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Knowing fees for almost everything is good. You want to be prepared for anything extra you’re going to be spending. By having an idea of these foreign exchange fees, you’re better able to use your card or other currencies in Canada.
If you are wondering more about these rates and what to expect, then now is the time to check out the many fees we’ve put together. We’ve put together the many different fees you might come across when using your card in another country, or even exchanging your currency to Canadian currency to use while you’re in the country.
If you are ready to learn more about these exchange fees, then read on to find out even more. You can benefit from knowing these fees, but also be able to stay away from anywhere that the fees might be higher than you’d like to play.
Those who are using their credit or debit card in another country will be subject to fees and foreign exchange rates. This is generally between 2.5 to 3.5% on most purchases, especially those who are making purchases in United States.
The average conversion rate is on a rolling average over 12 months. The rates for those who are using their card in other countries are able to be seen on the websites.
However, if you are using a travel credit card while abroad, then you don’t have to worry about these fees. Generally, these credit cards do not charge a fee when you are using them in another country that is not Canada.
If you want to exchange your currency for Canadian currency then you can do this, as well while you are in Canada, or if you want to exchange it in your own home country. The rates will differ depending on the currency you’re turning into CAD.
There are a number of guides and information that has to do with US exchange rates to CAD, so this is good to consider if you’re going to be transferring USD to CAD.
|U.S. Dollar exchange rate
The exchange rate will also differ depending on the bank that you choose to use for the exchanges. The below chart lets you know more about the exchange rates that are offered through the many big banks throughout Canada.
|U.S. Dollar exchange rate(Aug 25, 2020)
|Bank of Canada
The rates that you get will be dependent on the month and year at the time, as well. This is something to think about because as times change, the currency exchange rates change with the market and economy conditions.
Those who are looking for foreign exchange rates that are more than USD are able to use the below graph to their ability to ensure that they are obtaining the right information on the exchange rate.
Depending on what country you are coming from, the rates might be more or less than what your currency is worth. Consider this for your trip, as you want to make sure you are choosing the right method for exchanging your currency.
Additionally, there are fees associated with exchanging your currency with Canadian currency. This is something to think about when visiting the financial institution of your choice.
For example, on $300, you can expect to pay just over $16 when exchanging USD to CAD. The exchange rates might differ based on different country’s currencies that are available, and if they’re exchanged in your own country or in Canada.
|Hong Kong dollar
|New Zealand dollar
|Peruvian new sol
|South African rand
|South Korean won
|UK pound sterling
This chart provides an in-depth look into the different rates when you want to exchange your currency. Keep in mind, this chart will change with the months and years as the market and economy changes.
Those who are looking to get more out of their currency exchange can find that when switching their currency to CAD is easy to do.
There are many different calculators and currency exchange rates that you can look into on bank websites who provide these easy-to-use tools for everyone to use for free. Here are a few different options for you to use.
You do not have to exchange your currencies in Canada when you get there. You can exchange your currency in a bank that is right by where you live if you so choose. Any banks are able to do exchanging of money before or after you arrive to your destination. Consider this before you head out.
You can also ask the bank the exchange rate for the time that you are trying to exchange during.
The Canadian Currency act is something that forbids the use of any currency that is not the local CAD currency for the area. However, if you are doing a private sale or other private contract then there are stipulations that might allow you to use other currencies besides Canadian currencies.
It is recommended that you exchange your currency before you head to Canada, or consider exchanging them while you are out in Canada, as there are numerous banks that allow you to do this.
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