# data[].attributes.body
Saving money is something everyone wants to do but in terms of travelling, this can be a tricky goal to achieve especially if you have not yet researched it! In this Padlet you will find information pertaining to exchange rates and travelling and just how exactly to make the most of your dollar. Also included are common misconceptions, top countries to travel to with a Canadian Dollar and how precisely you should carry your money.

# data[].attributes.headline
WEB 1.                                     12 Cheap Travel Destinations For Canadians 

# data[].attributes.subject
WEB 1.                                     12 Cheap Travel Destinations For Canadians 

# data[].attributes.body
It is smart to plan travel abroad in places where the Canadian Dollar is high, this will offer you way more for your money and also keep prices relatively low in comparison to other travel destinations. This article focuses on 12 countries that Canadian travelers can go to and make the most out of their dollar. Countries where the Canadian Dollar is high include Argentina, Mexico, The Philippines, India and Brazil to name the few.  While the Canadian Dollar may be high here due to the respective economies, these are all travel destinations one should not miss.

# data[].attributes.attachment_link.title
12 Countries Canadians Can Travel To Where The Canadian Dollar Is High

# data[].attributes.attachment_link.description
Even though Canada is a great place, Canadians still get the itch to travel the world and see the sights. But you've got to be smart about where and how you spend your money especially when it comes to exchange rates. We've got the best places for Canadians to travel to because of great currency exchange rates.

# data[].attributes.headline
WEB 2.                                  The Art of Getting Ripped Off

# data[].attributes.subject
WEB 2.                                  The Art of Getting Ripped Off

# data[].attributes.body
One of the main ways to ensure you are not getting "ripped off" when exchanging money, is to simply compare. Compare your bank and rate to others along with professional offices. You may find they differ based on how you wish to acquire your exchange ie. cash, foreign cheques, etc. Furthermore, it is crucial to recognize the potential of hidden fees or non-predominantly advertised fees. Using debit/credit cards abroad to withdraw cash may subject you to the ATM fee according to the country, in addition to up to $5 from your bank regarding network accessing fees which have the potential of adding up quickly if you are in constant need.

# data[].attributes.attachment_link.readable_text
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.

# data[].attributes.attachment_link.description
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.

# data[].attributes.headline
WEB 3.                                How The Economy Affects Exchange Rates & Your Bank 

# data[].attributes.subject
WEB 3.                                How The Economy Affects Exchange Rates & Your Bank 

# data[].attributes.body
The Canadian Dollar is constantly fluctuating and, in an attempt to combat it, The Bank Of Canada has allowed for a 2% inflation. It is important to acknowledge that the value of our dollar depends on the demand for goods and services and that there are both positive and negative impacts whether the dollar is stronger or weaker and what your bank does to protect you. Exchange rates and the economy are better conserved when a floating dollar is in place to act as a "shock absorber". Understanding the dollar itself will be advantageous in one finding the most suitable value for your trip.

# data[].attributes.attachment_link.readable_text
Letting the currency float

If you travel, you know that sometimes you need to exchange more Canadian money to buy foreign currency, and sometimes you need less.

The value of the Canadian dollar rises or falls according to how much people in foreign exchange markets want to buy and sell it-that's what makes it float.

The Bank of Canada doesn't try to set the dollar's exchange rate. We let markets set its value. Because the Bank of Canada lets the Canadian dollar float, we can focus on setting interest rates to maintain inflation at 2 percent in Canada.

Demand for our dollar is affected mainly by demand for Canadian goods and services-the more people want to buy what we sell, the more our Canadian dollar is worth.

The strength of our economy relative to other countries also affects the dollar's value. Some specific factors that can make our dollar go up or down are:

our interest rates relative to other countries

our inflation rate relative to other countries

demand for our financial assets, like stocks and bonds

# data[].attributes.attachment_link.description
The foreign exchange market determines how much the Canadian dollar is worth. At the Bank of Canada, we very rarely intervene to support its value.

# data[].attributes.headline
WEB 4.                            Advice From The Government

# data[].attributes.subject
WEB 4.                            Advice From The Government

# data[].attributes.body
This government Canada site provides insight on crucial information you might need to know before travelling outside of the country. This includes valuable information on how and where you can exchange your money and the pros and cons of the respective methods. This site also provides warning to scams, black market currency exchange and other illegal activities regarding the foreign exchange of your money and how you can protect yourself from these situations. This article also takes a deeper dive into taxes involved and the maximum amount of hard cash one is allowed to bring into and out of a country. This is essentially a starters guide to currency when travelling.

