Canadian Foreign Exchange Tips

1. Canadian Foreign Exchange Tips

2. The Canadian Dollar, Canada’s official currency, has fluctuated above the American Dollar in recent years. Despite these increasing costs, the demand for American currency hasn’t slowed as Canadians still frequent across the border. Whether you are looking to snowbird in Arizona for the winter, or if you just like to shop in America or online in American, a few foreign exchange tips could save you big. Plan Ahead Many companies offer foreign exchange services. Think of exchanging currency as buying currency. The purchase of foreign cash just that, a purchase.

3. Once you understand that you are purchasing foreign cash, it become common sense to buy that cash from the company that offers it at the lowest price. Because foreign exchange is based of supply and demand, the rates on exchange can change daily. Planning ahead and knowing what is a good rate-and what is not- can help you save on foreign exchange fees. Best Places to Exchange Currency One of the most common places to exchange foreign cash are banks. Banks carry many different types of currency and in most cases can exchange cash for you on the spot. The downside exchanging at banks is that the charge a fee that is generally higher than other private companies.

4. Another place to exchange foreign cash is a private company, such as Calforex Currency Exchange. Calforex Currency Exchange is a Canadian owned and operated company that exchanges, or sells, you foreign cash at a lower rate than the banks. They also offer you most foreign currencies on the spot when you exchange. They essentially ‘sell’ you the cash at the cheapest price. Calforex Currency exchange also offers you the ability purchase cash online, and even have foreign cash delivered to your door, saving you time and money over the traditional bank.

5. If you choose not to exchange Canadian to American in cash before your trip, you can still make purchases using a credit or debit card. Keep in mind that these purchases are generally also charged a foreign transaction fee. This means that while you may know how much the teller told you you owed them, you don’t actually know how much a transaction cost you until you check your bank statement. Common Foreign Exchange Mistakes Common exchange mistakes can occur when you’ve left exchanging your cash to the last minute. Maybe you planned a trip and forgot to obtain foreign cash or maybe the trip was unexpected.

6. Leaving exchanging your foreign cash to the last minute means you may not get the best rate of your cash. It also means you may feel the pressure to purchase cash quickly, leaving you to purchase from convient, and more expensive companies such as at airports. The rates offered at these locations will almost always be much higher than anywhere else. Once exchange is understood as a purchase, it makes sense to buy cash where you’ll save the most of your hard-earned money. While foreign exchange rates can never be guaranteed over a period of time, following these simple tips can guarantee you pay the lowest rate for your money.

7. Calforex Currency Exchange offers the best rates on foreign exchange for cash, bank drafts, wire transfer, ACH, and more. With over 120 currencies in stock and exchange rates way better thank the banks Calforex saves you money over the banks while providing great service. With locations across Canada we have served Canadians for over 30 years and look forward to serving you. Visit our foreign exchange in Toronto, Ottawa, Calgary, Victoria, Edmonton, Montreal.