麻豆传媒

As a former financial advisor, I鈥檝e always been fascinated by how the 鈥渃ulture鈥� around money differs from one region of the world to another.

This can be influenced by a country鈥檚 economy, cultural values, religion, key industries, and the opportunities available to its citizens.

Cultural narratives 鈥渋nfluence how we interpret actions, how we think, and how we behave,鈥� .

Today, I鈥檒l outline some of the interesting money habits that I鈥檝e noticed while travelling the globe, starting with some of our own!

1. Canada

Canada has its own cultural norms around money that are so habitually ingrained that you probably don鈥檛 give it a second thought.

Take the tipping culture, for example. It鈥檚 considered very rude if you don鈥檛 tip at a restaurant or for other services such as:

• Valet car service
• Room cleaning
• Ridesharing (such as Uber and Lyft)
• Food delivery

The United States also shares a similar sentiment toward tipping.

However, you may be surprised to hear that tipping could even be considered offensive or belittling in countries such as Japan, South Korea, and China.

Another interesting money trait in Canada is that taxes are usually not included in the displayed price of goods and services. Foreign visitors may be surprised to see that their total after taxes is higher than the listed price of items and services.

2. Mexico

Aside from the large difference in value between the Mexican peso and the Canadian dollar, visitors may be surprised to see:

• Many places do not accept credit cards
• Tipping with credit cards is not very common (unless you鈥檙e in a resort)
• Cab drivers do not expect tips, while most other service providers do

Mariachi bands are very common in Mexico and are especially popular at restaurants. These mariachis typically aren鈥檛 paid to perform by the restaurant, though, as you may expect in Canada. Instead, they rely on tips from the patrons. In many cases, patrons can hire the band to play a popular song to serenade their partner or celebrate a birthday.

After speaking to some of the locals, I also realized that many Mexicans have a strong distrust of banks. Many locals prefer to bury their money underground rather than trust it in a bank. Part of this is also due to the lack of banking infrastructure outside major cities.

Since bank loans aren鈥檛 common, families and friends often pool their money together to invest in land, fund a party, or support a sick family member. This practice is known as a tanda.

3. Japan

One thing I noticed about Japan is how prevalent coins are. The Japanese yen has many coins, including 1, 5, 10, 50, 100, and even a denomination of 500 yen (around C$5).

One very interesting difference you may notice when shopping in Japan is that it鈥檚 common to use a small change tray (called a koin torei) to place money in when making a transaction. It鈥檚 actually considered rude to hand the money directly over to them without using the tray.

It is often considered disrespectful for a merchant to 鈥済rab鈥� money from a patron鈥檚 hand, plus the change tray is a more clean and organized way of handing cash over.

4. Vietnam

If you鈥檙e travelling to Vietnam, make sure that you exchange some of your Canadian dollars for Vietnamese dong (the country鈥檚 primary currency). Outside of major resorts, hotels, and other international retailers, the country鈥檚 economy is primarily cash-based, and your cards won鈥檛 be accepted in many places.

Vietnam has a very strong bargaining culture that may seem strange to Westerners who are used to paying a set price for most items. This is not always the case in places such as department stores, but if you go to a market, you have the green light to bargain . When purchasing goods, the first price given to you is often the top haggling point.

Many vendors expect customers to engage them and haggle the price of goods or services down until an agreed-upon price is settled by both parties. This may seem confrontational to some, but it鈥檚 just the standard way of doing business for many Vietnamese.

Something else that I noticed is that if you want to be extra polite when handing money to someone, use both hands and grip the bill on each side.

5. Thailand

Like Vietnam, Thailand鈥檚 economy is largely cash-based, with a strong haggling culture for everyday goods and services. You鈥檒l need to convert your Canadian dollars to the Thai baht to pay for most things.

I鈥檝e also noticed that the Thai greatly respect their bills. The image of some of Thailand鈥檚 greatest kings are on the front of each bill, and some people show respect for this in several ways:

• Bills are not placed in the back pocket, as this would be 鈥渟itting on the king鈥檚 face鈥�
• Small bills are often displayed on a business鈥� walls to bring good fortune

Respecting the culture

If you want to be respected and treated kindly during your travels, it鈥檚 always best to follow the cultural norms of the country you鈥檙e in.

Before travelling to a new country, it鈥檚 wise to research some of the culture鈥檚 money habits. What may be perfectly normal in your home country may be awkward or disrespectful in another country.

If you鈥檙e ever unsure, don鈥檛 be afraid to ask. It shows that you鈥檙e respectful and willing to learn a culture鈥檚 way of doing business, and is far better than making incorrect assumptions.

Christopher Liew is a CFA Charterholder and former financial advisor. He writes personal finance tips for thousands of daily Canadian readers on his .