# data[].attributes.body
Welcome to my Padlet wall! Here you will learn more about currency while travelling as well as the best tips for making more money and saving to spend on the important things: fun and adventure! How the world is big, and the currency can be very different from one place to another, here you will see posts with more generic tips and posts with tips more focused on a continent, so you can learn and have a better idea about the best ways to save considering the place that you are going to travel. I hope that you enjoy it and that these tips can be very useful to you!

# data[].attributes.headline
#Video 1 - Travel Tips: Foreign Money? What Not To Do When Exchanging Your Money

# data[].attributes.subject
#Video 1 - Travel Tips: Foreign Money? What Not To Do When Exchanging Your Money

# data[].attributes.body
How the topic has a huge arrange, let's start with some tips that everyone can use in any travel, to any country and any continent. What NOT TO DO when exchanging your money.
Sonia Gil is a travel expert, with a youtube channel that shares tips for travel with more than 188 thousand subscribed. In this video, she gives us some tips about exchanging money, and tips for financial situations while traveling.
It is interesting to learn how important is to talk with your bank before traveling, and how this action can avoid a lot of trouble. One of the most useful tips for me was to learn that you always need to pay in the currency of the country, and not in dollars. This already happened to me, when I want to buy something and the person asked me if I want to pay in dollars instead, and now I understand that my answer needs to be "no" because, in the end, I will pay more.

# data[].attributes.attachment_link.title
Travel Tips: Foreign Money? What Not To Do When Exchanging Your Money

# data[].attributes.headline
#Video 2 - Currency Exchange Introduction

# data[].attributes.subject
#Video 2 - Currency Exchange Introduction

# data[].attributes.body
To start to understand the best ways to exchange our money to travel is important first to understand how the currency exchange works. In this video, you will see the "big picture" about currency, and how this market works. Using as examples yuans and dollars, this video explains in detail, but intuitively and simply, how and why there are different prices, demand, and exchange rates for each country's currency.
Is interesting to see how the demand and value change the price of the currency. More demand can incise or decrease the price of a currency, and this can affect direct your pocket when you travel.

# data[].attributes.attachment_link.description
Introduction to how exchange rates can fluctuate More free lessons at: http://www.khanacademy.org/video?v=itoNb1lb5hY

# data[].attributes.headline
#Video 3 - EXCHANGING MONEY IN EUROPE: WHAT YOU NEED TO KNOW

# data[].attributes.subject
#Video 3 - EXCHANGING MONEY IN EUROPE: WHAT YOU NEED TO KNOW

# data[].attributes.body
Although the video focuses on exchanging money in Europe, it has several tips that can be used to travel to any continent. This video explains the different ways to use money when traveling, and the difference between them. It shows the difference when you use cash, debit and ATM card, and credit cards.
One of the things that catch my attention is the fact that credit card is interesting to use in large purchases, even with the fees. For offers protection, and helps you carry less cash. Is interesting that some credit cards don't have transaction fees, and it for me is one of the best ways to use money abroad so you have the protection of not carrying much money, and you can use it without paying any fees.

# data[].attributes.attachment_link.title
EXCHANGING MONEY IN EUROPE: WHAT YOU NEED TO KNOW

# data[].attributes.headline
#Video 4 - Do's and Don'ts of money while traveling: tips for local currency and credit cards

# data[].attributes.subject
#Video 4 - Do's and Don'ts of money while traveling: tips for local currency and credit cards

# data[].attributes.body
This video gives us some general tips on what to do and not to do when exchanging money. Tips for saving money while travelling and using it in the best way, and safety tips for you. The video describes the more known ways of using money abroad, such as cash, credit, and debit card, and other ways to have money too as travel cards, that is a card where you add money on it to use.
I chose this video because it has great tips that can be used for travel to any country, and is good to learn basic things that we can apply anywhere. One of the tips that most caught my attention was about changing the money in your country before travel because sometimes it gives you the best currencies that you change when you arrive in your destiny.

