Consumers want to exchange at a rate that's close to the midpoint of those buy-and-sell rates. (Ryan Remiorz/Canadian Press)īank rates can be better, but they can also be worse. As with many purchases, it's "buyer beware."Ĭurrency exchanges post rates for buying or selling a currency. "Banks do work to ensure that the rates they offer are competitive, and they can be better than other foreign exchange providers," according to the Canadian Bankers Association.Īs a general rule, experts say you will get the worst rates at currency booths in airports and train stations. It should cost less exchanging your Canadian dollars at your neighbourhood bank before leaving on your trip.īut both the University of Toronto's Ambarish Chandra and Friedberg Mercantile Group's Michael Hart tell CBC News better rates exist elsewhere. "It's almost impossible to figure out, as a consumer, if you're getting a good deal," he says.Įxperts tell us, as a general rule, you will get the worst rates at currency booths in airports and train stations. Nilan Peiris, of TransferWise, a London-based online money-transfer company, says it's not easy for customers to find the best deal when it comes to money transfers. Options abound and it would be nice if there was a comparison-shopping website for currencies, but we didn't find one to recommend. Canadians losing out on cross-border discounts as loonie continues plunge.Canadian loonie: what the world looked like on past lows.
The loonie has since fallen by nearly one-third. But there are ways to save some money on your currency conversion. For Canadians travelling to the U.S., or to many other countries, there's no way around that falling Canadian dollar.