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unplugged_boy
Joined: 17 Jul 2006
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 Posted: Wed Sep 06, 2006 8:24 pm Post subject: Help with exchange rates please... |
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hey guys.. gotta quick question. going back to canada soon..and i'm wondering where i can get the best bang for the buck on exchange rates. should i change my won in korea for canadian dollars or do i get a better rate in canada? also, what is the maximum amount i'm allowed to carry with me into the country without getting dinged by customs? thanks!
Last edited by unplugged_boy on Thu Sep 07, 2006 4:56 pm; edited 1 time in total |
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unplugged_boy
Joined: 17 Jul 2006
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| Posted: Thu Sep 07, 2006 4:55 pm Post subject: |
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| help? |
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prairieboy
Joined: 14 Sep 2003
Location: The batcave.
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| Posted: Thu Sep 07, 2006 5:23 pm Post subject: |
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My experience...just do it at the airport as you leave. Simple rate (maybe a bit on the high side) but no extra exchange service fee or commission on top of that. If you wait to do it at home at your bank you may be in for a severe shock, such as an exchange fee similar to the fee you pay when you wire money into your account from Korea (probably $8 to $20 depending on what kind of deal you worked out with your bank) and a waiting period of possibly 2 weeks to get your money.
If you change it at the airport when you arrive, be prepared for the service fees and commission fees.
You can take up to $10,000 CAD into Canada without having to declare it to customs on the way in. Over that and you'll have to fill out paperwork attesting to how you earned the money, etc.
Best advice, wire as much home as possible before you leave (or get traveller's checks to mail to yourself) and carry only as much as you need for your trip.
Cheers |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Sep 07, 2006 7:49 pm Post subject: Re: Help with exchange rates please... |
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| unplugged_boy wrote: |
| hey guys.. gotta quick question. going back to canada soon..and i'm wondering where i can get the best bang for the buck on exchange rates. should i change my won in korea for canadian dollars or do i get a better rate in canada? also, what is the maximum amount i'm allowed to carry with me into the country without getting dinged by customs? thanks! |
If you are talking about thousands of dollars, get a CASHIERS check from the international desk of your favorite bank. Make it payable to you and carry or send it home. You also get the BEST exchange rate this way. Usually 1% better than the cash rate and about 2% better than the airport.
You can carry as much cash/travellers checks/money orders as you want into Canada but if you carry more than $10,000 TOTAL in negotiable items you have to fill in a form that says you are carrying more.
There is no "ding" by customs, just a declaration that you have it. This is simply to prevent money laundering (but I don't think the crooks pay attention). |
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