If you’re traveling with family or for business in the coming months, you’re likely going to be exchanging your Canadian dollars for the currency in your destination country. It’s important that you have a clear understanding on the process for exchanging currency and the types of issues you might face as you enter into this complex process. And so, in this latest post we’ll explore more on what you should look for when choosing a currency exchange.
1. Exchange Rates
The first and most important consideration when choosing a currency exchange specialist is the exchange rate the company offers. Are they able to provide you with the type of rate that is affordable given the current marketplace? Make sure you know the current exchange rate within the wider marketplace and see how this exchange rate differs with the rate your company is offering.
Are they on par with the wider marketplace or do they seemingly offer less value? Keep in mind that many sites only post exchange rates that don’t include transaction fees and or commissions and so you may need to consider these fees when comparing the various rates offered.
2. The Location of the Company
Another significantly important consideration is the location of the company is comparison to their competitors. Are they the only currency exchange location in a popular tourist destination? If so, you’re likely to find that they are going to be more expensive than many of their competitors.
Many make the mistake of going to the airport or train station for their currency exchange needs. This can then lead to them spending hundreds of dollars more on fees and other add-ons than they had originally intended. Look online for quality currency exchange companies and get guidance from experts in the industry before making the decision.
3. Inform Your Bank Before You Travel
One of the most common mistakes people make when converting currency and then traveling is not informing their bank first that they will be taking out a significant amount of money and then arriving in a foreign destination. These two activities can trigger a warning within the bank and their automatic systems might freeze or suspend the account pending further investigation.
Make sure that your bank is well aware that you’ll be using your credit card overseas and that you’ll be taking out additional money for your trip. You’ll be able to safely travel once you’ve communicated your intentions.
4. Prices Listed in Dollars are Not Always a Good Deal
If you’re traveling to a country for the first time, you might find that they price some of their items in Canadian dollars. This might seem like the ideal deal at the time, as you may not have to exchange your money. Unfortunately, many have been caught in this trap before.
Items priced in dollars in foreign countries are often more expensive than the equivalent local price, and so you’re often better simply to pay in the local currency rather than having to worry about the current dollar purchase value.
5. Don’t Leave it to the Last Minute
Another mistake travelers make is leaving their currency exchange plans until the last minute. This can leave you in a panic and more willing to accept that bad deal when it comes your way. Simply take a proactive stance on the available exchange options and call a specialist directly in the weeks before you travel to make the ideal arrangements.
Calling local specialists is the best way to get the process started. Begin today by working with your local currency exchange company.