# data[].attributes.attachment_link.readable_text
Take steps that will help you avoid financial problems that may ruin your trip. 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.

On this page

Cash

Check 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. 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. When you arrive at your destination, you can withdraw more cash from an ATM.

Exchanging your money

The currency exchange rate tells you how much your Canadian money is worth in the local currency. When you exchange your money, you are actually using it to buy or sell foreign currency at a specific price called the exchange rate. 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.

It pays to know your options when dealing with foreign exchange rates. There are a number of ways to manage your finances when you are abroad that will save you a lot of money in exchange fees.

If you want cash on hand before you leave Canada, you can buy foreign currency from your financial institution over the phone or online. It can be delivered to your local branch for pick up. Exchange rates at banks are slightly better than elsewhere. You can also order currency before you leave on your trip from a number of websites that will ship it to your home within a couple of days.

Exchange desks

If you need cash in an emergency, there are foreign exchange desks at airports and hotels that will exchange Canadian money for the local currency. Fees tend to be very high. Even those advertising no commissions may have hidden fees, making these desks the most expensive places to change money.

Black market

The currency black market forms part of the underground economy in a number of countries. In a currency black market, transactions are almost always in cash, since its participants don't want to leave any evidence.

This illegal or parallel market in foreign exchange operates outside legal banking channels. If you are tempted to take advantage of the currency black market you should be aware that you will be breaking the country's laws and could be arrested and imprisoned. You are subject to the country's criminal justice system. Consular officials will not arrange your release from prison.

Be aware of anyone approaching you on the street offering to exchange your money for a much better rate than a bank. Typical money exchange scams include stealing your money in the process of counting and recounting a pile of bills or mixing your money with currency from another country with a much lower exchange rate. It is safer to go through an authorized agency or a bank.

Cards (Credit, debit and pre-paid)

Credit cards

Use a major international credit card for your big purchases, such as your airplane tickets, hotel bills and restaurant tabs. If you reserve your hotel and rental car on your credit card, the reservation should be guaranteed even if you arrive late.

Use the credit card instead of cash wherever possible. Credit card issuers typically charge fees for international transactions and you may get the best exchange rate and fees lower than those associated with exchanging cash. However, you should not use your credit card to withdraw money from an ATM, because the fees and interest charges are usually very high.
Before you leave:

Know the expiry dates, account balance and amount of credit available to you on all of your credit cards. Make sure you have enough money in your accounts to cover your trip expenses, plus extra in case of emergency.

Make sure your credit card company and financial institution have your up-to-date contact details, including a cellphone number, and information on where and when you will be travelling so that your account isn't flagged for unusual activity.

Check with your financial institution before you leave on your trip. Not all major credit cards are accepted everywhere. Merchants in some destinations prefer to be paid in cash because they must pay a fee to the credit card company. There may be a risk that your credit card will be cloned at some destinations, particularly in restaurants.

Debit cards

Always use bank-affiliated ATMs when you are outside Canada. Check if your financial institution has international branches or partners in your destination country where you can use your debit card fee-free. Using your debit card to withdraw money from ATMs will cost you extra in fees, but you can minimize them by withdrawing larger amounts less often.

You should carry some cash to cover daily expenses. Your debit card may not work in every ATM machine or be accepted at stores or restaurants in your destination country. If you are travelling to a rural area, you may not be able to find an ATM that is part of your financial institution's network, so withdraw enough cash to manage until you are back in a city.

Due to the potential for fraud and other criminal activity, you should use your credit cards and debit cards with caution. Use ATMs during business hours inside a bank, supermarket, or large commercial building.

Pre-paid cards

Some financial institutions offer pre-paid travel cards in foreign currencies. They may have higher fees than credit and debit cards, so check the terms and conditions and costs before you decide to travel with one. You can usually replace a pre-paid travel card as you would a lost or stolen travellers' cheque.

Be aware that pre-paid cards may not be accepted at some hotels and car rental companies, and may be difficult to use at the ATM machines of foreign banks.

Dynamic Currency Conversion

Some shops, restaurants and ATMs give the option of using the currency of the country you are in or having the transaction converted into Canadian currency. Always choose to be charged in the currency of the country you are in. You will pay high conversion rates and transaction fees if they convert to Canadian currency.

Save your receipts

As you travel, save all ATM and transaction receipts in an envelope. Bring them home in your carry-on bag. Save your airline boarding pass to prove your return date. If you need to dispute a transaction, sending a copy of your receipt will speed up the resolution process.

