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This website helps travellers understand which apps are available and how currencies compare in foreign exchanges. These apps can also be very useful when planning a trip. Downloading these apps on your phone will give you the most accurate rates in the palm of your hand and can also advise you on how to avoid high foreign exchange rates.

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Best iPhone Currency Apps for Travellers and Traders - iOS Hacker

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If you’re looking for a currency conversion app for your iPhone in 2023, then look no further, as we have the perfect list for you!

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In this padlet you will find information regarding the best ways to exchange currency when travelling and how to be safe about it. I will also explain the variations in a few different countries currency and the difference between them.

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This video explains the different currency that each country uses and the names of the currency for that specific country.
Knowing the names of the currencies and researching their values compared to the Canadian dollar will help you make the best decision when converting your currency. There are 180 currencies in the world circulating in 197 countries.

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this video explains the best ways to get foreign cash and i found it very useful because he lets you know what to look out for and some tips and tricks when withdrawing from a financial institution. Also shows how to look for rates closest to your currency and to make sure to decline other offers.

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Best Ways To Get FOREIGN CASH Abroad | Avoid Hidden Fees & Save Money!

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If you are looking or needing to bring cash along with you on your trip this video goes into detail on how to safeguard your cash. She explains different spots to store your cash and to always have a backup stash of American currency for emergency because almost no matter where you are the U.S dollar is the easiest to exchange . I find this video very useful because she explains that even if you don't have any cards to withdraw funds simply exchanging your backup stash can help get you going.

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How to Carry Cash SAFELY While Traveling! 💵  ✈️

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Getting the best exchange rate Picture #1

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Getting the best exchange rate Picture #1

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This website is a tool that shows you the current currency conversion rate for any specific country. Currency converters aim to maintain real-time information on current market or bank exchange rates to make it easy for you to calculate when travelling. Currencies increase in value when lots of people want to buy them and decrease when fewer people want to buy them. Also if a large amount of currency is sitting in the market its value will go down where as if there was not a lot of currency its value would be more.

Currency Converters are very useful because Currency converters are widely available online and can be accessed through various websites and mobile applications. Some currency converters may offer additional features, such as historical exchange rate data, conversion of multiple currencies at once.

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Convert from Canadian dollars based on daily exchange rates.

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This website is from the Government of Canada and is extremely useful when travelling to ensure that you make the best decisions regarding currency and exchange.  It contains information regarding the best source of funds to use when travelling, whether it be using cash, credit cards or travellers cheques.

I find this website very useful when travelling because it has direct links to the Bank of Canada's currency converter website which has the current exchange rates. It also explains why using your credit card instead of cash you can have lower exchange rate fees. But be careful not to withdrawal from a ATM with your credit card because the fees and interest are usually very high. You can also use travellers cheques when travelling and don't want to bring large amounts of cash or use your debit/credit card.

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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.

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Government of Canada's official one-stop-shop for comprehensive international travel information.

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Currency from different countries video #2

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Currency from different countries video #2

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In this video, you will learn the names of the currency of each country as well as the value that $1 will get you for each country. This is an approximate representation of the different values between currency and for a more accurate conversion rate, you should reference the Bank of Canada website.

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Currency From Different Countries | currency of all countries

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Another option is to use a credit or debit card that has no foreign transaction fees. This can be a convenient and safe way to pay for expenses while travelling, but be sure to check with your bank or credit card company to ensure that your card will work in the country you're visiting.

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Foreign currency conversion is the process of converting your home currency to the currency of the country you are traveling to. This website details some very important tips that you can use to ensure you get the best bang for your buck when travelling abroad.  Making sure you do your research on the exchange rates for the countries you will be visiting can help to save you money while you are travelling.

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If you are planning to travel abroad, you have probably come across the term "foreign currency conversion." Foreign currency conversion is the process of converting your home currency to the currency of the country you are traveling to. Here are 6 things to know about currency conversion before you travel.

6 Tips on Currency Conversion for International Travel

Understand what the exchange rate is.

The exchange rate is the ratio between currencies from two different countries-for example, your home currency and the local currency of the place you are traveling to. If you are traveling from the US to India, the exchange rate may be expressed as follows:

$1: INR 81.37

This means that for every US dollar you exchange, you'd receive 81.37 Indian rupees. It's important to keep an eye on how the exchange rate is moving so that you can exchange your money at the right time to get the best possible rate.

Factor in currency conversion fees.

Whenever you exchange one currency for another, there is a cost involved. This is known as the currency conversion fee and can vary considerably from one foreign exchange specialist to another. Check how much the fee is before you exchange your currency because this can have a huge impact on the amount you receive..

Buy currency before you travel.

When you are traveling to another country, you can exchange some of your money before you leave home. Doing so gives you time to shop around for the best rate. Plus, when you arrive, you won't have to immediately find a bank or currency exchange. Do some research ahead of time to see if US dollars are widely accepted at places you plan to go to. This could minimize your need to exchange currency.

Send money ahead to your destination.

If you want to make currency conversion really easy, you can send money to a Western Union location that's near where you will be staying. When you arrive, you can pick up the money in the local currency. You can use the online Western Union currency converter to get an estimate of how much you might receive factoring in the exchange rate and any other fees, and you can make the transfer right from your phone using the Western Union money transfer app.

Bring some US dollars with you.

Even if you think you won't need much cash, it may be worth having some US dollars in cash with you just in case you run into trouble with your bank account, debit card or credit cards when you arrive at your destination. An alternative is a prepaid currency card which you can load up with local currency and use it like a debit card. If you load up before you travel, you'll lock in the exchange rate, which can help if you need certainty over your budget. You can also store money in US dollars on the card and then when you spend, the provider will convert at the prevailing rate of the day. The advantage of a prepaid card over cash is that you can get your money back if your card is lost or stolen by informing your provider as soon as possible.

Access local currency when you arrive.

If you do need to get local currency when traveling or on arrival, it's best not to use airport exchange kiosks as these tend to have higher currency conversion fees and less favorable exchange rates. You can use your debit card at an ATM to withdraw cash but be careful that your bank doesn't charge excessive fees. Check the fees charged by your debit card provider and consider whether it's worth getting one that doesn't charge any currency conversion fee. If you plan to use your credit card for purchases, be sure to find out what fees your carrier charges and then compare with alternate methods of currency conversion. This includes cash advance fees-credit card companies will often allow you to get a currency cash advance, but fees can be high.

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6 tips about currency conversion when travelling internationally.

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If you are planning to travel abroad, you have probably come across the term "foreign currency conversion." Foreign currency conversion is the process of converting your home currency to the currency of the country you are traveling to. Here are 6 things to know about currency conversion before you travel.