The Best Way to Exchange Currency in Ottawa
People always want to know the best way to exchange currency. Just like the hotels and the flight deals can be found in an easy way on the internet, it is not the similar case about the exchange rates. Till some years ago, the Canadian dollar, the currency of Ottawa was at par with the U.S. dollars but it is not so these days. The currency exchange rates fluctuate all the time and it is very little we can do about them. Rather on thinking about those rates, we need to focus on the ways to minimize the transaction fees.
Make payment via the credit cards
Though technically, a credit card is not cash but making payment with a credit card that has no exchange fee is one of the cheapest ways to make payments. Every credit card does not waive off the transaction fee, so when you use the cards such as Scotiabank Passport Visa Infinite, Rogers World Elite Mastercard, or the Home Trust Preferred Via, you will be charged additional 2.5%, while you make a purchase in the foreign currency.
You can find an in-depth analysis of the credit cards that do not charge any foreign transaction fees. When you use credit cards on your travel opt for ‘charged in a local currency’ instead of home currency. This is due to the fact that the merchants set up their individual rates that are much higher than the MasterCard and Visa rates when you make payment in a local currency.
The currency exchange options in Ottawa
Some of the currency exchange options in Ottawa when you need cash are the following:
• The local ATMs are the cheapest way of exchanging money. They usually charge a spot rate besides an additional 2.5%. This additional charge is the foreign transaction fee and it cannot be avoided. Your home bank may charge a one-time transaction fee and therefore you should consider this aspect. One good way of exchanging money while reducing the costs is by withdrawing the daily limit or by using the ATM that has a partnership with your home bank.
• Exchanging currency through the foreign exchange offices can be a little tricky because the rates are different in different exchange offices. These offices are usually situated in the malls and the airports and so they do not offer good rates. The no-fee exchanges offices have higher rates as they need a commission. Apart from these factors, some of the exchange bureaus provide competitive rates. If the premium is about 2.5% then the rate is a decent one.
• Banks- Banks are not a good option for exchanging currencies in Ottawa. If you are exchanging USD then the banks charge a high premium. The rates are not good and you have to order a currency much in advance.
• Online- When you need to exchange a huge amount then you can try it online. Many online companies are available that offer good exchange rates.
The most traded foreign currency in Ottawa is the USD dollars. You should check the fees and the rates before proceeding to exchange the foreign currencies.