Isabella36

Hi,

I want to exchange some Cdn. money for the Euro before leaving on my trip and would like to know whether the bank or in-store exchange booth would have the best exchange rate. Some people say that the bank doesn't give a great exchange and others have told me to exchange my money in Europe (but only if it's U.S. dollars because they get a better exchange). Is this true?

I want to exchange some money before I go but will be bringing my VISA and/or MC. However, I read on-line that with Capital One does not charge an service fee so I was considering getting a credit card through them although there seems to be some mixed reviews about this.

What do you think?

How much would you suggest I exchange before I leave? I will be traveling for 3 months (Italy and France but mostly in Italy).

Thanks.

Christina

I don't know how Canadian banks work, maybe they have their own customs, but usually, you do better exchanging outside your own country. I don't know Capital One terms in Canada, you really need to check your CC's terms of service to see what it says. They don't in the US, and I didn't even know they had business in Canada, but I think someone on here once said they do have a fee for Canadian cards. But you need to check with them.

I've exchanged money for many years in Paris, and other places, in France, and am not sure as I am American, but I don't think exchange rate markups vary by country. I just don't see why they would for any major country (I can see for small ones, maybe but they won't usually take currency from some places that are not stable). They send it to the bank, anyway, and the bank deals in official exchange rates. Anyway, I have never noticed such a thing and would not presume the markup is any different for USD than CAD. But I don't know what they do in Italy.

Don't you have a bank debit card? Just use that. I wouldn't recommend you exchange anything before you leave, just do it upon arrival at the arriving airport.

Amanda23

I live in Edmonton, Canada and find that exchange booths/currency exchange places do have better rates than banks. You'll definitely get a better rate by waiting until you get to Europe, but I always feel a bit better having some cash with me, just in case. I usually take out 200-300 Euros in cash here in Canada before I go. Costs a bit extra, but the difference isn't so bad as to not be worth the security of having cash on me...

Michel_Paris

Don;t bring much. You just want a 'safety net' to get you from airport to accomodations, so 100-200 should work. I've bught at CIBC and Continental (in Toronto). Continental seems to have a better rate.

You should not exhange money on a trip, you should withdraw money. Exchanging money will cost you $$$.

You will use you ATM card everywhere, save CC for big purchases (like hotel). I've used my card in france no problem. Still, I do go with multiple ATM cards, just in case. Note that the cash will bre withdrwan from your checking account, you won't have a choice on the ATMs.

CIBC charged me $5 per withdrawal, so bundle your withdrawals.

Why bother with Capital One (can we get that in Canada?)?

P_M

Here's a crazy idea but it worked for me. I placed an ad on Craigslist offering to buy €'s at the market rate. This arrangement is good for both sides, as we both would lose money from buying/selling at a bank. Within an hour I had 3 responses, and I arranged a meeting with a lady who had just returned from Europe. I got my €200 at the daily market rate and I now regret not buying more.

I only recommend this if you are familiar with €'s and you know how they look.

Mathieu

Another Canadian here (Ontario) and I agree with Amanda23. In fact I do exactly as she suggests : A couple of hundred Euros from any major Canadian Bank will tide you over until you get to the nearest booth in Europe to change your Canadian dollars (I've only found it minimally beneficial and sometimes not worth the trouble to go from CAD to USD to EUR; you may be stuck with leftover USD after your trip which you will lose on if you decide to convert back to CAD). I've used the booths in Turkey, Hungary, Croatia, Brussels, Italy and France to name a few places, and always got a better rate than a bank would have given me.
Sometimes you can get 3 or 4 booths within a few feet of each other - its worth to check them each out as their rates can differ slightly. Most of them have lighted electronic boards with the rates displayed, and bear in mind that these rates can change during the day. Also always ask if there are any fees involved. These can vary from booth to booth as well.

zoecat

Use ATM's to get cash while in Europe. It is the least expensive and easiest method.

About a week prior to your departure, notify your bank and credit card companies of the countries you will be visiting .

Make sure you have enough money in your checking account to finance your cash needs for your trip. I like to take an extra ATM card for backup (kept in a separate place), in case something happens to my first card.

I also recommend keeping a record of card numbers and bank contact phone numbers (found on the back of each ATM and credit card) in a sparate place. Use the international contact numbers- not the 800 numbers.

Don't use your Visa or MC to get cash.

