I'm travelling to Marrakesh next week for a motorcycle trip. The rental does not accept credit card and ask me for a deposit of a 1000 Euros. Since I'm Canadian, withdrawing 1000 Euros temporarily and depositing it back 1 week later will cost me a lot in currency exchange fees. Any advise on how to avoid paying these unnecessary fees?
At the current market rate, €1000 is worth CAD 1434. I would ask the rental company whether they would consider accepting a deposit of CAD 1500 or 1600. Whatever amount you choose, it should be at least high enough that they will end up with more than €1000 after they change it. Their side of the agreement is that they won't actually change the money unless the need arises for them to retain part of the deposit. If you return the vehicle undamaged, they return your deposit to you in the original currency, in full. If they need to keep some of the deposit, they change the necessary portion only and return the balance to you in CAD.