1

I ask this for my friend in Canada who wants to exchange some Asian currency into CAD.
We all wish to avoid banks' exorbitant conversion fees.

Norbert's Gambit appears to apply only for converting between USD to CAD (and conversely). So are there any other gambits or strategems or tricks for other currencies?

  • 1
    Look up Calforex. They've had the best rates I've come across in Canada – karancan Jun 14 '15 at 21:00
1

A proper commercial bank will charge lower fees for currency exchange than most other banks .. and banks will charge less than places that just do currency exchange.

Actually, I've usually found that the best way to get currency is to use the atm/credit-card networks and withdraw money from my own bank.

0

Well, one way I avoid all exchange fees is to trade currency with an individual. There's no trick, though. Just find a friend or family member on the other side of the border who wants your USD or your CAD, look up the exchange rate for the day, and hand over the money (or write each other checks).

It's win-win because both sides are getting a good deal with no fees.

  • Sorry, but it’s unclear to me how this answers my question, because I asked about Asian currencies? – Greek - Area 51 Proposal May 7 '15 at 22:29
  • same answer, you can replace USD or CAD with whatever currency you want. This only works for relatively small amounts and with someone you know and trust. – Rocky May 7 '15 at 22:30
  • 1
    But what if there's no family member or friend who wants the other currency? – Greek - Area 51 Proposal May 7 '15 at 23:05
-1

Well first of all which Asian currency are you talking about,why i ask is because some Asian currencies are not fully convertible.So a bank may not accept them. So first you need to find out if they are fully convertible or not,if not then the best thing you can do is find a travel agent who have tourist packages to that country and they will buy,as they can later sell it to people going to that country.

  • I think the question is about better ways of converting money than the "traditional" currency operators. – GS - Apologise to Monica May 8 '15 at 6:13

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.