When traveling to Canada, you will likely need to exchange your currency in order to complete financial transactions in the city. In order to save money and ensure that you don’t get involved in costly transactions, it is important to follow a few steps. It will be important to compare rates with other banks, avoid exchanges in airports and hotels, use ATM machines, avoid conversions and avoid conversions by foreign ATM machines. According to http://www.ofce.ca/ you can exchange a number of currencies such as the United States dollar, the British pound, and the Euro.
COMPARE RATES
The first thing that you will want to do when exchanging rates in Ottawa is to compare the rate you’re being offered with the real rate online. You will want to use the currency converter so that you can get a live market update on the currency rates. This will also help you determine if the rate available to you is a good deal or not. By knowing the true value of your funds, you will be able to avoid being ripped off by financial institutions.
AVOID EXCHANGES IN AIRPORTS AND HOTELS
When traveling to Canada, you will also want to avoid exchanging your money in airports and hotels. While the service at these places is convenient, they will also come at a high price. As a result, you will likely be subject to below average rates, commissions and additional fees for any transaction. The best thing to do when visiting Canada and making exchanges is to change a small amount once you arrive and then convert the rest of the funds when you officially arrive in the city. This environment will have more competition which will provide you with a more fair deal with currency exchanges.
USE ATM’S
Travelers who are looking to exchange their currency at fair rates will want to use ATM machines. This is the fastest and most cost effective way to get access to your money. Before you depart for your trip to Canada, it will be a good idea to see if the bank in your home country has any partnerships with banks that are present in Canada. If your bank does, you will likely be able to get any fees waived when making a withdrawal from ATM machines. You will also want to inform your bank that you will be using your debit card in a foreign country so that you don’t risk having it suspended and rendered unusable.
AVOID CONVERSIONS BY FOREIGN ATM’S
Whenever you travel to Canada, it is very important that you never let a foreign ATM machine make any currency conversions for you. Many ATM machines will ask you if you are looking to get charged in your home currency for a given transaction. While this may look like the best thing to do, it rarely is a good option. You are better off having a transaction charged in the local currency. If you don’t let a transaction be charged in the local currency, you will be allowing the bank of the ATM machine apply a poor exchange rate and cost you more money.
