Purchasing foreign currency

[Devo]

I am planning a trip to South America in August and need to purchase some currency. I usually just go to my local bank and pay them whatever they ask. Does anyone have any suggestions on exchangers that would provide a better rate? I am located in Manitoba.

Thanks in advance!

 

[visiting]

Here is who I use, they have places at airports in Canada and around the world..

http://www.travelexca.com/personal/default.asp


They have a place at the Winnipeg airport.... (204) 783-2286

 

[canuckscientist]

currency

Hey Devo - you likely wont find a better rate that what you would get from one of the big 5 Canadian banks. I often am buying or exchanging currencies because I travel a lot, and while going into your bank may not be as convenient as one of those exchange booths at the airport, you will definitely get a better rate. If you need a large amount, it may take the bank a day in order to fulfill your request. Have fun!

 

[visiting]

I agree with Canuck, but it all depends on your volume, depending on your volume you can negotiate a little, with either your bank or with the exchange counter, (by calling a couple of days before at the airport counters).

Sometimes it is better to buy travelers checks from the banks depending on the service fees. Also find out what your credit card charges you for your exchange rate, (normall is around 2%).... When you return to sell your Money back you will loose a few more points, so playing big amounts by Credit Card, is sometimes better. Just depends where your going.


Here is another site that may help you a little more...

http://www.oanda.com/cgi/convert/cheatsheet

 

[poonyman]

Currency Exchange

Devo,

1) You will never ever get a good exchange rate in any of the Latin Currencies here in Canada.

2) Carry USD with you , be it cash or TC's. You will get the best deal at Airports there or at local banks.

3) Your Bank will give you the best exchange rate to buy US Dollars.

4) Lastly someone suggeted to use Travelex at Winnipeg Airport, for Heavens sake do not EVER use that facility. They simply rape people. Compare their exchange rates on US Dollar (Including their commissions) today and you will see why.

As a fellow hobbyist I thought I will give you my advice.

 

[Maury Beniowski]

I second poonyman's advice. And, you can apply these principles for any destination. I would go even further now that the Canadian dollar has risen to 1970s levels. Bring your C$ with you. Most developing nations have street level currency traders, and they will always beat the local banks. However, if you only feel safe working with the banks, their rates will best Canadian bank rates.

The value of a currency on the street is a balance between banks, legit currency traders and the all-important black market. Foreign "hard" currencies are worth more to them as they represent "hard" cash against their weak and hard to trade equivalents. The Canadian dollar is a "hard" currency - it's backed up by a strong resource based economy; something that is in high demand anytime by powerful nations that are starved for this. Try to buy Brazilian Reals in SE Asia, and you'll understand the meaning of portable currencies - you won't find them anywhere, unlike C$, which can be traded both ways. Canadian dollars, like their US counterparts are highly prized and valued in all countries.

Stay away from the airport boys; they pay high rents which they pass on to you...

Keep an eye on this site: http://www.x-rates.com/d/CAD/table.html