Money Exchange Vancouver Airport

Hi there,

Coming from Sydney next Friday, are the rates competitive in Vancouver Airport or should I wait till I get to Victoria?

I do not know about Vancouver airport specifically, but in general you will get a better rate at any Automatic Teller Machine (ATM) than at any airport money changer.

Ben's right, and about everywhere, not just Vancouver Airport. ATMs come as close to the published exchange rate as any moneychanger gets, including the banks that run them (don't use a "grey" machine in the back of a pub, however.)
Only multi-billion players can get the stated rate. Banks and their machines sell currency higher than the inter-bank rate and buy it back lower. That's how they make a profit. In general, the fees you pay are a separate matter and set by your bank back home.
My tactic: Take out a substantial amount of foreign currency at the airport if it is a bank machine. If not, take out enough to hold you until you get to a bank. Withdrawing a large amount may spread your bank fee thinner. Then, just like the old days, I pay cash for everything except very large purchases, such as a hotel bill where I get out the credit card. I never use an ATM/debit card for purchases of any sort. Those fees add up. Cash is easy and fast and just as easy to lose as a credit card. For security I carry debit and credit cards drawn on two separate banks and the cards are never together in the same wallet. It's annoying to read the fine print on plastic, but worth doing before you leave so you know what the expenses will be; mine charge different rates for different countries, for example.

Typically banks charge 2.5% for currency conversion, plus a fee each time you use foreign ATM, 3 CAD in my case, plus the fee the foreign bank charges to us their ATM, 2 CAD minimum from my recent experience. So for a 500 CAD withdrawal, these fees add up to 3.5%, equivalent to 7% spread between bid and ask at a money changer. Know in advance what fees you pay so you can decide which gives better rates when you arrive.

Going to use my Qantas Currency card now. Make life a lot easier. Appreciate the responses though. :)

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