Currency exchange tips: Getting more for the low Canadian dollar
Going south? These tips can help you get the most for your loonie
Planning a trip to the U.S. and already grieving about how little the Canadian dollar will get you across the border?
CBC News spoke with Steve Brown with the Vancouver Bullion and Currency Exchange for tips on how to get the most out of your loonies when trading them for greenbacks.
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Where you buy matters
Specialty currency exchange services usually offer the best exchange rates, followed by banks. Beware of the exchange kiosks at airports: they often charge five to 10 per cent more than the best rate you could get.
Amounts more than $5,000 are likely to get a better rate than the one that's posted.
Look at the broader trend
The Canadian dollar follows oil prices quite closely. For example, oil prices have risen about 20 per cent in the last few days, and the Canadian dollar has gone up accordingly.
Buy during dips
Most banks are predicting the Canadian dollar will climb its way back up later this year. So if you're planning on going south, you may want to wait a few months.
Get a U.S. dollar account
Credit cards and accounts in U.S. dollars can go a long way the next time you find yourself south of the border. Put money into the account when the Canadian dollar is high and keep it there for your next trip to the U.S.