Where to Exchange Currency and Other Must-Know Money Tips for International Business Travelers to Canada
Travelling internationally for business in Canada is never an easy endeavor. There is a lot that comes with it apart from booking hotel rooms and managing to get the cheapest airfare. You will need to have some bit of knowledge about the country before you set out for your trip.
In relation, you will also need to be acquainted with the Canadian dollar, the locally accepted currency in Canada. With it comes knowing different modes of currency exchange Ottawa or any other Canadian city. You will also need to know how to read and calculate the exchange rate, to reduce the stress that comes with international business travels.
Consequently, you need to keep some money managing tips in mind, in order to transact with ease in Canada. Here are some of the money tips as well as where you can make your currency exchange in Canada.
Do thorough research
It is always advisable to do your homework before you leave for your business trip in Canada. This way you are prepared, especially when it comes to money management. Look up for the locally accepted currency, the exchange rate as well as the best places to make the exchange.
You should also research on the locally accepted credit cards in Canada, before you plan on how you are going to use your credit card. Besides, knowing the credit cards accepted can prepare you for the fees charged for using them.
Take note of the best places to exchange currency
Knowing the best places to exchange your money before you leave for Canada or when you are in Canada can be helpful. This is because you will know the best places to get the best exchange rate as well as service fees.
Most business travellers to Canada often prefer to make their money conversion at home, with their local bank or credit union, for a chance of getting the best rate. Nonetheless, you can also convert your currency in ATMs within Canada, be it your bank has collaborates there or not. Just be prepared for the service fees if your bank does not belong to the Global ATM Alliance or has zero branches in Canada.
Airport kiosks and currency exchange bureaus are also great and convenient places for exchanging currency. However, be ready for the poor exchange rates as well as high service fees. This is a well-known fact internationally.
Likewise, you should also know the best places to exchange your currency after your Canadian business trips. Banks are the best option due to their exchange rates. You can also hold on to the Canadian dollars if you have more business trips coming.
Make sure your card has a smart chip
If you are planning to use your debit or credit card for your Canadian business trip, make sure it has a smart chip. Consider getting one if yours does not have it, for security reasons.
This type of card is always the most secure, making it an ideal option for international business travels. It can prevent credit or debit card fraud as well as identity theft.
Get a card without foreign transaction fees
If you regularly travel to Canada for business, consider getting a debit or credit card ideal for your business travels. It should be suited for abroad travels, with some benefits and great travel rates. This way your bank can waiver some currency conversion fees as well as transaction fees every time you use it.
Once you have this card, then you can plan to use it as your main payment or currency withdrawal option for your trip in Canada. Anyhow, you should still have some local Canadian dollars at hand, for emergency or for small business transactions.
Notify your bank about your trip
One you know you will be visiting Canada for business, inform your bank of the trip. This includes when you will travel and for how long you will be there. This way you prevent your bank account from being frozen due to security reasons. For some banks, you can do this via their apps from anywhere if you forget to do it while still at home.
Plan on using the local currency
Always plan on using the local currency, be it you are paying in cash or credit card. This is because most restaurants and stores will offer to charge you in the local currency, the USD, or your home currency, a term known as Dynamic Currency Conversion, DCC.
However, with the conversion rates and other additional fees related to it, DCC is always a bad deal. So opt to transact in the local currency, the Canadian dollar while in Canada.