Are you looking forward to exploring new places and cultures? Well, travelling across borders or to other countries is surely fun. But dealing with exchange rates can be tricky, especially if you’re planning on a shopping spree.

This blog post contains excellent tips to help you snatch the best deals when shopping in other countries. Join us as we share some smart tricks to get the best currency rates when travelling abroad!

Key Takeaway

• Plan ahead, research exchange rates, and compare options before your trip to ensure you get the best value for your money.
  
  
• Be cautious when exchanging rates. Avoid high fees by steering clear of airport currency exchange services. Instead, use cards with low foreign transaction fees.
  
  
• Stay informed and keep an eye out for hidden fees. Also, notify your bank of your travel plans to make sure you can still use your card when shopping abroad.
  

How To Get The Best Currency Exchange Rates

Of course, everyone wants to make the most out of their pocket money when travelling to different places. We can help you with that! Here are some handy tips you need to remember when getting access to the best foreign exchange rates.

1. Research And Monitor Exchange Rates Ahead of Time

Before you go on your trip, it’s always a good idea to check out the latest exchange rates first. You can find these rates online or by asking financial institutions.

Keeping an eye on the exchange rates before you leave lets you see if your money is worth more or less in the country you visit. In a way, it also helps you plan how much you want to spend and where you want to shop to get the best deals.

For example, you’re buying a 100 USD-worth item in the US, and the store only accepts cash in the meantime. In this case, you must exchange 135.71 Canadian dollars to purchase the item.

2. Compare Exchange Foreign Currency Options

It’s important to compare the additional fees that may incur when exchanging your money. Some places have higher fees than others, which means you’ll get less money in the end.

Additionally, it would help to consider weighing factors that give you the best value for your money. These include:

• Convenience – This directly impacts the overall cost and ease of transaction. Prioritizing convenience ensures a smoother and more efficient exchange process, saving your time and energy.
  
  
• Security – Balancing fees with security ensures peace of mind and reduces the risk of financial setbacks.
  
  
• Total exchange rates – a favourable exchange rate helps Canadians get better deals when travelling or shopping abroad.
  

For example, while using your debit card may be more convenient, they could charge higher fees. Meanwhile, other options, like exchanging money at banks, may be safer, but they could have lower exchange rates.

By comparing these options before you leave, you can choose the one that gives you the most money for what you have. It’s like comparing prices at different stores to find the best deal.

3. Avoid Airport Currency Exchange Services

When travelling abroad, avoiding using currency exchange services at your destination’s airport is best. Why? While it may seem convenient to exchange your money for foreign cash there, they often have higher fees and lower exchange rates. This can be because of:

• Higher operating costs to cater to travellers who need immediate exchange rate services
  
  
• Airport exchange services have limited competition, allowing them to set less competitive rates
  
  
• High convenience fee, knowing that tourists may be willing to pay extra for the ease of the service
  

So, instead of using this service, exchanging your money before you leave is better. Doing so can save money and get more out of your hard-earned cash while travelling abroad.

4. Use Local ATMs Wisely

Another tip to get a reasonable exchange rate when travelling abroad is to use local ATMs. These machines provide convenience to travellers as they dispense cash in the local currency of the country you’re visiting.

But you need to use them wisely. Some ATMs may charge extra fees for using them, especially if they’re from somewhere other than your bank.

So, it’s best to find ATMs that belong to your bank or don’t charge you fees. Plus, withdraw only the money you need because some ATMs might limit how much you can take out at once.

5. Choose Cards With Low Foreign Transaction Fees

One crucial thing to remember when travelling is to use cards with low foreign transaction fees. These fees are charges that some banks add when you use your debit or credit card when purchasing items in foreign currency.

But you can save money on these extra charges by choosing cards with low foreign transaction fees. Before you go on your trip, check with your bank to see if they have any cards with low or no foreign transaction fees. Using these cards while travelling abroad can help you save more money for fun activities and souvenirs!

