It does not matter if you are a tourist or if you happen to be working a job that pays you in foreign currency because at the end of the day, both of you rely on foreign exchange places to convert your foreign currency to local currency. Now, if you want to get your currency exchanged, your number one priority should be to have a transaction that is more beneficial for you, because you want to have a good exchange rate. Now, in order to do that every time, you have to keep a few rules and things in mind.
- Foreign exchange rates tend to fluctuate every single day, in fact, they can even change hourly, so you need to check rates every single day so that you can get a rate that is more favorable for you.
- Do not get your foreign exchange done from a bank, because banks will try to maximize their own profit as well, so there are fees that need to be paid. Whereas, by getting your currency exchanged at a foreign exchange place, you can end up getting up to 2% more, and if you are dealing with large currency exchange, then it can be a really big amount.
- Not every foreign exchange place has the same price, in fact, there are some that will give you a much better price than others, and that is something that requires effort on your part because you will have to go and seek them out. So, for instance, you should not jump at the first foreign exchange place in Toronto that you find, rather, you should look around and see other place’s exchange rates as well, and if they happen to offer a better price than other places, you can get it exchanged from them.