FAQ

Should I bring traveler's cheques with me on vacation?

Unfortunately, we do not sell traveler's cheques as the rate of exchange is determined by the remitters of the cheques (for example: American Express), which is commonly equivalent to that of the exchange rate of most banks. In addition, there are always additional fees that are charged to the consumer upon cashing a traveler's cheque or making purchases. The combination of the fees and the high rates of exchange result in a considerable increase in the costs associated with purchasing traveler's cheques.

How much cash should I bring with me?

Do not make the mistake of taking only one form of currency with you. It is recommended to always bring a combination of different methods of payment, including cash and credit/debit cards. Thanks to our Buy-Back Guarantee, we have been able to speak with our clients upon return from their travels, and have consequently discovered the importance of carrying a certain amount of currency while abroad. We recommend that at least 35% of your budget be brought in the currency of the country you are visiting. Contact us so we can help you determine the best combination of currency for your trip.

Will I have enough money for all my expenses on vacation?

It's always best to be prepared for any and all situations that may arise while you are away. In the event that you are stranded or in need of cash quickly, try to avoid ATM machines or local banks as the fees associated with the exchange of currency are quite high.

We advise you to buy your currency before you leave for your trip in order to take advantage of the best rates possible. Once you have arrived at your destination it is very likely that you will be charged a higher rate of exchange given that you have no other choice than to purchase your currency from those local institutions. Also keep in mind that there tends to be fees associated with the use of any debit or credit card when using them outside of the country in which they were issued.

How can I ensure that I get the best rate of exchange for my currency?

At Globex, we will do everything in our power to beat or match any exchange rate offered by your bank or travel agent. We are able to do this because we buy our currency in large quantities on the market, and as a result our operations costs are regulated. When you have decided on which currencies you will need, you can compare our rates with those of your bank on our Online Calculations page.

What if I still need to exchange money abroad?

Try to avoid changing your currency in tourist areas as these places tend to have the worst exchange rates and sell the purchased currency to their banks to maximize their profits. If you need to sell your Canadian dollars when you are abroad, try to contact one of the local banks as they are likely to give you a better exchange rate than at your hotel or local exchange office. If you need to take a cash advance on your credit card or need to withdraw money from your debit card, it's recommended to deal with a teller at the local bank. Although you will pay the same exchange rate and will be charged the same fees you will ensure that the bank machine does not unnecessarily retain your card.

Why not take more for your trip?

Thanks to our Buy-Back Guarantee, Globex 2000 helps you avoid the costs and fees associated with changing your currency abroad. If you are left with any currency at the end of your trip, we will buy back your unused currency at the same rate at which you purchased it. Guaranteed. Ask the teller at the branch nearest you for more information (certain conditions apply).

I am hesitant to travel with too much money on me

Common sense dictates that you should use the safe in your hotel or keep all your valuables (including money) in a safe place while abroad. You should only bring what you need with you when you leave your hotel or place of residence during your stay. It's also important to remain cautious of incidents of fraud by credit or debit card while you are abroad. Keep these suggestions in mind to ensure that you have an enjoyable trip.

Is it better to buy my currency in Canada or abroad?

Unlike Canada, some countries print new bills to replace older ones quite frequently. As a result, older bills tend to be no longer valid and have no value associated with them. Buying your currency in Canada at a reputable exchange office, like Globex 2000, will help you avoid falling victim to fraudulent behavior abroad by being issued older bills that are no longer valid. You can ensure that the bills you are buying are legal tender and are valid by purchasing them in Canada. When collecting information about exchange rates make sure that you ask different institutions about their fee structures and commissions in order to properly calculate the net price for the currency you need to purchase.

Why do I need to provide my personal information when conducting certain transactions?

In Canada, the law stipulates that all exchange offices or businesses that offer financial services must obtain a valid piece of identification, such as a driver's license or passport, of persons conducting transactions of $3,000 CAD or more. The reason why your bank does not require the information when you conduct transactions with them is that they already have this information on file. Globex 2000 is actively involved in the fight against money laundering and terrorist financing by requiring this information from all new customers in compliance with the legal standards. You will need to provide this information upon your fist visit at Globex 2000 and will subsequently be able to transact under your file at any of our branch locations.

To learn more on local laws, as well as the fight against money laundering and terrorist financing you can visit the FINTRAC website at http://fintrac-canafe.gc.ca/ or call toll free 1-866-346-8722.