A Guide to Beginners about Currency Exchange
Currency exchange is an individual business or the services given by a bank or financial institutions. KWD (Kuwaiti dinar) is the world’s most valued currency. But US dollar seems to be the highest valued currency to us due to the power of its money to the world. For a long time, the US dollar had more advantage over the Canadian dollar but later since 2007, the Canadian dollar has been going up and down making it 1 USD= 1 CAD.
The Canadian dollar is no less than the American dollar. You need to keep in mind that rates have always risen and fallen due to inflation in the economy. Toronto currency exchange is not as hard as it seems. There are a lot of places in Toronto especially in malls to exchange your currency. It is not convenient for the tourists who exchange their currency on airports and hotels due to the expensive charges.
Things you need to consider before the currency is exchanged
There are certain things you need to do as a beginner when you exchange currency
- In case you are buying physical cash, make sure to avoid purchasing from the airport because the airport rents are quite expensive and the markups on currency exchange are the same. Airports often offer high rates for every item and for currency exchange they are the last option you would like to consider.
- When you get a currency exchange, you should ask a company the written confirmation of the price you decide to pay. The company should lock the rates you will be paying so that in future further problems are not created.
- Asking the company to let you know all the basic charges i.e. service charges and commission. Ask them to acknowledge you with the complete detail about the currency exchange.
Questions you should ask a Currency Exchange Company
- When you exchange currency from a company, their current prices may change at any time. And so you need to ask the company to fix a rate in which you are willing to exchange currency. Doing this, the rates will not affect you.
- Are they under the BBB? Those companies which are legally registered with the Better Business Bureau have a good idea of taking care of third party’s complaints and is good at protecting their company’s reputation.
- Are they owned by 100% Canadian? You should be sure of it that the company you are engaged with is 100% owned Canadian currency exchange. If the company is in Toronto it is convenient for you to easily work with them without any worries.
While traveling to Canada’s capital city that is Ottawa, your first priority should be that your currency is exchanged for the Canadian Dollar. You can exchange it from any local Ottawa bank or specialized stores known as Foreign Exchange Bureaus. You might also find exchange services on the airport but just the exchange rates might be too high. Ottawa currency exchange is also convenient if you choose to exchange your currency at your local banks rather than choosing high rated areas.