t charge-
Chase Amazon visa and Chase Marriott award Visa.
I also found Rogers Platinum MasterCard in Google search.
Fee for Tangerine MasterCard 1. 5%. (
Warning: when using credit cards abroad, try to prevent merchants from exchanging Canadian currency for you;
It is almost certain that this will be a rate of expansion.
I found this scam at a restaurant in Leeds, UK, and my credit card was charged in Canadian dollars instead of pounds.
I didn\'t notice until I left. Sloppy me. )
Before your bank increases your fees, you can check the rates for visa charges here.
You will definitely encounter places where credit cards are not accepted, or a surcharge will apply if you use a credit card.
So cash is almost a must.
A debit card is usually the same as the credit card you use at a cash machine and is an option, not a credit card.
But I\'m paranoid about debit cards because they allow merchants to go straight into my bank account, so I never did.
If you don\'t worry
Disadvantages of debit cards: Some banks say they won\'t charge a transaction fee if you use a debit card to buy from a foreign merchant.
Check with your bank as the situation may vary depending on the type of account you have.
Some more random observations that expand the above: The conversion rate you see in the financial form, flashing on the TV screen, or when you do a Google search, there is almost no similarity to what you will eventually pay.
Big companies like banks and credit card companies are paying this rate.
The Bank of Canada announced a dollar exchange rate last weekend.
£ 7657 per pound with a long-term notice that financial institutions will increase the amount converted by at least 4%.
The minimum rate I can find for the weekend is $1.
8145 on the TD site, but this is for \"forex trading\" and not for getting a bunch of currencies.
The cash quote is $1. 8465. (
Bank customers of certain account packages or certain credit cards may receive slightly better rates than the published ratesask. )
At Calforex online, the price is $1.
8414, plus undisclosed freight charges.
The store in downtown Victoria is priced at $1. 8858.
This is just a snapshot of what happened this weekend.
I found in a month of monitoring that TD is not always the lowest interest rate and Calforex is not always the highest.
Prices have rebounded a lot.
But, at least under normal circumstances, they will remain roughly the same in a day.
Update on Wednesday morning, June 29 :-
Conversion rate of one pound on Bank of Canada website: $1. 7399 —Non-
The cash turnover rate announced on the TD Bank website: $1. 7982 (
This is not an explanation, but it seems to mean an electronic transfer)—
Interest rate for buying pound notes at TD Bank: $1. 8065 —
The price of buying a pound note on Calforex online: $1.
7962, plus freight-
Visa credit card rate free of bank fees: $1. 748447 —
Visa credit card rate and 2.
5% transaction fees charged by most credit cards: $1.
792158 the timing has played a big role.
The price of the pound is about $1.
Just before the remaining or leaving vote on June 23.
Some places offered $1 the next day. 82 to $1. 84.
The value of money has changed.
In the excitement of Brexit, the pound is changing a lot.
More secular travelers than me say that when they visit countries outside the mainstream of the economy, they carry dollars for exchange.
They will look for local banks or money changers because there is no convenient way to get money abroad.
In foreign countries, the dollar is more widely accepted than Canada, but you already know this from reading spy novels.
I am exploring other ways to convert Canadian currency into pounds.
During the period in Canada, the purchase of Mark and Spencer E-gift cards denominated in pounds, with notransaction-Credit card charges.
Their shops are everywhere, including train stations and airports.
Purchase small items such as drinks and snacks, or umbrellas using gift cards.
I will give gift cards to relatives who have not refused. transaction-Credit card charges.
My goal is to lock in the low interest rate I want.
It may also be possible to purchase a £-denominated train travel voucher online to lock in low interest rates. This rate-
Of course, it\'s gambling to lock things.
I don\'t know if the pound will fall further or rise tomorrow.
Consider sending money to relatives living in the United StatesK. (
Or a foreign country of your choice)
Avoid carrying large amounts of cash when traveling.
But it can be expensive to do so.
