The Canadian dollar (CAD), also known as the loonie, has seen its value decline compared to the U.S. dollar (USD), trading at around 70 cents USD as of December 31, 2024. While this might seem like a setback for travelers, the good news is that the loonie still stretches far in several popular international destinations.
From the Caribbean to Asia and Oceania, Canadian travelers can enjoy excellent value for their money by choosing the right destinations. Let’s explore how far your dollar can go in various countries.
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Jamaica: Sunny Beaches and a Strong Exchange Rate
Jamaica is a top destination for sun-seeking Canadians. Between December 20, 2024, and January 6, 2025, over 16,500 passengers departed Toronto Pearson Airport for Montego Bay.
The Jamaican dollar (JMD) offers an excellent exchange rate for Canadians. At recent rates, 100 CAD converts to over 10,000 JMD. While most tourist hotspots accept USD, having Jamaican dollars is essential for local markets, roadside vendors, and smaller shops.
For instance, roadside coconut water vendors typically only accept JMD, so keep some local currency handy to fully enjoy authentic Jamaican experiences.
Dominican Republic: Affordable Luxury in the Caribbean
With over 40,500 travelers heading to Punta Cana during the holiday season, the Dominican Republic remains a favorite for Ontarians.
At recent rates, 1 CAD equals approximately 42 Dominican pesos (DOP). Tourists can find affordable accommodations starting at just 1,000 DOP per night for double occupancy, which equates to less than 24 CAD.
For the best deals, consider using pesos instead of USD when shopping or dining outside resort areas.
Mexico: The Most Popular Destination for Ontarians
Mexico is the leading vacation destination for Ontario residents, with over 47,000 travelers heading to Cancun during the holidays.
The Mexican peso (MXN) offers great value, with 1 CAD equal to about 14 MXN. While USD is widely accepted in Mexico, particularly in urban and tourist hubs, pesos are often required for purchases in rural areas, local markets, and smaller vendors.
Australia: High Value in the Land Down Under
Australia’s dollar (AUD) remains one of the strongest currencies among dollar-denominated nations. At a recent exchange rate, 1 CAD equals 1.12 AUD.
Popular tourist attractions include the Great Barrier Reef, Tasmania, and Western Australia. However, travelers should be cautious of online accommodation scams, as noted by the Government of Canada. Always book through reputable platforms to avoid fraud.
New Zealand: Stunning Scenery and a Favorable Exchange
New Zealand’s dollar (NZD) ranks just behind Australia’s in currency strength. Currently, 1 CAD equals 1.24 NZD, offering Canadians solid purchasing power.
Top attractions include Ninety Mile Beach, Wharariki Beach, and Lake Tekapo, making it a must-visit destination for nature lovers. Credit cards like Visa and Mastercard are widely accepted, and many urban retailers also support Apple Pay.
Thailand: Budget-Friendly Travel in Southeast Asia
Thailand remains a budget-friendly destination for Canadians, with 1 CAD buying about 23 Thai baht (THB).
From the Grand Palace to Khao Yai National Park, travelers can enjoy rich cultural experiences at an affordable price. Keep in mind that the baht is the primary currency for transactions, and foreign currency is rarely accepted. Credit cards like Visa and Mastercard are widely used in urban areas.
Japan: A Unique Cultural Experience
Japan continues to attract travelers with its blend of tradition and modernity. At current rates, 1 CAD equals 109 Japanese yen (JPY).
Popular attractions include the Fushimi Inari-taisha Shrine, Kinkakuji Temple, and Shinjuku Gyoen National Garden. While many international travelers prefer arriving with local currency, Japanese airports like Narita and Kansai offer favorable exchange rates.
Additionally, credit cards such as Visa, Mastercard, and JCB are widely accepted at tourist destinations, ensuring a seamless travel experience.
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Final Tips for Stretching Your Dollar Abroad
- Use Local Currency: While USD is widely accepted in many destinations, using the local currency often ensures better prices.
- Plan Ahead: Exchange money before traveling or at reputable locations to get the best rates.
- Rely on Credit Cards: Cards like Visa and Mastercard are widely accepted globally, making them a convenient payment option.
With strategic planning, Canadian travelers can make the most of their trips, even as the loonie hovers around 70 cents USD.
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