You may need to exchange some Canadian dollars for foreign money (particularly if you didn’t have an international credit card) if you’re planning to go abroad, fly internationally for business, or even take an odd trip over the border. It might save you a lot of time and money if you know how to convert currencies and where to get the best currency exchange rates. Let’s find out how to ge the best currency exchange Surrey.
What Is A Currency Exchange?
Any establishment that facilitates the conversion of one country’s currency for another, such as Canadian dollars for U.S. dollars, is known as a currency exchange. Currency exchangers in Surrey frequent the following locations:
- Banks.
- Places where you may exchange currency, include airports, hotels, and shopping centers.
- Through Canada Post’s online system.
- Through the use of a currency exchange service available online.
- ATMs that convert foreign currency are available at most airports.
Exchange Rates And How They Function
Exchanging money is similar to making any other kind of purchase, except that you are really purchasing the currency of another nation. Depending on your chosen service, you may buy or sell currencies online or in person.
Depending on the daily exchange rate and any fees, the amount of foreign currency you may purchase in Canadian dollars will vary. Online currency conversion is a viable option, albeit the actual exchange rate you get, and any associated costs may vary widely across services.
Currency conversion tools are available on the websites of many different banks. Remember that “non-cash exchange rates” may also be shown on these websites. Checks and bank drafts are the only items for which this special, more favorable pricing applies. Make sure the exchange rates you’re viewing are appropriate for the kind of transaction you want to do before committing to the exchange.
Tips For Locating Competitive Currency Exchange Rates
The “spread” is the difference between the amount the bank or exchange service paid for the currency and the marked-up price at which they sell it to you. Thus even though their service may seem to be free, you are still paying a cost. The spread is a hidden cost in the exchange rate. It is essential to compare rates before deciding where to do your money exchange in Surrey since some businesses impose fees on top of the spread.
It’s a good idea to utilize a tool like the Bank of Canada’s Currency Converter to determine whether or not you’re receiving a decent rate. The calculator will provide the weighted average of the various exchange rates supplied by different banks.
Remember that the spread often causes rates to change and only sometimes match market values. A reasonable exchange rate might be hard to come by, but knowing the Bank of Canada rate can help you make an informed decision.
Banks and specialized exchange services offer currency rates more favorable than those provided by airport and railway station kiosks. This is because kiosks catering to tourists don’t have to work as hard to attract customers as other businesses.
Money-Exchange Substitutes
Using a credit card to make a transaction or withdrawing cash from an ATM abroad are two convenient alternatives to converting money.
Most Canadian credit cards impose a foreign transaction fee (2.5% on average) for every purchase made in a currency other than Canadian dollars. Your credit card company will convert your overseas purchase into Canadian dollars at their exchange rate plus a margin, which includes this cost. While most Canadian credit cards will assess this fee, there is a select number that won’t—making them ideal for vacationers.
You may also withdraw money from an ATM once you are there. However, this may only be possible with additional expenses such as ATM service fees. In addition, there may be fees associated with using an ATM in a different network or exchanging currency.
Guidelines For Making Your First Currency Exchange Surrey
Dynamic money exchange in Surrey may allow you to use Canadian dollars at certain foreign shops and eateries. It may sound contradictory, but it’s best to use local money when possible. If the foreign retailer translates the charge to Canadian currency, you will be charged at a high exchange rate and maybe extra costs.
Research if it will be cheaper to convert money before you depart or wait and withdraw cash after you get to your location if carrying local currency is essential to you. Currency exchanges at airports, railway stations, and hotels may be costly due to their hefty fees.