# data[].attributes.attachment_link.title
Do's and Don'ts of money while traveling: tips for local currency and credit cards

# data[].attributes.body
This site is the perfect place to start researching exchange rates. It makes a comparison between prices and quotas, both between banks and between companies. This way, you can start to see the difference between them, and choose the best option for you.
I chose this site because I believe it is a step ahead when you are preparing to travel and need to exchange your money. Knowing about the fees and the price difference before going to the places can save you time, and energy, and increase your chances of choosing the best option to save money.

# data[].attributes.attachment_link.title
Best Exchange Rates - Compare & Save on Foreign Exchange

# data[].attributes.attachment_link.description
Best Exchange Rates makes it easy to compare currency rates & fees from trusted, regulated foreign exchange specialists when you send and spend abroad.

# data[].attributes.headline
#Website 2 - Where To Exchange Currency Without Paying Huge Fees

# data[].attributes.subject
#Website 2 - Where To Exchange Currency Without Paying Huge Fees

# data[].attributes.body
This blog post has a lot of tips to help you save your money when travelling. It explains some of the best ways to get cash, how to use a credit card, and what to avoid when you arrive in the country.
All the blog post caught my attention because it is very well explained, and one of the things that make me think is the last tip about knowing how you want to pay for everyday purchases. It is very interesting because make me realize the importance of knowing how much you will spend every day of your trip, so if you know that you can travel with an idea about how you will pay for this. Being organized and having a budget plan is the most important.

# data[].attributes.attachment_link.readable_text
If you're ready to hit the road after being grounded for more than two years, you definitely want to get the most bang for your travel buck. A smart way to save while traveling internationally is to understand how currency exchange works so you can exchange currency without paying more fees than necessary.

It all comes down to a little "know before you go." The tips below will help you get the gist of currency exchange, so you can score the best rates when your travels take you abroad.

How Does Currency Exchange Work?

Think about the currency exchange rate the same way you think about buying produce at the grocery store. For instance, you might get three pounds of oranges for $4.00 one day, but a week later, you can get those same three pounds for $2.79. The value of your dollar is stronger (gets you more) when the oranges are $2.79 and weaker when you have to pay $4.00.

A currency exchange rate is simply the value of one country's currency against another country's currency. Like produce prices, the U.S. dollar's value against the currencies of foreign countries like France, Canada and Mexico tends to fluctuate. Currency exchange rates can change minute to minute, though most banks only update their rates once each business day.

Since exchange rates fluctuate, you'll want to make sure you get the most foreign currency for your U.S. dollar, which means getting the best possible exchange rates and limiting the fees you have to pay.

Where to Exchange Currency

To help you save the most on currency exchange rates and avoid potential fees for international transactions, use the tips below to plan for your next trip abroad. More money in your pocket and less spent on unnecessary fees means more to spend on your globetrotting adventures.

1. Get Cash at Your Bank Before Leaving the US

One of the best ways to minimize currency exchange fees is to visit your bank or credit union before you leave the U.S. to exchange dollars for the currency of your destination. Depending on which country (or countries) you plan on visiting, most major U.S. banks will have foreign currency available to sell to you without charging an additional fee beyond the exchange rate. For example, Wells Fargo offers 70 currencies for use in more than 100 countries, and Bank of America exchanges currencies for more than 100 countries.

You may be able to get foreign currency in cash at your local bank branch, or you can order currency online or by phone to be delivered to your home. Depending on your bank, where you live and which country's currency you need, some currencies may be available for same-day exchange. Other, less frequently requested currencies could require a few days-or more-of advance notice.

"Customers who order currency through their own bank can ensure the money they receive is authentic and that they have received the best, legal rate," says John Sellers, rewards executive at Bank of America. "As these rates are constantly changing, Bank of America uses a variety of factors to determine its exchange rate-including market conditions and rates charged by other financial institutions," he says.

2. Avoid Currency Exchange Kiosks at Airports

If you don't have time to get cash at the bank before your trip, it can be tempting to get foreign currency at an airport kiosk or currency exchange counter. These merchants offer convenience, but their exchange rates are typically much less favorable than your bank at home.

