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1. The thing I learned that surprised me the most is that banks essentially charge you hidden service fees when you exchange your money into another currency. Because the exact percentage extra they charge you is built right into the exchange rate on your statement, you won't notice it easily.
2. I have definitely needed to exchange my money into a foreign currency so I know much better in the future the cheaper ways to exchange currency. Also, I have been a cashier and some grocers ask you to get a manager to check if the $100 bill is real, it would of been much more convenient if every knew how to check the bills.
3. The most important thing to pass on would either be to shop around for buying foreign currencies and don't put it off to the last minute.

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You will learn about some tips and trick to get the best bang out of your buck whenever you need to exchange your money for a different currency. You will also learn some ways to detect for counterfeit Canadian bills, appreciate the details on the bills of some other cool currencies and find out why Canada switched to polymer bills in the first place!

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This image shows all the specific details to look for in Canadian polymer bills so that you don't get tricked into accepting a counterfeit. Some details to look for include the transparent and metalic maple leafs above the portrait and the raised ink on the word "Canada".
I chose this image because it points out the details that will most likely be excluded or not accurate on counterfeit bills. This important for people who handle money and for business owners.

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This is a side-by-side comparison of some the different Canadian credit cards that you can apply for that do not charge a service fee for using it abroad. They each have different perks and annual fees.
I chose this image that I screen shot from the article "How to Exchange Currency for Travel (Without Getting Ripped Off)" because it's gives a compiled comparison of good options for frequent travellers. None of the other sources provided a table of the different Canadian credit cards that have no service fee.

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Video # 4: "Counterfeiters perplexed by Canada's plastic money"

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Video # 4: "Counterfeiters perplexed by Canada's plastic money"

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This video reports how the new polymer bills that Canada put into circulation. The switch to polymer bills was mainly due to the increasing number of counterfeits that were starting to circulate. Now with all of the security features/details put into the new bills it has made it much more difficult for counterfeiters to replicate. However, this hasn't completely eliminated counterfeits from being circulated, and when it's passed at least once it becomes a piece of evidence for the RCMP to investigate. The good news is that in 2015 the new bills have reduced the circulation of counterfeits by 74% since 2014.
I chose this video because it provides some insight into why Canada changed the bills from paper to polymer and how to look out for counterfeits. I think it's important to know about, especially when discussing currencies because physical money is still very much in use.

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Counterfeiters perplexed by Canada's plastic money

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Video # 3: "The World's Coolest Banknotes"

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Video # 3: "The World's Coolest Banknotes"

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This video discusses 5 cool banknotes including our (relatively) new Canadian polymer banknotes (a.k.a. bills). At #5 are the Norwegian bills (Kroner) that feature interesting imagery like fish, puffins and ships. At #4 the Hungarian Forint that feature interesting details that can only be seen with UV lights. At #3 the Costa Rican Colone that are even more vivid in colour than the Canadian bills and feature the diverse wildlife of the country. At #2 are the Australian polymer bills (they were the first to create polymer bills)and feature beautiful UV security features, especially on the new five dollar bill. The Canadian polymer bills are given an honourable mention but the Swiss Franc came in at #1 and are transitioning to polymer bills that have an overall theme of the wind.
I chose this video because it compared the Canadian currency to other countries in a more symbolic/literal sense. It's different from other videos because it takes a closer look and appreciation for the details put onto bills that most people look over

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Video # 2: "Everything you need to know about foreign currency"

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Video # 2: "Everything you need to know about foreign currency"

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In this video they talk more about some strategies to get the best value for your dollar when exchanging currencies. They mention that currencies that are in less of a demand will have a higher premium compared to currencies that are very popular like the US dollar. Usually the bank will have a markup of about 2.5-3% for US dollars. Also, you want to go well in advance, especially if the currency is less common because it can take up to 5 business days for that money to come into the bank you're getting it from. Another good tip is to write down all of your credit card numbers and bring it with you, keeping it in safe spot just in case you lose your physical card.
I chose this video because it suited to subject perfectly and it's from a well known Canadian talk show. It also gave some unique/different tips and specifics I hadn't heard from the other sources that are particularly relevant within Canada.

