Should I exchange my Canadian $ at home or when I arrive in the US??

Question

What will give me the better exchange rate???

Answer 1

You will get more or less the same exchange rate either way.

You will get the best interbank exchange rate when buying foreign currency with either ATM cards or credit cards, which will usually be 2 - 7 percent better than rates you will get when exchanging cash or traveler's checks. Try to use credit cards whenever possible for large purchases such as hotel bills, tickets and car rentals. However, a recent trend among credit card companies to add fees for transactions made in foreign currencies could undermine this tactic.

You will usually get the best exchange rates at banks, post offices and American Express offices (particularly if using their checks). Avoid the change bureaus you see everywhere in the touristy areas. They usually have the worst rates. Wherever you go, read the posted exchange rates carefully, and ask for the net rate after commissions. Some commissions are charged on a per-item basis on each transaction, others on a percentage basis. To lure customers, some money changers will post the sell rate for U.S. dollars rather than the buy rate (which is what you will want if you are exchanging U.S. dollars into foreign currency). Another popular tactic is to list a great rate that is only available for very large quantities of money (thousands or hundreds of thousands of dollars). You usually will not run into this problem at reputable banks or government-run post offices.

Finally, be very wary of black market exchanges, which often result in you being scammed out of the money you are owed.

Answer 2

It's always a guessing game trying to figure out what the rates are going to be - when travelling, it's usually easier to use a debit card or a credit card and pay the bill when you get home. You will pay a fee at the bank when you exchange American money for Canadian - and you will pay a fee when you change Canadian money back to American when youa re home again, so it's really more convenient to put it on a credit card.

Answer 3

We always wait until we arrive at our destination to change money. ATMs are at all the airports and almost everywhere and they will give you the best rates. Use credit cards for hotels, meals and etc. Check with your different cards.... some charge a larger exchange fee than others and 1 or 2 percent can add up!

Happy travels!
http://www.mousetourstravels.com/money.html