This may be a long shot, but I need some help. I'm going to study at the Universite Laval for 5 weeks starting in May, and I have to send an application fee in Canadian dollars. The fee is 30CAD which is about $25USD. I live in rural Iowa, and the banks here charge $20USD for an international draft (like a money order in another currency?) That seems like a lot to me to send a measly $25. Does anyone know any other ways I can send it, or a website, etc. where I can get an international draft cheaper?
Thanks!
Katie

Will they not accept a credit card? Your exchange rate will be much better if you can use a credit card.

Hello katie_scarlett,

Here is a website that I regularly use to check exchange rates.

http://www.xe.com/

I have seen posters on the Fodor's Africa forum report that they have used xe.com to pay a deposit on an accommodation reservation in a foreign country. They claim it's the cheapest way of transferring funds to a foreign vendor. I don't know how it works, but it might be worth looking into.

>>>They claim it's the cheapest way of transferring funds to a foreign vendor.<<<

That is to say, when the vendor doesn't accept a credit card. A credit card still is the easiest way to go, if the vendor accepts one.

Hi Katie,

Our son is a US citizen whio is an international student at the University of Waterloo (Waterloo, Ontario). He is a junior, so we have been at this awhile. I agree it is a hit with the draft fee; although, consider that even now the Canadian tuition is a bargain compared to US tuition. I think it will all balance out. (A draft is simply another word for 'check'.)

Oftentimes exhange rates for drafts is less than for obtaining currency. This is the case with Bank of America. BUT... their draft fees have gone from $15 US to $25 US in the past 4 years. The lower exchange rate will help when ordering large drafts that pay for an entire semester; but, not so much when paying a small fee. Our son's school does not accept credit card payments. They do accept credit card payments for donations to the school endowment programs, which we also support.

When our son first started his university studies the rate was about .64 to the US dollar. Now the rate is more like .80. Even then, what you receive in Canadian education benefites is a tremendous bargain compared to what you receive for the same dollar in the US.

One tag-a-long to Judy's tip... check your credit card fees. Many credit cards will charge anywhere from 3% to 5% to do the currency exchange for you.

Once in Canada, the cheapest way to obtain foreign currency will be with a no-fee ATM card. Best rates ever!

Good luck and have a great time in Quebec! And, post back if you do the draft through XE.com or find a better source. We still have two more semesters of college to pay for... which means two more drafts.

- Sharon

Doesn't the post office sell "international money orders"? They do here in Canada - can be made out in many different currencies.