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Definitely both. Any Canadian bank and most Canadian credit unions easily access the European ATM networks. I read recently that ScotiaBank, of the big 6, has some connections with an international bank network that means you don't pay service charges at European ATMs. Might be worth checking out.Bring a debit card and withdraw euros from your Canadian account at an ATM from time to time. Cash is very hard to exchange these days on the Caminos. Or, order some from your bank in Canada for cash to carry at the start, so your first chore isn't finding it on arrival.
There are cc with no foreign exchange fees. I have a hometrust card Brim is another I think.As other posters have noted, you can easily withdraw euro from your Canadian account. There was a page somewhere on the forum which listed which Spanish bank charged how much of a fee-- it varied between nothing and 5euro (Santander IIRC).
As far as using your credit card to pay for accommodation etc, different Canadian banks and credit unions will charge a percentage (1.5% to 2.5%) for the arduous labours involved in their computers' foreign exchange programmes-- these fees are negotiable/refundable if you annoy your bank sufficiently.
Exactly. Order cash in advance of travel wherever you can get good rates. You will have enough to worry about, especially if it is your first trip, when you arrive and need to find ongoing transportation from the airport. Atm's will be relatively easy to find during your walk in bigger towns.Or, order some from your bank in Canada for cash to carry at the start, so your first chore isn't finding it on arrival.
This is actually becoming more difficult than it was just a few years ago. As a retired banker, I can tell you that most banks in the US will ask you to use your debit card at an ATM wherever you are traveling, and many banks will no longer provide foreign currency to customers at the retail level. The ones that still do are charging a usurious spread over the current spot rate. A debit card that doesn't charge a fee (like many credit unions) is the cheapest way to get currency, particularly in the developed parts of the world where ATM's are ubiquitous.Or, order some from your bank in Canada for cash to carry at the start, so your first chore isn't finding it on arrival.
I have a 5 digit pin on my CC and debit card and had no issues withdrawing funds while in Spain.If you're flying into Madrid, you can get off the plane and walk up to one of many ATM machines and withdraw Euros as long as you have an ATM card with a 4-numeral pin code.
I've never ordered Euros ahead of time and have been walking the Camino since 2006.
Maybe cash exchange is less ubiquitous, but it is still certainly possible at the major banks in Canada. It often requires ordering the cash in advance, since the banks do not keep a supply of Euros on the premises of every branch.This is actually becoming more difficult than it was just a few years ago.
I'm not sure what constitutes a usurious rate, but the mark-up on my purchase of €300 is something I'm willing to pay for the convenience.The ones that still do are charging a usurious spread over the current spot rate.
Spot checks on a couple of major financial institutions today suggest cash ordered from a US bank is marked up between 6-8% over-the-counter. That is about $20 on 300 EUROS = Several cervezas on the Camino.Maybe cash exchange is less ubiquitous, but it is still certainly possible at the major banks in Canada. It often requires ordering the cash in advance, since the banks do not keep a supply of Euros on the premises of every branch.
I'm not sure what constitutes a usurious rate, but the mark-up on my purchase of €300 is something I'm willing to pay for the convenience.
Any idea of what it would be at a Canadian bank (which the OP was asking about)?cash ordered from a US bank
Sure... a check on spot rates just now looks like BMO and Scotia charge approx 3.5% and 2.6% to retail customers as a mark-up on retail FX transactions. Nicer to their customers, or perhaps regulated a bit differently, don't know that answer.Any idea of what it would be at a Canadian bank (which the OP was asking about)?
Foreign currency wires are a totally different animal than simply getting foreign cash for travel. Most institutions will charge between $25-$35/wire plus a smaller percentage (vs retail) currency mark up for such transactions. This is partially due to profit making and partially due to the cost of the actual transfer process.The question of whether Canadian big banks charge "an uxorious rate" is a valid one. I wanted to wire a fairly significant amount in euros to Portugal from Canada, and was bemused/outraged at the rate a Canadian big bank (CIBC) quoted me for doing so, prior to wiring the money. A Vancouver credit union was the same. I ended up using an exchange firm, whose main business model was just this, and nothing else, and saved a significant amount.
