If you are looking to visit Canada this winter for either a Winter Ski Holiday or to visit some of the great cities that Canada has to offer then you might be interested in how the Canadian Dollar Exchange Rate has been doing over the last year against the GBP for your travel money requirements.
During 2015 the Canadian Economy has been struggling and the country has been in recession for the first two quarters of this year as you can see below in the Canadian GDP Growth Rate Chart from Trading Economics. However, with the recent election of the new Prime Minister Justin Trudeau the government will be making changes to ensure that the economy will recover to grow again in the near future.
Canadian GDP Growth Rate Chart from Trading Economics
What with the UK economy growing well in 2015 and as a result the British Pound maintaining its strength against other currencies this gives UK consumers the opportunity to buy foreign currency at great exchange rates at the moment.
When you compare the Canadian Dollar Exchange Rate over the last year against the Great British Pound you will see that it most certainly favours British holidaymakers for the up and coming Winter Ski Season in Canada.
The Canadian Dollar Exchange Rate Over The Last Year
If you compare the Canadian Dollar Exchange Rate from last year in the above Historical Exchange Rates Graph, when it was originally at 1.7331 at its lowest point, with more recent Canadian Dollar Exchange Rates this year, where it has been up to 2.0533 at its highest point, you can easily see the difference a year can make to Exchange Rates and how this can affect the cost of travel money for British holidaymakers going to Canada.
For example, if you are taking £1000 away on holiday to Canada for your travel money spending requirements you could have received 1733.10 Canadian Dollars compared with 2053.30 Canadian Dollars with more recent Exchange Rates, which is a difference of 320.20 Canadian Dollars, which is roughly around £156 difference in extra spending money when compared with last year’s Canadian Dollar Exchange Rates.
Now that you can see what the difference Exchange Rates can make to how much travel spending money you will get back in return you might also be interested to know how much difference Cash vs Cards can make to your holiday spending money as well.
For example, there are four options. You can either take Canadian Dollars Cash, take a Multi Currency Card with Canadian Dollars already loaded on to it or you can use your Bank Debit Card or Credit Card.
Our advice has always been to take the local currency in cash with you which in this case would be Canadian Dollars. Multi Currency Cards are an option, but you have to careful of additional FX Fees, Redemption Fees or ATM Cash Withdrawal Fees depending on which Currency Card you choose and what currency you are actually looking to you take with you. As the Canadian Dollar, is one of the top currencies of the world then most Multi Currency Cards will offer this currency as standard for you.
In terms of using your Debit or Credit Card overseas this will entirely depend on your personal bank or credit card provider as every bank or supplier will have different transaction fees, cash machine withdrawal fees and exchange rates. For more information please either visit your suppliers website or you can check our latest blog posts Best Debit Card To Use Abroad or Best Credit Card To Use Abroad for more information on the potential charges you could face by using your Bank Debit Card or Credit Card overseas each time.
When buying travel money for your holiday it is always best to shop around for Exchange Rates in advance as this will give you more control over the Exchange Rates that you buy at compared with buying at last minute places like the Airport or at your Hotel for example. If you would like to compare the latest Canadian Dollar exchange rates and all the best UK currency suppliers online please use our currency comparison table to find the best deal for you in advance of travelling to Canada.
And, don’t forget if you do return from your holiday with left over Canadian Dollar Currency then you can always keep it for next time or use our Sell Currency comparison pages to sell back any unwanted travel money to our best UK Buy Back Currency suppliers at your preferred Exchange Rates.