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There are a million things to plan and prepare when you're taking an international trip, and the thing that most often gets left to the last minute is exchanging your Canadian cash for the foreign stuff you'll need abroad. We're always prepared to take a hit when it comes to the exchange - we're Canadians, after all - but there are smart ways to soften the blow.

Follow these tips and maybe, just maybe, you won't lose a small fortune on the exchange.

Exchange well in advance

We know it's usually the last thing you think of, but you should really do your exchanging earlier than a few days before, especially if you're travelling somewhere other than the U.S. Banks don't keep a large stash of all types of currency on hand, so they might need to order it in. That means it could take up to five business days to get the cash you need. That's not great if you're leaving the country in three days.

Do your research and shop around

Banks aren't the only places that'll exchange your money - it's possible that a currency exchange could have a better rate. Check the Bank of Canada website for the current exchange rate, then research what added fees different banks and exchanges will charge you. It pays to shop around and find the best deal possible.

Also try to accurately price out how much money you're going to need for the entire trip. You really aren't going to like the options that are available to you for exchanging money once you're abroad.

Don't exchange at the airport

This is always a bad idea. Security is more expensive in an airport and you'll be paying for that through exchange fees. They also know that if you're exchanging your money at an airport, you're probably desperate and they are definitely going to take advantage of that. Just don't do it.

Write down your credit card numbers

It seems like one of the most common travel stories is losing your wallet. To make things easier if that happens, write down the phone numbers of your bank and credit card company as well at your card numbers and keep them in a safe place (not your wallet!). That way, if you lose anything, you can call to deactivate the cards you lost and possibly get new ones.

If you need cash while abroad, an ATM is your best bet

It sounds fake, but in the wide range of bad and expensive options open to you for getting local currency abroad, this is the best. Your bank is going to charge you a 2.5% foreign interest fee as well as three to five dollars and the ATM itself will charge you at least two, but you gotta do what you gotta do. Just be smart when using foreign ATMs. Check the machine for the interact logo, that usually means that it can take your card (although older machines might not be able to process your fancy, foreign debit card). Only use ATMs that are in banks or commercial areas and do your exchange during business hours if you can, just in case something goes wrong.

Keep everything

Keep all your receipts (especially ones from ATMs) just in case something goes wrong. It's a good idea to keep them for customs anyway, but you want to have proof in case you become the victim of theft or fraud while you're away. Having those receipts can make disputing charges and proving fraud a whole lot easier. It may be a pain, but it could pay off big time.

Check your bank statements when you get home

Good thing you kept those receipts, eh? Check your bank statements for double or unfamiliar charges. If you don't recognize something, address it right away. That's not the kind of thing you want to dawdle on in case someone still has access to your card.

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Everything you need to know before exchanging your money while travelling

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There are a million things to plan and prepare when you're taking an international trip, and the thing that most often gets left to the last minute is exchanging your Canadian cash for the foreign stuff you'll need abroad.

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Video #1: "How to get the best rate when exchanging your money"

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Video #1: "How to get the best rate when exchanging your money"

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This video gives you some insights about currency exchange and how to avoid paying unnecessary unwanted service fees. For instance, if you use your regular credit card abroad you will most likely be charged an additional 2.5%, but you won't notice it as it gets built right into your charge. He also mentions that more common currencies such as the US dollar won't be much different in exchange rate from your bank compared to  a currency exchange office. However, you do get a better rate at currency exchange offices if you want to exchange more uncommon/"exotic" currencies such as the Egyptian pound. Lastly, you can get money from local ATMs but your home bank will charge you up to 3.5% in exchange fees.
I chose this video because it gives you clear and concise information on how best to exchange your money with specific exchange fee percentages. He made it more clear that it won't make a huge different if you exchange at your bank or a exchange office for exchanging US dollars but it does make a difference for more uncommonly exchanged currencies, which other sources did not mention.

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How to get the best rate when exchanging your money

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Website #4: "4 Cheap Ways to Exchange Money Abroad (and 4 Expensive Ways)"

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Website #4: "4 Cheap Ways to Exchange Money Abroad (and 4 Expensive Ways)"

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Marc Felgar lists out and explains 4 bad/expensive and 4 good/better ways to exchange your money foreign currency. Just like what other sources have said, he advises against exchanging your money at the airport as it has some of the highest fees. He also advises against exchanging at the hotel your staying at, nor getting a prepaid travel card, nor your retail bank branch. He does advise getting a credit card with no foreign transaction fees (as suggested on website #3), or a credit card that subsidizes foreign transaction fees, or even exchanging your money online (through Knightsbridge for example), or joining a travellers' association. All these better options for exchanging money reduces or even avoids service fees.
I chose this website because it confirms some of the advice given on the other websites yet it was different as it gave information more directly. It also suggested something completely different (joining a travellers' association) and was better catered to frequent travellers.

