Travel Smarter With Your Money

Many Canadian credit cards charge a foreign-currency conversion fee, and 2.5% is common, but charges and conversion methods vary by issuer and card. If your card charges 2.5%, a $5,000 equivalent in foreign-currency purchases would add $125 before any other fees. Check your card agreement for the total charge.

A foreign-currency transaction can also involve a card-network exchange rate, conversion by the issuer, or a merchant-selected conversion. Fees can apply to online purchases as well as in-person transactions. Compare the full amount shown on your statement and agreement.

Some cards waive or reduce foreign-currency charges, while prepaid, debit, and multi-currency products may use different exchange rates, ATM fees, limits, or eligibility rules. Product terms change, so compare the current agreement and fee schedule before applying.

There is no single cheapest method for every currency or destination. Compare the total amount you would receive or pay after the exchange rate, issuer or provider fees, ATM charges, and any merchant conversion.

1. 1Card purchases — compare the issuer’s conversion fee and rate; a card that waives a fee can still use a network exchange rate.
2. 2ATM withdrawals — check both your card issuer’s fee and the ATM operator’s fee, plus the exchange-rate choice shown on screen.
3. 3Bank or currency-exchange provider — compare the quoted rate and service or delivery fees for the amount you need.
4. 4Airport or hotel exchange desks — convenient, but compare their displayed rate and fees with other available options.
5. 5Cash exchange outside established providers — use caution, check local advice, and avoid exchanging money with unlicensed street sellers.

A practical plan is to carry at least two payment methods from different issuers, know where you can obtain local cash, and keep only the cash you need readily accessible. The right mix depends on your destination and card terms.

ATM access and charges vary by destination, machine operator, and your account. Check the fees and limits before you travel:

Travelling within Canada doesn't have FX fees, but there are still money-saving strategies most people miss:

• Compare total trip costs across dates and nearby airports, including baggage, seat selection, ground transport, and schedule changes.
• Compare the current redemption value and restrictions of any loyalty points with the cash price before transferring or redeeming them.
• Check provincial and territorial taxes before making a large purchase; the total tax depends on the goods, place of supply, and applicable rules.
• Compare nearby airports only after adding the time and cost of ground transportation.
• For road trips, check current fuel prices, route conditions, and charging availability where relevant.
• Use the official park or campground reservation site for current booking windows, availability, and cancellation rules.

Provincial and territorial plans provide limited or variable coverage outside your home province or Canada. Medical providers may charge more than a public plan reimburses, so review your existing benefits and consider travel health insurance for the uncovered risks.

• Check workplace, credit-card, and provincial or territorial coverage. Compare the policy limit, trip-length limit, age rules, pre-existing-condition exclusions, and whether you must pay for part of the trip with the card.
• For uncovered risks, compare individual or family policies and annual or single-trip options. Premiums depend on destination, trip length, age, health, and coverage.
• Read the certificate and contact the insurer before travel if a medical condition, activity, or trip extension may affect eligibility or coverage.
• Know the insurer’s emergency-assistance number and keep policy details accessible while away.

Theft and fraud are real risks when travelling. A few precautions go a long way:

Tipping customs, service charges, and local rules vary by destination and type of service. Check current local guidance before you travel; a Canadian percentage is not a universal standard.

When guidance is unclear, ask a trusted local source or check the destination’s official travel information rather than assuming a tip is expected.

Travel prices vary by destination, season, exchange rate, and personal choices. Build an estimate from current prices for your dates and include a reserve for changes or emergencies.

• Transport — price tickets for your actual dates and include baggage, seat selection, transfers, fuel, and parking.
• Accommodation — compare total stay cost, taxes, cleaning or resort fees, cancellation terms, and location.
• Food — estimate daily costs using current menus or prices at your destination.
• Local transportation — check fares, passes, transfer costs, and payment methods for your route.
• Activities — check current admission prices, booking requirements, and seasonal availability.
• Insurance — price coverage for your destination, trip length, age, and needs.
• Emergency reserve — choose an amount that fits the trip and keep backup funds accessible if a card is unavailable.
• Exchange-rate movement and unexpected costs — leave room in the budget for changes.