Canada has several major banks and many schedule II banks – but with rates and plans all over the map, it’s difficult to know where to bring your business. Our aim is to help you navigate Canada’s banking options to discover which one suits your needs best.
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How to save on foreign exchange fees on vacation
– moneysense.ca
OTTAWA – There are credit cards for major expenses like flights and hotels, Uber for getting around and Android or Apple Pay on smartphones.
But travellers still need at least a little cash if they’re vacationing outside of Canada this summer, and that means swapping loonies for euros, yuan or other foreign currencies.
Travel agent Omar Guechtal recommends clients plan ahead and exchange as much as they think they’ll need at their Canadian bank to get the best deal possible before travelling abroad.
Ignoring this travel insurance clause could cost you »
“Banks and exchange places are actually giving a better rate when they are selling a currency than when they are buying it,” said Guechtal, an assistant team leader at Flight Centre.
“If you’re looking for hard cash, it is always better to be purchasing it in Canada than purchasing it at destination.”
Using an ATM while travelling outside of Canada is a convenient way to get the cash wherever you are, but it comes at a cost…
But travellers still need at least a little cash if they’re vacationing outside of Canada this summer, and that means swapping loonies for euros, yuan or other foreign currencies.
Travel agent Omar Guechtal recommends clients plan ahead and exchange as much as they think they’ll need at their Canadian bank to get the best deal possible before travelling abroad.
Ignoring this travel insurance clause could cost you »
“Banks and exchange places are actually giving a better rate when they are selling a currency than when they are buying it,” said Guechtal, an assistant team leader at Flight Centre.
“If you’re looking for hard cash, it is always better to be purchasing it in Canada than purchasing it at destination.”
Using an ATM while travelling outside of Canada is a convenient way to get the cash wherever you are, but it comes at a cost…
