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cross border shopping - Best exchange rate??
it's been eons since I've shopped in the US. ?We are going on a girls trip for 4 days to Buffalo & Ellicottville NY, to celebrate SILs 21st birthday.
(yay!)
How can I be sure to get the best exchange rate?
1- use my mastercard while there?
2- withdraw cash from my debit card while there.
3- exchange cash into US funds here
4- bring Canadian cash, and exchange it once there.
?
TIA!!?
?
Re: cross border shopping - Best exchange rate??
depends how the exchange rate changes throughout your trip
1. If it becomes more favourable when you're there, using your mastercad would be best (credit card gives same exchange rate as the bank)
2. If it's favourable right now, the best rate is to exchange it here (like take US funds out at the bank)
If you assume it's going to be pretty stable, it's going to be about the same difference. However if you use option 2, you will have to exchange the leftover cash at the end of your trip, and you will pay comission on that exchange as well.
3. Places that exchange cash usually take a bigger commission.
4. Taking money out of a bank machine there is also a good exchange rate, but you will probably have to pay fees to use an international bank machine + different bank, it usually totals to around $5 for us when we do it.