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View as slideshow

Travelling abroad? Don't squander your hard-earned cash by getting gouged on exchange rates and hefty service charges. Here are four of the most expensive ways to exchange money abroad, along with four cheap and convenient alternatives.

Photo: ShutterStock

DO NOT exchange money at the airport

Every international airport has currency exchange booths lining the terminal walls. While they offer convenience, they offer little in terms of value. In fact, if you include fees and the margin baked into the exchange rate, you could be getting charged in excess of 10% on top of the spot market exchange rate.

Photo: ShutterStock

DO NOT exchange money at your hotel

Same as airports, foreign exchange desks in hotels offer terrible value. While they're convenient, they typically have a high margin built into the exchange rate and numerous hidden fees. Consider using them only in case of an emergency.

Photo: ShutterStock

DO NOT use prepaid travel cards

Prepaid travel cards come with annual fees, a fee for international transactions and an additional fee when withdrawing money from ATMs. For example, the BMO Prepaid Travel MasterCard charges a $6.95 annual fee, a 2.5% foreign transaction fee, plus a $5 out-of-country ATM fee, which is on top of the fee the ATM operator charges (usually around $3). If you take out $100 it could cost you as much $10.50, which is equivalent to 10.5%!

Photo: ShutterStock

DO NOT exchange money at your retail bank branch

Buying U.S. dollars at your retail bank branch costs more than you might expect. Banks rarely break out their margin from the spot rate, making it hard to judge how much they're charging you. However, estimates range from 2.5% to 4%, which is more than you need to pay.

Photo: ShutterStock

DO get a credit card with no foreign transaction fees

One of the cheapest and most convenient ways to exchange money while abroad is to use a credit card with no foreign transaction fees. You'll get an exchange rate offered by Visa or MasterCard which is pretty close to the spot rate, and that's it- 0% mark-up from the credit card issuing bank. There are only two credit cards in Canada that offer no foreign transaction fees, the Chase Marriott Visa card and the Chase Amazon Visa card.
Check out these 8 Ways to Travel for Free on Credit Card Rewards!

Photo: ShutterStock

DO get a credit card that subsidizes foreign transaction fees

The Rogers Platinum MasterCard offers 4% cashback on purchases made in a foreign currency. While it does charge a 2.5% foreign transaction fee, you end up netting 1.5% cash back on foreign purchases. Compare that with a rewards card that earns you 2% cash back and charges you a 2.5% foreign transaction fee, where you lose .5% on every foreign dollar you spend on purchases.

Brett Walther

DO exchange money online

There are some exceptionally competitive online currency exchange businesses in Canada. Knightsbridge, for example, offers conversion fees as low as .5% over the spot rate and guarantees it will beat any quote.

Check out these 8 Tips for Safe Online Shopping!

Photo: ShutterStock

DO join a travellers' association

Believe it or not, sometimes membership pays! The Canadian Snowbird Association acts like a kind of currency exchange buying club, offering members super competitive exchange rates. In fact, if you're away from home for an extended period of time, it can automatically withdraw funds from your Canadian account on the first business day of each month, exchange them to USD, and then automatically deposit those dollars into your USD account on the fifth business day of the month.
Marc Felgar is a credit card expert & insider. He is the CEO and founder of GreedyRates.ca, which helps Canadians find the best credit card through online comparison tools, filters, credit card reviews and the latest deals and offers in the marketplace.

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4 Cheap Ways to Exchange Money Abroad (and 4 Expensive Ways)

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View as slideshow Travelling abroad? Don't squander your hard-earned cash by getting gouged on exchange rates and hefty service charges. Here are four of the most expensive ways to exchange money abroad, along with four cheap and convenient alternatives. Photo: ShutterStock Every international airport has currency exchange booths lining the terminal walls.

