How are Canadians getting money when traveling?
I don't suppose traveler's cheques are used much. So its ATM's. Do most people let the bank do the conversion (is it usually the local bank or traveler's Canadian bank?) or do they opt for Canadian or US cash then shop around for the best cash conversion rate? I found when traveling long ago that in most countries it was unwise to use Canadian cash as it get a much worse conversion rate than the comparative American. It was hugely different, sometimes over 10%. So say they were trading at par, both worth the same, they may give only 90% for the Canadian. It was surprising to see but that's just the problem when you're in an area without a lot of Canadians so they don't want the currency.
A lot of Americans enjoy using a strong, popular currency and many US banks don't charge ATM fees for international withdrawals.
But here in Canada our US$ bank accounts usually are strangled with restrictions. It would be nice to find one that didn't charge for foreign US$ withdrawals. Wondering if anyone has found one? Its nice to be able to get cash just when you need it so you never have much on you in case its stolen.
And what about crypto? Can you convert it at good rates in less widely traded currencies? Like Nicaragua, Costa Rica or Colombia? The Mexican Peso should have reasonably good volume.
A lot of Americans enjoy using a strong, popular currency and many US banks don't charge ATM fees for international withdrawals.
But here in Canada our US$ bank accounts usually are strangled with restrictions. It would be nice to find one that didn't charge for foreign US$ withdrawals. Wondering if anyone has found one? Its nice to be able to get cash just when you need it so you never have much on you in case its stolen.
And what about crypto? Can you convert it at good rates in less widely traded currencies? Like Nicaragua, Costa Rica or Colombia? The Mexican Peso should have reasonably good volume.
Last edited by MichaelZZZ on Nov 23rd, 2020 1:14 pm, edited 1 time in total.