Weak Loonie Weighs on Canadian Travelers

The Canadian dollar has been struggling, and a recent trip to Ireland served as a humbling reminder of its weakness. The author visited both Northern Ireland and Ireland, dealing with two exchange rates: one Canadian dollar bought about £0.532 in Northern Ireland and roughly €0.623 in Ireland.

While traveling with the loonie can be painful, there are ways to make it less so. Using a prepaid debit card with no foreign-transaction fees is a good starting point, as some Canadian credit cards also waive these fees. For example, the Scotiabank Passport Visa Infinite Card does not charge foreign-transaction fees.

Paying in local currency can also help avoid poor exchange rates. When given the option to pay in pounds or euros, resist choosing Canadian dollars, as this allows the merchant or payment processor to convert at its own rate, which may be worse than your card issuer's.