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Whether you’re heading off for an overseas vacation or sending money to loved ones in another country, getting the best exchange rate is crucial. The better the exchange rate, the better value you get for your Canadian dollars.
But where is the best place to exchange currency? How can you get the best exchange rate when converting Canadian dollars? Keep reading to find out.
Currency exchange option | Competitive rates? |
---|---|
Cash from home bank | No |
Online money transfer and currency exchange specialist | Yes |
ATM at travel destination using debit card | Yes |
ATM at travel destination using credit card | No |
Airport kiosk | No |
Airport ATM | Yes |
Credit card with foreign transaction fee | No |
Credit card with no foreign transaction fee | Yes |
Cash via Canada Post | No |
Hotel | No |
Digital banking app (e.g. Wise) | Yes |
Mall, train station, bus station kiosk | No |
Kiosk in tourist area | No |
Heading overseas on vacation? The best ways to exchange currency are ATMs, online currency exchange specialists and credit cards with no foreign transaction fees.
How it works: Using your debit card at an overseas ATM is an easy and convenient way to exchange money. Your card provider (such as Visa or Mastercard) will automatically convert your CAD to the local currency. If the ATM gives you the option of paying in Canadian dollars, this so-called “dynamic currency conversion” will come with a big exchange rate markup, so choose to pay with the local currency instead.
Make sure you know how big the foreign transaction fee is on your card, or consider a debit card with no foreign transaction fees. You’ll also need to check the fine print to find out the fee for using an ATM outside your bank’s network, the currency conversion rate, and whether there are any daily or transaction limits on how much you can withdraw.
How it works: Online money transfer services and currency exchange providers offer plenty of options for travellers who want to know where to get the best exchange rate.
For example, you can send an international transfer to your own overseas bank account or mobile wallet, or collect the cash in person from a branch when you get to your travel destination. Alternatively, you could use an online currency exchange service to convert CAD before you leave home, and then pick the cash up in-store or have it delivered to your door. Other providers offer multi-currency accounts where you can exchange currencies instantly via a mobile app, and some offer travel cards that allow you to hold and spend funds in dozens of currencies. Compare providers now.
Apps like Wise are well worth considering here. The Wise Travel Card lets you hold more than 40 currencies, make withdrawals at three million ATMs in 175 countries, and get the mid-market rate when you exchange currencies.
How it works: Many credit cards charge foreign transaction fees of 2-3%, so using a card with no foreign transaction fees can lead to big savings. For example, if you make $2,500 worth of purchases on your vacation, you’ll save $75 compared to a card with a 3% foreign transaction fee. But keep in mind that overseas ATM fees may also apply, and you’ll be charged a cash advance fee if you withdraw funds from an ATM.
Keep the following tips in mind to ensure that you get the best currency exchange rate when you send money overseas.
Let’s take a closer look at some of the popular options when you’re searching for the best place to exchange currency.
Best for: Sending money overseas and travel
Best for: Sending money overseas and CAD/USD currency exchange
Best for: Sending money overseas and travel
Best for: Sending money overseas
Best for: Sending money overseas
Best for: Sending money overseas and travel
Best for: Sending money overseas and travel
Best for: Sending money overseas and travel
Best for: Larger transactions (over $2,000)
The tips below will help you get more bang for your buck when deciding where to exchange money.
Currency exchange option | Pros | Cons |
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Online money transfer and currency exchange specialists |
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ATMs |
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No FX fee credit cards |
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One of the ways to save yourself money when making an international money transfer is to carry out your conversion when the exchange rate is most favourable. If you know in advance you will be sending money abroad or travelling overseas, then you can monitor currency trends ahead of time. Take a look at our live currency converter to see what exchange rate you would get for converting your cash today.
Market demand dictates how much one currency is worth compared to another – this is known as the mid-market rate. It is also the rate that banks use to trade money with one another.
When you convert money through a money transfer service, you will typically find that the provider adds a margin on top of the exchange rate to make money. So it is worth keeping this in mind when you are monitoring exchange rates.
Select the currency pair to fit your needs
The best option for you will vary depending on your money needs and whether you’re travelling internationally or sending money overseas.
When you need to send money overseas, online transactions tend to come with the best exchange rates. If you use a specialist money transfer service or app for your transaction, you’ll generally get the best exchange rate.
However, there are also situations where cash is king. If you need to get money to a loved one overseas urgently, sending a cash pickup transfer and paying with your debit or credit card will allow them to access the funds within minutes.
It’s hard to beat the convenience of withdrawing money from an ATM with your debit card when travelling. Debit cards offer a quick and easy way to get cash or pay for purchases, but you’ll need to watch out for foreign transaction fees and overseas ATM fees. Check the fine print to find out what fees apply to your card.
Converting cash at foreign exchange kiosks is also a convenient option. Just make sure to avoid kiosks at airports and train stations, as they typically don’t offer great exchange rates.
At the same time, using an online currency exchange specialist has its perks too. You can exchange your Canadian dollars for foreign currency well in advance of your trip, locking in the best exchange rate so your finances are all sorted before you pack your bags. The downside is that you then have to carry around a big wad of cash.
Ultimately, it all comes down to what best suits your needs: convenience or getting the best value for your money.
The best place to exchange currency depends on your needs. If you’re sending money overseas, you’ll often get the best exchange rates from online transfer specialists, but cash pickup transfers allow you to send money to loved ones within minutes.
Travellers can often get a better rate on currency conversions if they use an online currency exchange service before their trip, but debit cards with no foreign transaction fees also offer a convenient way to manage your money when travelling abroad.
Compare the best currency exchange services and money transfer providers to find the solution that’s right for you.
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