How to get the Best Foreign Exchange Rates for Travel Money
It makes sense to have a little bit of cash when you travel abroad but you need to find the best deal by comparing currency exchange rates with what the banks offer. Foreign exchange rates can have a strong impact on travelers because if the value of your currency falls against the currency of the country you are visiting, the entire trip will become expensive. You will be spending more of the domestic currency to buy the same amount of goods in the foreign country.
If you need to exchange a large amount of money ($2,000+), Knightsbridge Foreign Exchange is the most cost-effective option for Canadians. Benefits of using Knightsbridge FX are as follows: (1) secure and convenient, (2) transparent, (3) best rate guarantee, (4) fast, and (5) great customer service.
Other options for money exchange include foreign exchange office, banks, ATM’s, traveler’s checks, and credit cards. Foreign exchange office in airports and malls do not have good rates. “no-fee” exchange have higher rates because of the commission. Big banks in Canada is not usually a good idea. Unless you are getting USDs , banks charge a pretty premium when exchanging money. ATMs charge spot rate plus about 2.5%. Extra charge is called foreign transaction fee. Specific ATM machines charge one-time fee of up to $5. Meanwhile, commission on the traveler’s checks have to be paid on top of the spread when you cash them. Most foreign retailers no longer accept traveler’s checks although banks, hotels and bureaus of exchange accept them. And lastly, credit cards can be used for large purchases like booking a hotel room. Credit card providers charge slightly more than ATMs by adding 2.5% to 3% on top of the spot rate when a purchase is made in foreign currency
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