Best places for exchanging currency12/27/2023 ![]() Once you know the mid-market rate for your currency pair, compare it to the rate you’re offered to switch currencies online or in person. You’ll be able to find the rate you need for your currency with a currency converter tool or a Google search. The mid-market exchange rate is a good benchmark to use as it’s the rate usually quoted on wholesale markets. However, the only one you really need to be sure of is the mid-market rate for the currency you need. ![]() The exchange rates available from different currency exchange offices can vary pretty widely. ❌Limited range of only 7 supported currencies ❌3.25% fee if you spend an unsupported currency, or if you don’t have enough of a supported currency in your wallet ✅Extra Mastercard perks and travel benefits available ✅Secure way to spend and make withdrawals ✅Convenient to collect in a Post Office branch ❌Some ATM fees apply once your monthly free withdrawal allowance is exhausted ✅Mid-market rate currency conversion with low fees from 0.43% Here’s a quick overview of some of the pros and cons of Wise vs the Cash Passport, to give you an idea of which may work for you. The Cash Passport on the other hand will charge you a 3.25% fee if you don’t have the currency you need in your account, or if your balance in that currency isn’t high enough. One big difference between the 2 cards is that the Wise card will let you leave your balance in CAD and automatically convert for you at the point of payment with no foreign transaction fee. Wise cards support 40+ currencies for holding or exchange, while the Cash Passport supports 7 currencies. A couple of options to consider include the Wise card, or the Cash Passport from Canada Post. ![]() While different prepaid travel cards have their own features, they’ll usually let you hold a balance in one or more foreign currencies and may come with extra perks like some fee free international ATM withdrawals and preferential exchange rates.
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