After you return home, carefully examine your credit and debit card statements and continue to do so for several months. Identity theft and credit card fraud are not confined to Canada. If you notice any unusual charges on your statement, inform your financial institution immediately and request a copy of the receipt.

Travellers' cheques

Canadian travellers' cheques are not widely accepted worldwide, but are an option if you don't want to use credit or debit cards or carry large amounts of cash.

When possible, order the cheques in the local currency and carry multiple cheques in small denominations. If you can't order cheques in the currency of your destination country, order them in U.S. funds, which are widely accepted. Sign them as soon as you get them and keep the receipt in a separate location. If they are stolen they can be replaced anywhere in the world, usually within 24 hours.

Keep a record of your travellers' cheque numbers, credit card account numbers and expiry dates and the telephone numbers for reporting lost or stolen cards in a safe place. If possible, leave a copy of the list with a family member or friend at home who can help you make telephone calls quickly if your cards are lost or stolen.

Travelling with $10,000 or more

Any time you enter or leave Canada, you must declare any money or monetary instruments, such as stocks, bond or cheques, you are carrying valued at $10,000 or more.
Travelling with $10,000 or more
Taxes

Canadians who live or work abroad or who travel a lot may still have to pay Canadian and provincial or territorial income taxes.

If you are planning to be outside Canada for an extended period of time, you should inform the Canada Revenue Agency (CRA) before you go to ask for a determination of your residency status. Your residency status depends on whether you are leaving Canada permanently or only temporarily and the residential ties you keep with Canada and establish in another country:
You are leaving Canada permanently You are leaving Canada temporarily
Visit International and non-resident taxes for information about income tax requirements that may affect you.

Departure tax

In some countries you must pay a departure tax or service fee at the airport or point of departure. Make sure you set aside enough money in local funds to pay it.

# data[].attributes.attachment_link.description
Government of Canada's official one-stop-shop for comprehensive international travel information.

# data[].attributes.headline
WEB 5.                               What is Peer-to-Peer Exchange

# data[].attributes.subject
WEB 5.                               What is Peer-to-Peer Exchange

# data[].attributes.body
A newly devised way of exchanging money whilst avoiding as many bank fees as possible is to turn to those surrounding you. This means that whichever currency you are exchanging, is done so at a mid-market range between you and say someone such as a neighbor, to provide you both with the most value for your dollar. A company widely known for initiating this option is called TransferWire. This companies aim is to provide exchange services in a manner that is efficient, cheap/affordable and as transparent as possible. Moreover, you need to take into consideration the amount of money you wish to exchange and where it is being exchanged to. It has been noted that some have even used their friends and/or family as an "ATM" before if they did not have the foreign bank account required.

# data[].attributes.attachment_link.readable_text
For Canadians travelling to the U.S., or to many other countries, there's no way around that falling Canadian dollar. But there are ways to save some money on your currency conversion.

Three years ago, the Canadian and U.S. dollar were equal in value. The loonie has since fallen by nearly one-third.

Options abound and it would be nice if there was a comparison-shopping website for currencies, but we didn't find one to recommend.

Nilan Peiris, of TransferWise, a London-based online money-transfer company, says it's not easy for customers to find the best deal when it comes to money transfers.

"It's almost impossible to figure out, as a consumer, if you're getting a good deal," he says.

Experts tell us, as a general rule, you will get the worst rates at currency booths in airports and train stations.

At the bank

It should cost less exchanging your Canadian dollars at your neighbourhood bank before leaving on your trip.

But both the University of Toronto's Ambarish Chandra and Friedberg Mercantile Group's Michael Hart tell CBC News better rates exist elsewhere.

"Banks do work to ensure that the rates they offer are competitive, and they can be better than other foreign exchange providers," according to the Canadian Bankers Association.

Bank rates can be better, but they can also be worse. As with many purchases, it's "buyer beware."

Currency exchanges post rates for buying or selling a currency. Consumers want to exchange at a rate that's close to the midpoint of those buy-and-sell rates. Peiris refers to that mid-market rate as the only "real exchange rate."

So what's a consumer to do?

Peer-to-peer currency exchange

Let's say your next-door neighbour has a relative who's just arrived from Europe and wants to convert Euros to Canadian dollars. Your neighbour, knowing you plan to soon leave for Europe, puts you in touch with her relative.

If the two of you agree to make the exchange at the mid-market rate for the Euro and the dollar, you will both do better than you could at a bank or currency exchange.

According to the Bank of Canada's rough estimate, the fee banks and other financial institutions charge consumers "is typically around four per cent of the amount being converted."

In the scenario above, both you and the neighbour's relative save that four per cent.

That was the idea behind TransferWise.

