Assignment 2 by

wajihjaffery — 2023-11-28 01:19:50 UTC

Welcome to Wajih's Assignment 2 Padlet! In my padlet, I'll be discussing "Currency's: comparing currency from different countries. How do we handle/exchange currency's during traveling". I'll be taking a look at where our currency stands in comparison to other currencies from different countries. I'll also be looking at the most appropriate ways of handling and exchanging foreign currencies as well as our own abroad in different countries.

wajihjaffery — 2023-11-28 01:34:19 UTC

On this website, the Canadian government gives us tips on how we should manage our funds when we travel. The website specifically mentions tips for using cash, cards, Traveler's cheques, Travelling with more than $10,000, and Taxes. Some tips the Government gave was to first of all ensure that the import or export of Canadian dollars was even allowed in your country of destination. They also advised to use of Credit cards over cash payment whenever possible, as Credit Cards tend to have more security and take accountability for their clients in the event your money is mishandled as compared to cash. One key thing to note though is credit card issuers may charge fees for using their cards internationally for transactions. The last thing I found surprising and did not know beforehand was informing the CRA in the event of a long trip outside of Canada to ensure that all tax laws were met.

I really like how clear and descriptive this source is about the positives and negatives of handling and exchanging currency in other countries. I also admire how this is a Canadian Government website, which means it is specifically catered towards Canadian citizens to offer the best possible tips to its own people regarding its own currency.

wajihjaffery — 2023-11-28 02:08:43 UTC

This image represents multiple currencies from all across the world. It is an example of how all the different currencies out there can be used across the world through the action of exchanging and handling. Even though they're all different, they have significant value in their own way.

wajihjaffery — 2023-11-28 02:27:17 UTC

On this website, they talk about how Currency rates are an unfair exchange for certain currencies. For instance, it specifically says how currency values fluctuate so much to the point it can effect individuals drastically. If a person was holding a specific currency and its value went up or down, there is nothing the individual can do to either gain/lose money as it is out of their control.

I really found everything in this website useful. One particular example it gave that really blew my mind was if 1 Euro was equivalent to $1.50 CAD and you were to make 150 000 CAD in France, if your currency even fell by 10 cents sooner or later, your $150 000 would be worth $140 000 now. This goes to show how sometimes this can definitely rule against you, which is why this website stresses exchange rates are not good. Overall there was a lot to learn from this source.

wajihjaffery — 2023-11-28 02:58:51 UTC

This is a board in another country that represents a currency exchange center. The numbers beside each currency represent the value of other currencies in the specific country. It shows out of all that the GBP is the most valuable currency in that country.

wajihjaffery — 2023-11-28 03:04:37 UTC

This video explains how Tourists in the U.S. are finding trouble with affordability in New York City as their home currency does not hold much value when converted and spent in New York. It shows the clear issue of currency values in other countries and definitely reduces the accessibility of goods and services for individuals who exchange their not-so-strong currency as compared to the American Dollar. With that being said though, I believe tourists should account for all this beforehand especially when visiting a very expensive city as New York City knowing how much value their home currency holds. All the information is available to the public.

wajihjaffery — 2023-11-28 03:09:31 UTC

This video explains how the Bank of Canada rising interest rates is devaluing the Canadian Dollar drastically when compared to other countries. This is very bad for Canadians who travel abroad as day by day their home currency is lowering in value which will inevitably lead to higher costs for goods and services abroad. While the CAD does struggle, the video also shows other countries who are suffering from inflation even more than Canada is, so all in all multiple currencies are beginning to lose value as of recent.

wajihjaffery — 2023-11-28 03:26:08 UTC

What surprised me most was where our currency ranked in terms of value. I was really surprised to see how devalued our currency has gotten over the years especially when compared to similar countries like the United States and the UK. Knowing we have such a large country full of amazing people and resources, it was shocking to see how much damage our currency took on a global scale.
This topic is extremely relevant to my life as I myself adore travelling to Dubai every year and understand the significance of currency value/exchange/handling. For me it is very important our currency stays strong against the UAE dirham so when I do convert my currency to the dirhams I get the most value possible to enjoy my trip.
The most important information I can pass on to my family would be the source provided by the Canadian government explaining tips on spending, exchanging and handling money abroad. It is perfect for my family because we are Canadian and it impacts us directly.

wajihjaffery — 2023-11-28 03:32:44 UTC

This website explains how to exchange your home currency the most efficient ways so that you get the best bang-for-buck with the least possible amount of deductions. This is very fundamental to a traveler as they want to get as much possible value as they can to ensure they have the best trip they have worked hard for.

I really found tip 1 to be extremely helpful and true based on my own experiences. It says that it is best to withdraw cash at your local bank before you head to your destination. Bear in mind this is only if you do not need more than 10,000$ to declare. I learned the reason it is good to withdraw cash beforehand is if you do it at your destination's ATMs, you can be hit with a huge service/exchange fee from your home bank which can be much more than the exchange fee at a currency exchange booth. This reminds me of when I paid 40$ everytime I withdrew 500$ or more at Dubai Mall ATMs which was extremely high.