6. Beware of Dynamic Currency Conversion (DCC)

Dynamic Currency Conversion (DCC) is a service retailers offer when you purchase their product using your card in a foreign country. With DCC, the seller allows you to pay using your home currency instead of their local currency.

That is why you need to be extra careful about this. While it may seem convenient, it costs you more money. It’s like paying extra for a service you don’t need.

So, always remember to pay using the local currency. Doing so helps you avoid unnecessary fees and keep more money in your pocket while travelling.

7. Watch Out For Hidden Fees

Travelling to another country may also mean needing to be aware of hidden fees that may pop up. These fees can sneak into things like using your debit or credit card or exchanging money. Sometimes, you may not notice them until you see them on your bank statement later.

To avoid these sneaky fees, it’s a good idea to do some research before you go and read the fine print. Look out for foreign transaction fees, ATM withdrawal fees, or currency exchange fees. By staying vigilant and knowing what to watch for, you can keep your travel costs down and enjoy your trip without surprises.

8. Notify Your Bank of Your Travel Plan

Before heading off on your foreign adventure, it’s wise to tell your bank about your travel plans. Letting them know of your travel plan helps them keep an eye out for any unusual activity on your bank account while you’re away.

Your bank may freeze your card if they find transactions from a place you didn’t tell them about. Such action is necessary to protect you from fraud, especially if they detect suspicious activities in your account.

So, by giving your bank a heads-up, you can avoid any headaches and make sure your card keeps working smoothly while travelling.

Save More By Shopping Online

Reality check: While travelling brings a lot of excitement, it can break your bank! You may have set a budget, but overspending is still possible, especially if you travel mainly to shop.

So, to keep you from spending more than you should, here’s a better option: shop online. Aside from the convenience, shopping online gives you more benefits that you can’t have with physical travel, like:

• You don’t have to look for exchange rate services. Online shopping offers fast and easy payment methods.
  
  
• You can avoid the hassle of travelling. Whether you’re travelling by road or air, you still end up getting tired. This can eat your time and your energy!
  
  
• You don’t need to deal with the hassle of customs clearance. A shipping service provider will handle it on your behalf.
  
  
• You can SAVE MORE money by forwarding packages! The truth is, you will not only be spending money on your purchases when you travel abroad. You will also pay for other things like gas, flight tickets, food, and hotel accommodation.
  

So, it’s best to think twice the next time you think about travelling to other countries, like the USA, to shop. After all, so many US-based online retailers will still make you feel as if you’re shopping in-store. Except that you’re making it extra convenient!

Now, if you’re worried about paying for costly shipping fees or the US store does not ship directly to Canada, we have your back! The ultimate secret to enjoying cross-border shopping and shipping is to ship with the best package forwarder.

Use The Best Package Forwarding Services

Shipping across the border sure is tricky. But that’s only if you don’t use the best technique to get your items from the US to Canada.

The best way to get your items from across the border is by shipping them only with the best in the cross-border shipping industry – Shippsy. Our main goal is to provide millions of Canadian online shoppers access to their favourite US retailers.

With Shippsy’s parcel forwarding services, you don’t have to worry about travelling and finding the best exchange rates in the US. All you need is to go online, shop at any US store, and ship with Shippsy. Plus, you can do this anytime, anywhere!

Switch to online shopping and create your Shippsy account today to make your shopping habits easier and even better. Be among the Canadian customers who opted for online shopping and experienced a huge difference!

Conclusion

Remember to follow the smart tips mentioned above if you plan to shop in other countries like the US. By following them, you can save money and create better shopping memories. Meanwhile, consider online shopping for more convenience and bigger savings.

For Canadian shoppers looking for fast, easy, and affordable shipping, the ultimate key is Shippsy.

Jen Seran

Jen oversees the operations at Shippsy. She has spent her entire career working in the eCommerce and logistics industry and loves helping Canadian consumers avail the best cross-border shopping deals. Outside of work, she loves to travel, read, and cheer on her favourite Toronto sports teams.

Read all posts written by  Jen Seran