https://padlet.com/kevin909/dd9vx2iseqkdy8zx Kevin Ramesh en-us 2021-03-29 18:31:23 UTC 2025-12-07 17:03:44 UTC hello@padlet.com https://padlet.net/icons/png/2708.png kevin909 https://padlet.com/kevin909/dd9vx2iseqkdy8zx/wish/1365354463 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.]]> 2021-03-29 18:34:08 UTC https://padlet.com/kevin909/dd9vx2iseqkdy8zx/wish/1365354463 kevin909 https://padlet.com/kevin909/dd9vx2iseqkdy8zx/wish/1365449213 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.]]> 2021-03-29 18:58:11 UTC https://padlet.com/kevin909/dd9vx2iseqkdy8zx/wish/1365449213 kevin909 https://padlet.com/kevin909/dd9vx2iseqkdy8zx/wish/1365469371 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. ]]> 2021-03-29 19:03:27 UTC https://padlet.com/kevin909/dd9vx2iseqkdy8zx/wish/1365469371 kevin909 https://padlet.com/kevin909/dd9vx2iseqkdy8zx/wish/1365476623 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.]]> 2021-03-29 19:05:16 UTC https://padlet.com/kevin909/dd9vx2iseqkdy8zx/wish/1365476623 kevin909 https://padlet.com/kevin909/dd9vx2iseqkdy8zx/wish/1365484663 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. ]]> 2021-03-29 19:07:35 UTC https://padlet.com/kevin909/dd9vx2iseqkdy8zx/wish/1365484663 kevin909 https://padlet.com/kevin909/dd9vx2iseqkdy8zx/wish/1365490819 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.]]> 2021-03-29 19:09:24 UTC https://padlet.com/kevin909/dd9vx2iseqkdy8zx/wish/1365490819 kevin909 https://padlet.com/kevin909/dd9vx2iseqkdy8zx/wish/1365539203 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.]]> 2021-03-29 19:23:24 UTC https://padlet.com/kevin909/dd9vx2iseqkdy8zx/wish/1365539203 kevin909 https://padlet.com/kevin909/dd9vx2iseqkdy8zx/wish/1365566037 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.]]> 2021-03-29 19:31:49 UTC https://padlet.com/kevin909/dd9vx2iseqkdy8zx/wish/1365566037 kevin909 https://padlet.com/kevin909/dd9vx2iseqkdy8zx/wish/1365609067 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."]]> 2021-03-29 19:45:14 UTC https://padlet.com/kevin909/dd9vx2iseqkdy8zx/wish/1365609067 kevin909 https://padlet.com/kevin909/dd9vx2iseqkdy8zx/wish/1365618335 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.]]> 2021-03-29 19:48:07 UTC https://padlet.com/kevin909/dd9vx2iseqkdy8zx/wish/1365618335 kevin909 https://padlet.com/kevin909/dd9vx2iseqkdy8zx/wish/1365759746 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.]]> 2021-03-29 20:39:11 UTC https://padlet.com/kevin909/dd9vx2iseqkdy8zx/wish/1365759746 kevin909 https://padlet.com/kevin909/dd9vx2iseqkdy8zx/wish/1365917403 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. ]]> 2021-03-29 21:54:53 UTC https://padlet.com/kevin909/dd9vx2iseqkdy8zx/wish/1365917403 kevin909 https://padlet.com/kevin909/dd9vx2iseqkdy8zx/wish/1365974422 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. ]]> 2021-03-29 22:31:17 UTC https://padlet.com/kevin909/dd9vx2iseqkdy8zx/wish/1365974422