Best time to convert my UK£ into Canadian Dollars?

Question

In 3 weeks I am going to Canada for a month. Staying with friends over Christmas.

I want to take $1000 with me (do you think this is enough?) which in today's money is £516.

When is the best time to buy? Is this a good rate or could it get better over the coming 2 weeks?

Answer 1

In general the best way to travel is to carry just enough Canadian to use at the airport, and maybe your first day arriving. Then go to the bank in Canada and use your bank card. I have used my bank card on all trips in 7 Countries around the world and no problems yet. I used it in the UK 10 years ago, so you should be able to do it here now. As most of the service provided is electronic exchanges of currency and not physical carrying of foreign currency they usually give the best exchange. Unless, your bank is different. It costs me bank fees, but they are generally at worst equal to the exchange fees and still a better exchange rate. This is also a safer way to travel, you carry less cash and only take it out when you need it.

However, It is hard to say when the best time to buy is, because the Canadian dollar has been increasing in value for awhile. It may have just leveled off. The dollar would have cost you the most the beginning of this month, and has costs slightly less. You may want to look into if that long term strengthening trend or the recent term correction is more likely to continue, and buy a little more or a little less based on that. It is hard to tell on that from this side, as we are only getting our comparison to a weakening US dollar. As for me as a Canadian, and I was going to the US, I would probably be using a credit card hoping the transaction is delayed enough to work a bit more in my favour. If you expect a strengthening Canadian dollar, you may want to do the opposite.

Edit: To correct the next answer, and can be checked on the link I provide verses his hearsay, the pound spent most of this year at $2.25 to $2.30 Canadian dollars. The begining of this month the Pound has dropped to under $2.00 Canadian. It hit a low around $1.90. That is a 15 to 20% change in strength of the Canadian dollar. I can't recall a time when the pound was worth under $2 Canadian other than now.

Answer 2

It depends what your doing and where your going... are they paying for your food etc... Canadians are going on about the dollar being so strong at the moment, however it is only strong against the US dollar due to the US$ being pretty crap at the moment... The pound is actually very strong against the CA$ at the moment, however things are more expencive in Canada than the US... if your friends are making food etc for you then you wont need much money, however if you will be out and buying anything, you will need more cash, I would bring at least a thousand quid, and prob more... The price of a beer in Canada is pretty much the same price as in the UK...
Mabey ask yer friends how much to bring.

Answer 3

Take only a small amount of cash. Use your credit card as much as possible.