Purchasing foreign currency

[Dev0]

I have been checking out the thread regarding the exchange rate and have a question regarding purchasing foreign currency. I am planning a trip to South America in August and need to purchase some currency. I usually just go to my local bank and pay them whatever they ask. Does anyone have any suggestions on exchangers that would provide a better rate? I am located in Manitoba.

Thanks in advance!

 

[Papi Chulo]

been to SA many times... I take around $100 US (to pay for food, taxis while travelling & upon arrival), and use local ATMs in SA to get the best rates. I also find good exchange rates when making purchases abroad on credit card

rememeber to carry a photocopy of your passport with you at all times


Which country are you going to?

 

[fearnoevil2005]

There are many places that offer competitive rates (usually beats the banks), like Money Mart, etc. Yellow Pages should have 2-3 pages of these busineses listed.

 

[Papi Chulo]

There are many places that offer competitive rates (usually beats the banks), like Money Mart, etc. Yellow Pages should have 2-3 pages of these busineses listed.

2-3 pages in Manitoba?... you are funny!

You do not get the anywhere near the best rate on South American currencies when exchanging in Canada, especially at places like Money Mart

 

[fearnoevil2005]

2-3 pages in Manitoba?... you are funny!

You do not get the anywhere near the best rate on South American currencies when exchanging in Canada, especially at places like Money Mart

As I've said, they usually beat the banks.

 

[Papi Chulo]

As I've said, they usually beat the banks.

I bet you would also recommend Money Mart for loans as well.

Again, based on many years travelling to SA, using ATMs in foreign countries provide the best rates. It is a different rate than the banks use if you walk in and exchange currency at the counter... and you do not have to carry any large quantitiy of money.


http://www.poorbuthappy.com/colombia/node/18294

 

[tboy]

While I've never experienced it anywhere else other than Mexico and the US (as stated) you do get the best rates at ATMs because they don't take ANY percentage other than the current rate. Most banks/currency exchanges charge you one or two points as a commission on the exchange.

The ones at airports are complete ripoffs...they give you like 5% less than even the banks. NEVER use them.....(they're for suckers just off the plane)

 

[Why Not?]

Again, based on many years travelling to SA, using ATMs in foreign countries provide the best rates. It is a different rate than the banks use if you walk in and exchange currency at the counter... and you do not have to carry any large quantitiy of money.

I travel extensively in Asia and South America. I am using ATM's exclusively now. The exchange is handled by your bank's head office at a competetive rate. It comes straight out of your bank account. Easy, simple and cheap. It even works in China.

The only country I've been to where this is not universally available is Brazil. Here there are only a few banks on Cirrus. But, you can still find them.

 

[fuji]

I also find good exchange rates when making purchases abroad on credit card

You must be joking. Most credit cards absolutely soak you on foreign exchange.

 

[whynotme]

i always take usd with me and then exchange when needed. if i run short i always use the atm machines better rates better service and no language problems lol

 

[Haywood]

If you are going to Brazil, I think HSBC has branches there. Otherwise I only found Brazilian banks (well, in Rio anyway). As one poster stated most of these banks are not linked to Cirrus. Only one I found is Bradesco. I was charged a 3% fee by my 2 banks when using ATM so it is not that cheap (they are US banks)

In most bigger SA cities you will find "cambios" (money exchange). Many times these have fairly competitive rates. The cambios are uaually located in travel agencis. In rio they are all over.

 

[emvee]

If you are going to Brazil, I think HSBC has branches there. Otherwise I only found Brazilian banks (well, in Rio anyway). As one poster stated most of these banks are not linked to Cirrus. Only one I found is Bradesco. I was charged a 3% fee by my 2 banks when using ATM so it is not that cheap (they are US banks)

Each trip I've made to Brazil, I try to see if the situation has imprioved but I end up looking for HSBC - it's the only one that works reliably.

If you fly into Sao Paulo Guarulhos, just past customs there is a wall with ATMs for just about every bank in Brazil.

Tip: Never take out a round number - for example, if you want 500, take 490 or whatever it allows so you get small bills. A number of times in Latin America I've got bills from an ATM that even high end restaurants had trouble changing.

 

[toronto04]

ATMs for sure

I've been to Brazil, Argentina, Chile and Peru and always used ATMs. No need to carry large amount of cash with you when ATMs are everywhere and give good rates.

Would rec against using CC except at major hotels.

 

[Meister]

Unless you take more than 500 dollars it's not worth the hassle to shop for rates. But, if you are exchanging a big chunk go to somebody like Friedberg or Cambridge Mercantile. If that is not available in Manitoba look for places that deal in commodities or gold, they sometimes handle currencies also.