Where to Exchange Foreign Coins in Canada
Travelling abroad is exciting, and one thing you should know before leaving your country is where to exchange foreign coins. Canada uses the Canadian Dollar, so buying goods and services in another currency will be harder and more expensive.
Once you land in Canada, you can get the CAD at the exchange kiosks at the border crossings. However, these have high foreign exchange rates. Banks and ATMs are the other cheaper places you can exchange your currency.
A better way to avoid foreign transaction fees during your trip is by exchanging the money before leaving your country. You may opt to carry cash, although cash is risky because of theft. Visit a reputable company offering foreign currency exchange.
This article explores places to exchange your currency once in Canada and ways to make your trip cheaper. Keep reading to discover foreign exchange tips and ideas.
How Foreign Coins Exchange Works
Since the global economy is active 24 hours a day, the foreign exchange rates keep fluctuating. As the market prices strengthen or weaken, currency inflation or deflation occurs. This causes the value between currencies to move up and down.
Financial institutions and investors buy and sell currencies, creating a market exchange rate between two currencies. When you travel abroad and want to exchange your money, the bank will use these rates to exchange it.
However, not all financial institutions and currency exchange places charge the rates. Some currency exchange providers set rates depending on the demand to make more profits, which is why the kiosks near airports have high exchange rates.
Places to Avoid Exchanging Your Coins
You probably will be desperate for Canadian coins once you get to Canada. However, you should avoid getting the currency from anywhere.
Most random currency exchange places charge high fees, and you will have less money than planned. Some foreign exchange places to avoid are;
Getting Canadian coins at the airport may seem convenient, but the exchange rates here are high. It is due to increased demand because tourists don’t know around. Besides, you need money to hire a taxi or pay for refreshments at the airport.
If you just landed and need to catch a bus, you can exchange a few dollars for CAD to move around before finding a bank, an ATM, or a specialized foreign exchange company. Also, you can exchange the currency in your country before leaving.
Once you get a bus from the airport, your next stop might be in a market, bazaar, or a tourist place. There are exchange shops in these areas because it is apparent tourists will need the CAD.
Currency stores exchange money at high rates, so you should avoid them. They have better rates than the airport to make tourists think they are getting a good deal, but they are not better. You may end up losing more money.
Where To Exchange Foreign Coins
Although airports and currency exchange stores seem convenient, you’ll get better rates at a reliable foreign exchange company like Knightsbridge Foreign Exchange.
Here are the reasons KnightsbridgeFX is the best place to exchange foreign coins.
- Competitive Exchange Rates: KnightsbridgeFX offers highly competitive rates to help you save up to thousands of dollars in every transaction. We offer consistent bank-beating rates, making us the best throughout Canada.
- Secure Currency Exchange Services: Your funds are safe when exchanged through KnightsbridgeFX, thanks to the $1,000,000 set aside for customer protection. FINTRAC also regulates the company to ensure safe transactions.
- No Hidden Fees: Unlike banks and other currency exchange providers, Knightsbridge FX doesn’t include hidden fees in its quotes. It improves our currency exchange rates, helping you save significant money.
Other Ways To Save Money On Your Canadian Trip
When travelling overseas, plane tickets, hotel rooms, food, and tourist sites are already expensive, making the entire trip costly. The good news is that you can save money in Canada in different ways and still do all the activities on your bucket list.
Try these money-saving tips!
Exchange Money in Your Country
As you make your trip preparations to-do list, ensure currency exchange is on top of the list. Most banks offer foreign cash exchange to their customers, making it easy to acquire a foreign currency before leaving your country.
Exchanging currency at a local bank in your country is easy because you won’t worry about moving around in a foreign country to look for banks. Furthermore, local banks may offer favourable exchange rates to customers with better rapport with them.
Using a credit card is easy and fun until you realize the high exchange fee charged after all the transactions. The fee may seem small but can accumulate and amount to much money by the end of your trip. To be safer, check the credit card you use.
You can get a no foreign transaction fee credit card, meaning there are no extra fees for your purchases. However, such cards will require you to pay a higher annual fee, although they help you save a lot of money. So, familiarize yourself with the fees.
Another way to avoid foreign exchange fees is by using a traveller’s cheque. They are easy to make payments with, and you can choose the currency you want. These cheques are also more secure than carrying cash.
However, you can only use a traveller’s cheque with merchants who accept them, or take them to a bank to be converted, which is time-consuming. It is also cumbersome exchanging every cheque.
Changing all your money into CAD before leaving the country is a perfect way to avoid transaction fees. You will pay for all the goods and services instantly, without worrying about credit card foreign exchange fees.
The downside of using money is it can easily get lost. Besides, once you lose your notes, you can hardly find them. This is different from credit and debit cards that you can block to avoid access by fraudsters.
Beware Of Money Exchange Pitfalls
When you get to Canada with foreign currency, research the best banks and specialized foreign exchange companies with reasonable rates before exchanging the money. When asking about rates, also ask for the net rate after commissions.
Look at the buying rates, not the selling. Most money changers use the selling rates to lure customers. Remember you are buying the CAD, so you need to be more conversant with the selling rates offered by banks and currency exchange firms.
Ensure you read all the details about transaction rates. Some money exchangers include hidden policies in the long list that most people don’t see. Ask questions about anything you don’t understand, and let them tell you all the details.
You should find places that offer the best rates to exchange foreign coins. Using CAD in Canada makes buying goods and services more convenient. It protects you from paying foreign exchange fees every time you pay for an item. Thankfully, KnightsbridgeFX can help you save a significant amount of money in Canada.
Contact us today to get a free quote for your currency exchange transaction.