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When you travel to Canada, it is best to pay in local currency (CAD) instead of USD. We show you the top three benefits of paying with CAD. Find out how you can save money on your overseas trip and avoid unnecessary currency exchange fees.

?It's better to pay in local currency through your U.S. bank, so you can control the conversion and get a better rate because you have a relationship with your financial institution,? says Aiello. Shifting payment to local currency does not just benefit the purchaser, however.

Research shows that in most cases you can save by opting to spend in the local currency. For example, that would mean choosing euros in Spain or dollars in the US. When you choose to pay in the currency of the region or country you're visiting, Visa or Mastercard will set the exchange rate.

Research shows that in most cases you can save by opting to spend in the local currency. For example, that would mean choosing euros in Spain or dollars in the US. When you choose to pay in the currency of the region or country you're visiting, Visa or Mastercard will set the exchange rate.

Summary Currency value is determined by aggregate supply and demand. Supply and demand are influenced by a number of factors, including interest rates, inflation, capital flow, and money supply. The most common method to value currency is through exchange rates.

To avoid currency conversion fees abroad, always choose 'local currency' whether you're withdrawing cash from an international ATM or spending on a prepaid travel money card.

The standard settlement timeframe for foreign exchange spot transactions is T+2; i.e., two business days from the trade date. Notable exceptions are USD/CAD, USD/TRY, USD/PHP, USD/RUB, and offshore USD/KZT and offshore USD/PKR currency pairs, which settle at T+1. USD/COP settles T+0.

While there are some situations where it may make sense to use DCCs, it's usually better to pay in the local currency ? especially if you use a credit card that doesn't charge foreign transaction fees.

Foreign-exchange transactions are settled via correspondent banks or via CLS, which is an international system for settlement of such transactions.

Transacting in two different currencies is known as Multi Currency Accounting. In ERPNext, you can make accounting entries in multiple currencies. For example, if you have a bank account in foreign currency, you can make transactions in that currency and the system will show bank balance in that specific currency only.