Ottawa is the capital of Canada and this bustling city attracts many visitors from all over the world. This city uses the currency, known as the Canadian dollar. When you travel to Ottawa for whatever reason whether as a tourist or for work or as a student, you will need cash. For that, you have to exchange your currency for the Canadian dollar. You can exchange your money at the specialized stores or at the Ottawa banks, known as the Foreign Exchange Bureau. You can also exchange the currency at the airport in Ottawa but you may not get the best exchange rates. Therefore, before arriving at Ottawa you should consider to purchasing the Canadian dollar at a favorable exchange rate. For this, you need to do online research. You can consult your bank before the trip regarding the transaction fees that can be charged in Ottawa for using your credit card. If you are going on a business trip or a vacation, you can purchase the travelers’ checks.
Things to know before exchanging the currency
The currency exchange rate fluctuates constantly. It is difficult to predict or control the fluctuations but if you know about the real mid-market rate, it can help you to get the best available rate. There are a few tips that can give a good exchange rate when you exchange your currency for the Canadian dollar:
• Compare the rate being offered to you with the rate online- Make use of the online currency converter that offers you the mid-market rate. It can help you in deciding whether the rate being offered to you is a good rate or not. When you know the true value you can avoid being swindled.
• Avoid exchanging the currency around hotels and airports- They offer poor exchange rates, charge additional fees or commission. One good option is exchanging a small amount once you reach there. Later on, you can convert the remaining once you enter the city, where you can get a good deal due to competition.
• ATMs are good options- ATM is often the most cost-effective and convenient way of accessing the cash when you travel. So, before you leave your city, check out whether your home bank has partnerships with any Ottawa bank. If it has then you may get a waiver of fees while withdrawing money from the ATMs.
• Do not allow any foreign ATM to do any conversion- When you use your ATM card abroad, you may be asked whether you would like to get charged in the home currency. It is hardly a better option. You will get a better deal when you choose the option charged in a local currency. This way you do not allow the banks to charge a poor exchange rate.
Exchanging currency always involve some amount of risks but if you follow the above-mentioned tips, things may turn out to be risk-free and easier. Once you exchange your home currency for the Canadian dollar in Ottawa, spend it and do not exchange more than what you require.