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Website #3: "How to Exchange Currency for Travel (Without Getting Ripped Off)"

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Website #3: "How to Exchange Currency for Travel (Without Getting Ripped Off)"

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Sandra MacGregor gives advice to Canadians travelling abroad (and not just the US) on how to avoid exchange fees and be  prepared when they don't accept debit or credit. She advises that it is always good to have some cash on you, especially if you're going somewhere that mainly only accepts cash (so do your research).She mentions that exchanging your money at a bank or (even worse) at the airport can easily charge you high exchange fees that are not very transparent. She says that exchanging your money at a professional currency exchange office can get you as much as 1.5-5% more cash than if you were to do it at a bank or the airport. She recommends two credit cards that are great for frequent travels, Scotiabank Gold American Express and Scotiabank Passport Visa as they don't charge foreign exchange fees. However, they do charge annual fees so it would only be worth getting if your really are a frequent traveller.
I chose this website because it provided even more insight to travelling abroad and even lists out some credit card options and compares them. This website is different from others because it provides Canadian specific options which is more difficult to comeby than just any general travel website.

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Spoiler alert: not all countries are as universally accepting of debit and credit cards as Canada is. How do you get from the airport to your hotel if taxi drivers don't accept credit cards and the currency exchange office at the airport is closed? (this happened to me once many years ago in Peru and it was quite the nightmare). Cash is still king in much of the world, and having at least a little in hand is the best way to protect yourself from unforeseen cash-necessity circumstances, like shopping at small-scale markets; catching a cab on the street; or bypassing an unexpected credit card snafu.

But before you run out to your nearest bank to change your loonies into the currency of your chosen destination, take heed: Not all methods of currency exchange are equally favourable to Canadian travellers, and being smart about how you get foreign dollars can save you a big chunk of change. Here's some essential Dos and Don'ts when exchanging currency and shopping abroad.

Saving on Cash Exchanges

How to Save

Location, location, location. It's not just in real estate that this well-worn mantra holds true; it's equally valid with currency exchange. There are some good spots (like well-researched currency exchange offices) and bad spots (airports and banks) to convert cash to foreign dollars. Take the following steps to confirm you're getting the best deal possible:

1. Check current exchange rates with an objective source, like the Bank of Canada, which has a handy currency converter that displays exchange rates for a variety of popular currencies.

2. Compare those rates to your bank's rates. Note: Some banks may post only their non-cash rate (what you'd get if you cashed a foreign cheque, etc.), which is usually a better deal than their cash rate. A bank's website might not be so transparent about its cash exchange rates, so call the bank to get the most accurate numbers. Scotiabank confirmed to me that they charge some sort of fee to exchange currency-but that fee is included in the overall exchange rate they list, and they're not forthcoming about the specific fee amount itself.

3. Compare your bank's rates to those offered by a professional currency exchange office (one in your town or an online service like popular Knightsbridge), taking into consideration any added fees that either the bank or currency exchange service might charge. I personally never exchange money at a bank-and certainly never at an airport-because I have always found that I can get as much as 1.5% to 5% more cash by going with a currency service.

Note: If you have excess cash after your trip, you can usually take it back to the exchange service (or the bank) to get it transferred back into Canadian dollars.

Pitfalls to Avoid

Don't execute the currency exchange at your bank due to its mere familiarity. Banks (especially the Big Five) might not offer the best currency exchange rates-even if you're one of their accountholders.

Apply a critical eye to banks or currency exchange companies that claim to charge no additional fees or commissions. They might be merely folding hidden fees and commissions into their inflated exchange rates, cutting 2% or more off the money you would be getting in exchange for your Canadian dollars. This misleading practice of so called "no fee" and "no commission" currency exchange is also especially prevalent at airports or in stores in popular touristic areas.

Don't wait until the last minute and resort to exchanging currency in airports or in highly touristic neighbourhoods. Vendors in these areas have a captive audience and little motivation to offer competitive rates.

Withdrawing Cash at Foreign ATMs

ATMs are relatively widespread and easy to find throughout the world today. There's no hard and fast rule about how much money to withdraw at one time: To ensure you don't take out too much (and risk losing it) or too little (and incur multiple ATM fees), carefully research your destination and get a sense of how widespread credit cards-your first choice of payment-are. If you're travelling to rural regions in developing countries, you'll likely need more cash than in an urban center.

