When I was still working I was responsible (in part) for verifying travel
claims before they were sent to the Finance group for payment.
One of the things we emphasized for anyone travelling overseas was to be
sure to keep any receipts they got from bank machines, banks, hotels or
financial companies with regard to currency conversions. Without these
receipts they had to use the rate of exchange quoted by the Bank of Canada.
So much discussion after the fact when they could go on line and get quotes
from 2 or 3 different companies (often different rates by small amounts),
but then find they had to use B of C rate which was often very different and
then they were out of pocket.
The reason - the rate of exchange depends on how much volume and how many
transaction the company does. The B of C usually deals in mega amounts
dealing with national banks in other countries and it frequently doesn't
bear any resemblance to what someone actually got in a small bank, in a
hotel or with a financial institution that sells foreign currency.
Malvary in Ottawa
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