Converting one foreign currency to another

Stardustjunkie

Does anyone know of a currency exchange that allows you to convert from one foreign currency to another (in this case, Canadian Dollars to Hungarian Forint) without converting to £GBP first, please?

Canadian holiday repeatedly cancelled during Covid and now due to pregnancy we’ve decided to go to Budapest for a few days instead. If my maths is correct, we’d lose less converting directly to Forint.

Thanks! 

SiliconChip

I don't know if it's possible in the UK but couldn't you just take your stock of CAD with you to Budapest and change it into HUF there?

Stardustjunkie

SiliconChip said:

I don't know if it's possible in the UK but couldn't you just take your stock of CAD with you to Budapest and change it into HUF there?

I honestly have no idea, it’s not something I’ve ever tried to do abroad, I always take currency with me. I’ll do some more googling! Thanks. 

eDicky

In my experience money changers worldwide will always convert the currency you have to the national currency before converting it to a different currency, so involving a double conversion. This certainty applies to any UK bureau. As mentioned, exchange your CAD in Hungary. It's usually best to exchange cash in your destination country anyway, compared to rates normally offered in UK.

Instead of the hassle and cost of exchanging cash in general, I suggest you consider the use of fee-free 'travel' debit or credit cards in future, ideal rates without fees - see the MSE advice articles.

bagand96

As above. If you change in the UK they will convert CAD - > GBP and then GBP - > HUF. So you'll get hit twice with the exchange rates in the FX's favour.

I'd also try taking the CAD to Hungary and see if you can change there for an acceptable rate. 

tightauldgit

Yep if you do it in the UK you'll have to do two exchanges via GBP so just take the CAD to Hungary and exchange directly there. Any bank with a foreign currency counter should be able to do it. 

Stardustjunkie

Thanks everyone, appreciate the advice! We’ll take it to Hungary and hopefully convert it 😊

NoodleDoodleMan

Perhaps you could get a "user friendly" Canadian bank card and use it at Hungarian ATMs which don't charge a fee for currency withdrawals  ?

https://www.travelwrite.guru/2019/07/30/avoid-paying-atm-fees-hungary/

Are any of the five listed below in the fee free list available to Canadian residents ?

https://www.nerdwallet.com/article/banking/foreign-atm-and-debit-card-transaction-fees-by-bank

SiliconChip

NoodleDoodleMan said:

Perhaps you could get a "user friendly" Canadian bank card and use it at Hungarian ATMs which don't charge a fee for currency withdrawals  ?

https://www.travelwrite.guru/2019/07/30/avoid-paying-atm-fees-hungary/

Are any of the five listed below in the fee free list available to Canadian residents ?

https://www.nerdwallet.com/article/banking/foreign-atm-and-debit-card-transaction-fees-by-bank

I think you need to re-read the thread, the OP is (probably) not a Canadian resident but was intending to take a holiday in Canada, and already has a stash of Canadian dollar notes, so nothing you've suggested would appear to be relevant.

CKhalvashi

Just as an aside, I'm not sure on the best place in Budapest to change, but be very careful.

Honest Guide (who is from Prague) channel on Youtube has documented in great detail the issues with currency exchanges. Never change on the street and be very careful of banknotes (making sure they do not have cyrillic letters on them anyway), as they may be expired Belarusian Rubles. This is a big problem both in Czechia and in Hungary for tourists.

The video was titled something like 'How I became a millionaire' and I'll try to find it once I've finished writing the e-mails I'm writing now

Edit: It's here https://www.youtube.com/watch?v=C2XiqWudKSI

NoodleDoodleMan

SiliconChip said:

NoodleDoodleMan said:

Perhaps you could get a "user friendly" Canadian bank card and use it at Hungarian ATMs which don't charge a fee for currency withdrawals  ?

https://www.travelwrite.guru/2019/07/30/avoid-paying-atm-fees-hungary/

Are any of the five listed below in the fee free list available to Canadian residents ?

https://www.nerdwallet.com/article/banking/foreign-atm-and-debit-card-transaction-fees-by-bank

I think you need to re-read the thread, the OP is (probably) not a Canadian resident but was intending to take a holiday in Canada, and already has a stash of Canadian dollar notes, so nothing you've suggested would appear to be relevant.

Yes, I assumed he was Canadian.