I'm assuming that an ATM directly associated with a bank will not pay out the full exchange rate. What about any "general" ATM's (ideally, would have no or a low transaction fee).
2007-07-27 16:03:38 · 5 answers · asked by joie_du_cor 3 in Travel ➔ Canada ➔ Montreal
Any actual bank machine will give the same rate of exchange +1.5%
Privately owned atm's will charge unreal fees.
2007-07-28 01:37:09 · answer #1 · answered by Anonymous · 1⤊ 1⤋
I'd have the opposite assumption. I use bank machines a lot when going to the US from Canada. I have notice though that ATM's are the best place for a good exchange rate. However, never noticed much difference in the exchange from ATM to ATM.. But it is difficult to tell, as it is just as much a variable of exchange from day to day. This week is a good example. Both dollars have been changing excessively.
So it ends up being the fees that costs you. Your strategy is to avoid layers of fees. The minimum is your bank fee, and a Canadian bank fee. But if you add in an independent ATM machine, that's a third fee. AND you pay for the convenience. The worst ATM fees are at bars and corner stores where they know you might be willing to pay for getting money now. The worst I have seen is in a US bar that actually charged a 10% ATM fee! Banks in Canada are already on notice about ATM fees, they aren't getting anywhere near a 10% charge. Actually, I don't think they would try a percentage, they all have flat fees. Those convenient ones might also be renting the space for the ATM. So the cheapest is a bank ATM, at a bank. They are already paying for the actual bank there, doesn't cost them extra rent. It isn't a convenience fee. They are just as happy you use the ATM and it cuts down on line ups at the teller.
2007-07-27 18:12:30 · answer #2 · answered by JuanB 7 · 2⤊ 3⤋
JuanB
You are so far off the mark its unbelievable. When did you go to Canada - 1960 or something.
I just got back from Canada.
Just walk in to any "bank" and use the machine.
Or use your credit card.
Dont use money mart up in Canada, just use your bank card and pay interac when ever you can.
2007-07-28 23:49:25 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Why not take Amex traveller's cheques in Canadian currency or bring cash and go to foreign exchange bureau, there are TONS in downtown Montreal.
http://www.calforex.com/index.php
2007-07-27 19:23:03 · answer #4 · answered by Sly 4 · 0⤊ 2⤋
Gee...
Does Juan work for a bank or something, lol?!?
2007-07-27 18:47:07 · answer #5 · answered by Lolita 5 · 2⤊ 0⤋