For example, if you're traveling to the United Kingdom and your bank offered you an exchange rate of £72 per $100, the airport kiosk may give you only £67 per $100, costing you extra money in the form of fewer pounds for your dollars. If you had made that exchange at your home bank, you'd have an additional £5 in your pocket.

A good currency conversion calculator will help you do the math and make the comparisons.

Featured Money Transfer Partners

Airport kiosks may also charge higher fees, which are sometimes hidden within the poorer exchange rates they offer for converting your dollars to another currency. If you're traveling on short notice and need foreign currency in cash at the airport, it could be worth paying the extra cost for the sake of convenience. If you can plan ahead, however, try to avoid airport kiosks and other exchange counters.

3. Pay by Card, but Watch Out for Foreign Transaction Fees

Once you arrive at your destination, you may choose to conserve your foreign cash and pay with your credit or debit card as much as possible. But this can pose another problem: foreign transaction fees.

Depending on your bank and what card you have in your wallet, your credit card or debit card might carry a foreign transaction fee of up to 3% on every purchase in other countries. For example, if you spend a total of $5,000 on a trip using your debit or credit card and get charged a foreign transaction fee of 3% on every purchase, you'd rack up $150 in extra charges. Probably not what you wanted to spend your money on, right?

To avoid these sneaky foreign transaction fees, read the fine print on your bank's or credit card's website before you travel. You can also call your bank and ask if it charges foreign transaction fees with the type of card or account you have.

If you have time before your trip, you may want to apply for a credit card that doesn't charge foreign transaction fees, especially if it's a good travel rewards credit card.

4. Pay in the Local Currency to Avoid Currency Conversion Fees

Some international merchants let you choose whether you want to pay for your purchase in the local currency or U.S. dollars. While it may not happen with every purchase, be on the lookout because it's a place to save on fees.

If you ever find yourself in this situation, you should choose to pay in local currency. If you choose to pay in dollars, you'll be charged an extra currency conversion fee and likely get a poor exchange rate. The merchant's point of sale system may make it seem like it's a convenient choice to pay in dollars instead of the local currency, but it will ultimately cost you more.

5. Know Your ATM Fees and Limits

Even if you can get a favorable exchange rate using a foreign ATM, you may want to hold off on using the machine until you know what kind of fees your bank charges and what limits it imposes on daily withdrawals. Contact your bank to ask about the daily ATM withdrawal limits on your account. If your daily withdrawal limit is low, consider asking your bank to raise that limit so you can withdraw what you need while traveling. You'll also want to know about any fees your bank might charge if you use an out-of-network ATM abroad.

Keep in mind that some international ATMs limit you to a lower amount of cash withdrawals than your bank allows. Even if your bank's daily withdrawal limit is $500, the foreign ATM network or bank may only let you withdraw $300. Plan ahead to make sure you have enough cash during your trip.

6. Use International Banking Apps

If you're a frequent international traveler, consider using an international banking app -such as Wise (formerly TransferWise), Revolut or others-to manage your money. These apps make it easier to hold multiple currencies and transfer money to accounts in different countries.

With a multiple currency account, you can keep some money in various currencies. It's helpful if, for instance, you frequently travel to Canada or Mexico, or if you love to go on vacation in Spain every summer. This helps you avoid the volatility of currency exchange rates since you'll always have some money ready for your next trip.

Banks That Exchange Foreign Currency for Free

Many U.S. banks will exchange USD for foreign currencies without charging a fee, but there are often stipulations. For instance, Bank of America customers can exchange foreign currencies for free, but only on orders of $1,000 or more. Otherwise, the bank charges a $7.50 delivery fee for foreign currency orders.

Likewise, customers of TD Bank can exchange U.S. dollars for foreign currencies without paying a fee, but only if they have a qualifying type of account. TD Premier Checking customers won't pay foreign exchange fees, but TD Convenience Checking customers will. Check with your bank to find out if it exchanges foreign currency for free and if there are any conditions you must meet to avoid fees.

