Frequently Asked Questions |
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Questions our customers have been asking us:
Why should I buy foreign money before I leave home? You should always try to have some local currency with you when you arrive at a foreign destination. You will need some for immediate expenses such as bus or taxi fares, phone calls or tips, and you may find it difficult to change money in the place or at the time you arrive. Exchanging money at some airports or other high-traffic tourist locations can be quite expensive - you are likely to do better if you buy what you need before you start your trip. You should not carry more cash than you are comfortable with, but you should always have some. Wellington Foreign Exchange offers rates which we believe are better than those available at many airports and currency exchanges in other countries (and we would be glad to hear of any comparisons you make). Can I use my credit card or bank debit card to obtain local currency in other countries?You can use one card or the other in most countries, either in a bank or at a banking machine. However you should be aware that machines that accept Canadian bank cards may not be widespread in some countries. |
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| It's a good idea to use your debit card
if you can (look for the "Plus" or "Cirrus" or
other logo shown on your card). The exchange rate which is applied
is sometimes but not always a favourable one. Don't forget that each
withdrawal will cost you a fee, usually between $2.00 and $5.00,
depending on your card agreement with your bank. The money is
withdrawn immediately from your account in Canada. You will not have
much difficulty finding a compatible banking machine in the United
States. Machines which take Canadian bank cards are quite readily
found in Britain and Germany but may be hard to find in Japan and
China, for example. In some countries your card will give you access
only to the account identified as your "chequing" account.
Ask your bank for information about the countries you plan to visit.
Remember, too, that machines in some countries will not accept a PIN
of more than four digits.
Canadian credit cards (particularly Visa) are accepted in most countries and generally will work in more machines than will our bank cards. You must have a PIN, of course. The exchange rates applied are usually reasonable - but you will have to pay interest on any cash advance from the time of the advance, in addition to the service charges set out in your card agreement. Some people avoid interest charges by making a payment in advance so as to have a credit in their account. If there's no machine available, you may be able to get a cash advance on your credit card at a bank service counter. Don't forget that retailers in some countries may not be equipped to handle credit card transactions. What about travellers' cheques? Travellers' cheques have the advantage that they can be replaced if they are lost or stolen. However many retailers outside North America will not accept them, and banks in some countries charge a commission to cash them. Wellington Foreign Exchange does not sell travellers' cheques, but we do accept them in most currencies for exchange, at a slightly lower rate than cash in one or two cases. Travellers' cheques in U.S. dollars, pounds Sterling, and Euros are accepted at the same rates as cash from those countries. If you do take travellers' cheques, you may want to consider taking them in your home currency, since left-over cheques can be deposited to your bank account without cost. Some banks in Kingston carry travellers' cheques in several foreign currencies. Our staff will be pleased to advise. Should I exchange money at the airport?It's convenient, but we suggest you check and compare rates. It is quite common for buying and selling rates at airport exchanges to be less favourable to the consumer than rates offered elsewhere. In addition, airport exchanges often charge a commission. Together, these factors can produce a price differential of 5-10%. Where can I find the rate a currency was trading at a few months ago?Historical rates for most currencies can be found at www.oanda.com/ |
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