Traveling? Never Exchange Currency at Your Local Bank

Why You Should Not Convert Currency at Your Bank

If you are converting currency at your home bank, you are losing a lot of money due to exuberant charges. I made the same mistakes many years ago.

But now, after checking online I convert just a little at a currency shop that has good ratings. This way, I will have enough cash for the first couple of days after arriving at my destination. And then I can convert more currency at a local shop as needed at a rate much better than in my home country.

For example, I was recently looking to convert Canadian dollars to Thai Baht and UAE Dirham for my upcoming trip. Here are the different rates I checked:

Location              THB    AED

NHVN Toronto   2600     263

Another Shoppe 2500    Not Available

TD Bank              2463     248

Bangkok              2700     Not Available

You can see that by going to a currency shop in Toronto and not going to a bank (all banks have very similar rates) I saved $4 per $100 Cad.

However, if I had going to TD then I would lose $8 per $100 Cad in conversion when compared to a local currency shop in Bangkok. That’s a huge difference.

So the lesson here is that you should convert a little amount just to get going for a couple of days at a reputable currency store in your country and do the rest of your exchange in your destination country, which always will have better rates. And never go to a bank to convert currency.

I have a video on this here: Best Place to Exchange Currency