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Welcome to our padlet. In this padlet we will be looking at how Canadian currency is different from other countries' currency by making comparison. Secondly, we will see how to manage currency while you are travelling to different countries. Furthermore, which are the necessary components when you are travelling abroad and what are the factors affecting the change in currency rate.

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This website provides the exchange rate for different currencies in Canadian Dollar. The rates are for current date and subjected to change on daily basis. It is interesting to see the rates of currencies varies from country to country. Some countries rate is high and some is low.
For example, the current rate for 1 CAD to Indian Rupee is 53.84 as per now. The highest exchange rate of 1 CAD is in Iranian Rial which is 31423.17, Whereas if you want to convert 1 CAD into British Pound then we are only getting 0.58 pound.

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Currency Exchange Table (Canadian Dollar - CAD) - X-Rates

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This currency rates table lets you compare an amount in Canadian Dollar to all other currencies.

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Website - 2:- Handling currency while travelling

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Website - 2:- Handling currency while travelling

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This website provides us with the information of how to handle the currency with different methods while travelling. There are several means of carrying money while travelling or going on vacations such as credit card, Pre-paid card, travellers' cheques and cash. Before travelling, it is always better to consult with our financial institutions like bank.
It is always important to carry a backup of funds while travelling internationally in case of any emergency or need. Taking a travelling insurance is also a smart way to protect your self from any risk.

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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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Website - 3:- Physical sources to exchange the currency

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Website - 3:- Physical sources to exchange the currency

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This website provides the sources from where you can exchange your currency into CAD or CAD to other currency. If you are visiting Canada for travelling or exploring new places, you need to exchange your currency into CAD. If you are travelling to India, then you need to convert currency into INR.
The sources from where you are getting your money exchange are Border Crossings, Banks, Shopping malls, post office, Airport, Train Stations and many more. The best rate you can get is from Banks and Post offices, whereas the worst rate will be provided at Airports and Railway stations.

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Canada has its own currency-the Canadian dollar (CAD), also referred to as "the Loonie," in reference to the depiction of a loon on the one-dollar coin. Goods and services are for the most part purchased using Canadian dollars; however, U.S.dollars may also be accepted, mostly at border towns, duty-free shops, or major tourist attractions.

Places to Exchange Currency

Foreign currencies are easily changed into Canadian dollars at currency exchange kiosks at border crossings, large shopping malls, and banks. If you want to have some currency in hand, then it would be best to find a bank or ATM to withdraw the local currency. ATMs are commonly found in the lobbies of banks, in stores, at malls, or in bars and restaurants.

If you use your bank card to withdraw money from an ATM, you will receive Canadian currency and your bank will do the conversion. It is a good idea to check with your bank before you leave on your trip to Canada to discuss the best card for travel. Some ATM networks offer fee-free withdrawals to visitors.

Best Exchange Rates

You will most likely get the best exchange rate at a bank of if you use ​a credit card for your purchases. Although you may have a bank fee per transaction, the exchange rate will be in the ballpark of the current exchange rate. Some banks may charge a surcharge for exchanging into a foreign currency so check ahead with your bank. For example, some banks like Chase, Capital One, and some Citibank may not charge a foreign exchange fee.

You can also get decent exchange rates at post offices and American Express offices. Hotels are also worth a try.

Worst Exchange Rates

Avoid the change bureaus you see everywhere in airports, train stations, and touristy areas. They usually have the worst rates, though occasionally you'll get lucky. However, upon arrival to Canada, if you do not have any Canadian currency, and you do not want to be without, then you might want to exchange a small amount at the airport or border crossing. So, at least you will have some local money on you.

Common Pitfalls of Money Exchange

Wherever you go to exchange your money, take the time to shop around. Read the posted exchange rates carefully, and ask for the net rate after commissions. Some fees are per transaction, others on a percentage basis.

To lure customers, some money changers will post the sell rate for U.S. dollars rather than the buy rate. You want the buy rate since you will be buying Canadian dollars.

Read the fine print. Another way that you can get misled into thinking you have found a great rate is that the posted rate may be conditional, such as that posted rate is for traveler's checks or very large quantities of money (in thousands). You usually will not run into this problem at reputable banks or government-run post offices.

Banks in Canada

The longstanding, reputable Canadian banks are RBC (Royal Bank of Canada), TD Canada Trust (Toronto-Dominion), Scotiabank (Bank of Nova Scotia), BMO (Bank of Montreal), and CIBC (Canadian Imperial Bank of Commerce).

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Canada has its own currency-the Canadian dollar (CAD), also referred to as "the Loonie," in reference to the depiction of a loon on the one-dollar coin. Goods and services are for the most part purchased using Canadian dollars; however, U.S.dollars may also be accepted, mostly at border towns, duty-free shops, or major tourist attractions.

