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_commission for foreign exchange

Adelaide
Level Contributor
226 posts
130 reviews
_commission for foreign exchange

Do they charge commission for changing UKPounds to Canadian dollars

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Montreal
Level Contributor
5,351 posts
62 reviews
1. Re: _commission for foreign exchange

Who are "they" in your question? Currency exchange offices ? Anyhwere in the world, currency exchange offices charge a commission on any amount in any currency that you exchange. It is how they stay in business.

Greater Sydney...
Level Contributor
20,901 posts
112 reviews
2. Re: _commission for foreign exchange

..... and while a commission may not show as being such, it will often be reflected in the exchange rate.

Adelaide
Level Contributor
226 posts
130 reviews
3. Re: _commission for foreign exchange

Hi,

I meant banks, also in the UK most places like Thomas Cook etc do not charge any fees or commission

Montreal
Level Contributor
5,351 posts
62 reviews
4. Re: _commission for foreign exchange

Then you should ensure to change it where it is more economical for you. We do have a Thomas Cook travel in Montréal... You could check them out.

Toronto, Canada
Level Contributor
6,858 posts
5. Re: _commission for foreign exchange

There is no such thing as changing money for free. You need to be moving millions of dollars electronically before you can get the "midpoint" rate shown on sites like xe.com. The rest of us end up paying 1.5% or more to exchange money, whether in the form of commissions, fees, or inflated exchange rates.

Based on their "Reserve and Collect Currency" page (thomascook.com/travel-money/…), Thomas Cook gives a poor exchange rate. The midpoint rate right now is 182.77 CAD = 100 GBP; Thomas Cook will give you 176.26 CAD for your 100 GBP. That's 3.7% margin for them -- a really good currency exchange place would be 1.5%-2%, and your credit card is likely 2%-3%.

6. Re: _commission for foreign exchange

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