Cheapest way to exchange currency online or otherwise? Somewhere in Toronto? (1 Viewer)

[Chris PC]

I buy and sell a fair amount of audio video equipment. If I buy something from the US, online or on eBay, I pay either my credit cards exchange rate or PayPal's exchange rate. Neither is spectacular. For instance, PayPAl adds 2.5%. I can't remember the credit cards rate.

Does anyone know the most cost effective way to exchange currency online or otherwise? Locally? I'm in Ajax, but within reason, will visit places in the GTA to exchange currency.
thanx

 

[SethH]

I have an account with NetBank (www.netbank.com) and they will send me foreign currency whenever I want. I'm sure there are other banks that do this as well.

 

[Joe Schwartz]

Most currency exchanges (like Travelex) will totally rip you off, charging you 1-2% above the current exchange rate plus $5-10 per exchange. I've always found it best to pay by credit card.

 

[Chris PC]

SethH,

At what conversion rate?

Joe Schwartz,

Really? So you find your credit card company gives you a good rate? Interesting. I'll inquire exactly what my credit card company charges.

 

[Joe Schwartz]

Well, Visa and MasterCard each charge 1% above the current exchange rate. My Citibank credit card charges an additional 2% on top of that, so it's not as good as I thought.

I still prefer to use credit over cash, because you pay to exchange cash in both directions -- once to convert your cash into foreign currency, and again to convert any leftover currency back into your own country's currency.

 

[Chris PC]

Thanx for the info


My bank charges 2.5%:


From PayPal.

Maybe I'm being too cheap and there is no better option. Here's an example where it seems you lose a fair bit of money. Buy an item from the US at $1895 USD after selling electronics for $1500.00 CDN to an american (they send you US funds and you must convert) and when you add it all up its like throwing away $100.00 CDN just for the conversion. The only way to avoid this is if I was buying and selling in a short enough time span to keep the received money in US and therefore convert less.

Just wondering who converts currency the cheapest.

 

[SethH]

Here's a link to my a page at my bank's site:

https://www.mtwna.com/servlet/MTW;js...38etm?cmd=quin

The page gives quotes for exchanges. Never done it, so I don't know how it compares.

 

[Chris PC]

Any other comments about getting the lowest on exchange rates? How does it work when wiring money? Is that more expensive.