Visiting Canada for studies, work or pleasure will require you to exchange Canadian dollars. You can exchange currency at banks, foreign exchange companies, currency exchange kiosks at hotels, airports and other tourist attractions.
However, educating yourself about the exchange rates will help to get good value for your money. You can know about the prevailing rates of the CAD and expected rates by going through the CAD forecast published by leading newspapers, currency exchanges and online sites. Some currency exchanges in Canada also provide obligation free quotes if you request them online.
Here are some tips to choose the right organization for currency exchange and get the best value for your money.
Convert Currency at Your Home Bank
Your home bank will offer you good exchange rates. It is always advisable to exchange currency before you start the trip. You can get an international travel card and deposit the foreign exchange in your account. This is the safest way to carry money while travelling abroad. However, it always helps to know the CAD forecast and choose a good time to exchange currency.
Be Wary of Airport and Hotel Kiosks
Do not opt to exchange money at the currency exchange kiosks at the airports, hotels and other tourist attractions. These places have higher rates and usually charge higher fees and commissions, which are built into the exchange rate. As a result, you will get fewer Canadian dollars in exchange for your money. It is always preferable to choose a reputed currency exchange that offers best exchange rates.
Be Careful with Hotel Payments
Be aware that hotels charge their own currency exchange rates. Be careful when you book hotels for your trip. If you get hotel quotes in USD or in your local currency, pay online to avoid currency exchange issues at the hotel.
Choose a Reputed Currency Exchange
Avoid black market dealers and choose a reliable and trusted currency exchange in Canada for all your foreign exchange transactions. Choose an exchange that is registered with FINTRAC and AMF. Compare the exchange rates offered by different currency exchange companies and banks, and choose the best option.
Keep the above points in mind before choosing a currency exchange company or bank to exchange your currency. Keep a tab on the CAD forecast and choose an apt time to buy Canadian dollars to get the maximum value for your money.