While packing your bags for an international trip, one of the most important items to carry is, ‘foreign currency.’ Fortunately, there are several easily accessible methods available to get your money exchanged, with each way having its own perks. However, the actual task is figuring out which platform is the most appropriate to go for.
With every different option, you will witness varying levels of security, exchange rates, conversion timeframe and other distinctions. If you are unsure about how to finalize the best option, go through the guide below to know your right match for currency exchange. Let’s begin by understanding how exactly currency exchange works.
How does Currency Exchange work?
The value of one currency, when compared to another currency, is known as the exchange rate. Understanding the exchange rates, you can determine the amount of foreign currency you get in exchange for your home currency. The rates of currency exchange in Ottawa, Winnipeg and all other Canadian provinces fluctuate every other day based on various factors including the demand and supply of the currency. Let’s have a look at different ways you can exchange your money.
Top 3 Money Exchange Options For You
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Online Currency Exchange Platforms:
It is a centralized online platform that facilitates the exchange of between different nation’s currencies. It enables transparency and provides better control over transactions, leading to increased efficiency, reduced costs, and enhanced security. When heading to Canada, Consider us the most trusted currency exchange in Winnipeg, Toronto, Ottawa, and all other prime locations of the country.
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Local Banks:
You can easily trust banks for money exchange as they are known for their renowned reputation. Also, they are reliable, easily accessible and ensure security, as transactions are conducted through established financial institutions. Exchange rates may differ from bank to bank, but their rates are much less expensive than airports or hotels.
Banks That Exchange Foreign Currency For Free
People consider banks expensive places to exchange currency, but in reality, this is not true for all. Many banks exchange currencies at low cost, and some even provide them free.
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Digital wallets:
If you need a convenient and quick way to exchange money, try digital wallets, easily available on your smartphone, requiring no hunt for ATMs. You don’t need to carry receipts to check your budget or spending, as you can monitor these figures on your phone, ensuring you stay within your budget. Digital wallets also offer you security features like fingerprint or PIN verification, eliminating the risk factor compared to carrying cash.
Tips to Avail Best Currency Exchange Rates
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Do Your Proper Research:
While planning a trip to Europe or any other place, be aware of the current conversion rates. Different platforms might offer varying rates; thus, for an affordable trip to Europe, conduct thorough research and find the one with the most economical options.
Moreover, If you use credit cards, be aware that certain credit cards may be more costly than others to use while travelling abroad. There are credit card companies that impose international transaction fees when you go over your daily credit limit. It’s good to use credit cards that don’t charge fees for making high-value purchases such as hotel expenses, car rentals, and expensive shopping items.
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Always Plan In Advance:
Whether it’s about booking a ticket for a flight or reserving a hotel or resort in advance, all are done a few weeks before a trip. Then why plan your currency exchange a minute before? Many avoid this practice as they are unfamiliar with several perks associated with exchanging currency in advance.
It gives you enough time to check the fluctuations to grab the best deal of currency rates. However, if you think of exchanging it after reaching your destination, currency rates may peak then, leading to a higher loss for you.
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Avoid Exchanging Money At Airports:
It is not advisable to exchange your currency at airports, especially when travelling internationally. This is because most airports charge an exchange commission ranging from 10 to 15%, which can reduce the value of your money.
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Make A Provision For The Exchange Fees:
Be aware of the exchange providers because some of them levy charges for their services, which can impact your travel budget. These fees can come in various forms, such as transaction fees, conversion fees, or service fees. To avoid unpleasant surprises, choosing an exchange provider that offers transparent and reliable exchange services with low fees is important.
How Much Money Should You Exchange
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Go for 30-70 Rule:
When travelling, it’s always beneficial to have a mix of cash and e-money on hand. As a general rule, keep 30% of your overall travel currency as cash and the remaining 70% as e-money loaded onto your cards. The reason for this is simple – cash is still king in some parts of the world and may be necessary for certain transactions. However, using your card is often the more convenient and safer option for most other purchases. By keeping cash in your wallet, you don’t need to search for an ATM or exchange bureau every time, making even a small purchase. It can also minimize the risk of carrying around large amounts of cash with you.
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Exchanging too much currency:
When travelling to your favourite destination like Ottawa or anywhere else, it can be tricky to estimate how much foreign currency you’ll need. Some people end up exchanging more currency than necessary, which can put them at risk of theft or losing money. Exchanging unused foreign currency back for your home currency can result in a loss due to high exchange rates and fees. To avoid these risks, try to budget your trip beforehand and only carry a reasonable amount of foreign currency with you.
Where To Get Foreign Currency Internationally
Consider CanAm Currency Exchange as one of the most trustworthy foreign currency exchange platforms. We deal with 100 different currencies, offering the best rates, up to 3% better than the banks. You can save your money and time by taking the benefit of fast delivery of converted currency directly to your bank account.
Conclusion
Careful planning and consideration are important when exchanging currency for a trip abroad to ensure that you get the best value for your money. Strike a balance between cash and e-money, be mindful of exchange fees, and only exchange what you need to minimize risks and maximize convenience. With these strategies, you can enjoy a seamless and cost-effective travel experience.