The company is currently improving their setup for transferring Canadian dollars, and by the end of March, Peiris says it will be cheap, easy and fast to transfer loonies into other major currencies using their website.

TransferWise was started in 2011 by two friends who frequently travelled between the U.K. and Estonia: Kristo Kaarmann, a former management consultant, and Taavet Hinrikus, Skype's first employee.

TransferWise does peer-to-peer money transfer, using the midpoint rate for the two currencies and charging a fee of about one per cent on transfers between $500 and $1,000 US, with the rate dropping slightly for larger amounts. The fee on a $50,000 transfer would be about 0.72 per cent.

Peiris, the company's vice-president of growth, says TransferWire strives to be transparent with consumers. He views the rest of the industry as almost in collaboration "to obfuscate pricing and make it much more difficult for consumers to shop around."

Exchange currency online

If exchanging amounts over $5,000, U of T's Chandra recommends online currency exchanges. Chandra teaches business economics, with his current research focusing on travel and trade across the Canada-U.S. border.

That includes websites like TransferWise , OFX, XE Trade, and Payline by International Currency Exchange.

Other companies, like Knightsbridge Foreign Exchange, do transactions over the phone.

In general, using these services requires some advance planning - the first time you use it, you will need to set up an account - and have bank accounts in both currencies. The exchange can take up to six business days but usually takes about three.

You can pay off a foreign currency credit card this way, or use it to get cash, but that will require a visit to the bank.

To get around not having the right foreign currency bank account, people sometimes have the money transferred to the account of a friend or relative where they will be travelling. In the trade, this is known as "using a friend as an ATM."

Credit card alternatives

For most Canadian tourists going on short trips, most of the time Chandra advises using your credit card to make purchases in the U.S. and many other countries. Their exchange rate should be slightly better than the banks, he says.

Expect to lose about 3.5 per cent using your credit card in the U.S., and more than four per cent in other countries.

Frequent travellers can do even better using a U.S. dollar credit card, Chandra says. You may be able to get a card through a U.S. bank and some Canadian banks also offer U.S. credit cards, as well as U.S. dollar accounts.

The key to saving is in how you pay that monthly credit card bill (and don't forget to check credit card fees).

There are also credit cards available that don't charge foreign exchange transaction fees.

Rogers Bank, from the telecom Rogers, offers one through MasterCard. Rogers says they don't add a 2.5-per-cent charge, the way the big banks do on their credit cards, and the exchange rate they use, for U.S. dollars at least, is the Bank of Canada's mid-market rate. The big bank credit cards use the MasterCard or Visa exchange rate, which costs the consumer another one per cent or so.

Other credit cards that say they don't charge a foreign exchange fee include the Marriott Visa and Amazon Visa from Chase Canada.

Another way to cut the fees

Chandra has another recommendation for a way to avoid foreign exchange fees. This method requires buying shares in an interlisted company on a Canadian stock exchange and then selling those shares on, say, a U.S. stock exchange.

This method should get you U.S. dollars at the true mid-market rate, he says. He recommends this method for exchanging large sums and doing it through an online broker to keep the trade fees low. And of course, the stock price could go up or down in between your two trades.

If you are trading large amounts, you can also negotiate a better rate than what the bank or exchange company posts, especially if you can prove other places are offering a better deal.

While the loonie may be way down right now, Chandra advises against gaming the markets in hopes of getting a better rate. "It's not worth the trouble and the psychic costs of trying to look at the markets every day," he says, adding that "you're very rarely going to win by a whole lot."

One of the best ways to save money on currency exchange is to pay with Canadian cash in the U.S. Despite the plunging loonie, some U.S. businesses still accept Canadian currency at par, although the number is dwindling.

# data[].attributes.attachment_link.title
How to get a better currency exchange deal on the low loonie | CBC News

# data[].attributes.attachment_link.description
For Canadians travelling to the U.S., or to many other countries, there's no way around that falling Canadian dollar. But there are ways to save some money on your currency conversion. Three years ago, the Canadian and U.S. dollar were equal in value. The loonie has since fallen by nearly one-third.

# data[].attributes.body
Q1. What did you learn about your topic that surprised you the most?

What surprised me the most about this topic would be the amount of hidden fees exchange rates come with in foreign countries. I have always thought that your home bank provides you with the best foreign exchange rates however I was significantly incorrect and off with my information. It came as a surprise to me that credit cards were rather the better option, with the help of a travel/ reward program and no foreign transaction fees of course.

Q2. Provide a real life example of how this topic is relevant or interesting for you.

