Currency Exchange Vancouver

Call 1-604-229-1065 to get the BEST RATES for US DOLLARS or go to Knightsbridge Foreign Exchange

Last Updated: 2018/11/21

Canadian Bank Exchange Rates Comparison Vancouver

Looking for the best currency exchange rates in Vancouver that provide better than bank currency exchange rates? Call Knightsbridge Foreign Exchange Vancouver (www.knightsbridgefx.com) at (604) 229-1065 for a no-obligation currency exchange rate quote. You can expect to save 1-2% vs. your bank's currency exchange rate.

  Bank Spread % Source
  Royal Bank of Canada (RBC) 2.6% RBC Exchange Rates
  TD Bank 2.6% TD Exchange Rates
  Scotia Bank 2.8% Scotia Bank Exchange Rates
  Bank of Montreal (BMO) 2.6% BMO Exchange Rates
  CIBC 3.3% CIBC Exchange Rates
  Desjardins 2.5% Desjardins Exchange Rates
  HSBC 2.1% HSBC Exchange Rates
       
  Knightsbridge FX 0.1%-0.5% KnightsbridgeFX - 416-479-0834

The table above is a comparison of all the major Canadian bank exchange rates. The rates have been sourced from their website or by calling their branch on a given day. Please note, exchange rates change frequently. Some of the banks require you to call them to see thier rates because they change a lot. Most of the Canadian bank exchange rates compare generally within each other in terms of exchange rates. Your local bank in Vancouver should be called to see if their rates will be in line with what is below, they should be, but you should double check.

Currency Exchange Facts

Most of the banks in Canada require the customer to call them to obtain currency exchange rates since they change a lot. Usually, most of the currency rates offered by Canadian banks compare with each other in terms of the rates. You should call your local bank to see if their rates are in line with the rates given on the internet. Most of the time, they should tally. But you should make sure to double check.

Can I Take The Bank Of Canada Exchange Rate?

This is usually an interbank exchange rate that is available to financial institutions with a lot of volumes. In fact, the other banks would add a sizeable markup to the exchange rate when offering it to the retail clients. That is how they make their money for delivering the services. The markup would be between 2-5% depending on the type of currency. In fact, a bank has to pay for keeping the currency on hand. The tellers have to be paid as well as rent for the space.

The exchange rate markups the banks charge are quite high compared to other foreign exchange providers. One reason for banks rates to be so high is Canadians will do business with the banks no matter the rate they charge. In fact, there is no competitive pressure for the banks to reduce their markup rates. The same is true for the currency kiosks at the airports. They offer a convenient service to the client and most clients need their service when traveling by air. On the other hand, they have to pay rent and other overheads. In fact, the consumer is willing to pay the markup to exchange the money at these kiosks.

 

How Do You Compare Exchange Rates In Vancouver?

The best way to compare exchange rates in Vancouver is to use the currency exchange tables provided by online vendors or call a bank in the city. You can ask them if they want to buy US$ 1,000 and how much they will pay you in Canadian Dollars. This will help you get the exchange rate by dividing the number of Canadian Dollars needed to purchase US$ 1,000.

 

Currency Exchange Vancouver Tips

1. Buying Physical Cash or Amounts less than $5,000.

If you plan to buy a small amount of currency - between 100 to 1,000 Euros, you should call a local bank do the transaction. The process may take from 1 to 3 business days to complete. In fact, you will overpay by approximately 1% or so. Since the amount you have to pay in excess when buying small amounts of currency will be between $1 to $10, it is worthless running around currency exchanges finding better deals. You may end up paying the same amount of money to these exchanges when buying small amounts.

You don't want to waste your precious time and gas for such a small saving. In fact, it isn't worth your effort going around searching for the best currency exchange provider when you have small amounts to buy. But you shouldn't buy at the airport since these places have the highest exchange markups.

P.S. In case you end up buying small amounts from a currency exchange, ask them to waive off the commissions or service charges. They will gladly do it for you.

 

2. Buying a Large Amount of US Dollars (More than US$5,000)

In case you plan to buy more than US$ 5,000, it is worth calling 1-877-355-5239 for a no-obligation currency exchange rate quote. Make sure that you visit the website of KnightsbridgeFX's at www.knightsbridgefx.com. You can save more than 1-2% when buying large amounts of US Dollars from them compared to banks. In fact, you can save a couple of hundred dollars depending on how much US$ you wish to purchase from them. They also offer free wire transfers to the United States.

 

 

Credit Card Exchange Rates

Most credit card services charge a fee to exchange currency. Their fee is usually built into the exchange rate. Your credit card agreement will outline such fees in its terms and conditions. Most probably, the credit card markup is 2.5%. Hence, using the credit card to pay for something in foreign currency is more convenient. But you will end up paying a markup to use the credit card. But many consumers prefer to use their credit cards when paying for something in foreign currency since it is immediate and more convenient than shopping for currency exchange providers.

 

Currency Exchange Canada - History

The Canadian Dollar is also known as the "Loonie" and is mostly symbolized as "CAD" or "C$". The Bank Of Canada is the central bank that oversees the printing of the Canadian Dollar. In fact, The Royal Canadian Mint is responsible for producing Canadian Dollars. The Canadian Dollar switched from a fixed system to a floating system and once more to a fixed system. In fact, today, it has once again shifted to a floating system.

The Canadian Dollar has been both premium and discount to the US Dollar throughout history. For about 30 years until 2007, the Us Dollar was stronger than the Canadian Dollar. Since 2007, the Canadian Dollar was traded above and below parity - which means One Us Dollar equals One Canadian Dollar. This is a brief history of the Canadian Dollar compared to the United States Dollar.

 

Other Resources and Locations:

Currency Exchange Hamilton

Currency Exchange Surrey

Currency Exchange London

Currency Exchange North York

Currency Exchange Windsor