Information About Currency Exchange In Canada

Canadian dollar is the currency of Canada. When you are visiting Canada, goods and services are to be purchased using CAD. Some of the shops may accept USD as well. It is easy to convert foreign currencies to Canadian dollars. There are many forex institutions, banks, kiosks at hotels and places of tourist attractions, ATMs etc. to exchange your money to CAD.

Places to get the Best Exchange Rates

The rate of CAD is volatile and keeps fluctuating depending on global cues. Banks and other institutions set a daily rate for CAD, this rate is called as the currency exchange rate. There is generally a small difference between the buy and sell rates of CAD, this gap is known as the exchange margin. Apart from the exchange margin, some forex vendors and banks charge service fee for providing foreign exchange. You have to consider all these 3 important factors, while choosing a place to exchange your currency for USD. It also helps to know about the CAD forecast for the coming few days to decide when to exchange your currency. The forecast can be found on websites of banks and other financial institutions that deal in foreign exchange.

Banks are a good place to exchange your currency for CAD. You can also try exchanging CAD at the offices of reputed forex vendors. Some trustworthy vendors also provide free online quotes for currency exchange.

Worst Places for Currency Exchange

It is always advisable to exchange currency at reputed banks and forex vendors. It is best to avoid airports, hotels and kiosks at tourist areas for forex transactions. Do not exchange currency at black market shops. You will be at risk of counterfeit notes and scams.

Do some homework and shop around a bit to get the best rate for your money. Enquire about the CAD forecast for the coming few days and know about the reputed institutions that offer good exchange rates. You can visit the website of reputed forex vendors to get an exchange rate quote. Do not forget to read the fine print and choose a vendor that gives you the best rates and good service. The forex vendor should be registered under FINTRAC.