That being said, going through all this complexity when all you want is a couple of 100 euros is, as mentioned above, probably not worth it.
...Meanwhile, CAD vs. Euro is going through a bad time...
Canadian Dollar to Euro Exchange Rate Chart | Xe
CAD to EUR currency chart. XE’s free live currency conversion chart for Canadian Dollar to Euro allows you to pair exchange rate history for up to 10 years.www.xe.com
Definitely into a thread-diversion here, but my issue with the bank is that they did NOT charge a smaller % than retail for currency mark-up, and made it clear that they had no better rate to offer.Foreign currency wires are a totally different animal than simply getting foreign cash for travel. Most institutions will charge between $25-$35/wire plus a smaller percentage (vs retail) currency mark up for such transactions. This is partially due to profit making and partially due to the cost of the actual transfer process.
Scotiabank is also connected to the duetchbankDefinitely both. Any Canadian bank and most Canadian credit unions easily access the European ATM networks. I read recently that ScotiaBank, of the big 6, has some connections with an international bank network that means you don't pay service charges at European ATMs. Might be worth checking out.
Bon camino/bom caminho!
The Deutsch bank is connected to the scotiabank of that is the bank you use.Definitely both. Any Canadian bank and most Canadian credit unions easily access the European ATM networks. I read recently that ScotiaBank, of the big 6, has some connections with an international bank network that means you don't pay service charges at European ATMs. Might be worth checking out.
Bon camino/bom caminho!
I hope USA isn't the only country where SOME banks not only have no exchange markup, but reimburse their customers all ATM fees charged by other banks. Schwab is mine but I know there are others.There are cc with no foreign exchange fees. I have a hometrust card Brim is another I think.
Schwab does take a small additional markup, but it is buried in the rate they offer you. Note: I used to be an employee of a Schwab subsidiary, and am still a customer who trades foreign currencies when there are severe market dislocations. They offer the best rates I've been able to find as a retail customer and their client service is exceptional.I hope USA isn't the only country where SOME banks not only have no exchange markup, but reimburse their customers all ATM fees charged by other banks. Schwab is mine but I know there are others.
I travel from Australia and have got a travel money card from my bank. You can put multiple currencies on the card. I am also able to manage the card via my bank ap, load more on etc. I can use as a credit card. I can track through the app. I can use the card in shops bars etc, but I only load a bit of money at a time and I am able to track my moneyBest way to convert $CA to euros
Specifically, the network that Scotiabank is part of means you shouldn't pay fees at Deutsche Bank ATMs in Spain. You can see the partner banks for other countries here: https://www.scotiabank.com/ca/en/personal/ways-to-bank/manage-accounts/global-atm-alliance.htmlDefinitely both. Any Canadian bank and most Canadian credit unions easily access the European ATM networks. I read recently that ScotiaBank, of the big 6, has some connections with an international bank network that means you don't pay service charges at European ATMs. Might be worth checking out.
Bon camino/bom caminho!
think it was Deutsche BankDefinitely both. Any Canadian bank and most Canadian credit unions easily access the European ATM networks. I read recently that ScotiaBank, of the big 6, has some connections with an international bank network that means you don't pay service charges at European ATMs. Might be worth checking out.
Bon camino/bom caminho!
Thanks!Sure... a check on spot rates just now looks like BMO and Scotia charge approx 3.5% and 2.6% to retail customers as a mark-up on retail FX transactions. Nicer to their customers, or perhaps regulated a bit differently, don't know that answer.![]()
Yes it is and there is a branch in Santiago not far from the cathedralthink it was Deutsche Bank
I compared Schwab to TransferWise a few years ago. The difference on a thousand dollars was a few pennies. Schwab uses the Visa rate without adding anything. I don't know whether who gets those few pennies, Schwab, or Visa.Schwab does take a small additional markup, but it is buried in the rate they offer you. Note: I used to be an employee of a Schwab subsidiary, and am still a customer who trades foreign currencies when there are severe market dislocations. They offer the best rates I've been able to find as a retail customer and their client service is exceptional.