#Bank of canada currency converter update#

Stallings says if you take money out of a bank that has a relationship with your bank, you may be able to avoid some fees. 'If your bank charges a flat rate for the withdrawal, you should certainly minimize your trips to the ATM by withdrawing larger sums each time you go,' Meyers says.Īnd do your homework. To save money, keep ATM trips to a minimum. Some charge a flat rate, others charge a percentage, and still others charge both, Meyers says. 'We consider the ATM to be the best choice in terms of convenience, exchange rates and fees,' Meyers says.įees vary by institution. Using your debit card at ATMs is one recommended way to get cash when traveling abroad. The 'PIN' refers to a personal identification number that the cardholder enters to authorize payment. The 'chip' refers to a microchip embedded into the card to secure account information. Maria Brusilovsky, spokeswoman for Travelex Currency Services, says chip and PIN technology is now the preferred way of making credit card and debit card transactions in Europe, and some vendors only accept chip and PIN cards. In addition to cards without fees, think about getting a card with the latest technology. Others are just offering a few cards without foreign fees.

Some major card companies have eliminated foreign transaction fees on all of their cards. You can save money on fees by making some calls before you go and knowing which cards to use,' says Tom Meyers, editor in chief of, a guide to budget travel in Europe. 'Most people have multiple credit cards, and each could have a different fee structure. Foreign transaction fees are a different story. Card companies base their exchange rates on wholesale prices offered to bigger institutions, so you're bound to get a fair rate. While some desks advertise 'no-fee' exchanges, they still build in a hefty profit by offering a high rate.īefore your next trip, take a look at the best and worst methods of currency exchange by following Bankrate's 'thumbs-up' or 'thumbs-down' rating: Currency exchange methodsĬredit cards offer some of the lowest currency exchange rates. In lieu of foreign currency exchange desks at airports and major hotels, there are more convenient and cheaper ways to exchange currency, Stallings says. 'Many options carry extraordinary hidden fees, and some places are just more difficult to negotiate since they are more cash-based than the typical American is used to,' Stallings says.

#Bank of canada currency converter update#

dollar abroad, update your knowledge of currency exchange.Īccording to Douglas Stallings, senior editor for Fodor's Travel, travelers need to be aware of currency exchange options abroad because of costs.

If you're not careful, currency conversion fees can cost more than you expect. What to do when you lose your 401(k) match Should you accept an early retirement offer? How much should you contribute to your 401(k)?