The Canadian Dollar Is Terrible, But Here are Some Money-Saving Travel Tips

The Canadian dollar is taking another beating today, and was down below 70 cents at one point.

It’s a devastating problem for people who bring in U.S. goods, and it definitely hurts Canadians who want to take trips to the States or to other countries with a strong currency.

Luckily, there are ways to offset the low Canadian dollar.

CHOOSE YOUR VACATION SPOTS

We’re getting crushed by Uncle Sam greenbacks, but so are many other parts of the world. One secret is to find places where the Canadian dollars goes a long way. For example, a  hundred Canadian loonies (one dollar coins for the uninitiated) gets you $121 New Zealand Dollars and about $110 Australian dollars. Don’t forget, tipping isn’t common in Australia, and restaurant prices include taxes, so that menu that lists your dinner at $40 will cost you $40, unless you want to leave a buck or two to impress the locals.

A recent Skyscanner study looked at cost for trips to various world destinations for Canadians for the first six months of this year versus the first six months of 2023. It found prices for Florence, Italy were down 29%, while prices for Faro, Portugal and Bogota, Colombia were down 28%. Other notable drops: Quito Ecuador down 27% and Reykjavik, Iceland down 21% and Rome, down 19%.

If you’re a sun lover and want to escape somewhere warm this winter, you’ll usually find much better deals in Mexico, Cuba and the Dominican Republic than in many other sun destinations.

The Japanese yen has fallen a great deal, so it’s a wonderful time to visit Tokyo or perhaps Kyoto or a smaller city.

Keep in mind that, even though most European countries use the Euro, some countries are simply cheaper than others. Lisbon is consistently far less expensive than London or Paris, for example. Eastern Europe cities such as Budapest, Prague and Krakow are almost always less expensive than their Western Europe counterparts.

TRY A RENTAL OR VACATION PROPERTY VERSUS A HOTEL

An AirBnB or a Vrbo unit (run by Marriott) will almost certainly mean you have a kitchen and can cook your own meals, which saves a bundle on eating out. If you do want to try a fancy restaurant, keep in mind that lunchtime prices are often less than those at dinner, even for the same food.

My wife and I rented a place in Rome on Vrbo earlier this year and loved it.

You also can try staying in long-term hotel stay properties, such as Marriott Spring Hill Suites. They almost always have full kitchens, so you can make your own dinner and save on dining out. They also have lots of space, which I love. I booked a Fairfield Inn and Suites for a one-night stay in Brooklyn in January.

EXPEDIA TIPS

Expedia earlier this year put out its 2024 Air Travel Hacks report. Among their suggestions:

• Book airfare on a Sunday to save up to 24%. Travellers who book on Sundays instead of Fridays tend to save, on average, around 17% on domestic flights and 24% on international flights. 

• Book domestic flights at least a month before to save 33%. Travellers that booked 25 days prior to departure saved 33% on average compared to those who waited until the last minute. For international airfare, avoid booking too early as prices are comparatively high 106 days out. However, prices also tend to increase 20 days prior to departure. For optimal availability, selection and savings, book 30-37 days out. 

• Depart on a Thursday to save up to 13%. Avoid departing on Sundays, which are the priciest days, on average, to start a trip. 

• Depart before 3 p.m. to reduce chance of cancellations. 24% of Canadian air travellers try to avoid morning flights because getting up early on the day of travel gives them additional stress. However, year-to-date flight status data reveals flights that depart after 3 p.m. have an 18% higher chance, on average, of being cancelled than those that depart earlier in the day. 

• Price Tracking: Take the guess work out of deciding when to book with the Price Tracking feature on the Expedia app, which notifies travellers when flight prices change, and uses exclusive data to pinpoint the best time to book. 

TRAVEL OFF-SEASON 

I’ve said for years that it’s best to head to Europe in the spring or fall, or even winter. I’ve said a few times that nobody goes to London or Dublin or Paris to work on their tan, so go when it’s easier to get a hotel at a good price or when shopkeepers are happy to see you or when you get a table at that fine restaurant you’ve read about. Portugal is very pleasant in winter, as is southern Spain and the southern parts of Italy.

Of course, it’s now summer in the southern hemisphere, so prices might be higher. If you want to take advantage of the relatively low Australian or New Zealand dollar, I’d suggest visiting in April or May, or waiting until October or November.

Thailand and Vietnam and other countries in southeast Asia are relatively cheap almost all year, so keep those destinations in mind.

This is a great time of year to visit North American cities that aren’t terribly warm in winter. That includes Toronto, New York, Montreal, and Chicago, where you’ll find much better hotel deals than you would in summer.

American Express recently published a list of European cities to visit in the off-season, as well.

OTHER TRAVEL HACKS

Simpli Financial says that opting for cancellable tickets may allow you to re-book later if you find a cheaper fare. They also suggest travelling in off-peak hours, perhaps mid-week.

Writing on the CTV news site, Christopher Liew recently aid it’s wise to use a credit card that offers cash back.

“If you have a credit card that offers cashback on travel expenses like planes, hotel stays, eating out, or ridesharing, now is a great time to use it. The extra percentage of cashback you’ll earn can offset your reduced purchasing power in the form of rewards that you can apply to your credit card balance or use for future expenses,” he said.

Taking transit is another good way to save on the road, so pick a city that has a good public transit system, like San Francisco or a city in Europe.

I also suggest using a different laptop or browser when you’re comparing air fares so you’re not easily tracked. I also suggest using private viewing so it’s not as easy to track your travel desires.

JIM’S COMPARATIVE HOTEL PRICES

I went onto Expedia.ca recently and looked at hotel prices in popular destinations around the world for March 28-29. The numbers may have changed, but here’s a sample of what I found a few days ago.

Budapest: Kempinski Hotel Corvinus $299 (all prices CAD and include taxes and fees)

Radisson Blu in Lisbon. 8.2 rating out of 10. $159

Bogota: Sheraton Bogota Hotel. 9.2 rating. $254

Tokyo: Grand Prince Hotel Takanawa, 9.0 rating, $387

Sydney: Sydney Harbour Hotel, The Rocks. 8.4 rating. $230

Sydney: The Shangr-La, $443 (not bad for a swish hotel in a great world city)

Auckland: Crowne Plaza, 9.0 rating, $197

Honolulu: Ramada Plaza by Wyndham Waikiki, 8.8 rating, $266

Bangkok: Moxy Bangkok Ratchaprasong, 9.2 rating, $215

Bangkok: JW Marriott Bangkok $342 (luxury hotels are much cheaper in Thailand than many other parts of the world)

Panama City Beach, Florida: Candlewood Suites Panama City Beach Pier, $237