Our current account is with Alliance & Leicester .Looks like they will charge 2 % plus a 2.95% conversion fee .As i'm going to be there for 5 months and making regular withdrawals does any other bank or building society charge less or is that the going rate ?
How about spending on your UK credit card, and paying that from your UK account - or is that dearer?
We lived in Germany a few years ago, and found taking cash from switch/maestro was a decent rate - not sure now.
I spent 2 weeks in Canada last summer. Couldn't use my Natwest debit cards anywhere as the delightful bank seemed to think Canada was a hotbed of credit/Debit card fraud.
I make money in Sterling, but spend Euros. The best way I've found is to open up an account in the target currency (mine is a Cater Allen UK based Euro account. I'm not sure if they do Canadian Dollars, but the bank doesn't matter, it can be Canadian for example), and then transfer with TTT Moneycorp. You can transfer the money online via their "Global Payments System" platform -- transfer sterling into your account, make the currency exchange when you want, transfer it out in the target currency. They screw you to the tune of 1.5%, but like I said, it's best I've found.
If you find any better way, I'd be keen to find out as well!!!
EDIT: My wife also has a Post Office credit card, which doesn't charge a commission. But don't think you can withdraw cash. However my dad lives on the west coast of the states, and he says he hasn't seen a dollar bill for a long time -- it's all plastic transactions. Maybe Canada is similar, unless you're going out to the boonies...
I have a bank account in canada and the UK and transfer money using paypal, i have two accounts set up, one for each country and it works out quite well.
theyEye .just checked out Nationwide .They do FREE transactions within the Euro zone and outside charge just a standard 1% Visa charge .
I'm sure Nationwide was free in 2008 when I lived in Phoenix for 6 months. Worth checking, perhaps they only charge on the credit cards and not the debit card?
I was going to suggest Nationwide - I've used my Nationwide card in Canada without problems, and the last time I used it abroad, the exchange rate they used was significantly better than anything I was offered locally.
Flaperon - MemberI'm sure Nationwide was free in 2008 when I lived in Phoenix for 6 months. Worth checking, perhaps they only charge on the credit cards and not the debit card?
It was, they changed the fess last year, you now pay outside the eurozone
I opened a account in Canada - BMO - no issues other than Canadians are **** with anything official.
but I'd say work in dollars whilst you're there and convert coming back
easiest I think
The Fairfx card gives you a very good exchange rate & charges 1.5% as you use it
You can load it with as much or as little as you like & top it up on line as & when you need to
I've been using one for a while now & can't fault it
Is this a five month holiday that you already have funds for? If so might be wise to just get the money in say travellers cheques or even just cash and bring it straight over that way and dump it in a Canadian account. If you still have a monthly income in the uk that you need to access then something like PayPal can still work well.
Best of luck trying to open a Canadian bank account if you're only there temporarily. You may be able to if you have an address to give them.
Be ware that most Canadian banks charge a significant monthly fee (unless you are a 'good' customer). One which doesn't is [url= http://www.pcfinancial.ca ]Presidents Choice[/url]. They operate out of kiosks in supermarkets in the Vancouver area (not sure what their arrangements are elsewhere) and you can use CIBC ATMs for free. (Just about everywhere else, there will be ATM charges).
But you hardly need cash - just about everywhere takes credit or debit cards - even pubs! In BC, all fuel has to be pre-paid so all pumps also take cards.
As others have pointed out, use Nationwide credit cards for cheapest fees. I've still got my Nationwide credit and debit card and I moved to Vancouver over three years aog
everything over a thousand pounds is free with these
[url= http://www.ukforex.co.uk/ ]http://www.ukforex.co.uk/[/url]
I use them when I have to bring money over to Canada