Traveling the world requires flexibility and an open mind. You have to be ready to face different challenges and to cope with situations that would have terrified you, should you have stayed at home. Furthermore, traveling involves managing small details that can influence your experience. Exchanging your money is one of these tiny things that can have a major impact on your travels.
Currency exchange in Canada isn’t any different than in any other country of the world. All you need to do to exchange your money into Canadian dollars is to watch the exchange rate, pick a favorable time, and find the best place to do the transaction. Of course, when you are on the go, you may not be able to wait until you get the best exchange rate, as you’re going to need the cash for your current expenses. Nonetheless, why not use your credit card instead, so that you can save some money by not paying those currency exchange fees?
If you are a seasoned traveler, you probably know that currency exchange in Canada, just like anywhere else in the world for that matter, doesn’t come free of charge. All banks and financial institutions need to earn a profit from everything they do, so they have to charge their customers some fees. The best way to make the most out of your money is to study the evolution of the exchange rate before you actually travel to Canada, so that you can make the best decision. Sometimes, it may be better to exchange your money before arrival. Other times, you may be better off with doing it in Canada. Anyway, these fees depend on the bank, so you should always check with your account officer what are the terms and conditions of exchanging money abroad. This includes also using the ATM machines in Canada. You may even find out that withdrawing Canadian dollars directly from your regular bank account is the best way to go. There are going to be some fees, but much smaller than in other cases. By doing proper research before getting to Canada, you’ll be able to make your money go a longer way.
The same rules apply if you are Canadian seeking to exchange your dollars into other currency. you have to wait until the ideal opportunity shows up, and then grab it without waiting too much. The more you wait, the bigger the risk to miss the opportunity. Currency exchange is volatile, as all foreign exchange players already know. You should be ready to take action at the right moment, so try to stay focused and motivated to find the best rate and to take advantage of it.
These are only general consideration about currencies, fees and financial institutions. If you want to go deeper into detail, you may have to start educating yourself in this area of activity by reading some specialty books. Alternatively, you may want to search for some finance education blogs and subscribe to their feeds. They may be quite useful.