How to get more from your foreign currency exchange

For people traveling to the USA from Canada or other foreign countries there’s no way around the falling currency rate, however, there is a way to save some money on your Toronto foreign exchange and Ottawa foreign exchange.

About three years ago Canadian and US dollar had the same rate three years fast forward and the Canadian dollar has dropped almost one-third of it.

As a consumer, though it’s not as easy to know if you’re getting a good deal or not, companies can manipulate you into thinking you’re getting the best deal out there whereas you that might not be the case.

Exchange by the bank:

This will probably cost you less money to exchange foreign currency in your nearest bank before you go.

Banks keep competitive currency exchange rates so that they can stay up with the competition, however, this might not always be the case and sometimes their rates might even be higher than the currency exchange places.

Currency exchanges post rate of buying and selling the currency. For consumers, the best is the one closest to the mid rate with lower fees.

Peer to peer currency rate:

This is the exchange you can do privately, take for example your neighbor’s son came back from Europe and you decide to go to Europe soon. You can just privately exchange money with him this way you both go in favor and same up money.

The fees of the bank for currency exchange are over 4 percent of the currency.

Online Banks:

It’s preferred that you should convert currency online if you have over 5000$.

You can also use credit card alternatives, many people prefer to buy stuff from credit card whenever you’re traveling and stuff.