Where to Get Foreign Currency Internationally

If you need foreign currency while traveling outside of the U.S., ATMs are your best bet for bills you can spend locally. ATMs tend to offer competitive exchange rates, and you can save on ATM fees by withdrawing more cash than you need instead of withdrawing smaller sums several times during your trip. And if you're outside of the U.S. and need currency to spend in a different country than the one you're in, try visiting the biggest bank you can find to exchange your cash.

Featured Money Transfer Partners

Bottom Line

Before you plan your next international trip, give some thought to how you want to pay for everyday purchases. Understanding currency exchange fees, foreign transaction fees, ATM withdrawal limits and other aspects of paying in foreign currencies can help you save money and time and enjoy your travels to the fullest.

Frequently Asked Questions (FAQs)

# data[].attributes.attachment_link.title
Where To Exchange Currency Without Paying Huge Fees

# data[].attributes.attachment_link.description
If you're ready to hit the road after being grounded for more than two years, you definitely want to get the most bang for your travel buck.

# data[].attributes.body
Wise is one of the most known companies to send money internationally, with very low fees. After reading the tips of several experts about currency while travelling, since most parts of them give the tip to use a debit card I started to research one company that will give me the best option of a card without fees, or with the lowest fees.
My research brought me to the Wise debit card, which can be used without fees if you spend CAD 350,00, and after this amount will have 0,55% of fees. It works as a travel card, but with the advantage that you can use it in any country and it will automatically change the currency, it means that you can travel to several countries on the same trip without worrying with change the money every time that you go to a new country.

# data[].attributes.attachment_link.readable_text
Wherever you go, this card has your back.

You can pay with your Wise card almost everywhere debit cards are accepted.

You could save up to 4x when you spend internationally.

If you have the local currency in your account, the Wise card will use it. If not, it will auto-convert your money at the real rate, for a tiny fee. Either way, it's much cheaper than old-school bank cards, both online and in person.

Take out up to 350 CAD in cash a month for free.

The Wise card takes the worry out of using ATMs abroad. You pay only a super-low fee on withdrawals after the first 350 CAD.

Use Google or Apple Pay straight away.

No need to wait for the physical card. And you can start shopping with a digital card, too. It works just like the physical card, but exists only on your phone or laptop. Create a new one any time.

Order a card in just 5 minutes.

Rest easy. Your money's safe.

Don't take our word for it.

With over 140,000 reviews on Trustpilot, our average score is 4.6 out of 5.

While I'm living abroad this card saves me so much!

Ahmad

I am using wise for 3 years now. I'm using the Wise debit card for everyday use. It is a great experience.

Akhter

I find using the Wise service so convenient and taking my Wise Card means I have resource just about anywhere I ever go in the world.

Clive

Read more reviews

Do more with Wise.

You're in good hands.

Registered with FINTRAC

Wise is registered with Financial Transactions and Reports Analysis Centre of Canada

Real live support.

Our team is ready to help in 14 languages.

State-of-the-art protection.

Including advanced encryption and 2FA.

# data[].attributes.attachment_link.description
You can pay with your Wise card almost everywhere debit cards are accepted. If you have the local currency in your account, the Wise card will use it. If not, it will auto-convert your money at the real rate, for a tiny fee. Either way, it's much cheaper than old-school bank cards, both online and in person.

# data[].attributes.headline
#Website 4 - The best ways to exchange currency on the cheap in Canada

# data[].attributes.subject
#Website 4 - The best ways to exchange currency on the cheap in Canada

# data[].attributes.body
This is a post with specific tips for people in Canada. It compares the Canadian banks to exchange your currency, gives a list of best transfer apps in the country, and of other tips for finding the best place to exchange your money and save.
I choose this post because I wanted some specific tips for those who live in Canada. Although the tips that I researched can be used no matter your country, is nice to have some tips that show you banks and apps that can be used and is next to you.

# data[].attributes.attachment_link.readable_text
Right now is a great time to exchange your Canadian cash into foreign currency such as USD, with the Canadian dollar on fire as of late.

The loonie has climbed 3.7% since the start of the year, the biggest gain among G10 currencies. The Canadian dollar was worth just US $0.67 a little over a year ago. Now it's worth US $0.82, hitting highs not seen since early 2018.

