Canada has its own currency, the Canadian dollar, also known as “the Loonie”. When you’re in Canada, you need Canadian dollars to purchase items that you like such as food and other goods. This is when you need currency exchange Canada to buy items. However, US dollars are still accepted provided you are on duty-free shops, border towns or its major tourist attractions.
Places to Exchange Currency
You can easily exchange foreign currencies into Canadian dollars if you visit exchange booths in border crossings, huge shopping centers, and banks. If you want to have some currency at hand, then you need to find an ATM or local bank to withdraw the money. ATMs are usually located in banks, malls, stores, restaurants and bars. Hence, it will be easier for you to do some currency exchange Canada when you need it the most.
The Best Exchange Rates
The best exchange rates can be acquired if you approach a local bank or use your credit card for the purchases. Although there will be a bank fee for the transaction, the exchange rate will often be on the estimated exchange rate. There are a few banks though that may have a surcharge for exchanging a foreign currency. So, verify with your bank before you leave for your trip. Acceptable exchange rates are also offered at the post office and in American Express offices. You can also verify from your hotel if they do currency exchange Canada for you.
The Worst Exchange Rates
To avoid being scammed or to receive low exchange rates, don’t do the exchange in airports, train stations and other popular areas. If you arrive in Canada and need the Canadian currency, you can exchange a small amount at the airport or border crossing. It should have you some local money to spend for your trip.
Typical Hazards for Exchanging Money
When you exchange money, take time to look around. You can view the posted exchange rates and verify for the net rate. Some fees are percentage basis, while others are per transaction. To entice more customers for currency exchange Canada, they post the selling rate for US dollars rather than the buying rate. You buy exchanges rates as you’re buying Canadian dollars.