Fair Exchange on US Dollars Good for Business

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Minimum Wage impact

THUNDER BAY – BUSINESS – THUNDER BAY – The Thunder Bay Chamber of Commerce and Tourism Thunder Bay are reminding local business to ensure they are providing a fair rate of exchange on U.S. currency transactions.

Charla Robinson, President of the Thunder Bay Chamber says, “With the increase in American tourists this summer, it is even more important to ensure we are providing a positive experience by ensuring they receive the appropriate value for the U.S. dollar in their spending. A fair rate of exchange is defined as within five (5) cents of the current Bank of Canada exchange rate.”

“While the vast majority of US visitors pay with Canadian currency, credit and debit while visiting, there are some who still carry US currency. The current exchange rate difference is contributing to one of Northwest Ontario’s best years for US visitors in fifteen years. Offering an accurate and fair rate of exchange is critical to welcoming our US visitors as a quality destination with integrity and ensuring they return on future visits,” according to Paul Pepe, Manager of Tourism Thunder Bay. “Businesses can check daily rates with their own bank or at www.bankofcanada.ca and educate their front line staff on honouring a fair rate of exchange.”