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Planning a trip? Use Cash not Credit

A lot of time and effort goes into planning any trip. From the hotels to the flights, most people scour the internet for the best deals to ensure they aren’t spending more than they have to. One area many people don’t consider when they look to save is spending outside their country. With a little bit of planning, you can also navigate the world of foreign exchange to save on fees. <br>

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Planning a trip? Use Cash not Credit

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  1. Planning a trip? Use Cash not Credit

  2. A lot of time and effort goes into planning any trip. From the hotels to the flights, most people scour the internet for the best deals to ensure they aren’t spending more than they have to. One area many people don’t consider when they look to save is spending outside their country. With a little bit of planning, you can also navigate the world of foreign exchange to save on fees. There are generally two options travellers have when it comes to spending outside of the country. The first is to pay with card either debit or credit. The second is to pay with foreign cash.

  3. Credit While paying with card or credit while travelling can seem convenient- no having to carry wads of cash that could be misplaced or stolen - it can actually cost you big in unexpected fees. When you pay with credit in a foreign country, your bank automatically charges your card with an exchange rate (a rate that you don’t usually know ahead of time). This means while you think you are only spending what the teller charged you, the reality of what it cost you is hidden in your bank statement. This currency conversion rate is almost always higher than a rate you would pay if you had paid for and obtained foreign cash before the trip.

  4. If you still want to pay with credit, there are banks that offer credit cards with no foreign transaction fees. These cards can make travelling more convenient, but be aware of the monthly or yearly fees usually charge with these cards. These fees can cost you anywhere from $99-$179 a year. Foreign Cash Now there are definitely cons to travelling with foreign cash. Carrying large amounts of cash in enough to make anyone nervous. But paying with foreign cash can help you not only track your spending on your trip, but it can also ensure that you know what you’ve spent ahead of time to acquire the foreign cash.

  5. Foreign cash can obtained once you arrive in your destination country, but often at a hefty price. Using an ATM for any cash withdrawal in foreign country will not only cost you anywhere from $1 to $5 a transaction, but it will also cost you an elevated exchange rate on the overall withdrawal. The best way to save on foreign cash is to purchase it beforehand. Your local bank offer foreign exchange services, but like the fees they charge on your credit and debit purchases outside of the country, they usually charge a currency exchange rate higher than their competitors.

  6. Another option of where to acquire foreign cash is private exchange companies. One Canadian owned and operated company that offers foreign cash is Calforex Currency Exchange. This company offers overs 100 currencies at a rate lower than the bank, meaning you pay less for the same currencies. Calforex Currency Exchange also offers you the ability to order cash online and have it delivered to your home (time saver anyone?). Exchanging Foreign Cash back to Canadian In the event you purchase currency and don’t spend it all on your trip you can either exchange it back to Canadian at your local bank or back through a Private Exchange Company.

  7. Exchanging your foreign cash back to Canadian is subject to the same exchange rates. The value of Canadian you recieve back in the exchange is dependant on the rate that day. This means if the rate is higher, you may actually end up losing money in the exchange. Another option is to participate in a Cash BuyBack program (if offered at the private company you purchased from). This Cash Buy Back program offers to exchange your foreign cash at the same rate you purchased it. Calforex Currency Exchange is one of the Canadian companies that offers this unique program, giving you peace of mind when you exchange currency.

  8. So whether you’re spending a week in Europe, or snowbirding in Arizona all winter, knowing how to save on foreign exchange fees can save you big in the long run. Calforex Foreign Exchange is known as the best foreign exchange in Toronto and all other major cities in Canada. With over 120 currencies in stock and exchange rates way better than the banks, Calforex saves you money over the banks while providing great service. With locations across Canada, we have served Canadians for over 30 years and look forward to serving you. Visit our money exchange Ottawa or other branches in Toronto, Calgary, Montreal, Victoria or Edmonton.

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