Enjoy your trip!

Michel_Paris

As further info...don't be fooled by exchange bureaux that say "no fees", the simply give you a poorer exchange rate.

Higher cost or not, I'd still get my 'safety' euros in Canada instead of when I land, to not have to depend on an unknown (all of the exchange bureaux at airport are on strike and ATMs are empty!!)

joannyc

I'm in 100% agreement with all of Zoecat's comments.

And, I've never run into an airport ATM that was out of cash.

One more thing, make sure your ATM pin code is only 4 digits as most European ATMs don't accept longer pin codes.

Save your Visa and MC for hotels, meals, etc., not cash!

Isabella36

Hi,

I called the Continental Currency Exchange office in the mall and their rate for the Euro is 1.5899 (July 31). They charge a $2.00 fee when you spend under $500 Cdn.

I called my bank (President's Choice Financial) and they charge a $3.00 fee plus a 2.5% administration fee. I asked them if I could get another debit card (in total, 2) because I read on other boards that it's wise to carry 2 just in case something happens to the first one but PC won't give me a second one. What do you recommend? Also, are the rates about the same as what you are getting? This would probably ring true with Canadians since the U.S. rate is less.

I already have some Euros. I got a very touching card and considerable amount of Euros for my trip from my sister. I was very touched and got teary eyed because I never felt very close to her growing up but I'm learning that she shows her love in a different way.

Isabella36

Hi,

I called the Continental Currency Exchange office in the mall and their rate for the Euro is 1.5899 (July 31). They charge a $2.00 fee when you spend under $500 Cdn.

I called my bank (President's Choice Financial) and they charge a $3.00 fee plus a 2.5% administration fee. I asked them if I could get another debit card (in total, 2) because I read on other boards that it's wise to carry 2 just in case something happens to the first one but PC won't give me a second one. What do you recommend? Also, are the rates about the same as what you are getting? This would probably ring true with Canadians since the U.S. rate is less.

I already have some Euros. I got a very touching card and considerable amount of Euros for my trip from my sister. I was very touched and got teary eyed because I never felt very close to her growing up but I'm learning that she shows her love in a different way.

"You should not exhange money on a trip, you should withdraw money. Exchanging money will cost you $$$."
Do I withdraw money the same way that I do when I'm at home? I found out that PC uses the Plus System overseas. Has anyone heard of this?

"Use ATM's to get cash while in Europe. It is the least expensive and easiest method."
Compared to the exchange above, is it better?

joannyc

Yes, ATMs are the cheapest way to get cash in Europe. Do not go to exchange booths or the cashier at a bank. ATMs in Europe work the same as they do here. But, as I mentioned in an earlier post, make sure your PIN is only 4 digits because many European banks do not allow longer PINs.

My bank would not issue a second ATM card either. I took some money out of that account and walked down the street to another bank and opened a checking account there. Now, I have 2 ATM cards.

cathies

Our experience in Italy and France has been that the first screen on an ATM will give several language options. Choose the English option and proceed as normal. Check on joannyc's advise re your pin, ours were 4 numbers and worked fine.

On our first trip we took a few hundred euros with us as we weren't comfortable hoping to find an ATM we could use, so I understand that you can be somewhat nervous. On our second trip, I had good intentions of doing the same, but forgot! It was no problem at all, there were ATM's at the airport and we withdrew some cash very easily.

Apres_Londee

>>>Do I withdraw money the same way that I do when I'm at home? I found out that PC uses the Plus System overseas. Has anyone heard of this?<<<

Yes, you'll just need to make sure that the bank machine has the Plus System symbol and you can withdraw money from the machine exactly like you do at home.

Unlike here in Canada, it's been my experience that in Europe it is very common to find ATM machines from several different banks in one spot, so finding a machine that will accept your card is never really a problem.

Be sure to write down the phone numbers that are found on the back of your card, just in case anything happens to it. If you want a second card, you will probably have to open a new account. Might not be a bad idea since you are going on a long trip.

Aramis

Hit any ATM in the airport - period.

Would you expect to find an empty ATM at a North American airport? Those darn Europeans can run their countries just as efficiently.

If we have some leftover Euros from our last trip we take them, if not we get them over there.

