When planning a trip to Australia, it is essential to be aware of any restrictions on how much money you can spend while visiting. It is best to check with the Canadian embassy or consulate of the country you plan to visit to make sure that you are allowed to import or export your currency. If you are allowed to bring your currency, it is recommended to carry enough cash to survive for a few days and store it in a money belt or several different pockets in case your wallet is lost or stolen. You can also withdraw more cash from an ATM when you arrive at your destination.
If you want to have cash available before leaving Canada, you can buy foreign currency at your financial institution over the phone or online and have it delivered to your local branch for pickup. Exchange rates in banks are slightly better than elsewhere. You can also purchase currency before your trip on several websites that will send it to your home in a couple of days. In case of emergency, there are exchange desks at airports and hotels that will exchange Canadian money for the local currency, although the rates are usually very high and may include hidden fees.
It is important to be aware of the black market for foreign exchange, which is part of the underground economy in several countries. Transactions are almost always carried out in cash and participants do not want to leave any evidence. This illegal or parallel currency market operates outside legal banking channels and if you are tempted to take advantage of it, you should know that you will break the laws of the country and could be arrested and imprisoned. Be cautious of anyone who approaches you on the street and offers to exchange your money for a much better rate than a bank.
Typical currency exchange scams include stealing your money by counting and recounting a bunch of bills or mixing your money with another country's currency with a much lower exchange rate. It is safer to go to an authorized agency or bank. Canadian traveler's checks are also an option if you don't want to use credit or debit cards or carry large amounts of cash. When travelling abroad, it is important to be aware of all the rules and regulations regarding spending money in Australia. It is best to check with the Canadian embassy or consulate of the country you plan to visit before leaving Canada, as well as researching any restrictions on how much money you can spend while visiting.
It is recommended to carry enough cash for a few days, as well as purchasing foreign currency from a financial institution over the phone or online before leaving Canada. Be aware of any black market for foreign exchange, as well as any potential scams involving exchanging money on the street. Canadian traveler's checks are also an option if you don't want to use credit or debit cards or carry large amounts of cash.