https://padlet.com/gabrieldietrich/different_currencies by Gabriel Dietrich en-us 2020-11-27 02:48:54 UTC 2020-11-29 21:44:00 UTC hello@padlet.com gabrieldietrich https://padlet.com/gabrieldietrich/different_currencies/wish/964788983 Are you planning a trip outside of Canada and still don't know what to do about the currency exchange? If you are looking for information, you are in the right place! I will be explaining how exchange rates work and show some tips on how to properly manage the currency exchange, especially in situations where you are travelling globally.]]> 2020-11-27 02:51:33 UTC https://padlet.com/gabrieldietrich/different_currencies/wish/964788983 gabrieldietrich https://padlet.com/gabrieldietrich/different_currencies/wish/967618252 This website explains how the conversion rates work with credit cards,  discusses about the fees that you should expect when making purchases abroad with your credit card, and other useful tips to take into consideration.

I chose this website because, even though I do not believe credit cards are the best solution for converting your money due to the high fees, it is convenient because most world travelers already have a credit card, and this website gives some quality tips. I myself have used a credit card to make purchases abroad when the balance on my prepaid card was not enough to cover the cost of what I was buying.]]> 2020-11-28 23:59:14 UTC https://padlet.com/gabrieldietrich/different_currencies/wish/967618252 gabrieldietrich https://padlet.com/gabrieldietrich/different_currencies/wish/967628170 The main purpose of this page is to allow foreign currency shoppers to check what the current price is to current Canadian currency and compare the exchange rates between the main Canadian banks.

I chose this website because this page kills the curiosity of many when it comes to deciding which bank to use when dealing with foreign currency and helps shoppers make a better decision if they choose to use banks when converting their currency. As you can see by clicking on the link, they tend to follow two fee patterns, where TD and RBC are a bit more expensive than CIBC, Scotiabank, and the National Bank.]]> 2020-11-29 00:16:28 UTC https://padlet.com/gabrieldietrich/different_currencies/wish/967628170 gabrieldietrich https://padlet.com/gabrieldietrich/different_currencies/wish/967670854 This website explains how prepaid Visa cards work. It goes over the convenience and security of having a prepaid Visa when travelling. In addition, it answers some of the frequently asked questions.

I chose this website because a prepaid card is a very convenient way to be able to purchase foreign currency. When I travelled globally, this was the method I found to be the most convenient at the time. I secured a great exchange rate, had the ability to spend it in all places I went, and when I lost my card, I did did not worry because I had a spare card and was quickly able to block the lost card and start using the spare one.]]> 2020-11-29 01:37:30 UTC https://padlet.com/gabrieldietrich/different_currencies/wish/967670854 gabrieldietrich https://padlet.com/gabrieldietrich/different_currencies/wish/967685149 TransferWise is different than most foreign exchange currency methods. It utilizes inter-bank mid exchange rates, meaning that when customers buy foreign currency, the money never crosses borders, therefore customers are able to buy foreign currency for cheaper.

I chose this website because I use TransferWise all the time. The bad side of TransferWise is that you must send the money to a bank account on the other country. So if you are an exchange student, and have a bank account in Canada and your home country, this is a great way to send money when you travel home or in general for other purposes, as it ends up being cheaper than traditional methods and you quickly have access to the funds.]]> 2020-11-29 02:05:53 UTC https://padlet.com/gabrieldietrich/different_currencies/wish/967685149 gabrieldietrich https://padlet.com/gabrieldietrich/different_currencies/wish/967700374 This video briefly explains how exchange rates work. It goes over some concepts that explain how the prices vary. Essentially the demand for the currency is what makes its value goes higher, whereas if there is no demand , its value ends up going down.