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This website is very useful and creation of new technology. There are number of physical sources where you can get the currency exchanged. But it takes more time to exchange funds.
If you want to exchange the currency by sitting at home, this website is the platform where you can do that. It provides convenience to customers and saves time. It also provides competitive rates as compared to market price. You can have a eye on the exchange rates 24*7 and you can exchange when the best rate fits your requirements.

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Transfer with OFX and take the hassle out of your international money transfer with bank-beating rates and low fees. We make our currency exchange transfers simple and transparent, so you don't have to worry about hidden fees. Get in touch with our 24/7 global support team, register online, or download our app to get started.

2. Send us your funds

We accept bill payment, electronic transfers from your bank account or you can apply to set up a direct debit.

No cash, credit card, checks or bank drafts.

3. We deliver to your recipient

Transfers to most countries take
1-2 business days. Track your transfer online or with our mobile app.

Register and start transferring now

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Get today's currency update

Read the daily update from the currency specialists at OFX and get the latest on market movements and today's expected ranges of the major currency pairs.

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Save on your international currency exchange

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Skip to content Transfer with OFX and take the hassle out of your international money transfer with bank-beating rates and low fees. We make our currency exchange transfers simple and transparent, so you don't have to worry about hidden fees. Get in touch with our 24/7 global support team, register online, or download our app to get started.

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Video - 1:- Factors influencing exchange rate

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Video - 1:- Factors influencing exchange rate

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This video provides us with the several factors which influence exchanging rates. One of the main factor is inflation rate and interest rate, if both of the rates are high then the currency value is low for a country and the value is high if inflation rate is low. Secondly, public debt it means if any country have deficit to pay for government debt and policies then it affects the inflation rate that directly affects the exchange rates.
Strong economic performance also  considered an important factor which influence the exchange rate because the country will be economically stable and has less risk.

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Main Factors that Influence Exchange Rates

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This video provides the evidence that how exchange rates work. Before there use to be a gold standard system in which real amount of gold as represented in terms of currency. But now, there are three types of systems for exchanging the currency. These are fixed, floating and managed exchange system. The demand and supply has a major influence on currency exchange rate. The more is the supply of currency the lesser is the exchange rate for a particular currency.

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● We explain topics simply. So Subscribe if you want to learn while being entertained. ✔ Please like the video and comment if you enjoyed - it helps a lot! ▶ If you want a question answered then ask in the comments and we may make a video about it!

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Video - 3:- How to exchange the money by using various sources

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Video - 3:- How to exchange the money by using various sources

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This video provide the sources of exchanging money. There are several way and places of exchange money such as exchanging currency at airport, financial instutions, money exchanger overseas and online.
Usually people choose banks and other financial places to exchange their currency because these provide best exchange rate. The worst places to exchange currency are airport and railway stations. The most convinient and safer way is to exchange online.

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How to Exchange Currency | Why You Should NEVER do it at The Airport

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Video - 4:- Several ways of carrying currency while travelling

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Video - 4:- Several ways of carrying currency while travelling

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This video reflects the several ways of carrying currency while travelling abroad for vacations or studying.
Mostly, people carry the credit cards, Pre-paid cards, coins, bank notes for paying smaller amounts and bills at airport taxi and some intial payment on phone calls and other bills.
Electronic transfer of more than $10000 are reported by your financial institution to the government of canada. There are different policies and rules for carrying currency in different countries for the travellers.

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Carrying Cash While you Travel: WHAT ARE THE LIMITS?

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Currency- comparing currencies from different countries. How to handle/exchange currency when travelling

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Currency- comparing currencies from different countries. How to handle/exchange currency when travelling

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we doing in group of 3 people
Akash aswani
Manreet singh
Sachin

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This picture reflects the fluctuating exchange rates of the currencies around the world. The value of 1 CAD dollar vary according to different currencies in the worls and is changing several times in a day.

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We chose this picture to show one of the way to exchange the currency while travelling. This is a picture of the currency exchanging institution which is nowadays in every country.

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1. What did you learn about your topic that surprised you the most?
There are several things that were new to us and surprised the most such as the currency rates of several countries in terms of CAD and how the exchange rate works. The things we were surprised about that the Iranian currency is about 31,423 rials in terms of 1 CAD dollars.

2. Provide a real-life example of how this topic is relevant or interesting for you.
When we came to Canada first time, we transfer our money by using Electronic transfer becuase the amount was more than $10000 and we use forex card to transfer the money at that time we came to know how the exchange rate works and how much is the diference in Canadian and Indian currency.

3. 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?
We would like to share some important things with our family members like at the time of travelling internationally, there are several places from where currency can be exchanged in a good rate such as bank, some financial institution and online which is more convenient and safer. We will also inform them about the travelling insurance and handling currency in several ways that are one of the important things for a person travelling abroad.