Exchange rates

When is the best time to buy foreign currency?

1 min read

An hourglass with the sand running

You can't predict the rate

Exchange rates move every day with interest rates, resource prices and the economy (why the Canadian dollar goes up or down). Even professionals don't reliably forecast these moves. Waiting for "the right moment" can cost you as easily as it saves you.

What really saves money

Habit

Impact

Avoiding the airport counter

Often the widest spread

Comparing the final amount between counters

Tens of dollars on $1,000

Declining conversion to Canadian dollars at the terminal

Avoids an extra margin

Spreading out a big purchase

Lowers the risk of buying everything on the worst day

These habits pay off every time, unlike betting on the rate.

Buying in instalments

For a large amount (a winter down south, studies abroad, a wedding), you can split the purchase into two or three instalments in the weeks before you leave. You won't get the best rate of the period, but you won't get the worst either.

Don't wait until the last minute

Less common currencies aren't always available the same day. Reserve online a few days before you leave: the amount will be ready at the branch of your choice. The rate applied is the one on the day of pickup.

Follow the rates

Check our today's rates and the Bank of Canada's daily average rate to get a sense of the trend before you buy.

Frequently asked questions

Is it better to buy currency in Canada or at my destination?

For the cash you'll need on arrival, in Canada. Abroad, you depend on the counters and ATMs available, with their fees. See where to exchange money.

Is this financial advice?

No. These are general practical tips, not investment recommendations.

About the author

ClickExchange

ClickExchange team

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