https://padlet.com/loyalad/ncuyc1nlg1nt Comparing currencies from different countries and how to handle/exchange currency when traveling en-us 2019-04-04 19:10:07 UTC 2023-05-11 08:06:15 UTC hello@padlet.com loyalad https://padlet.com/loyalad/ncuyc1nlg1nt/wish/482975006 This article by snowbirdadvisor.ca discusses some techniques to essentially minimize paying more to exchange your Canadian dollars into a different currency, specifically US dollars which are usually stronger. They briefly explain what is foreign exchange "Spread" which is basically the extra amount your bank charges to exchange currencies to make a profit for the service. That is why when you search up the current exchange rate on google for instance, you are more likely going to have a steeper rate when you actually go to exchange your money at your bank. A really good option they mentioned to avoid steep transaction fees that your Canadian credit card will charge (usually 2.5%)are "Canadian dollar no foreign transaction fee credit cards". They strongly advise you to avoid using ATMs as they have some of the highest fees.
I chose this website because it gave you several sources where you can exchange Canadian dollars and get the most out of your buck. It's different from other sites because it focuses specifically on how you can get the best exchange rates if your a frequent traveller to the US.]]> 2020-03-30 18:49:21 UTC https://padlet.com/loyalad/ncuyc1nlg1nt/wish/482975006 loyalad https://padlet.com/loyalad/ncuyc1nlg1nt/wish/483011804 This article by Laura Sternberg is almost the reverse of website #1 as it caters to helping Americans travelling to Canada and how they can avoid being charged extra fees or get bad exchange rates for their money. Some of the advice includes paying for your accomodations online so the hotel won't charge an extra exchange fee later on. She advises to exchange at an American bank to avoid bad exchange rates. She also gives a heads up that using American credit cards to pay for relatively large purchases in Canada might trigger your bank's international fraud software, which might cause an inconvenience to say the least.
I chose this website because it's useful information for Canadian business owners that are in the tourism industry to know about as Americans are one of the more common tourists for Canada. It's different from other websites because it focuses on how Americans can avoid any trouble when exchanging/using their currency in Canada.]]> 2020-03-30 19:08:40 UTC https://padlet.com/loyalad/ncuyc1nlg1nt/wish/483011804 loyalad https://padlet.com/loyalad/ncuyc1nlg1nt/wish/483043043 Sandra MacGregor gives advice to Canadians travelling abroad (and not just the US) on how to avoid exchange fees and be  prepared when they don't accept debit or credit. She advises that it is always good to have some cash on you, especially if you're going somewhere that mainly only accepts cash (so do your research).She mentions that exchanging your money at a bank or (even worse) at the airport can easily charge you high exchange fees that are not very transparent. She says that exchanging your money at a professional currency exchange office can get you as much as 1.5-5% more cash than if you were to do it at a bank or the airport. She recommends two credit cards that are great for frequent travels, Scotiabank Gold American Express and Scotiabank Passport Visa as they don't charge foreign exchange fees. However, they do charge annual fees so it would only be worth getting if your really are a frequent traveller.
I chose this website because it provided even more insight to travelling abroad and even lists out some credit card options and compares them. This website is different from others because it provides Canadian specific options which is more difficult to comeby than just any general travel website.]]> 2020-03-30 19:26:13 UTC https://padlet.com/loyalad/ncuyc1nlg1nt/wish/483043043 loyalad https://padlet.com/loyalad/ncuyc1nlg1nt/wish/483143128 Marc Felgar lists out and explains 4 bad/expensive and 4 good/better ways to exchange your money foreign currency. Just like what other sources have said, he advises against exchanging your money at the airport as it has some of the highest fees. He also advises against exchanging at the hotel your staying at, nor getting a prepaid travel card, nor your retail bank branch. He does advise getting a credit card with no foreign transaction fees (as suggested on website #3), or a credit card that subsidizes foreign transaction fees, or even exchanging your money online (through Knightsbridge for example), or joining a travellers' association. All these better options for exchanging money reduces or even avoids service fees.
I chose this website because it confirms some of the advice given on the other websites yet it was different as it gave information more directly. It also suggested something completely different (joining a travellers' association) and was better catered to frequent travellers.]]> 2020-03-30 20:25:25 UTC https://padlet.com/loyalad/ncuyc1nlg1nt/wish/483143128 loyalad https://padlet.com/loyalad/ncuyc1nlg1nt/wish/483160801 This video gives you some insights about currency exchange and how to avoid paying unnecessary unwanted service fees. For instance, if you use your regular credit card abroad you will most likely be charged an additional 2.5%, but you won't notice it as it gets built right into your charge. He also mentions that more common currencies such as the US dollar won't be much different in exchange rate from your bank compared to  a currency exchange office. However, you do get a better rate at currency exchange offices if you want to exchange more uncommon/"exotic" currencies such as the Egyptian pound. Lastly, you can get money from local ATMs but your home bank will charge you up to 3.5% in exchange fees.