ATM fees can eat away at your travel budget, because you may pay a foreign ATM fee in addition to the network access fee your bank back home will charge, which can be as much as $5. Be absolutely clear on what debit card fees you might incur abroad by speaking directly to your bank. For example, some credit unions belong to the EXCHANGE network of ATMs that may not charge a fee when travelling in the USA. Finally, if you do rely on your debit card to access cash, make as few withdrawals as possible. Running to a machine every time you need an extra $20 will quickly add up.

Using Credit Cards for Foreign Purcha ses

While it's necessary to carry at least some cash with you when you travel internationally, credit cards should remain your primary method of purchase. The currency exchange rate used by a card processor (i.e. Visa, Mastercard, or Amex) is typically very close to the exchange rate used by Bank of Canada, and far superior to the exchange rate you'll get for cash at a bank or currency exchange office.

However, this advice about relying on a credit card as your primary method of purchase comes with one big caveat: In addition to the difference in currency value as set by your card processor, your card issuer (e.g. RBC, TD, BMO, etc.) is likely charging you an additional fee for all purchases made in a foreign currency.

Beware Foreign Transaction Fees

Much of the savings you make by using your credit card as your primary source of travelling funds will be potentially nullified if you use a card that charges a foreign transaction fee. This fee (also referred to as an FX or Forex fee) is an irksome 2.5% to 3% additional charge that most credit cards add to any purchase made in a non-Canadian currency.

Having a no FX fee credit card is the golden rule when it comes to shopping abroad smartly and securely. Fortunately there's a slowly growing array of credit cards in Canada that waive or reimburse forex fees as a perk. My favourites at the moment are the Scotiabank Gold American Express and the Scotiabank Passport Visa Infinite* Card. Sure, you pay an annual fee for both, but not paying the foreign transaction fees will save frequent travellers a big bundle, plus the cards reap a lot of rewards points and come with other travel benefits, like lounge access and travel insurance. I also like the Home Trust Preferred Visa as a more basic, no-annual fee option.

Below is a list of Canadian credit cards that either waive foreign transaction fees or make up for them with extra cash back on foreign currency purchases.

Beware 'Dynamic Currency Conversion'

Don't be fooled by this term. Though having a purchase charged in Canadian rather than foreign currency may seem like a convenient way to avoid foreign transaction fees, the exchange rate offered for this service is almost always worse than the foreign transaction fee that a credit card will charge. Plus there can also be other undisclosed fees for using the service.

Using Debit Cards for Foreign Purchases

The reason debit cards aren't as advisable a purchase method as credit cards for overseas travel is that the vast majority of Canadian debit cards charge a foreign transaction fee. And few if any debit cards come with the extensive travel benefits that a travel credit card will include, like rewards points, lounge access, travel insurance, etc. It's a good idea to bring a debit card with you when you travel in the event that you need to withdraw cash from an ATM; but remember to always ask a foreign vendor if they'll take a credit card before you reach for the cash.

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Even in the wired world we live in, cash is still an essential ingredient of any international trip. Find out the best ways to make purchases abroad and how to ensure you get top value when exchanging Canadian currency for foreign currencies.

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Website #2: "Currency Tips for Canadian Vacations"

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Website #2: "Currency Tips for Canadian Vacations"

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This article by Laura Sternberg is almost the reverse of website #1 as it caters to helping Americans travelling to Canada and how they can avoid being charged extra fees or get bad exchange rates for their money. Some of the advice includes paying for your accomodations online so the hotel won't charge an extra exchange fee later on. She advises to exchange at an American bank to avoid bad exchange rates. She also gives a heads up that using American credit cards to pay for relatively large purchases in Canada might trigger your bank's international fraud software, which might cause an inconvenience to say the least.
I chose this website because it's useful information for Canadian business owners that are in the tourism industry to know about as Americans are one of the more common tourists for Canada. It's different from other websites because it focuses on how Americans can avoid any trouble when exchanging/using their currency in Canada.

