A weak Canadian dollar can be tough for Canadian travellers, especially if they are travelling outside Canada. It can seriously dent their travel budgets.
The best place to spend a weak Canadian dollar is in Canada, but if you are travelling outside the Great White North, there are ways to make the dollar go further.
Just because the CAD is weak does not mean you should postpone your travel plans. There are places in the world where even a weak Canadian dollar is considered king. Below are five must-know tips that you will find invaluable while travelling.
1. Look for the Best Exchange Rate
When you are stuck with a weak CAD, you can’t just enter into any Forex exchange bureau. Drop into as many forex bureaus as possible, noting which ones have the best rates. The most punitive exchange bureaus are those located at airports and border points.
Avoid them to save money. They will give you the lowest rate because they believe they are your last port of call.
2. Find out If the Bureau Has a Buyback Option
Before you exchange your hard-earned CAD for the mighty USD, ask the bureau if it will be willing to buy back your unused USD at the same rate it exchanged it to you. You may not find many takers, but if you do, you will have at least hedged your losses.
3. Change Your Currency before Travelling
Chances are you will get a better exchange rate in your country. Go to a trustworthy money exchange before you travel and you might just save yourself much-needed cash.
4. Avoid Visiting High-Priced Destinations
There is nothing you can do about a weak CAD. However, you have full control over where you choose to go. Consider visiting destinations where your Canadian dollar will go further. There are many exquisite yet cheaply priced destinations in the world.
Perhaps this is not the time to visit exotic locations such as Hawaii, but you can still have a blast in Mexico at a fraction of the cost. Look for countries where the Canadian dollar is strong even when it’s weak elsewhere. Places such as Barbados and Belarus can offer you unbelievable bargains that make your Canadian dollar feel like a thousand bucks.
5. Tour Canada!
As mentioned, a weak Canadian dollar is stronger in Canada. You may be surprised at what Canada offers in terms of wonderful places to visit. Canada is a vast country with breathtaking scenery and sites. It has 38 national parks, a huge number of provincial parks, and beautiful landscapes like the badlands of Alberta and the Canadian Rockies. It also boasts a dinosaur museum—one of the biggest in the world.
6. Be on the Lookout for Flight Deals
With a weak CAD, you can’t afford to use just any airline. Every penny you save is important and will go a long way in leaving you with more funds to spend on your vacation. If you find a good deal, book it, now! If you wait, the deal may be gone by tomorrow.
Some flight packages may also come with one or a couple of nights free at your destination. If the price is right and the deal is a steal, book it immediately.
7. Wait for the Off-Peak Season
The off-peak season is one of the best times to travel on a weak Canadian dollar. This is the season of real deals. During this time, you can get cheap flights and cheap accommodations. Besides, most service providers are at their best because each is trying their best to attract new customers. If you ever wanted to be treated like a king on the cheap, this is the time to travel.