Is it cheaper to get Canadian dollars in the USA or in UK

wall_undy

I am travelling to NW USA and Canada for holiday - is it cheaper to buy Canadian dollars when I arrive in USA or is it better to buy in UK before I go - which exchange rate gives a better deal - UK to Can dollar or US dollar to Can dollar?

rapido

. .

stevie11

or possibly sterling to Can $ when you get to Canada.

rapido

. .

dzug1

wall_undy wrote: »

I am travelling to NW USA and Canada for holiday - is it cheaper to buy Canadian dollars when I arrive in USA or is it better to buy in UK before I go - which exchange rate gives a better deal - UK to Can dollar or US dollar to Can dollar?

As far as exchange rates go, it should not make the slightest difference. Currency speculators ensure that any slight discrepancies are ironed out very quickly.

It's the fees and loadings that are added to those exchange rates that will make the difference. My guess is that getting them from the right outfit here would be better. America in general is not set up to make currency exchange cheap or easy.

More generally, getting your currency from an ATM using a debit card - particularly the right debit card - is usually better than changing cash. And the better of the prepaid cards are good value.

withabix

In practice you will actually get the best rate out of a cash machine in Canada, whatever card you use!

I bank with Barclays and use Scotiabank cashpoints in Canada - they have a relationship which results in the total fee being 2.75% and the exchange rate you get is Visa's daily fix of the interbank rate.

Always better than any tourist exchange rate.

I wouldn't recommend changing £ to $CAD in Canada - it is after all a country who's financial system charges you a fee for EVERYTHING, so this is likely to be a bad deal.

stevie11

rapido wrote: »

In practice one will get a much better rate in the UK.

Most bureaux in Canada will give good rates for US$ and bad rates for everything else.

-rapido

I travel to ontario one or twice yearly and have used a bureaux exchange in a local mall and have changed sterling and have been pleasantly surprised that the rates were better than the UK high street rates (when I left the UK). Now I only use them to change small amounts, up to £100 if I am getting short but I suppose it depends show much the OP needs to change. I would imagine that the bureaux exchanges in the middle of tourists areas may give a a worse rate.

For the majority of my travel money I mainly use Crown Currency Exchange, they have the best rates IMO but there is a minimum value order. I would definately recommend them.

Pelican_eats_pigeon

UK high street rates are some of the least competitive in the world. I always change money abroad. Always. A quick bit of research showed one of the mainstream high street *banks* in Canada offering around 1.529. This is cheaper than cards that load 2.75% on the visa rate of 1.556, unless I've cocked up the maths. And private bureaux are likely to be even more competitive.

rapido

. .