It doesn’t matter whether you are on a business trip or family-friendly holiday, Montreal is always a great place to be.
One challenge that most people face when visiting a foreign country or city is getting a place to convert their money into local currency.
If you are planning to visit Montreal any time soon, then one thing you should be prepared to do is changing your money into the Canadian dollars.
What you need to know about exchanging currency in Montreal
Before you decide to purchase Canadian Dollars, it’s important to understand how the process works. The following are some tips to have in mind in the process of exchanging your currency.
The value of the Canadian Dollar fluctuates – You should understand that the Canadian Dollar is a floating currency – meaning that its value may rise or drop depending on the Country’s economy and other factors. Try to monitor the movement of the rates and convert them when it’s lower than your home currency.
The mind-market – Different exchange bureaus offer varied exchange rates. The only exchange rate you can count on is the mid-market rate (the mid-point between exchange rates in the global market)
Use all your money before leaving – It’s important to budget well so that you don’t end up with a lot of foreign currency by the time you are leaving. This is because you might lose on the exchange rate twice (that is when buying and selling Canadian dollars).