currency exchange

[destillat]

I will be needing some Danish Krones in a couple of weeks.
What is typically the most cost-effective way of getting them?
Ordering them here from my bank, or exchanging cash when I get there?

 

[MissCroft]

When I went to Denmark a few years ago, I recall just exchanging my money at the airport.

 

[gack]

I think the best way is usually to go to a local bank machine. Might want to check with your bank in terms of how they process, but I've heard that decreases the spread.

I'll bet it's better than the Money-change people at the airport, at least. It's the process I usually use when I travel internationally.

 

[Big Sleazy]

The airport gives historically a better rate than the Bank. If it's a reasonable amount a currency broker would do it. If not, compare the bank and the airport.

 

[kherg007]

yes historically the ATM's give the best exchange rate. The kiosk people in the airport the worst - last trip through Pearson, they were going to give me CAD$88 for US$100! Yes, that is not a typo...even though the Canadian $ is less than the US...whereas when I drove to the border and hit the current exchange booth I got almost CAD$120 for $100 US....I find if you're driving into/out of canada that is usually a decent rate. The ATM is the best, however, many banks now put on a surcharge that then takes the edge off the exchange rate (credit card companies too) so you might exchange $300 but then get hit with a $6, $7, or $8 surcharge. So, take it all under advisement.

 

[rcw]

In other European countries I've been charged a $5 transaction fee at Bank ATM machines. The exchange rate given at Bank ATM machines even with the $5 fee far out weighs any other exchange rate I have found. I usually get as much as I can out of the Bank ATM, thus limiting my ATM transactions and ATM fees. When using the ATM machine be aware of your situational surroundings. Being a tourist taking $$ from an ATM can invite unsavory characters. I exchange very little before the trip just to get me started, around $150 to $200 depending on the rate. I also use a credit card that has no foreign transaction fee as much as possible. This will give you a good rate and limit the amount of cash you will need. On a similar topic, do not bring back coins and expect to exchange them. No one exchanges coin back into local currency.

 

[lakebear]

Here is another tip for travelling Europe: When you use a bank machine to get some local currency cash, the bank machines ONLY accept a FOUR DIGIT (or letter) PASSWORD.
In Canada, people often have 5 to 6 letter or digit Passwords.
Be prepared, change your password before you go.

 

[destillat]

I have successfully used my debit card at an ATM in Amsterdam, but my card did not work in Iceland.
I am worried that it will not work in Denmark. And I need to ensure I have cash, so I might just have to bite it and get the money here or exchange it at CPH.

 

[danmand]

There are banks located in the airport, that will give you a reasonable exchange rate.
http://www.worldairportguides.com/copenhagen-cph/currency_atms.php

 

[MissCroft]

Speaking of currency exchange, is now a good time to cash in some U.S. dollars? Or should I wait a little longer?

 

[kherg007]

seems these days canadian dollar v. US dependent on oil prices...so if oil goes up, CAD becomes stronger...this may just be a recent trend and I defer to high finance people I am just a weary traveller...

 

[red]

Speaking of currency exchange, is now a good time to cash in some U.S. dollars? Or should I wait a little longer?

I am planning a trip to new York in august so the Canadian dollar is going to plummet against the us dollar

 

[deep_blue]

$1 USD=$1.3027 CAD as of the end of today, looks to be a great summer for us Americans to hobby in Canada. $250/hr escorts will be $200/for us Americans for the time being.

 

[2xxx]

Guardian Fx

Have you considered ordering online paying by Interac and pickup from Guardian FX downtown Toronto office?
Today's rate $0.20259400.
http://www.guardianfx.com/index.php/online-store/buy-online/view/category/virtuemart_category_id/3

 

[danmand]

Have you considered ordering online paying by Interac and pickup from Guardian FX downtown Toronto office?
Today's rate $0.20259400.
http://www.guardianfx.com/index.php/online-store/buy-online/view/category/virtuemart_category_id/3

The official rate today is 9.1921

 

[elwoodinontario]

Check with your bank. They may have an agreement with a local bank to save you fees. Scotia/Tangerine customers can use Bank of America ATMs in the US with no extra fees, only current exchange rates.

 

[sashimi]

Speaking of currency exchange, is now a good time to cash in some U.S. dollars? Or should I wait a little longer?

How much USD? Here are my moonshine suggestions:

1. Less than 5 digits USD: Doesnt matter when you convert - now or later. It is difficult to catch the bottom. You win some, you lose some but it won't haunt you. Or split them into 2 and convert some now and the other half later.

2. 5 digits USD or more: Split them into 3-4 tranches convert them in intervals. Follow the news.