Foreign Exchange Personality Habits Of Canadians Traveling To The U.S.
According to reports given by the Royal Bank of Canada, the largest Canadian bank, more Canadians are making travel arrangements heading for the U.S this year. However, most travelers are cutting down on the foreign exchange by making use of the Canadian dollar instead.
The report shows that majority of Canadians are still making plans to travel to the U.S while a few others have canceled their plans as a result of the weak value of the Canadian dollar. 66% of those traveling to the U.S stated that they will be using cash while they are in the U.S.
Director of the U.S Business Development, RCB Bank, Alain Forget explained that “Canadian travelers have different approaches in making use of the U.S dollar”
Most travelers avoid making foreign exchanges while traveling. They instead make use of the remaining the money they had from their previous travels to the U.S. Others also make use of their Canadian credit cards. Few people make major money exchanges from banks when traveling.
Unspent U.S dollars are most of the time kept by Canadian travelers for their next trip which saves them from having to undergo any foreign exchange. Forget went on to say “consider summing up a cross border bank account to your travel checklist to help you maximize your money every time you travel to the U.S. More interest can be made from the unspent money rather than saving it at home until the next trip.”
Forget went on to advise Canadians on how to make wise choices in using the U.S dollar while traveling.
• Consider U.S plastic: Using cash is not such a bad idea while traveling but it is even better to have a U.S credit card so that foreign transaction fees will not be charged when large purchases are made.
• Avoid small exchange: Some Canadians make the mistake of only exchanging money when the rates are good. This can be a risky deal because not only do they get to limit their expenses but doing larger exchanges gives a better rate value.
• Set a realistic budget: Before traveling, it is best to make a list of all your expected expenses. This will prevent excessive and unwise purchases. However, Canadians get to have an extra boost in their budget as costs in the U.S are less compared to Canada.
