Are you planning to travel to Canada and need your local currency to be converted into Canadian dollars? If yes, then there are certain rules that you have to follow to get currency exchange in Canada. Although you have the liberty to convert the currency before or after you arrive in Canada, there are several currency exchange laws that everyone has to comply with.
The first rule that is applied to people visiting Canada is that if you have more than $10,000, then you will have to declare it at the customs office before you enter the country. You can declare the amount either by cash or cheque or in any other monetary instrument that you prefer.
How and where to exchange currency in Canada?
Since the exchange of currency is, in a way, buying and selling of foreign funds, the country has the right to set the exchange rate according to its wish. You can always check the conversion rate for your country with the Canadian exchange before converting the currencies. But the real question is, where and how you will get your currency exchange in Canada? Here’s how:
From banks and other financial institutions
This is the easiest way to exchange foreign currencies in Canada. Although you may have to pay a small amount of money as bank fees, it is the safest way to exchange currency. You will be able to send the money through bank wire or fund transfer and the same amount will be converted into Canadian dollars. If you are planning to sell foreign exchanges, then you should visit the nearest Canadian bank to get the conversion done.
Foreign currency desks
Canada has foreign currency desks in almost all the major hotels and in the airports. So, if you do not want to visit the bank and convert your currency into Canadian dollars, then foreign currency desks will be a feasible way to get the job done.
A word of advice on foreign currency desks it will be best if you do not exchange a big-value currency from these desks because they have high fees. So, unless it is an emergency, try not to opt for this service.
The illegal exchange method
Apart from the two methods of exchange, there is another way in which you can get Canadian dollars in exchange for foreign currency and that method is strictly illegal. There are black markets that operate without any regulatory framework and if you are caught exchanging foreign currency through this market, you may well be arrested. That is why it will be better if you do not consider this option at all even if you are in dire needs of money.
Currencies that cannot be exchanged
As per the Canadian law on foreign currencies, there are several currencies that are restricted for exchange in this country. So, if you have Nepalese Rupee or North Korean Won or Iranian Rial or Angolan Kwanza, then you will not be able to exchange these currencies for Canadian dollars.