Not many people know the best ways to exchange money; however, you can be asked by one when they need it the most. There has been a need for great deals of flights and hotels, and the easiest way to make a currency exchange Canada is to know how the exchange rates will cost you.
A couple of years ago, the Canadian dollar was at par with the US dollar; however, such currency is now at its historic lows. When Brexit happened, the English pound dropped in value, which made it an easy opportunity for those wanting to visit the UK. The main point is having the currency exchange Canada variable most of the time, and that there is nothing we can really do about it. Rather than concentrating on the exchange rates, why not try to minimize the fees that we pay.
Exchange Options When You Need Cash
Banks – If you were to exchange currency in big banks in Canada, well to tell you honestly, it may not be great idea. Unless you’re getting US dollars, the banks can charge a large premium for exchanging the money. Besides, you’ll also need to order the currency in advance if you’re choosing banks for the exchange.
Foreign Exchange Offices – This can get a bit tricky as every exchange office can offer various rates. If you were to choose currency exchange Canada in airports and malls, they usually don’t give you good rates. They also make commissions out of the higher rates they offer. But even then, there are exchange bureaus where you can get competitive rates. The key is to know how much the exchange rate is, so you can have a fair computation of rates.
ATMs – Local teller machines may be the cheapest way to exchange Canadian currency. Primarily the ATMS will charge a spot rate plus around 2.5%. The extra charge is known as a foreign transaction fee and should not be avoided. The home bank and the specific machine may also charge you a one-time fee of up till $5, which can be something to consider for the overall costs. The best way to exchange money while minimizing costs is to withdraw your daily limit from a bank that partners the ATM.
Before you head to currency exchange Canada, ensure that you have overview on how much the exchange rate is. You can check online for information about the current foreign exchange options for travelers.