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Travelers, if take a trip to Canada you must know where to exchange American dollars for Canadian currency. This is an important thing to know. Anybody who travels to Canada will probably need to use Canadian currency. While it is true that you can pay for things with American dollars, it might be to your best interest to use Canadian money.
Not all retail and commercial establishments in Canada will allow you to use American dollars or they might charge you high exchange rates for this service. Remember, Canadian businesses are free to set their own rates for currency transfers. Travelers, you should keep reading to find the best places for you to exchange money in Canada.
The most common traded currencies within Canada is the U.S. dollar (USD), U.K. pound sterling and the euro from European Union. The Australian dollar and the Hong Kong dollar are also popular in Canada. Each of these currencies are often traded for Canadian bucks. Canadian banks generally like taking money from visitors who carry cash from these different countries.
These currencies are very stable, and they provide good exchange rates for banks trading the Canadian dollar or CAD. Also, these dollars are the best for banks to have on reserve for Canadians travelers who take trips abroad. The best banks for currency trade are the Royal Bank of Canada, Toronto Dominion Bank, Scotia Bank and Bank of Montreal. These banks have franchises all throughout Canada.
Most travelers might not realize this, but Canadian post offices have some of the best exchange rates in the nation. This is important for travelers to know. Canadian post offices provide some of the best exchange rates in the nation.
The Canadian border is a place where travelers can also get decent exchange rates. A border service agent will be able to help travelers to exchange money. By the way, if you come into Canada carrying more than $10,000 you will have to fill out a CSBA Declaration form. If you don’t fill out one of these forms; border service agents can take your money. They will then investigate where you got it from. So, inform them about the money you have if it is $10,000 or more.
You can get low rates when you use KnightsbridgeFX. This is an online exchange site and you can set up an account to exchange funds. This company is located in Toronto and has agencies in various parts of the Canadian nation. KnightbridgeFX can provide some of the best exchange rates for your money. These are the best places for you to get the most beneficial exchange rates for your currency. Shop around to figure out which has the best rates and visit these locations to exchange your money.