For wiring money, it is charged to send sender, and usually to charge Razer.
RBC is one of the countries where I have seen the lowest small transaction costs. $13.
Up to $2,500 transferable;
Other places charge two to three times.
The person who receives the money may have to pay the equivalent of $10 to $15.
So the $500 transfer suddenly turned into $470.
There is also a service option like Visa Direct that goes to a bank debit card, a Visa credit card (
Balance paid)
Or prepaid Visa card (
Not recommended as there is an extra cost).
$8 through TD Bank.
Up to $1,000 and $12 can be transferred. 95 for $1,000. 01 to $2,500. Avoid money-
Transfer fees by signing an agreement with relatives of a foreign country you are visiting.
Relatives need to hug penny-pinching. Using a no-transaction-
Credit card consumption, buy no
Gift cards from favorite stores.
They give you cash equivalents.
Read fine print of gift cards to make sure they don\'t expire.
Finally, some complained: a custom house in Victoria offered free or very low transfer services, such as $2, before Western Union bought it. 50.
The exchange rate of custom houses is also very competitive.
But those days have passed. [
Update June 30: The reader reports a good experience of using international currency exchange by clicking on the collection service, where you can order the currency online and pick it up from its store or airport booth.
When buying in this way, he finds that the rate is lower than the charge charged by the person walking.
I checked the ICE website and a lot of the prices looked good.
But I was surprised when I couldn\'t find the listed pound.
So I called ICE.
An agent told me that demand for the pound has been high since the value of the pound began to decline after the June 23 vote.
They have run out and will not receive another shipment until next week. ]---
Email me when Pjang @ timescolonist. com ---
More Wandering--Most-
Popular post: ICBC\'s intimidation strategy, using sticky notes and marker pens, and fear of enjoying credit cards at Victoria\'s restaurant, this is the advice of former swindlers: Do not buy things with debit cards, how to ride an eight-year electric bike through Vancouver with Compass Card
Help the bike almost every day, why is the updated dishwasher running for an amazing long time, most credit cards charge.
Currency exchange 5%;
Some people charge 0%, why spend $720 to buy a phone than 2-
One year contract trick to make it easier to apply for a passport do you know your Gulf islands?
Here is help memory 14 (of 200)
How do I queue up at the busy Victoria restaurant to keep it cool and close or open the windows of the house?
Why B. how to block unwanted text messagesC.
How to pronounce Ucluelet, Tsawwassen, and how outdoor gear can travel to and from Victoria and Vancouver on public transport---
Time players like me
What\'s more interesting is that I have been dealing with the pound, and the value of the pound has been declining since the UK voted to leave the EU.
I found it definitely worth it to go around, and the amount you end up paying has all sorts of bloats.
Here is a summary of my main conclusion with the aim of getting enough foreign funds for a moderate holiday, not more
Million dollar deal
Check interest rates on the Bank of Canada website. Add 4%.
This will allow you to find the best rate of consumption when buying foreign cash.
You can look at the current rate and the rate for weeks, months and years.
Bank of Canada exchanges the historical exchange rate of Bank of Canada daily.
There may be a big gap in the rates provided.
For example, the pound fell to $1 last weekend.
82 up to $1 in one place. 89 at another.
Check out the websites of banks, credit unions, and currency exchange stores.
The exchange rate is constantly changing.
It is difficult to predict what will happen to a currency.
If you buy a foreign currency while on vacation, you can buy a little a week --
Until you leave, average things.
Or, like me, monitor for a while, take a chance when a whim hits, hope you \'ve bought a lowcost day.
Buying Canadian domestic currencies in financial institutions may result in the best deal, at least for major currencies such as the euro and the US. S.
USD, GBP, yen and RMB. (
Although I have read different opinions about this. )For low-
Demand currency, you may need to order a few days or weeks in advance.
Some financial institutions will charge you on the basis of earning exchange rate profits.
However, due to the volume and the risk of theft, you may not want to carry large sums with you.
