Frequently asked questions
How do you convert currencies?
You can convert one currency into another using an exchange rate. For example, an exchange rate of 15 Mexican Pesos to one Canadian dollars means that you could convert 15 Mexican Pesos into one Canadian dollars – or one Canadian dollars into 15 Mexican Pesos. Pretty simple! In reality, you’ll get a slightly different exchange rate depending on whether you’re buying or selling a currency. To get to grips with the different kinds of exchange rate you might hear about, see our Currency Jargon Explained section.
Why do different places convert currencies at different rates?
A company providing foreign currency needs to cover the additional costs that come from supplying people with currency. The cost of supplying foreign currency online are much less, so you’ll usually get a better rate online. If you leave buying currency to the last minute, you’ll probably end up paying more than desired, so it makes sense to plan ahead.
Why do currency conversion rates change?
Currencies constantly move up and down against each other because they’re traded on financial markets. Market changes can be caused by supply and demand, as well as by political and economic events.
Is there a good time to convert currency?
You can’t predict when exchange rates will go up or down. But our currency converter above will show you historical rates, to give you an idea of how the current conversion rate compares to the past few months or year.
How do I convert my money?
You can convert your Canadian dollars into over 45 currencies with Travelex, either online or at one of our stores.