Exchange for a Canadian

[xipetotec]

So I did do a search through existing threads. There ARE discussions on the subject.

But what have people found to be the definitive best deal on currency exchange? I'm not looking to get a US account or Credit Card. I don't think we travel enough for that. I *like* the idea of using an ATM once there to just get cash from there ( rather than carry a bunch of cash ) but I'm afraid of what that will incur. From what I can tell, my TD account will charge me 3$ a pop for this. ( which ultimately, if I take out all my cash once there, might not be "so" bad ).

What about Exchange office vs Banks? General experience with going rates/fees?

 

[gilsan]

According to TD's website there are no fees if you use a TD bank in the USA they have some in the Orlando.

Amazon also offers a credit care with no foreign currency transaction fees.

 

[xipetotec]

According to TD's website there are no fees if you use a TD bank in the USA they have some in the Orlando.

Amazon also offers a credit care with no foreign currency transaction fees.

Well, we are taking Magical Express and not leaving property... So that might be hard ... If I use an ATM, it will either be AT the airport, or inside my resort ( which I've done in the past with no problem. but now I don't really remember what the fees/exchange were like )

 

[cdnSpinalTap]

So I did do a search through existing threads. There ARE discussions on the subject.

But what have people found to be the definitive best deal on currency exchange? I'm not looking to get a US account or Credit Card. I don't think we travel enough for that. I *like* the idea of using an ATM once there to just get cash from there ( rather than carry a bunch of cash ) but I'm afraid of what that will incur. From what I can tell, my TD account will charge me 3$ a pop for this. ( which ultimately, if I take out all my cash once there, might not be "so" bad ).

What about Exchange office vs Banks? General experience with going rates/fees?

Hi xipetotec,

Although I cannot tell you where you can get the best rate, I can tell you what I do to hedge my position as much as I can. Believe it or not, the banks do have some flexibility on the rate they will give you for exchange - usually this is reserved for larger transactions, but if you have a good relationship with your bank manager you can sometimes get the preferred rate.

What I do every year is purchase American Express travellers cheques. I do this for a few reasons. The first is that the exchange rate then becomes a known quantity and you are not subject to fluctuations while you are down there. Second, you get the benefits of not carrying cash in terms of lost or stolen travellers cheques (I actually photocopy them before I go down and email them to myself in case I lose them). Third, you are not looking around for ATM's or paying ATM fees. Fourth, and best of all, AMEX travellers cheques are accepted EVERYWHERE on property. What I do though is use my Magic Band for all purchases and then just make my way down to the lobby every couple of days to pay down my room account with the traveller's cheques.

If you need cash, you can cash up to $200 at a time in the lobby of your Disney hotel. Just a heads up, if you are looking for a large quantity of travellers cheques (say north of $1000) you may want to give your bank a heads up so they have them on hand when you are ready to purchase them. Also, since the transactions with travellers cheques are so easy at Disney, I just do $100 increments - saves time at the bank for purchasing, signing, etc.

 

[Gigi22]

Agreed with CdnSpinalTap. They are old fashioned, but they work. My TA has suggested going to a prepaid Visa, not sure how that would work with US$.

 

[bankr63]

So I did do a search through existing threads. There ARE discussions on the subject.

But what have people found to be the definitive best deal on currency exchange? I'm not looking to get a US account or Credit Card. I don't think we travel enough for that. I *like* the idea of using an ATM once there to just get cash from there ( rather than carry a bunch of cash ) but I'm afraid of what that will incur. From what I can tell, my TD account will charge me 3$ a pop for this. ( which ultimately, if I take out all my cash once there, might not be "so" bad ).

What about Exchange office vs Banks? General experience with going rates/fees?

Not too clear here on what you are trying to minimize, forex fees, forex rates, or bank fees.

Just about every institution this side of the border uses the Bank of Canada rates at the time of transaction; that is banks and credit card companies (not sure about the exchange booths, they always seem higher to me, and since they display a spread, they must be changing the rate). There really isn't any way to game this, other than trying to time the rates, and avoiding those who don't charge current rates.

Most institutions (banks and credit cards) charge the same 2.5% fee for exchange. As a pp posted you might be able to negotiate this with your bank. You can also avoid this by using a handful of no forex credit cards. A third option that Ted in Halifax uses is buying US dollars from tourist vendors at home. You are saving THEM the 2.5% if you buy the dollars at the going rate. Note that you still pay the bank the forex fee when purchasing TC's.

If you want to avoid bank fees, use a TD card at a US TD ATM (no fee); at a trusted bank ATM (like the SunTrust machines at Disney), about $3 extra per transaction; or at a "no-name" commercial ATM for fees that can hit the stratosphere.

When travelling in the US I put everything I can on my no forex Visa (amazon.ca card) and pay off as soon as I get home. This money only costs me the exchange on the transactions. Most trips I make one stop at an ATM, preferrably TD, and take out a bit of walking around money; enough for tipping etc on the trip - usually $100-200. That costs me the current exchange, plus 2.5% plus any ATM fee (usually $0). I keep the leftover cash tucked in my passport until the next trip so I have some cash to get started.

One warning: take the cash out of your passport before handing to the border services agent; you don't want them to think it's a bribe...

 

[Canadian Girl]

The Sears MasterCard is free and has a no fee currency exchange rate, so straight exchange. We always use ours for Disney expenses and have to exchange far less money. We just pay off the card once we get home. They also give you a $10.00 gift card for every thousand you spend. I think banks and Visa usually charge about 2.5 as a service charge for exchange so the MasterCard is a great deal.

 

[allykat73]

The Sears MasterCard is free and has a no fee currency exchange rate, so straight exchange. We always use ours for Disney expenses and have to exchange far less money. We just pay off the card once we get home. They also give you a $10.00 gift card for every thousand you spend. I think banks and Visa usually charge about 2.5 as a service charge for exchange so the MasterCard is a great deal.

I have the Sears Mastercard too. Love it.

Sent from my iPhone using DISBoards

 

[bankr63]

Actually I'm kind of bummed at TD right now. I actually don't have enough "mad money" for our next trip down in 3 weeks, so I went on line to order some US. The posted rates show a spread of 5.84 between buy and sell, so TD is actually charging closer to 3% now than their customary 2.5%.

 

[GrtWtNorth]

After a few trips of coming home with much more US$ than I needed, I decided that the best deal for me was to exchange as little as possible, and just pay the 2.5-3% that my credit cards charged. As long as I have $40-200 US cash available, that's enough for me and my family to leave Canada without worry. When it dips below $40, I go to a bank machine and get another $200, knowing I'm going to pay about $5 in fees above and beyond the exchange costs. I make these cash withdrawls about once every 3-4 trips.