I will be traveling from Canada to Italy and wanted to know if it would be best for me to change most of my money here or wait to go to a location (bank, machine) in Italy. Which has the best rate of exchange? Deals?
Posted by
Tresana, Highlands Ranch, CO, USA
23301 posts
Just search a little bit on this site and you find hundreds of responses to this question. The cheapest and most convenient way to obtain local currency is always via debit card at a bank-owned ATM in country. Now, I generally buy a hundred euro (or saved from previous trip) at my local bank so that I have cash in pocket when I land. Others prefer to hit the first ATM in the airport. Either way works. Not familiar with Canada but in the US, you pay a premium around 10% to purchase euro locally so I pay ten buck to have a hundred euro in my pocket. For me it is worth it as it is one less thing to worry about on landing.
Posted by
Seattle
4637 posts
Most people generally agree that the best bet is ATM.
Posted by
Montreal, Quebec, Canada
8293 posts
"I will be traveling from Canada ...." If by any chance you live in or near Montreal, Globex offers pretty good rates, much better than a bank. We always buy 100 or so euros before we leave. There are several locations in the city. We use ATMs in Italy or wherever for euros after we arrive.
Posted by
Washington DC
27192 posts
What you definitely don't want to do is carry a large wad of Canadian (or US) dollars with you and use them to buy euros. Not only will it be costly, it's just not smart to have that much cash with you. As others have said, get money when you need it from an ATM.
Posted by
Ontario, Canada
4574 posts
If in a big city, I use a foreign exchange office to buy some currency - it can be a better exchange rate than the bank. Then I take out a maximum amount from an atm upon arrival. Taking out large amounts reduces the service fees of using the ATM.
If you want to use a credit card for most purchases, and if you have time, look at getting one of the very few credit cards that offer no foreign transaction fees. I got the Home Trust Preferred Visa which also has no annual fees and does a cash back system. There is now a Scotiabank and Rogers option, but don't know anything more than that.
Posted by
Houston
3519 posts
Unfortunately, most advice you will get here is related to the US banking system and its fees and from that viewpoint it is always best to get cash from an ATM at your destination.
I wish I could give you a better answer, but I don't know Canadian banking. Do all banks charge high foreign exchange fees when you use your cards outside Canada? Do they all charge ATM use fees in addition to the exchange? Do they charge the outrageous rates most US banks do to get foreign cash from your bank before leaving Canada?