Exchanging your local currency into Canadian dollars was never this easy before. Foreign exchange services inform you how much your money is worth in local currency. The Bank of Canada online currency converter website can give information on the official exchange rates. You can save while managing your finances in Canada if you are informed. Foreign currency can be exchanged at banks just before you leave your country or after your reach Canada. The transaction can be done online or over the phone. The amount can be delivered at your choicest bank to for pick up. Bank exchange rates are higher when compared to other places, but it is the safest means to exchange your currency.
Currency Exchange Toronto desks can also help encash into local currency. These desks may be available at airports, hotels, and shopping malls. Here you can exchange into Canadian dollars. Here the fee tends to be on the higher side. Despite advertising no commission, these services charge hidden charges that often go unnoticed. These desks can at times be expensive, but a little research can help identify the right foreign exchange service provider that is affordable. Check the interest rates and fee before signing on the dotted lines.
The foreign currency black market operates underground that offers currency exchange at lower rates. This is unethical and illegal and can lead to arrests. These agencies operate outside the ambit of the legal banking network. These transactions are always free of documentation since these happen in cash. The low transaction rate tempts travelers to exchange money with illegal operators. Attempting to be part of the black market network is an offense and can get you into trouble. Never exchange money with a stranger just because they offer better rates than banks or desks. Apart from the process being illegal you could end up losing money to stealers.