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BoC Set to Hike Into a Weak Economy: What It Means for You

  Canadian Money Brief • Feature Monday, October 26, 2026 • Written ahead of the 9:45 a.m. ET decision on Wednesday, Oct. 28 The Bank of Canada is about to do something that looks backwards. Jobs are disappearing, the housing market is sluggish, and yet money markets and most economists expect the central bank to raise its key rate on Wednesday. If it happens, your budget gets squeezed from two directions at once: higher borrowing costs and a shakier job market. The short version • Expected move: +0.25 point to 2.50% on Oct. 28, up from 2.25% • Reuters poll: 56% of economists (19 of 34) call for a hike, and a majority see one more by end of March • Why now: energy-driven inflation (3.1% in September) and a bank worried it spreads • The catch: 68,300 jobs lost in September , unemployment at 6.5% Why would the bank hike when the economy is wobbling? Reuters reports the Bank of Canada is expected to raise its rate as a pre-emptive strike: the goal is to stop an oil-driven jump in p...
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The Best Ways to Buy Foreign Currency for Travelling Abroad

The Best Ways to Buy Foreign Currency for Travelling Abroad



When travelling abroad, there are several ways to buy foreign currency. Here are some of the best ways:

  1. Credit cards: Use a major international credit card for your big purchases, such as your airplane tickets, hotel bills, and car rentals. Make sure you have a card that doesn’t charge foreign transaction fees.

  2. Debit cards: Always use bank-affiliated ATMs when you are outside Canada. Check if your financial institution has any partnerships with banks in the country you are visiting to avoid ATM fees.

  3. Pre-paid cards: Some financial institutions offer pre-paid travel cards that can be loaded with foreign currency before you leave Canada. These cards can be used like a debit card at ATMs and for purchases.

  4. Cash: Check with the embassy or consulate in Canada of the country you are planning to visit to make sure you are allowed to import or export its currency. If you are permitted to import its currency, bring enough cash to get by for a couple of days and keep it in a money belt or in several different pockets in case your wallet is lost or stolen or your financial institution accidentally freezes your cards. When you arrive at your destination, you can withdraw more cash from an ATM.

  5. Exchange desks: If you need cash in an emergency, there are foreign exchange desks at airports and hotels that will exchange Canadian money for the local currency. Fees tend to be very high.

  6. Black market: The currency black market forms part of the underground economy in a number of countries. In a currency black market, transactions are almost always in cash since its participants don’t want to leave any evidence. This illegal or parallel market in foreign exchange operates outside legal banking channels. If you are tempted to take advantage of the currency black market, be aware that you will be breaking the country’s laws and could be arrested and imprisoned.

  7. Scams: Be aware of anyone approaching you on the street offering to exchange your money for a much better rate than a bank. Typical money exchange scams include stealing your money in the process of counting and recounting a pile of bills or mixing your money with currency from another country with a much lower exchange rate 

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