Friday, March 22, 2013

Currency Exchange Tip

We will be vacationing in Europe this summer and wanted to buy Euros for spending money.  We contacted several of the major banks, and a currency exchange on the same day to compare rates.  On the day in question, the various banks were offering around $1.40 per Euro.  By contrast, the rate given by Calforex Currency Exchange was only 1.3532.  Based on online reviews, Calforex usually offers better rates than the banks.  They do apply a service charge per transaction of between $2.50-$3.50 depending on the size of the purchase.  They are conveniently open on the weekends and accept cash, bank draft or debit, allowing you to withdraw funds directly from your bank account (assuming you have sufficient withdrawal limits).

They offer another feature that we may try out in the future.  They have a Buy Back Option for repurchasing up to 50% of the currency purchased, at the same rate of the original purchase.  The original purchase must be at least $1000 CAD and the money must be returned within 30 days of the original transaction.  This protects you from being stuck with purchasing more currency than you actually end up using.

Calforex Currency Exchange

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