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Once upon a time, the difference in the rate between the Canadian and American dollar was significant. This worked to the American vacationer's advantage when visiting Canada. However, heavily-trafficked tourist destinations soon caught on and prices rose on the supply-demand principal. Today, the dollar value of the two countries has, for the most part, equaled out, making it easier to know what you're actually paying and simpler to figure out the currency rate. But being diligent with your money when traveling in Canada is still necessary for both a budget-friendly and safe vacation. Informing yourself with international money-savvy tips will help you comparison shop the best rates and know what to expect.

Converting currency at an American bank before your trip gives you easy access to cash from the get-go. Plus, banks-both in the U.S. and Canada-will give you the most accurate exchange rate at any given time. Credit card companies use the bank exchange rate, as well. And the currency exchange right at the border also has reasonable rates.

Currency-exchange storefronts (or brokers), however, often charge an extra fee for the service and have unfavorable exchange rates. These brokers are prevalent in tourist destinations and hold longer hours than a traditional bank, making it convenient to fall into their trap. Additionally, paying American dollars at restaurants and hotels can get you into trouble, too. As most have exuberant surcharges and, in some instances, create their own conversion rate for additional profits.

Currency denominations in Canada are similar to their United States counterpart except for the fact that dollar denominations under 5 dollars (2 dollars and 1 dollar) are represented in coins, rather than paper bills. The 2-dollar coin is larger than an American quarter and is silver with an inner ring of copper. The 1-dollar coin is about the same size as an American quarter, but is copper plated.

Be aware of hotel rates when traveling to Canada, as you can run into currency conversion issues. If you are quoted an online rate in American dollars, be sure to pay online before you travel. If you make a reservation online yet don't pay until the end of your stay, you then leave the hotel to convert the quoted American rate into Canadian dollars. In this circumstance, the charge at checkout can come as a big surprise due to the hotel's calculation. It's best to pay ahead of time when you can.<br/>When converting currency at a Canadian hotel, the hotel will utilize their own conversion rate, which can vary greatly from a bank's and more closely match a broker's rate. Many hotels (including well-known United States chains like the Marriott) abuse the convenience and utilize a currency rate that grossly benefits their bottom line. For this reason, exchange your money before you check in.

When traveling over the border, you might use your debit or credit card in the U.S. in the morning, and then use the same one in Canada in the afternoon. A delay in processing the charges, combined with the pattern of purchases between the two countries, may trigger your bank's international fraud software. But don't be alarmed. While the bank may block your card temporarily-which can be pretty embarrassing when paying for a big meal at a restaurant-this is ultimately for your protection. To avoid the inconvenience, call your bank or credit card company ahead of time, alerting them that you will be traveling internationally and may use your card in two countries in one day. Then, also bring an alternative form of payment in the event this happens, then call your credit card company as soon as you get back to your hotel to release the hold. (Note: Chase VISA and Master Card customer service is not available 24 hours a day).

Lastly, many restaurants in Canada display your entire credit card number on the printed receipt. So, be careful how you dispose of it to prevent the unlawful use of your credit card, should a thief stumble upon your receipt in the trash bin.

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Once upon a time, the difference in the rate between the Canadian and American dollar was significant. This worked to the American vacationer's advantage when visiting Canada. However, heavily-trafficked tourist destinations soon caught on and prices rose on the supply-demand principal.

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Website #1: "Top 5 Currency Exchange Tips for Canadian Snowbirds"

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Website #1: "Top 5 Currency Exchange Tips for Canadian Snowbirds"

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This article by snowbirdadvisor.ca discusses some techniques to essentially minimize paying more to exchange your Canadian dollars into a different currency, specifically US dollars which are usually stronger. They briefly explain what is foreign exchange "Spread" which is basically the extra amount your bank charges to exchange currencies to make a profit for the service. That is why when you search up the current exchange rate on google for instance, you are more likely going to have a steeper rate when you actually go to exchange your money at your bank. A really good option they mentioned to avoid steep transaction fees that your Canadian credit card will charge (usually 2.5%)are "Canadian dollar no foreign transaction fee credit cards". They strongly advise you to avoid using ATMs as they have some of the highest fees.
I chose this website because it gave you several sources where you can exchange Canadian dollars and get the most out of your buck. It's different from other sites because it focuses specifically on how you can get the best exchange rates if your a frequent traveller to the US.

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Top 5 Currency Exchange Tips for Canadian Snowbirds

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Learn how to save money on foreign exchange fees and currency conversion costs when spending the winter outside Canada