Now it is time to travel! Say you intend to go from NY to Montreal.
Before board your flight you have to think about your stay in Canada and how you are going to pay for your food and shopping. (For now forget your Amex or Visa plastics.) You carry only Green Backs (US Dollars). But Canada have its own Dollar (CAD) whose value is slightly lower than US Dollar. That means your 1 Dollar US bill is more than 1 Canadian Dollar. So you loose if you pay (US) Dollar to (Canadian) Dollar. What is the option?
You have to 'BUY' Canadian Dollar by giving out (SELLING) you US Dollars.
Where and how?
There are many places you can do. One way is....
As you enter JFK Terminal in New York, you will see Currency Exchanges like one in the picture.[I'm not endorsing any Currency Exchanges or establishments]
Now, we have to look into the rate of Canadian Dollar buying rate. As I writing this post the 1 USD = 1.04 CAD.( USD and CAD are symbols for US $ and Canadian $ respectively).
Hence if you pay USD 1000 to the counter clerk in Currency Exchange, (S)he will give you 1040 CAD!
Wow you made 40 more CAD! Right? Don't get amused.
The difference 40 CAD is because USD is stronger by 4% than CAD. If you didn't get it, wait for the next post to get cleared.
Before board your flight you have to think about your stay in Canada and how you are going to pay for your food and shopping. (For now forget your Amex or Visa plastics.) You carry only Green Backs (US Dollars). But Canada have its own Dollar (CAD) whose value is slightly lower than US Dollar. That means your 1 Dollar US bill is more than 1 Canadian Dollar. So you loose if you pay (US) Dollar to (Canadian) Dollar. What is the option?
You have to 'BUY' Canadian Dollar by giving out (SELLING) you US Dollars.
Where and how?
There are many places you can do. One way is....
As you enter JFK Terminal in New York, you will see Currency Exchanges like one in the picture.[I'm not endorsing any Currency Exchanges or establishments]
 |
| Travelex Money Exchange |
There you will see a board with different currencies listed with at least two rates against each currencies - Buy rate and Sell rate.
 |
| Currency Exchange Rate Board |
Hence if you pay USD 1000 to the counter clerk in Currency Exchange, (S)he will give you 1040 CAD!
Wow you made 40 more CAD! Right? Don't get amused.
The difference 40 CAD is because USD is stronger by 4% than CAD. If you didn't get it, wait for the next post to get cleared.
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