Dragonrana
Feb 18th, 2008, 09:41 PM
I'm heading to China for a vacation next month. Any idea of where I can get the best rate to get $Cdn exchanged to $Yuan? (in the GTA)
cmackie
Feb 18th, 2008, 11:01 PM
In my experience, local moneychangers over there will give you the best rates as opposed to banks or airports. Of course, you have to be careful that you get exactly what you're expecting and count everything yourself in front of them.
Depending on how much you're planning on exchanging, it probably won't make a huge difference where you go - a few cents to a few dollars more to change before you go.
Also, your credit card will convert back to CDN at excellent rates which are updated daily. You should be able to use your bank card at a fair rate as well, but keep in mind that most charge fees ($3-4+) for each withdrawal abroad. I have had some problems with some international bank machines not allowing withdrawals as well so it's always good to have a fair amount of cash on hand.
If you're travelling for a long time, it might also be a good idea to bring along excellent condition $US as emergency money if you need to change more later on.