I chose this video because it is good for people to know how exchange rates work, in order for them to try and get the best deal possible. Obviously, there is no way of knowing exactly what the exchange rate is going to be, but based on this knowledge you can have an idea. As an example, before coming to Canada, I bought all my Canadian currency prior to the elections in Brazil since I was scared the rates were going to get worse based on the results. That is exactly what happened. I ended up buying most of it with a rate of 3.15BRL for every 1CAD. Today 1CAD is worth 4.11BRL. ]]> 2020-11-29 02:35:25 UTC https://padlet.com/gabrieldietrich/different_currencies/wish/967700374 gabrieldietrich https://padlet.com/gabrieldietrich/different_currencies/wish/967707770 This video compares the CIBC Air Canada Conversion prepaid card and the Canada Post Cash Passport prepaid card. It lists several categories that the customer should take into consideration when choosing between the two cards and elects the best one. Some of these categories are the fees involved, different limits involving the card, procedure in case card is lost, among others.

I chose this video because, even though they are only talking about two prepaid cards available in the market, they list several categories that are important when deciding what cards to get to travel abroad, or shop online with foreign currency. ]]> 2020-11-29 02:50:06 UTC https://padlet.com/gabrieldietrich/different_currencies/wish/967707770 gabrieldietrich https://padlet.com/gabrieldietrich/different_currencies/wish/967711382 How is TransferWise able to get better exchange rates than traditional exchange rate methods? The secret is not on the rate itself, since the rate is the same for everyone, however, they are able to minimize the fees involved in the transaction. This video explains how TransferWise works

I chose this video because it can be hard to understand how TransferWise is able to make their fees lower than competition, but the concept is actually not that complicated after watching the video and can make the life of many a lot easier. The big difference is that the way they operate, the currency never crosses borders.]]> 2020-11-29 02:55:46 UTC https://padlet.com/gabrieldietrich/different_currencies/wish/967711382 gabrieldietrich https://padlet.com/gabrieldietrich/different_currencies/wish/967723020 In this video, a professional photographer, who travels internationally often due to her job, talks about some of her experiences and how to avoid some of the foreign exchange fees when dealing with international currency.

I chose this video because I thought the tips she mentioned throughout the video were extremely helpful and could can be of a great use for whoever is looking to travel abroad and buy foreign currency. I identified myself in some of the events that she had experienced before and would have done things differently if I had watch this video prior to travelling abroad.]]> 2020-11-29 03:16:45 UTC https://padlet.com/gabrieldietrich/different_currencies/wish/967723020 gabrieldietrich https://padlet.com/gabrieldietrich/different_currencies/wish/967726562 This picture is showing a tourist taking foreign currency out of his wallet.

I chose this picture because this is a very common scene when travelling abroad: a tourist reaching his wallet and taking some foreign currency out is order to finalize a transaction.]]> 2020-11-29 03:23:23 UTC https://padlet.com/gabrieldietrich/different_currencies/wish/967726562 gabrieldietrich https://padlet.com/gabrieldietrich/different_currencies/wish/969322190 This image shows one bill of a variety of different foreign currency across the globe.

I chose this image because it is only a small fraction of the number of currencies that are in circulation around the world, and that we have the ability to purchase in case we travel, or even for other purposes such as investments.]]> 2020-11-29 20:56:59 UTC https://padlet.com/gabrieldietrich/different_currencies/wish/969322190 gabrieldietrich https://padlet.com/gabrieldietrich/different_currencies/wish/969326824 1) What did you leans about the topic that surprised you the most?
- It surprised me the variety of options that we have to exchange Canadian currency to other currencies. I have travel internationally many times but this time I was able to find even more options than before.

2) Provide a real-life example of how this topic is relevant or interesting for you.
- I love to travel, especially internationally. I have had a number of times in which I bought foreign currency. In my previous trips, when they were for vacation, I used prepaid cards from an exchange shop as my main option. I also got exchanged cash at that same location, and had my regular bank credit card as my back up. When I moved to Canada, and opened a bank account here, I used TransferWise to transfer money back and forth from and to Brazil, which is where I am from.

3) If you could pass your knowledge to a family member or friend, what do you think is the most important thing to pass on?
- Really analyze all your options. There are so many places that you can acquire foreign currency. Really understand which one suits your needs and has a good price.]]> 2020-11-29 21:00:37 UTC https://padlet.com/gabrieldietrich/different_currencies/wish/969326824