While the pandemic has greatly reduced travel, some Canadians planning for a post-pandemic vacation may want to pull the trigger now on buying currency. Others could simply wish to accumulate more of the greenback for a rainy day fund.

Whether you want to exchange CAD, USD or any other currency, here's some of the best ways to go about it.

1. Knowledge is power: know the midmarket rate

You'll want to check out the Bank of Canada 's website in order to get a sense of how much your currency is worth. Here you'll find a currency's "midmarket rate," or the midpoint between the buy and sell prices of any two currencies at any time. It acts as a global, trusted exchange rate between currencies.

But when you go to convert your cash, you'll rarely, if ever, receive the midmarket rate. That's because businesses mark up their currencies in order to earn profit. The difference between their rate and the midmarket rate is the "spread", and is profit for the bank or foreign exchange company.

For example, at the moment the midmarket price to buy US$1.00 is CA$1.22. However, if you head over to Scotiabank to buy that US$1.00, it'll cost you CA$1.25 at the time of writing. That difference of three cents is the money that Scotiabank earns, sometimes along with a small percentage fee.

Still, you always want to have a reference point for how much you can expect to buy or sell based on the midmarket rate.

At the moment of writing, Scotiabank will charge you CA$375 to buy US$300, CA$9.00 more than what you would pay for the hypothetical midmarket rate ($1.22 x 300 = US$366).

As a general rule, currency conversion stores/services tend to offer more competitive rates than banks. But, again, make sure to check their rates!

2. Exchanging your currency: banks and currency exchange services

So you're ready to buy that fat stack of euros, dollars, pounds or maybe even Chilean pesos. The two most popular places to exchange currency in Canada are at banks or currency exchange services. The latter will often offer more competitive rates than banks, but not always.

banks or currency services can tack on fees either take the form of a flat transaction fee (i.e. $5 per transaction) or a percentage fee (i.e. 2.5% of the amount you are converting). A better option would be a service that does not charge any extra fees - only the conversion rate. That's why it's also a good idea to call the bank to get the most accurate numbers, because a bank's website might not be transparent about its cash exchange rates.

These types of fees are more commonplace in currency exchange kiosks, like the ones you'll find in airports. These can also be found in remote locations or tourist areas, and typically offer the worst rates.
Here's a short list of Canadian banks and their USD rates (May 6, 2021):
Royal Bank: $1.24

Scotiabank: $1.25

TD Canada Trust: $1.25

Bank of Montreal: $1.26

Desjardins: $1.26
Here's a short list of Canadian currency exchange services and their USD rates (May 6, 2021):
CurrencyMart: $1.23

Globex 2000: $1.25

ICE Canada: $1.26

Calforex (online rate): $1.27

3. Using money transfer apps

Rather than walking into a store, handing over Canadian money and receiving foreign currency (or selling your foreign currency), you can convert foreign currency into CAD online using your foreign bank account or credit card. The currency can then be sent for pickup or sent directly to your Canadian bank account often within one business day. However, these can be pricey.

Money transfer apps are primarily intended for individual A to send money to individual B in their currency. To to this, individual A pays with their Canadian bank account. The best example of this is sending money back to family overseas.

Or, if individual A is living in a foreign country, they can send themselves money using these apps. They pay with their Canadian bank account and receive foreign currency while inside that country, typically through a pick-up location.

In this article we're talking about exchanging currency in Canada. Thus, these apps are only useful for those who have foreign currency in a foreign bank account and wish to convert and transfer this currency into their Canadian bank account.

For example, let's say I have a US bank account at Wells Fargo and I wish to transfer US$300 into CAD into my Canadian bank account. Wise (formerly TransferWise) offers an exchange rate of CAD $1.21 in exchange for US $1.00. Wise is offering you $0.01 cents less than the Bank of Canada 's midmarket rate of $1.22.

The least expensive method of using Wise would include a US $0.93 ACH debit fee along with Wise's US $2.35 fee for US $3.28 in fees.