In this case, buy enough foreign cash to allow you to roll in the first few hours or days after arrival, and then use your bank card to withdraw cash from the bank machine.
This is the advice of tourism expert Rick Stephen.
Those machines can be expensive.
You pay for the convenience.
A minimum fee of $3 to $5 will be charged for each withdrawal, although you may have a bank account to waive the fee.
If you charge every time you use a cash machine, make a large sum of money and do not do so often.
A problem in this process: the exchange rate may be a mystery;
You won\'t know until you check your statement.
Steve\'s advice is to stick with bank cash machines located at the bank and use them during bank hours so you can go in and ask for help if something goes wrong. Don't use non-
Banks, \"stand alone\" machines, can easily charge you a higher fee.
A colleague said she was hit by a $15 fee for withdrawing money from a machine at a grocery store in Mexico.
For some bank accounts, you pay $30 a month or keep a high balance of $5,000 --
In addition, the cost of the machine may be waived.
Scotiabank announced its participation in the Global ATM Alliance;
Using the properly configured Scotiabank card, you can withdraw money from a foreign Union machine without charging the machine usage fee.
But there will be money exchange fees.
Whenever possible, pay by credit card, preferably a credit card that does not assess foreign transaction fees beyond the exchange rate that has increased by 4%plus markup.
In Canada, most credit cards charge at least 2.
Foreign transactions charge 5%.
This is detailed in the card agreement, but may not be displayed in your statement.
I know there are two cards that don\'t charge-
Chase Amazon visa and Chase Marriott award Visa.
I also found Rogers Platinum MasterCard in Google search.
Fee for Tangerine MasterCard 1. 5%. (
Warning: when using credit cards abroad, try to prevent merchants from exchanging Canadian currency for you;
It is almost certain that this will be a rate of expansion.
I found this scam at a restaurant in Leeds, UK, and my credit card was charged in Canadian dollars instead of pounds.
I didn\'t notice until I left. Sloppy me. )
Before your bank increases your fees, you can check the rates for visa charges here.
You will definitely encounter places where credit cards are not accepted, or a surcharge will apply if you use a credit card.
So cash is almost a must.
A debit card is usually the same as the credit card you use at a cash machine and is an option, not a credit card.
But I\'m paranoid about debit cards because they allow merchants to go straight into my bank account, so I never did.
If you don\'t worry
Disadvantages of debit cards: Some banks say they won\'t charge a transaction fee if you use a debit card to buy from a foreign merchant.
Check with your bank as the situation may vary depending on the type of account you have.
Some more random observations that expand the above: The conversion rate you see in the financial form, flashing on the TV screen, or when you do a Google search, there is almost no similarity to what you will eventually pay.
Big companies like banks and credit card companies are paying this rate.
The Bank of Canada announced a dollar exchange rate last weekend.
£ 7657 per pound with a long-term notice that financial institutions will increase the amount converted by at least 4%.
The minimum rate I can find for the weekend is $1.
8145 on the TD site, but this is for \"forex trading\" and not for getting a bunch of currencies.
The cash quote is $1. 8465. (
Bank customers of certain account packages or certain credit cards may receive slightly better rates than the published ratesask. )
At Calforex online, the price is $1.
8414, plus undisclosed freight charges.
The store in downtown Victoria is priced at $1. 8858.
This is just a snapshot of what happened this weekend.
I found in a month of monitoring that TD is not always the lowest interest rate and Calforex is not always the highest.
Prices have rebounded a lot.
But, at least under normal circumstances, they will remain roughly the same in a day.
Update on Wednesday morning, June 29 :-
Conversion rate of one pound on Bank of Canada website: $1. 7399 —Non-
The cash turnover rate announced on the TD Bank website: $1. 7982 (
This is not an explanation, but it seems to mean an electronic transfer)—
Interest rate for buying pound notes at TD Bank: $1. 8065 —
The price of buying a pound note on Calforex online: $1.
