Do Canadian Banks charge anything to Exchange currency ? Is there any kind they won't exchange ?I have, Bank of India , Gautemala , Honduras , Preruvian money left from a trip. Will a Canadian Bank exhange this, or is it not worth the trip 10 minutes into town ? |
Any bank will do the exchange. There is a slight charge for doing this which is built right into the exchange rate (for example, if you converted $100 US Dollars to Canadian, you'd receive $96.30 Canadian. If you tried exchanging that 96.30 back to USD, you'd receive $97.16, so you lose about 1.5% on each transaction.
Just keep in mind you can only exchange paper money; banks don't exchange foreign coins. They should be able to buy any foreign currency from you, although if you wanted to buy something a little bit stranger (if you were heading back to Peru for example), you may have to order it 2 weeks ahead of time because they may not have it on hand.
Still, you may want to call ahead just to make sure they're going to take it if you're worried about wasting 10 minutes.
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Yes, all banks charge when they exchange currency.
The commission charged is around 2.5%, for liquid currencies like the US dollar. For less stable currencies, the charge will be higher, but they'll still do it.
You might as well get whatever cash you can, because they're worthless to you otherwise.