In the end, that US $300 turns into CAD $359.92. The tradeoff is convenience and ease-of-use in exchange for potentially less competitive rates.
Western Union
Western Union charges an automatic US $5.00 "transaction fee," along with its exchange rate. At the time of writing, Western Union offered an exchange rate of CAD $1.19 in exchange for US $1.00. In the end, that US $300 turns into CAD $358.25.

WorldRemit charged a US $2.99 free along with an exchange rate of CAD$1.19. If you covert over US $700, WorldRemit bumped that exchange rate up to $1.20. In the end, it offered that US $300 for CAD $356.54.

Paypal's Xoom service will charge an automatic US$4.99 "transaction fee," along with Xoom's exchange rate. At the time of writing, Xoom offered an exchange rate of CAD $1.17 in exchange for US $1.00. In the end, that US $300 turns into CAD $351.99.

4. The best of the rest: tips on how to exchange currency in Canada

Avoid airports, train stations or touristy areas as these will offer the least competitive rates. Translation: less money for you!

Shop around! If you live in a city, target a location or neighbourhood where several competing exchange businesses are located. For example, in Montreal several exchange services are located downtown on St. Catherine Street West around rue Fort. A few more are located near McGill University. Visit each store before finding the most competitive exchange rate.

Remember to read the posted exchange rates carefully, and ask for the net rate after commissions. Some fees are per transaction, others on a percentage basis.

Do your exchanging in bulk. Since any currency exchange service is going to charge you fees every time you buy or sell with them, try to aggregate your transaction. One transaction of US$5,000 will cost less in fees over the long run than five trips to the currency conversion service for US$1,000 each.
If you liked this article, you'll definitely like Hardbacon's mobile app , which links to your banking and investing accounts, helps you plan your financial goals budget invest better . The basic version of the app is free , but you can do more with Hardbacon Premium . As a loyal reader of our blog, you can get 10% off any Hardbacon Premium subscription. To take advantage of this promotion, use promo code BLOG10 when subscribing through our website

# data[].attributes.attachment_link.title
The best ways to exchange currency on the cheap in Canada

# data[].attributes.attachment_link.description
Right now is a great time to exchange your Canadian cash into foreign currency such as USD, with the Canadian dollar on fire as of late. The loonie has climbed 3.7% since the start of the year, the biggest gain among G10 currencies. The Canadian dollar was worth just US $0.67 a little over a year ago.

# data[].attributes.headline
#Image1 - North America and Caribbean's currencies by country

# data[].attributes.subject
#Image1 - North America and Caribbean's currencies by country

# data[].attributes.body
In the image, we can see the difference between the currencies in North America and Caribbean countries. The dollar is one of the most powerful currencies in the world, and when we see the difference in currencies between the countries of North and Central America, we start to understand the huge difference between currencies in the world.

# data[].attributes.headline
#Image 2 - How currency impacts your investiments

# data[].attributes.subject
#Image 2 - How currency impacts your investiments

# data[].attributes.body
This is an infographic to compare the Canadian dollar currency, and how it can make difference in your life and your life plans. When the Canadian dollar is strong, it means a strong currency that will make your travels for any country less expensive, and this is a huge impact mainly if you are traveling for countries with a currency stronger than the dollar, like European countries and some Arab countries.

# data[].attributes.body
"When did your dad first explain foreign currency exchange rates to you?"

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

What surprised me most was the fact that debit and credit cards don't need to be the villains of travel. I had this idea that using a card, debit or credit, was the worst thing to do when you are in another country because the fees can be expensive. But reading about the topic, I realized that if you know how to use it, and especially if you find a way to not pay fees or pay just a few, cards can be a huge ally when you travel.

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

I travel a lot in my life, which is one of my favorite things to do. So, certainly, this topic will help me on my next trip, and I will know how to proceed to save more money in 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?

My sister is going to Chile in February, and I already sent her some videos and posts about the topic. For me, one of the most important things to share with family and friends is the importance of having a debit card without fees, like Wise, and doing a lot of research about the best ways and places to exchange money in the country to which you will travel.