A closer look at ordering foreign currency with the Alberta Motor Association

The Alberta Motor Association (AMA) has partnered with the International Currency Exchange (ICE) to help make getting foreign currency easier before you travel. We’ll be looking at how you can order AMA foreign currency and explore the ICE exchange rates.

We’ll also introduce Wise as a handy alternative for holding multiple currencies in one account, including US dollars, Euros, and more, all at the mid-market exchange rate – but more on that later!

We will be looking at:
How to order foreign currency online with AMA? Important things to note before ordering foreign currency with AMA What are the exchange rates when ordering money online with AMA? Get the mid-market rate when you explore the world with Wise How to get foreign currency with Wise How to get the Wise card for spending like a local

How do I order foreign currency online with AMA?

This new partnership allows ICE to supply the currency while AMA locations serve as the collection points. There are two ways you can order foreign currency online with ICE through the AMA: through Click & Collect or through your AMA travel agent during the trip booking process.

If you’re planning to use the Click & Collect ordering process, you’ll need to:

1. Head onto the Foreign Currency at AMA section of the website to start
2. Select a pick-up location and click Go to fill out the Click & Collect form
3. Choose the currency/currencies you want to buy with CAD and the amount(s)
4. Choose your collection date
5. Fill out your personal details
6. Select from the methods of payment available

The Click & Collect feature is available at a few major airports in Alberta, British Columbia, Manitoba, Ontario, and Québec, including¹:

• Calgary International Airport
• Edmonton International Airport
• Vancouver International Airport
• Victoria International Airport
• Winnipeg James Armstrong Richardson International Airport
• Toronto Pearson International Airport
• Ottawa Macdonald-Cartier International Airport
• Montréal-Trudeau International Airport

Important things to note before ordering foreign currency with AMA

While the foreign currency ordering process is convenient, there are a few nuances to take note of.

• There are minimum order amounts of $250 CAD per currency²
• There are exclusive rates for online orders through C&C
• The rate applied to your order will be the in-store Click & Collect rate on the day you pick up your foreign currency
• Currency exchange rates depend on the location
• AMA members save more on exchange rates
• Major currencies can be ready in a minimum of 24 hours
• Unused foreign currency can be exchanged back to CAD
• Available payment methods are different depending on the location. In some instances, you may need to pay in person.

What are the exchange rates when ordering money online with AMA?

Now for the most important aspect when ordering foreign currency – the exchange rate. As exchange rates and fees can vary based on location and time and are updated daily, we’ll be using an example with the Toronto Pearson International Airport pick-up location.

Currency	Exchange Rate	You pay in CAD (minus fees)
USD	1 CAD = 0.69 USD	1000 USD = 1439.70 CAD
JPY	1 CAD = 99.24 JPY	1000 JPY = 10.08 CAD
EUR	1 CAD = 0.63 EUR	1000 EUR = 1578.12 CAD
MXN	1 CAD = 12.30 MXN	1000 MXN = 81.27 CAD
INR	1 CAD = 54.66 INR	1000 INR = 18.30 CAD
CNY	1 CAD = 4.73 CNY	1000 CNY = 211.22 CAD
CHF	1 CAD = 0.59 CHF	1000 CHF = 1682.51 CAD
PLN	1 CAD = 2.53 PLN	1000 PLN = 0.39 CAD

Exchange rates as seen on August 14th at 5:20 pm

There are also concession fees that apply: 9.95 CAD for airport pick-up locations and 4.95 CAD for shopping mall locations.⁴

Get the mid-market rate when you explore the world with Wise

Although the new AMA-ICE partnership has plenty of benefits to offer, Wise has the upper hand on the mid-market exchange rate – the rate you often see on Google. With this rate used for every exchange you make, you’ll get greater value for your money every time. Rather than rely on the unstable exchange rates associated with ICE, you’ll also know exactly what you’re paying for upfront.

With Wise, users can get their converted money in seconds, removing the need to handle payments and conversions separately. While banks and institutions typically also charge hefty fees and hidden fees, Wise’s pricing is minimal and transparent, starting at 0.33%^*.

You can also get a Wise card with your multi currency account so you can make payments in the currency of your choice, wherever you go, without worrying about foreign currency fees for every transfer. After you’ve returned from your trip, unused currency can be stored in your account or transferred back to CAD immediately.

How to get foreign currency with Wise

Wise is a fully online platform, so converting money takes a matter of seconds. To get foreign currency:

1. On the home page when you log in, select the balance you want to convert from
2. Click on Convert
3. Enter the amount you intend to convert and the currency you wish to convert to, given that you have the balance to make that transfer
4. Review the details and confirm the conversion

With your Wise account, there are limits to the number of times you can convert money between balances each day. Personal Wise account holders can convert money up to 15 times in 24 hours, while business users can convert money up to 75 times in 24 hours. Depending on the currency you’re converting to, there may be sending limits that apply.⁶

Join Wise to get foreign currency at the mid-market rate in a few clicks!

How to get the Wise card for spending like a local

The Wise card completely removes the fears over exchange rate markups and high transaction fees when you’re traveling abroad. There’s a physical card and a digital one that you can keep in your digital wallet for easy use. To sign up for the Wise card:

1. From the home page, click on ‘Card’
2. Click ‘Order a new card’
3. Select whether you want a Digital or Physical card.
4. Start spending with your digital card or wait for your physical card to be delivered if you’ve ordered one⁸

If you’re using your card abroad, simply use your PIN to pay to activate it. To activate your physical card in Canada, activate your card using the balance inquiry.⁷

Final thoughts on ordering foreign currency online

Whether through AMA or a dedicated international platform like Wise, making sure you can make your money work when you travel is key. Having the money in your hands before you leave for your journey is invaluable, and Wise lets you seamlessly transfer funds between currencies whenever you want, in seconds, at the mid-market rate.

About the author:
	Piyush is an expert in finance topics for the Canadian market, covering everything you need to live without borders. He creates high quality content to help you make the best cross-border decisions. You can read more useful articles on his author profile.

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Sources:
1.Currency exchange rates - ICE Canada
2.Order Currency Online - AMA Travel
3.Toronto Pearson International Airport (YYZ) - Currency exchange rates - ICE Canada
4.ICE Canada Click and Collect
5.Wise Help Centre
6.Wise Currency Converter
7.Getting started with the Wise card | Wise Help Centre
8.Disclaimer: Eligibility for the Wise Card is subject to verification of customer’s identity
Sources verified on August 29 2024