My friend from canada is planning on visiting for a month or two, how would he get his money exchanged and how much charge would it be.?
2006-11-24 10:03:17 · 10 answers · asked by riptownemochic 2 in Business & Finance ➔ Personal Finance
This is not difficult people...tell him to go to his local bank: CIBC, Royal, TD Trust, Bank of Montreal, or Scotiabank -- one of the big 5. They ALL deal in US dollars -- both cash exchange and maintaining US dollar accounts.
This is so straight forward. And...there shouldn't be a charge to change cash from Cdn. to US -- there are charges to cash a US dollar cheque, for example -- but cash is cash. Now...if he were dealing with Euros or something, there might be a charge as banks do not carry that on hand in the branch. But each branch has a stash of US cash in their vaults.
Depending on the amount of money we're talking here, he may want to buy US dollar travellers cheques. At least if they're lost or stolen, they're replaceable. Cash of course is not. He can also use his Canadian-issued Visa or MasterCard in the US if he's old enuf to have one...
2006-11-24 10:57:11 · answer #1 · answered by Mary C 3 · 1⤊ 0⤋
Check exchange rates at a few banks, both in Canada and in the US. Pretty much everybody charges what's essentially a fee - but often it's just buried in the exchange rate - there's a difference between the "buy" and "sell" rate.
2006-11-24 10:36:44 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
Not every bank does foreign currency exchange. Many banks will do it for free even if you don't have an account. Just call around and see where you can go. Definitely don't got to a currency exchange in a mall. That's all they do to make money, so they'll try to get a big percentage.
2006-11-24 10:12:01 · answer #3 · answered by candy 2 · 1⤊ 0⤋
Keep an eye on the exchange rates, and do the exchange when it's most advantageous to you. Try to wait until the dollars are at parity, or even better when the USD is more powerful than the CAD.
2016-03-29 07:53:42 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Just change it with an American going to Canada.
2006-11-24 10:06:00 · answer #5 · answered by So_Hot_An_Ice 2 · 0⤊ 2⤋
He should check with his local bank first. They may do if for free or be able to advise him as to the best way to do it.
You can also check with your local bank to see if the service is available.
2006-11-24 10:06:01 · answer #6 · answered by bionicbookworm 5 · 0⤊ 0⤋
any bank will do it. Watch out for money changers in malls as they charge a BIG fee.
2006-11-24 10:09:07 · answer #7 · answered by Anonymous · 1⤊ 0⤋
in large city's American express service centers change rate isn't good
2006-11-24 11:34:43 · answer #8 · answered by moonwalker 3 · 1⤊ 0⤋
In Citibank, he could!
Bye!
2006-11-24 10:17:05 · answer #9 · answered by Anonymous · 1⤊ 0⤋
go to the bank ( :
2006-11-24 10:12:43 · answer #10 · answered by sk8rgrl02631 2 · 1⤊ 0⤋