I chose this video because it gives you clear and concise information on how best to exchange your money with specific exchange fee percentages. He made it more clear that it won't make a huge different if you exchange at your bank or a exchange office for exchanging US dollars but it does make a difference for more uncommonly exchanged currencies, which other sources did not mention.]]> 2020-03-30 20:37:25 UTC https://padlet.com/loyalad/ncuyc1nlg1nt/wish/483160801 loyalad https://padlet.com/loyalad/ncuyc1nlg1nt/wish/483161589 In this video they talk more about some strategies to get the best value for your dollar when exchanging currencies. They mention that currencies that are in less of a demand will have a higher premium compared to currencies that are very popular like the US dollar. Usually the bank will have a markup of about 2.5-3% for US dollars. Also, you want to go well in advance, especially if the currency is less common because it can take up to 5 business days for that money to come into the bank you're getting it from. Another good tip is to write down all of your credit card numbers and bring it with you, keeping it in safe spot just in case you lose your physical card.
I chose this video because it suited to subject perfectly and it's from a well known Canadian talk show. It also gave some unique/different tips and specifics I hadn't heard from the other sources that are particularly relevant within Canada.]]> 2020-03-30 20:37:58 UTC https://padlet.com/loyalad/ncuyc1nlg1nt/wish/483161589 loyalad https://padlet.com/loyalad/ncuyc1nlg1nt/wish/483163075 This video discusses 5 cool banknotes including our (relatively) new Canadian polymer banknotes (a.k.a. bills). At #5 are the Norwegian bills (Kroner) that feature interesting imagery like fish, puffins and ships. At #4 the Hungarian Forint that feature interesting details that can only be seen with UV lights. At #3 the Costa Rican Colone that are even more vivid in colour than the Canadian bills and feature the diverse wildlife of the country. At #2 are the Australian polymer bills (they were the first to create polymer bills)and feature beautiful UV security features, especially on the new five dollar bill. The Canadian polymer bills are given an honourable mention but the Swiss Franc came in at #1 and are transitioning to polymer bills that have an overall theme of the wind.
I chose this video because it compared the Canadian currency to other countries in a more symbolic/literal sense. It's different from other videos because it takes a closer look and appreciation for the details put onto bills that most people look over]]> 2020-03-30 20:38:55 UTC https://padlet.com/loyalad/ncuyc1nlg1nt/wish/483163075 loyalad https://padlet.com/loyalad/ncuyc1nlg1nt/wish/483178992 This video reports how the new polymer bills that Canada put into circulation. The switch to polymer bills was mainly due to the increasing number of counterfeits that were starting to circulate. Now with all of the security features/details put into the new bills it has made it much more difficult for counterfeiters to replicate. However, this hasn't completely eliminated counterfeits from being circulated, and when it's passed at least once it becomes a piece of evidence for the RCMP to investigate. The good news is that in 2015 the new bills have reduced the circulation of counterfeits by 74% since 2014.
I chose this video because it provides some insight into why Canada changed the bills from paper to polymer and how to look out for counterfeits. I think it's important to know about, especially when discussing currencies because physical money is still very much in use.]]> 2020-03-30 20:50:39 UTC https://padlet.com/loyalad/ncuyc1nlg1nt/wish/483178992 loyalad https://padlet.com/loyalad/ncuyc1nlg1nt/wish/483474021 This is a side-by-side comparison of some the different Canadian credit cards that you can apply for that do not charge a service fee for using it abroad. They each have different perks and annual fees.
I chose this image that I screen shot from the article "How to Exchange Currency for Travel (Without Getting Ripped Off)" because it's gives a compiled comparison of good options for frequent travellers. None of the other sources provided a table of the different Canadian credit cards that have no service fee.]]> 2020-03-31 02:54:39 UTC https://padlet.com/loyalad/ncuyc1nlg1nt/wish/483474021 loyalad https://padlet.com/loyalad/ncuyc1nlg1nt/wish/483478428 This image shows all the specific details to look for in Canadian polymer bills so that you don't get tricked into accepting a counterfeit. Some details to look for include the transparent and metalic maple leafs above the portrait and the raised ink on the word "Canada".
I chose this image because it points out the details that will most likely be excluded or not accurate on counterfeit bills. This important for people who handle money and for business owners.]]> 2020-03-31 03:02:06 UTC https://padlet.com/loyalad/ncuyc1nlg1nt/wish/483478428 loyalad https://padlet.com/loyalad/ncuyc1nlg1nt/wish/483482862 You will learn about some tips and trick to get the best bang out of your buck whenever you need to exchange your money for a different currency. You will also learn some ways to detect for counterfeit Canadian bills, appreciate the details on the bills of some other cool currencies and find out why Canada switched to polymer bills in the first place!]]> 2020-03-31 03:08:34 UTC https://padlet.com/loyalad/ncuyc1nlg1nt/wish/483482862 loyalad https://padlet.com/loyalad/ncuyc1nlg1nt/wish/483484520 1. The thing I learned that surprised me the most is that banks essentially charge you hidden service fees when you exchange your money into another currency. Because the exact percentage extra they charge you is built right into the exchange rate on your statement, you won't notice it easily.
2. I have definitely needed to exchange my money into a foreign currency so I know much better in the future the cheaper ways to exchange currency. Also, I have been a cashier and some grocers ask you to get a manager to check if the $100 bill is real, it would of been much more convenient if every knew how to check the bills.
3. The most important thing to pass on would either be to shop around for buying foreign currencies and don't put it off to the last minute.]]> 2020-03-31 03:11:05 UTC https://padlet.com/loyalad/ncuyc1nlg1nt/wish/483484520