A real life example of this topic is the amount of money I racked up in fees on my fathers travel visa as a student traveler in my first year of high school. A young me was not aware of the dollar difference from Canada and The U.S. during the time and spent close to $300.00 more than I had previously budgeted for. This was a nightmare for me once I got back as I was not aware my home bank was charging me per transaction and included associated duty fees for clothing I purchased for delivery. My father never let me use his credit card after this but a lesson was learned.

Q3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

The most important thing that I have learned that I would pass on is the value and significance of doing your research. Whether it is research in a good travel credit card, cheap exchange rates or cheap travel destinations to make the most out of the money you work so hard to earn. Researching can also mean planning and budgeting which is by far the most important thing one can do when travelling and spending money, especially in a foreign country where almost every aspect of life may differ from the one you live at home. Last but not least, use a credit card. It is just safer and faster.

# data[].attributes.body
Currency is essentially a system of money that is accepted within the borders of a country. There are over 180 currencies around the world today, each with varying looks, feels and values. When travelling outside of your home country it is important to know the value of the currency of the country you are travelling to in order to easily budget and create strategies to make the most of the money you are spending.

# data[].attributes.headline
PIC 1.                                   Best Canadian Banks for International Travel & Exchange Rates

# data[].attributes.subject
PIC 1.                                   Best Canadian Banks for International Travel & Exchange Rates

# data[].attributes.body
Ratehub.ca has compiled a chart comparing the best Canadian Banks and their exchange rates. In the image below you can see that the rates are quite similar and need to be closely examined before making a decision. It is paramount that one takes into consideration the ATM fees in different countries as well as the admin fee you will be charged as these will help you get the most out of your money and from the statistics below, CIBC proves to be the leading competitor.

# data[].attributes.headline
VID 1.                             Making the Most Out of Your Money When Travelling

# data[].attributes.subject
VID 1.                             Making the Most Out of Your Money When Travelling

# data[].attributes.body
In order to make the most out of the money you are exchanging into a foreign currency, you must pay close attention to the fees you are paying in order to do so. Typically, if the the currency you are exchanging to is one that is common, the rates are relatively low however if it is considered an “exotic currency”, exchange rates may vary.  When travelling it is important to choose a set of methods of payment, whether it is the use of a credit card, hard cash or virtual currency if allowed. In order to avoid foreign transaction fees, one may choose to use cash instead of a credit card with consideration to risk of not getting a good rate or even loss or theft.

# data[].attributes.attachment_link.title
How to get the best rate when exchanging your money

# data[].attributes.headline
PIC 2.                                    Key Aspects to Remember When Exchanging Money In Canada

# data[].attributes.subject
PIC 2.                                    Key Aspects to Remember When Exchanging Money In Canada

# data[].attributes.body
In order to get the most bang for your buck, it is advised you plan ahead by taking into account the following aspects such as; where to exchange your money, best exchange rates, worst exchange rates and common pitfalls.

# data[].attributes.headline
VID 2.                              Losing Money Through Foreign Transaction Fees 

# data[].attributes.subject
VID 2.                              Losing Money Through Foreign Transaction Fees 

# data[].attributes.body
Foreign transaction fees are incorporated into credit card transactions in a non-Canadian currency, which most commonly occur during vacations however can also be applied when purchasing from non-Canadian websites. The fee is typically between 2.5-3% and depending on your bank, may be integrated into the foreign exchange rate. If the bank is charging you separately for this fee, it will show up on your statement in an additional line item. As a way to avoid this, you might exchange cold hard cash but even so, you may still be faced with higher fees. The most efficient way in avoiding this, is to turn to one of the Canadian Credit Card companies that "waive foreign transaction fees entirely."

# data[].attributes.attachment_link.title
Why Are Canadians Losing Money When They Travel?

# data[].attributes.headline
VID 3.                                       A Guide to the Best Credit Card Options for Canadians Travelling Abroad

# data[].attributes.subject
VID 3.                                       A Guide to the Best Credit Card Options for Canadians Travelling Abroad

# data[].attributes.body
When travelling abroad it is always important to check and compare the best rates credit cards offer for travel based purchases. Many banks offer travel cards that offer the best deals in exchange rates along with low to none foreign transaction fees and admin fees. In order to look for the best credit card that suits your travel plans, you may also want to look at credit cards that carry reward programs such as Air Miles and Aeroplane miles. These reward programs offer users cash back and travel reward points that they can redeem the next time they travel, making the budgeting process the next time much easier.

# data[].attributes.attachment_link.title
Travelling Canadians: Best Credit Cards for Overseas Travel