If you are planning on travelling to another country soon, then you’ll want to make sure that you are prepared. There are many things that you need to look up and you don’t want to be caught off guard when you’re far away from home. One thing to remember is that exchanging currency comes with certain complications when you’re travelling abroad. Take a look at these five things you need to know about currency exchange when leaving Canada.
1. ATM Exchange Rates Are Usually Horrible
The first thing to know about travelling to another country is that using an ATM to exchange currency is not going to be a good idea. If you have other options available to you, then you should try to avoid using the ATM. ATM machines generally have unfavourable exchange rates and they also sometimes charge extra fees. This makes them undesirable to use in most situations.
2. Finding a Convenient Solution Is Still Important
Of course, currency exchange still needs to be convenient for you while you’re on vacation. If an ATM is the only thing that you have available to you, then it might be something that you’ll have to use. Finding an actual currency exchanging business would be preferable, but sometimes you’re going to have to settle. Just be mindful of the exchange rates and look for the most convenient options in the area where you’re travelling.
You can actually do some research ahead of time, too. For example, you could go online to see if there are places to exchange currency near the city where you’re staying. Doing this small amount of research can save you many headaches once you finally arrive at your destination. Just remember to look for a good solution that will be convenient for you to use while you’re away from home.
3. Your Credit Card Might Have a Foreign Transaction Fee
Are you planning on using your credit card while you’re abroad? If so, then you might want to be careful about how often you’re using it. You see, many credit cards will charge foreign transaction fees when you’re using them outside of Canada. For this reason, it might be good to avoid using the card unless it is your only option.
Taking the time to check your credit card fees before using it is smart. You should be able to get the necessary information about foreign transactions from your credit card company. This allows you to know what to expect when you’re travelling abroad. You should be able to avoid fees easier with the right knowledge.
4. Cross Border Banking Services Might Be Available
There are some banks that will offer cross border banking services as well. This can be very convenient when you’re going to be travelling for an extended period of time. Some Canadians like to travel to warm locations in the United States during parts of the winter. If you’re going to be staying in America for a month, then you might need to use more money than you would on a typical vacation.
Look for cross border banking solutions where you are travelling. If you plan to travel there regularly, then this is an especially helpful tip for exchanging currency. It can make your life a lot easier.
5. Some Exchange Services Specialize in Large Transactions
You can find some exchange services that will specialize in large transactions as well. If you’re travelling to America and you wind up deciding to purchase a car or something else that costs a lot of money, then you’ll need to find a convenient solution. There are foreign exchange companies that can help you and they often have exchange rates that are more favourable than traditional banks. Do your research on these types of companies if you’re planning to make any large purchases while you’re travelling. Find more insights and resources available at Interchange Financial.