Comments on: The Best Currency Exchange Options For Travellers

By: Cristian

Cristian — Fri, 09 Jul 2021 18:10:14 +0000

The best forex rate I know, especially for large amounts, is with Interactive Brokers. It costs about 18 CAD to convert 1 million CAD into Euros. So that a rate of, what? 0.0018% instead of the 2.5% a bank charges. Even the online exchange companies pale in comparison, their rate is around 0.5%.

By: Barry Choi

Barry Choi — Tue, 06 Jul 2021 19:08:12 +0000

In reply to Mike. Mike, The Scotiabank card is definitely reliable.

By: Barry Choi

Barry Choi — Tue, 06 Jul 2021 19:07:30 +0000

In reply to Deborah. Hey Deborah, Yes, I also took advantage of the no foreign ATM fees with my TD all-inclusive account. Before no foreign transaction credit cards were a thing, I almost always used debit. The Scotiabank Passport Visa Infinite card is excellent since it has so many great perks.

By: Mike

Mike — Tue, 06 Jul 2021 16:45:05 +0000

We have a Scotia Passport Visa Infinite card (no forex fees) and it works everywhere we’ve taken it. I also recently used OFX (best rates, better than Knightsbridge) to convert USD cash back to CAD and transfer the funds from my CIBC USD account to my CIBC CAD account, both of which are set up at Canadian CIBC branches. I’m pretty sure it would work in reverse. So you don’t need to move the money across the border in the case of USD.

By: Deborah

Deborah — Tue, 06 Jul 2021 11:18:29 +0000

In reply to Barry Choi. I agree about HSBC. I bank with TD and my banking plan allows for withdrawals without an ATM surcharge. I use the Visa ATM locator in advance to find out if there are ATMs in the Plus network in the airport and near where I will be. I also figure out how I am getting from the airport to determine if I will need cash immediately or not. Eg. metro or train tickets can be bought with credit card. Depending on the country, if credit cards are widely accepted I take out only $50 or $100. Watch out for ATM surcharges from the local bank though, they should be stated on the machine before you finalize the transaction. In Euro zone I take out more and keep it from trip to trip, but in countries with their own currency I use it up or donate to charity in the airport. For credit card I use the Scotia Passport Visa which doesn't charge the 2.5%.

By: Cindy Wright

Cindy Wright — Fri, 01 May 2020 23:34:36 +0000

In reply to Slim. Hi Slim, if you are looking for US Dollars and Mexican Pesos, I recommend you a company doing currency exchange called Currency Mart, they offer very good rates, and if you are buying from their Toronto branch there is no service fee. I usually buy Euro and Pounds from them for my business trips.

By: Barry Choi

Barry Choi — Sat, 11 Jan 2020 16:03:22 +0000

In reply to Slim.

Hi Slim,

When it comes to US dollars, most banks have a pretty decent rate. If you want Mexican Pesos, you’d likely have to go to an exchange office.

For getting cash abroad use your bank’s debit card or the STACK mastercard. Don’t use the Rogers Mastercard at ATMs as that would be considered a cash advance and you’d pay 22%+ interest

By: Slim

Slim — Sat, 11 Jan 2020 15:33:18 +0000

My issue is where in Canada is it best to Buy US dollars ,or Mexican Pesos in Cash?
The discussion is about ATM machines and use abroad.
Rogers Mastercard reduces charges when used abroad but how doe it affect to withdraw Cash on it.

By: Claudia

Claudia — Sun, 03 Feb 2019 05:30:14 +0000

In reply to Barry Choi. Thanks! I will keep it in mind for next trip!

By: Barry Choi

Barry Choi — Wed, 30 Jan 2019 19:23:44 +0000

In reply to Claudia. Hi Claudia, I've just discovered an even cheaper way to get cash while abroad now. STACK is a prepaid Mastercard that doesn't charge any fees. I've updated the post if you want to read more about it.