Isabella36

Thanks everyone. I appreciate your feedback. I did some research and found 2 banks in Canada that charge no fee's for debit cards (Scotia Bank and Citi Bank). Plus, Scotia Bank has NO FEES when using their VISA card!! So, I will be opening up an account with them on Tuesday since Monday is a holiday in Monday and their not open tomorrow. I already have VISA with Royal Bank and MC with President's Choice but they charge a fee plus the 2.5% on the exchange.

By the way, I already have a 4-digit PIN number so I'm set.

I have another question related to travel insurance. I am considering purchasing from President's Choice for about $345 (for the 3 months). Does this seem reasonable? I am getting comprehensive which includes everything.

I have a VISA reward gold card and they just sent me the Avion card which has some travel insurance on it - emergency and cancellation/interruption and baggage loss but there is an annual fee of $120! I was hoping to get it waived for the first year because my dad got the same card with 15,000 bonus points plus he doesn't have to pay the annual fee for the first year. I called VISA and mentioned this to them but they couldn't do anything for me because I "upgraded" to the Avion card whereas my dad is a first time customer. Also, I didn't really "upgrade". When I spoke to the person the other day and told him of my travel plans, he talked me into trying it because it had wonderful features such as travel coverage. Does anyone have this card and would you recommend it?

travelgirl2_99

Hi Isabella,

Please double check the terms for the Scotiabank account - I may be wrong, but it was my understanding that the no fee for ATM withdrawals applies ONLY if you are using a bank machine that falls under their "Global ATM Alliance" - Bank of America, Barclay's, BNP Paribas, Deutsche Bank, and Westpac. Otherwise, I believe there is a $5.00 fee.

I've used my PC Financial Card in bank machines in a number of countries in Europe (including Italy), but one tip for you is that in our experience, just finding a bank machine with the Plus System isn't always enough; we sometimes have to try a number of different banks' ATM machines in order to find one that our bank card will work in. In both Germany and Italy, our PC Financial card worked in every Deutsche Bank machine we tried, but we had no luck with some other banks that displayed the Plus System. Similar experience in Croatia - of 3 different bank machines in a square in Dubrovnik, all displaying Plus - our card worked in only 1 of them. I have no idea why, but that was our experience. Hopefully, that won't happen to you, but if it does, just keep in mind that if your card doesn't work in one bank's machines, don't panic, keep on trying in different ones until you find one that works!

Also - I know a lot of people say just to wait and get your Euros at the bank machine once you get to Europe, but personally I'd rather play it safe and I always get some Euros at my bank before I go to take with me. I have a friend who didn't get any Euros before a trip several years ago, planning to get some from the ATM at the airport in Paris as she had always done previously ... when she got there, the ATM machine was empty! After that fiasco, she said she's never again going to Europe without at least enough Euros on hand to cover her transport from the airport and her first day's expenses. Also, the first time we were in Italy, we had a rather stressful situation when it seemed that our PC Financial Card would not work while we were in Rome - we tried a whole bunch of different Plus system ATM machines and it wouldn't work anywhere - and we were almost out of cash and still had 10 days to go in our trip. We didn't know what we were going to do. That night, we needed to pick up some drinks and snacks, and since we were low on cash, we walked away from our neighbourhood in order to go to a Spar close to the Pantheon that would take credit cards. On our way there, I noticed a Deutsche Bank machine near the Pantheon - thank goodness! Since it sometimes takes us a while to find a bank machine that works, I just wouldn't want to arrive in Europe and have to be stressed out about finding a machine that will work on my first (very jet-lagged) day.

Isabella36

Hi travelgirl2,

You're right. Scotiabank is under the Global ATM Alliance. I thought this was a good thing seeing that there are more ATM's to choose from. I had every intention of using the ATM's that fell under this alliance in order to avoid any fees. Are you suggesting that it's not a good idea to use the Scotiabank debit and credit card?

Thanks for the tip on trying different ATM machines and not to panic if one doesn't work.

I'm glad that I will be staying with my grandmother for the first part of my trip. I am looking forward to sleeping in for the first few days and relaxing.

Dobermina

Italy is evil with ATMS, no matter how many you try. I've seen a lot of people from Colorado who for some reason flat out can't use theirs once they get here. Personally, I say exchange at your own bank before coming. This will save you language barriers, commission (if you're lucky) and the time it takes to seek out ATM's/other banks etc. I see so much hassle with travelers and ATMS and it's so not worth it, just come with cash strapped to you in a moneybelt.