POF' Travellers Cheques or Bank drafts

[kool_Dude1980]

Hi,...
Am landing in Toronto in early March.. Wanted to know which is a more cheaper option to encash in Toronto.

ANyone have insight on bank charges in encashing a traveller's cheque vs a bank draft ??

 

[wilson]

Hi,...
Am landing in Toronto in early March.. Wanted to know which is a more cheaper option to encash in Toronto.

ANyone have insight on bank charges in encashing a traveller's cheque vs a bank draft ??

Depends from which bank you purchase TC or Demand Draft. I suggest you should compare the charges of at least two different major banks in your country. The currency exchange rates are also different according to the banks, changing on a daily basis. Therefore, if you don't check the exchange rate, you will also loose lot of money on conversion itself. It is always better to ask the bank whether they have a correspondent banking arrangements with any Canadian Banks. If so, the charges between them will be lesser than others.

Please also note that the bank charges at source ( in your country ) will be higher than the bank commission deducted while cashing TC or DD in Canada. Some of the banks will take only very minimal charge.

Please see what others will also say about this subject.

 

[kool_Dude1980]

Thank You Wilson