Determine whether the transaction will be a "sell" or a "buy." If you have Canadian dollars and want to exchange them for foreign currency, the financial institution is selling you foreign currency. Conversely, if you want to exchange foreign currency for Canadian dollars, the financial institution is buying foreign currency from you.
Use a bank whenever you are not in a hurry. Although you can use currency exchange booths found at most airports and in the center of large cities, banks generally offer better exchange rates.
Ask the bank for its "buy" or "sell" rate in the foreign currency you wish to exchange for Canadian dollars. Specify whether the transaction is to be done in cash, as the exchange rate for cash transactions may be different from those for other instruments such as traveler's checks. The rate quoted will be in Canadian dollars.
Confirm whether extra fees are involved in the transaction. If not, proceed with the currency exchange.
