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The Ultimate Guide to Currency Exchange in Canada

currency exchange

Canada has something for everyone. You can do business and have your vacation there. It does not matter which part of the globe you are from, the country will accept you with your luggage.

However, as a foreigner once you get to Canada you will need to have the local currency for most of your trip. Therefore, you need to understand the exchange rates there.

Just as you researchhotel and airline bookings, you need to review the currency exchange options, in a bid to find the best method that suits you.For example, if you are within Winnipeg, an online currency exchange Winnipeg keyword can help you in finding some of the best places to make your exchange, be it online or offline.

You should take note, that the official currency in Canada is the Canadian dollar, (CAD or C$). With the common bank notes being in the denominations of $5, $10, $20, and $50, the $100 notes are rare. All the notes are made from polymer plastic and not paper and they tend to stick together when new. The notes also shrivel in extreme heat, so be careful with their storage, especially during the summer.

Consequently, some Canadian cities in the south as well as popular resorts can accept the U.S. dollar, but make sure you check the applied rates before opting to pay in USD. Nonetheless, here is a guide to the currency exchange in Canada.

 

  • Currency exchange in Canada

 

The Canadian dollar, CAD is widely available, so you can choose to buy it at home or in Canada. If you want some CAD in your pocket for the trip, you can shop for the best rates at home and exchange before you leave.

You can also make an exchange at the airport or hotel in Canada, although the rates there are not always the best. You are better off doing the exchange in town. However, look out for any hidden fees, even if they claim to exchange with no commission. If you cannot find a reasonable rate, you can use the ATM.

Always keep track of the daily currency exchange rates, in a bid to avoid being ripped off. In addition, if you opt to exchange your money to CAD in Canada, make sure they are in good condition. Most exchange bureaus will refuse to exchange torn and damaged notes. So prepare accordingly.

 

  • Use of credit and debit cards in Canada

 

You will be glad to know that some of the major debit and credit cards are accepted in Canada with MasterCard and Visa being the most popular. You can do your research on the cards accepted and carry some cash in case of any issues with the card.

If you opt to use a credit or debit card for your abroad purchases in Canada, do not let them charge you in your home currency, but the Canadian currency, as this can give you worse rates with some additional fees. It is always cheaper to pay in the local currency, so avoid dynamic currency conversion at all cost.

Also, inform your bank of your travel plans to Canada to prevent your account from being frozen, due to your foreign transactions.

 

  • Traveller′s cheques in Canada

 

In Canada, traveller′s cheques are not common and may not be accepted outside of a tourist area. Besides, they may be subject to some additional fees. Nonetheless, you can exchange them for cash at the bank. However, since their rates are average, you are better off using an ATM or a debit card for your withdrawals.

 

  • ATMs in Canada

 

Nowadays ATMs are everywhere, so it will notbe hard to find one in Canada. You can research on their locations before you leave for your trip, to save time.

Even though, ATMs charge some fees for foreign currency withdrawals, plus some extra bank charges. You can lower these fees or get a zero withdrawal fee if your bank belongs to the global ATM Alliance or has a partner bank in Canada.

In addition, for ATM withdrawals dynamic currency conversion may applytoo, so opt to be charged in the local currency for better rates.

 

  • Currency exchange at banks in Canada

 

Always do some research on Canadian banks, especially if you plan to make your currency exchange there. You can check if your bank has partner banks there or if it belongs to the global ATM alliance, as this would mean lower or zero fees on all ATM withdrawals.

You can also transfer money between countries using the real mid-market currency exchange rates, if you have a bank in Canada or know someone who does. It is very convenient and quick with zero hidden fees.

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