It pays to know your options when dealing with foreign exchange rates. You can find the official exchange rate of the currency in the country you will be visiting by using the Bank of Canada’s online currency converter. When you exchange your money, you are actually using it to buy or sell foreign currency at a specific price called the exchange rate. The currency exchange rate tells you how much your Canadian money is worth in the local currency. When you arrive at your destination, you can withdraw more cash from an ATM.
If you are permitted to import its currency, bring enough cash to get by for a couple of days and keep it in a money belt or in several different pockets in case your wallet is lost or stolen or your financial institution accidently freezes your cards.
On this pageĬheck with the embassy or consulate in Canada of the country you are planning to visit to make sure you are allowed to import or export its currency. Make sure you purchase travel insurance, and most importantly make sure you always carry a backup source of funds in case of emergency or an unexpected delay. Take steps that will help you avoid financial problems that may ruin your trip.
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