I have a feeling I've asked this before but I can't find the answer. Maybe I just searched for it myself and forget the answer.
Anyway, the EURO dropped to a new low. The lowest it has been in four years. I like this because I am heading to Europe in a little over 6 weeks. Where is the best place to purchase EUROs? Is it here in Canada at a bank? Or at one of those currency things you see at malls? Or should I just wait and do it when I actually get to Europe??
I seem to think the last option was the most economical. However, who knows what the EURO will be worth in 6 more weeks. Any suggestions???
In other news, I've added more money to my funds! I added $200 to the Family Loan, I also added $250 to TFSA, $140 to Christmas/Gift Fund, and $100 to Travel Fund. The travel fund is just $50 short of meeting my revised goal ($1000). I should be able to complete that by the end of June right before we leave. Off to update status bars!!
It's hard to say what the rate will be when you go... I like to be prepared so I got some Euros from my bank first, but I probably paid about 10% more because the rate went down so much.
ReplyDeleteI took out an extra 160 Euros here and my bank charged me a $3 fee and $209.59 in canadian dollars. Now I have a bit left over and I'm wondering if I should take out more here to bring back home for my next trip or wait and see what the rate will be like then!!
6 weeks will be here before you know it :-)
I would suggest you use an ATM once you get there. It might be good to get some at the bank before you go, though, for the cab fare or something. Don't get any at those cashier places. They charge a ton of fees!
ReplyDeletei just went to my bank to buy pounds. if you're purchasing a large amount i'd say you should phone in advance, just to make sure they have some in house.
ReplyDeletethe ATMs charge you whackload of money too. like 5 or 6 bucks altogether.
Go to your bank here and get Euros. You will be charged fees and a higher exchange rate as a non-customer in Europe. Also avoid using ATMs over there as much as possible as you will be slammed with fees!
ReplyDeletei use to work for RBC and for a customer we never charge a fee for foreign currency. Just remember that your rate will not be the rate you see in the news. That is the bank rate (rate that banks lend to eachother for transactions over 1 million) Customer rates are usually about 3-4 points higher to buy and 3-4 points lower to sell. So if the rate is 1.27 expect to pay about 1.30-1.31. Hope this is helpful and enjoy the trip!!!
ReplyDeleteThanks to all. Anon that was very helpful. I just got back from getting some EUROs. I got $500 Euros for $660.20 CAD. So the exchange rate was 1.32 I am happy with that. If I need more I will get more when I am over there or use my credit card.
ReplyDeleteYou're making me antsy. I want to go buy some Euros now for MY trip coming up in about 6 weeks :)
ReplyDeleteBut it might drop even more, so I'm one of those "errrrrr waiiiit! I feel like there's a deal coming up!"
Nevertheless, Maybe I should hedge my bets and buy some euros now, like 250 EUR at $1.32 or so.