If you’re planning a currency exchange Canada, it can really go expensive. Unless it’s done right, the foreign currency your planning to exchange can provide you a huge sum on your pockets. This article will show you how you can possibly get the best rate for exchanging a currency to cash.
When you do currency exchange Canada to other currency, you can either have bad experiences with the rates, charged with fees and hidden costs, which will make your head ache with lighter wallet. But to ensure you’re getting the best rates, follow these simple steps to enjoy your hard-earned cash:
- Compare Currency Rates
You need to shop around and compare the currency rates before you transact. You can use online tools that make you compare the rates and determine how much you’ll have after fees and charges are subtracted.
- Have Doubts if It’s a Commission Free Deal
A commission free deal will sound perfect for your currency exchange Canada; however, it may be too good to be true. If you notice the zero commission after the exchange, the rate can be loaded with fees and you can get cheated. Be aware that minimum charges can make the exchange more expensive, especially for smaller amounts.
- Never Exchange Currency at the Airport
According to information, around millions of Canadian dollars are wasted on buying currency at the last minute at Canadian airports every year. The problem is due to poor exchange rates and commission charges on lower-valued transactions. At the airport, you can expect distorted rates that are not really of great value for your money.
- Know your Debit Card Charges
You need to consult your local bank the possible fees that can be charged on you when you use your debit or ATM cards abroad. Though the fee may be minimal, but if you’re frequently exchanging rates, this can be troublesome, and will leave you with less money left.
- Choose a Prepaid Card
If you’re going on a vacation and don’t want to carry loads of cash with you, choose a prepaid card as an option. You will just have to load money onto the card and you can use it to withdraw cash from an ATM or make purchases in restaurants or shops. It will also provide convenience when you do currency exchange in Canada for money.