Travel

Best way to exchange for Euros?

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  • Jun 27th, 2017 9:58 am
[OP]
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Aug 25, 2005
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Best way to exchange for Euros?

Will be going on a trip to Spain/Italy in the near future.

What's the most cost effective way to get some Euros? I can exchange either CAD or USD.
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Oct 8, 2006
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Are you hoping to convert the cash here or over seas? It is usually a better exchange rate over there.

Options are also putting it on your credit card and doing a cash advance for 1% (min $5) and no fees if using Chase or equivalent no forex fee card.

I always find USD give better exchange rates then CAD. However, if you're exchanging CAD to USD and then to Euros, you will most likely lose money due to exchange fees.
[OP]
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I have both USD and CAD right now. Do you usually go to the bank in Europe to exchange or find a money exchange place?
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killoverme wrote:
Feb 22nd, 2017 4:06 pm

Options are also putting it on your credit card and doing a cash advance for 1% (min $5) and no fees if using Chase or equivalent no forex fee card.
^This. Been doing this for the last three years in Europe. Works great.
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Mar 26, 2016
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The bank.. unless you're exchanging tens of thousands...It really doesn't make that much of a difference
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BenK wrote:
Feb 22nd, 2017 1:55 pm
Will be going on a trip to Spain/Italy in the near future.

What's the most cost effective way to get some Euros? I can exchange either CAD or USD.
Hi OP,

Generally the best-rate 'easy' thing to do is to reserve currency online from the exchange at your airport (for example ICE or Travelex). If you order online before going to the airport, they'll give you a better rate than banks because they know you're shopping around. And of course it will be far better than just walking up to the counter at the currency exchange place.

http://www.travelex.ca/

http://www.ice-canada.ca/

The credit card trick others have mentioned worked well, but I don't recommend the 'wait till you get there' because typically that's only better when you compare walk-up rates here with walk-up rates there, all of which are terrible.
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I always buy my currency at Money World Exchange.
Right now the cost to purchase Euro is 1.417101 Cad, which you can see on their website.

I just purchased some Icelandic Kronur from there last week (phew, just before the rates started skyrocketing)! And just a couple of months ago, I purchased pounds from there.
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[OP]
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thanks all. I think I'll give the credit card trick a try since I have the Chase Amazon card anyway. So my understanding is I should:

1. overpay the card so that I have a credit balance.
2. withdraw at any ATM that accepts VISA, but don't exceed my credit balance (after the 1% surcharge).

this way I don't incur any interest on the amount I've withdraw (cash advanced).

Correct?
Thanks RFD for:

-Koodo $48 MB Plan 5GB
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Raggie wrote:
Feb 22nd, 2017 9:53 pm
I always buy my currency at Money World Exchange.
Right now the cost to purchase Euro is 1.417101 Cad, which you can see on their website.
The rate at TD Canada Trust right now is 1.00 EUR = 1.4142 CAD - that's 29¢ per 100€ savings! Enough to buy 1/10th a cup of coffee in Europe :)
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Psychopathetic wrote:
Feb 23rd, 2017 12:58 pm
The rate at TD Canada Trust right now is 1.00 EUR = 1.4142 CAD - that's 29¢ per 100€ savings! Enough to buy 1/10th a cup of coffee in Europe :)
I never buy currency at the bank anymore because it always ends up costing more with all the extra fees.

BTW, currency rates fluctuate every minute throughout the day, so you can't really compare the rate you posted now, against the rate I posted yesterday. (Anyhow, 1.413855 is the rate currently where I buy money. TD is 1.4467 to purchase).
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Psychopathetic wrote:
Feb 23rd, 2017 12:58 pm
The rate at TD Canada Trust right now is 1.00 EUR = 1.4142 CAD - that's 29¢ per 100€ savings! Enough to buy 1/10th a cup of coffee in Europe :)
At 1.4467 now.
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Raggie wrote:
Feb 23rd, 2017 1:13 pm
BTW, currency rates fluctuate every minute throughout the day
I am aware of that - but what I temporarily forgot is that I get preferred rates at the bank - and for that - my bad.
OP should give your recommendation a try.
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Jul 14, 2006
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Last time I went overseas I bought a bit of each currency (I was visiting 4 different countries) here before I left (at big-bank staff rates), and took a bunch of US cash with me. What I found was the exchange rate overseas was still noticeably better than what I paid here, even at the hotel desk or airport FX booths. So my suggestion is to buy overseas whenever possible.
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How does the exchange rate change when you go over seas? Or are you talking about the fees being lower

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