Hi,
I have some Euros and Swiss francs (enough to use for a 3 week trip in Europe). I don't feel comfortable carrying all this money, so I'd like to deposit it. But, I don't want to convert it to Canadian dollars just to have the bank convert it back to Euros. I don't mind carrying it with me until I get to Europe, and then depositing it there. Any suggestions?
Posted by
Eastern Iowa, USA
7565 posts
I doubt you will be able to open any type of bank account once in Europe as a non-resident.
Not sure how you accumulated that much currency, but realistically, you will not need much hard cash, contactless card or device works better and more common, save for maybe Germany, and then only if you are off the tourist path.
I would securely stash several hundred in a money belt, some more in different places in my luggage and daybag, and leave the rest for another trip.
I assume you took a percentage hit getting the EUR and CHF, but would take another hit converting back to CAD. If you use a decent credit card or ATM in Europe, there really is not much additional cost.
Posted by
San Francisco
14518 posts
When the exchange rate reaches ca. $ 1.05 or even lower, to the Euro, I have exchanged one thousand Euro at BofA which entails no fee at all for the transaction, (waiting for that to happen right now) so that I can carry several hundred Euro in cash on the the next trip, almost all of it on my person. I have no concerns doing that using the hidden pocket, neck pouch, wallet, etc.
Left over Euro, I never reconvert, not interested in doing that and a total waste of time, I keep keep the amount liquid for the next trip.
Posted by
2353 posts
There may be banks in Canada that have Euro accounts but I'm pretty sure you won't have any access to those funds abroad.
I don't know a thing about Wise, maybe they have a way for you to deposit and withdraw Euro.
Posted by
Ontario, Canada
4873 posts
As mentioned, without an EU residence, you won't be able to open a bank account there. Depositing those funds into your Canadian account would be a money loser. As far as I can see, since you have already procured that cash, you're stuck with it until you can spend it in Europe. Not knowing how much you have, at the very least get a money belt/ neck wallet/ hidden pocket to wear under your clothes and keep it there when travelling. Hopefully your hotels have a room safe.
Posted by
OP
3 posts
Thank you for your quick replies! I suppose I'll look into the Wise account, otherwise, we'll just carry some of the cash as proposed. Thanks again!
Posted by
Atlanta, GA
162 posts
Could you fly with it (carefully) on your next trip and use it to pay cash for your first hotel stay? That's what I've done before to use up unneeded cash before flying home.
Posted by
Freedonia
15041 posts
Not sure how much you have but check the rules on declaring cash when going through customs in Europe and then back into Canada.
Posted by
OP
3 posts
Just found out that HSBC offers a Euro account with a debit card that can be used in Europe. Looks like I'll deposit most of the money in there, allowing me to use Interac wherever I go.
Thanks again for all your help. It is greatly appreciated!
Posted by
2353 posts
HSBC has been bought out by RBC - be sure to check whether or not that account will continue to be offered. Read page 42 of this PDF - reads to me that you may be out of luck.
https://www.rbc.com/hsbc-canada/pdf/product-service-guide-personal-en.pdf#H2_Tag6983
.
And just for clarity Interac is a Canadian Interbank system only.