Planning a trip? Use Cash not Credit

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Planning a trip? Use Cash not Credit
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• 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 arent spending more than they have to. One
  area many people dont 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.

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• 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 dont 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.

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• 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 youve spent ahead of time to
  acquire the foreign cash.

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• 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.

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• 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 dont
  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.

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• 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.

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• So whether youre 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.