7962, plus freight-
Visa credit card rate free of bank fees: $1. 748447 —
Visa credit card rate and 2.
5% transaction fees charged by most credit cards: $1.
792158 the timing has played a big role.
The price of the pound is about $1.
Just before the remaining or leaving vote on June 23.
Some places offered $1 the next day. 82 to $1. 84.
The value of money has changed.
In the excitement of Brexit, the pound is changing a lot.
More secular travelers than me say that when they visit countries outside the mainstream of the economy, they carry dollars for exchange.
They will look for local banks or money changers because there is no convenient way to get money abroad.
In foreign countries, the dollar is more widely accepted than Canada, but you already know this from reading spy novels.
I am exploring other ways to convert Canadian currency into pounds.
During the period in Canada, the purchase of Mark and Spencer E-gift cards denominated in pounds, with notransaction-Credit card charges.
Their shops are everywhere, including train stations and airports.
Purchase small items such as drinks and snacks, or umbrellas using gift cards.
I will give gift cards to relatives who have not refused. transaction-Credit card charges.
My goal is to lock in the low interest rate I want.
It may also be possible to purchase a £-denominated train travel voucher online to lock in low interest rates. This rate-
Of course, it\'s gambling to lock things.
I don\'t know if the pound will fall further or rise tomorrow.
Consider sending money to relatives living in the United StatesK. (
Or a foreign country of your choice)
Avoid carrying large amounts of cash when traveling.
But it can be expensive to do so.
For wiring money, it is charged to send sender, and usually to charge Razer.
RBC is one of the countries where I have seen the lowest small transaction costs. $13.
Up to $2,500 transferable;
Other places charge two to three times.
The person who receives the money may have to pay the equivalent of $10 to $15.
So the $500 transfer suddenly turned into $470.
There is also a service option like Visa Direct that goes to a bank debit card, a Visa credit card (
Balance paid)
Or prepaid Visa card (
Not recommended as there is an extra cost).
$8 through TD Bank.
Up to $1,000 and $12 can be transferred. 95 for $1,000. 01 to $2,500. Avoid money-
Transfer fees by signing an agreement with relatives of a foreign country you are visiting.
Relatives need to hug penny-pinching. Using a no-transaction-
Credit card consumption, buy no
Gift cards from favorite stores.
They give you cash equivalents.
Read fine print of gift cards to make sure they don\'t expire.
Finally, some complained: a custom house in Victoria offered free or very low transfer services, such as $2, before Western Union bought it. 50.
The exchange rate of custom houses is also very competitive.
But those days have passed. [
Update June 30: The reader reports a good experience of using international currency exchange by clicking on the collection service, where you can order the currency online and pick it up from its store or airport booth.
When buying in this way, he finds that the rate is lower than the charge charged by the person walking.
I checked the ICE website and a lot of the prices looked good.
But I was surprised when I couldn\'t find the listed pound.
So I called ICE.
An agent told me that demand for the pound has been high since the value of the pound began to decline after the June 23 vote.
They have run out and will not receive another shipment until next week. ]---
Email me when Pjang @ timescolonist. com ---
More Wandering--Most-
Popular post: ICBC\'s intimidation strategy, using sticky notes and marker pens, and fear of enjoying credit cards at Victoria\'s restaurant, this is the advice of former swindlers: Do not buy things with debit cards, how to ride an eight-year electric bike through Vancouver with Compass Card
Help the bike almost every day, why is the updated dishwasher running for an amazing long time, most credit cards charge.
Currency exchange 5%;
Some people charge 0%, why spend $720 to buy a phone than 2-
One year contract trick to make it easier to apply for a passport do you know your Gulf islands?
Here is help memory 14 (of 200)
How do I queue up at the busy Victoria restaurant to keep it cool and close or open the windows of the house?
Why B. how to block unwanted text messagesC.
How to pronounce Ucluelet, Tsawwassen, and how outdoor gear can travel to and from Victoria and Vancouver on public transport---
Comments
Post a Comment