A couple of years ago, we did not need to bother ourselves planning which currencies to get for our upcoming vacations. USD Cash was accepted for most destinations. However, with the arrival of globalization and the easiest access to different currencies, the game has changed. We, therefore, recommend that you bring the local currency on your next trip. Whether you are going to South America or Asia; here are 3 good reasons to bring the local currency with you.
1- Learn the different features and the value before leaving!
Almost every foreign currency has different values and denominations than Canadian Dollars. For example, a 500 Jamaican dollar bill might seem huge at first, but if you check its actual value, it is the equivalent of approximately 5 Canadian dollars. By learning the actual value of the currency you just bought, you will be able to make a good consumer’s choice and know the exact price of what you are buying. Another good reason to get familiar with the local currency is that you will be more aware of what they are like, which could prevent you from fraud and counterfeits. If you have never seen the money from the country you are visiting, how can you be sure that the money you exchange is valid?
2- Know the actual value of what you are about to buy!
As a rule of thumb, prices are displayed in the local currency only. If you are paying with USD, you run the risk of being scammed. Local vendors might convert your USD at the rate of their choosing, which would most likely not be to your advantage. However, if you pay with the local currency, you will know exactly how much you are paying.
3- Don’t forget your change!
If you pay with US dollars, do not wait for your change. Tills are made for their currency, so your USD transaction probably will not be registered and they probably will not give you a receipt and/or your change back. If you pay with the local currency, you will be more confident to know that you are not paying more than what is advertised.
In conclusion, travel as an aware and wise tourist and simplify your travels. Place an order online for the currency of your choice and collect it at your local ICE branch before you go!
Marius Valentin Mogos
