Travel

Cheapest way to Exchange Currency?

  • Last Updated:
  • Sep 13th, 2017 10:47 am
[OP]
Deal Addict
Jul 26, 2012
1356 posts
84 upvotes

Cheapest way to Exchange Currency?

This might be a long question but can someone help me with these questions? I don't travel very often but i do browse the travel forum a lot.

If I am heading to shanghai, Would it be cheaper to exchange cad currency here in Canada at the Bank of China or exchange it when I am in shanghai at an ATM?
2. I also have about 5,000 USD. Would it be a better rate to exchange usd or cad, or does it not matter?
3. Does it matter if I exchange currency with an ATM at an airport or someplace local in china?
4. I bank with tangerine, Scotia, Rbc, Bank of china and TD, which one would be the best for exchanging at an atm in china?
5. I also have interactive brokers. Not sure how many of you guys will be familiar with it, but would I be able to exchange the currency online and pick up the cash in person some how?

Thank you for taking the time to read/answer these questions!
3 replies
Newbie
User avatar
Jun 4, 2017
90 posts
3 upvotes
Whenever I travel to a new country.. I order the bills from rbc and carry my VISA on the trip just In case. It's better to just check with all your banks to see who offers better rates because I am personally against changing currency in the actual country where you would spend it. Always be prepared. Safe Travels!
Deal Expert
Feb 7, 2017
23486 posts
22441 upvotes
Eastern Ontario
We too exchange some money here in Canada before leaving (although our primary destinations being the USA & the Caribbean... All our exchanges are for US Currency). Agree with @Jagmin always want to start out my vacation in country, with a least some currency on hand... knowing that Airport Exchange Kiosks can be some of the worst rip offs on Exchange Rates & Fees.

After that, we pack along our Credit Cards & Bank Cards and use those as needed... Just topping up our cash by ATM.

So seeing as you have so many Banks to choose from, I'd just shop around for the best rate.

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