F1.1 Describe some advantages and disadvantages of various methods of payment that can be used when dealing with multiple currencies and exchange rates.
Activity 1: My Travel Budget
Ask to pretend that they will be going on a trip to a foreign country and to choose a destination (for example, Japan, Australia, Bulgaria, Morocco, Nigeria, or other). Give students the option of determining the length of the trip, taking into account the destination.
Explain that they have a fictitious budget of 500 CAD to cover activities (museum, hikes, tours, etc.) Students will need to research prices online in the currency of the chosen country as well as exchange rates. In addition, they will need to research which methods of payment are most accepted in that country and how the exchange rates may be affected.
Ask students to explain the advantages and/or disadvantages of the methods of payment that will be used when dealing with the country’s currency and exchange rates.
Activity 2: Transferring Money in Foreign Currency
Ask students to choose a destination (for example, regions in Asia, Africa, Central America, South America, North America, the Caribbean, or Europe) and present the following scenario:
Your older cousin decides to go on a humanitarian trip for two months. Towards the end of his trip, he realizes that he had not taken into account all the necessary expenses in his budget, so he needs money. Your cousin decides to appeal to family members who might be able to send him some money so that he can finish his project. Your parents decide to help him and want to transfer some money to him. What are two ways they could use to send him the money?
Ask students to select and explain two methods of transferring money and address their advantages and disadvantages.