Summary: Planning a trip to Canada? Discover the best currency to carry, smart exchange tips, and how to save on forex with BookMyForex for a hassle-free vacation.
If you are planning a trip to Canada, you are on the right track. Canada will mesmerize you with its soulful culture, verdant natural beauty, and its vibrant landscapes. Tourists are known to flock to Canada for a dose of exuberance and adventure. But, in order to thoroughly enjoy your vacation, there are some things that you absolutely need to get out of the way – one of them being currency exchange. This is a must-have on your to-do list before you fly out to Canada. Not sure of which currency to carry with you to Canada? We are here to help you. Let’s see which is the best currency that you can use in Canada.
Which currency is the best one to use in Canada?
Here are 3 different options that you can choose from in order to answer the above question:
1. Carry USD to Canada
While you may carry US dollars to Canada, however, if you are planning to solely rely on the US dollar to meet all your expenses in Canada, you might want to think again. While some major stores, hotels, and border crossings might accept USD, smaller towns and local businesses often won’t accept USD. For everyday expenses like cab fares, dining, or shopping at local markets, Canadian dollars (CAD) are a must.
2: Carry Canadian dollars to Canada
Your safest bet is to carry Canadian dollars. In this case, you will need to convert INR into the Canadian dollar before you embark on your journey. You can convert your INR to CAD at best forex rates with BookMyForex. Sometimes carrying too much cash is unsafe and inconvenient. For added safety and convenience, consider loading CAD onto a BookMyForex forex card. It offers zero markup rates, no foreign transaction fees, and works just like your debit or credit card abroad.
3: Carry Indian Rupees & convert them in Canada
Another option is to carry your own native currency i.e the INR or Indian Rupees to Canada and exchange the currency there for Canadian dollars. However, be warned that this is the least recommended option. Although there are several offline exchange stores in Canada where you can exchange your local currency, these stores have high fixed costs owing to rents and salaries of employees which invariably get transferred to high exchange rates that you end up paying. Therefore, it is advisable to book your foreign currency well in advance from a trusted platform such as BookMyForex to obviate the inconvenience of high exchange rates.
Which currency should one take to Canada?
Now that you have gone through the three options above, it will not be very difficult for you to choose the best option. It is evident that the Canadian dollar is the best currency to carry as it is the favored currency by the locals. The USD is not accepted everywhere in Canada and hence is limited in its usage. Indian Rupees being exchanged in Canada will carry hefty exchange rates of up to 5%- 7%. Hence the best option is to exchange Indian currency for Canadian dollars beforehand. Utilize the best and lowest guaranteed rates offered by BookMyForex and save anywhere between 2.5% – 6.5% over local banks, airport kiosks, and other shady money changers in India.
Additional Tips for Travelers Going to Canada
1. Avoid Airport Exchanges: Currency exchange booths at airports often have poor rates loaded with high markups. Plan ahead and exchange your money before departure.
2. Use Contactless Payments: Many stores in Canada prefer tap-to-pay methods, making forex cards super convenient.
3. Keep Some Cash Handy: Useful for tipping, local markets, or small purchases.
4. Track Exchange Rates: Monitor rates in advance and buy forex when rates are favorable to save money. You can use BookMyForex’s rate-tracking tool.
5. Choose ATMs Wisely: If you need cash in Canada, use ATMs that are linked to major banks to avoid excessive fees.
6. Be Aware of Dynamic Currency Conversion (DCC): When paying with your forex card, always opt to be charged in CAD instead of INR to avoid dynamic conversion fees.
Frequently Asked Questions
What is the best currency to take to Canada?
When you travel to Canada, it is best to pay in the local currency in Canadian dollars or CAD. It is widely accepted at hotels, retailers and local commutes.Â
Which currency is mostly used in Canada?
The currency commonly used in Canada is CAD or Canadian Dollars. This currency is easily available in denominations of 5, 10, 50, 20 and 100 dollar paper notes. Coins in Canada circulate as cents.
Should I exchange money before going to Canada?
It is highly advisable to exchange currency prior to your trip. This can easily be done from a reputed online forex marketplace such as BookMyForex.com. A good tip is to carry money in a variety of forms such as foreign currency and a prepaid forex card. Both these products are available at BookMyForex at highly competitive rates.
About the Author
Bhawna Nijhawan is the Content Manager at BookMyForex and the go-to person for creating engaging, informative content that resonates with the platform’s diverse audience. With over 8 years of experience in content writing and more than 4 years in the forex industry, she knows exactly how to simplify complex forex topics into something everyone can relate to.
