WATERLOO REGION: Currency Exchange (519-204-0623)
For visitors and Waterloo locals, the surrounding area (both uptown and downtown) features plenty of opportunities to exchange US dollars. Whether you’re planning a trip to the United States or simply bringing funds from the USA to back to Ontario, Waterloo has no shortage of places to get it done. However, a common mistake made in the KW region is to process every currency exchange inquiry at a major bank. Instead, it’s much more advisable to use an independent exchange company as long as they are reputable, qualified, and service-oriented.
At Knightsbridge Foreign Exchange, we have several years of experience providing our clients with the most convenient exchange at the lowest rates. In comparison, any standard Canadian bank needs to make up for their overhead costs by inflating their FX rates. They can also count on their own clients to come back to them for currency exchange, since they’ve already established a trusting relationship in other departments. Banks see you as a “returning client” because they rely on your loyalty, and so for that reason they would hardly ever need to compete on price. Thankfully, more and more information-savvy customers are finding that their own banks regularly charge unreasonable fees for basic banking transactions. With that in mind, currency exchange is no exception to this rule. As a result, the sky-high fees you’d normally find at bank foreign exchanges can be avoided.
Cash Currency Exchange Spots in Uptown Waterloo
As a major technology and start-up hub within Canada, Waterloo – like many mid-size and larger cities in Canada – provides a number of different options for money exchange services. Whether you’re looking to buy or sell US dollars or more exotic currencies, you can find the service that’s right for you within the city limits.
Cheapest Currency Exchange in the KW Region
Getting the best currency exchange in Waterloo is all about shopping around and comparing all the rates that you see. It’s important to take advantage of the internet because now you are not simply limited to your local physical branches. As each new day passes, more companies are moving their operations online and reducing their overhead costs and so that they can pass on great savings to their customers. These companies are able to offer much more competitive rates than banks or local FX retail operations. It’s worth mentioning that as with any online service, it is important to do your research to ensure that they are a legitimate company. If you’re hesitant about using an online service, make sure you look into them diligently.
Instead of wasting your precious money and time, we recommend taking your business to an already reputable exchange. Our own company has a long history of leaving customers satisfied, as we’ve processed over 70k transactions and moved over $2 billion. In fact, our clients regularly save a significant amount of Canadian dollars just by exchanging with us instead of their banks. Compared with the extremely high fees of major banks like RBC or ScotiaBank, we can often save you between 2.5 and 3.0%. If you’re making a large exchange, those small percentage points can add up surprisingly fast and result in a ton of money back into your wallet.
If you don’t just want to take our word for it, we encourage you to check for yourself. Give your own bank a call and ask them about the fees that they charge to exchange currency. Write down the exact currency exchange that they quote. After you’ve organized the information yourself, give us a call. Let us show you exactly just how much you could save.
What to Know About Waterloo, Ontario
The city of Waterloo is one of three cities in the Regional Municipality of Waterloo, together with Kitchener and Cambridge. Popularly known as “the Loo” or “Tri-City” (together with Kitchener and Cambridge), Waterloo is home to two highly rated universities and has a considerable high-tech and insurance work sector. Among the most notable high-tech companies based in Waterloo are BlackBerry and Kik Messenger. Places of interest in Waterloo include the Canadian Clay and Glass Gallery, the Waterloo Memorial Recreation Complex and the Elliott Avedon Museum and Archive of Games. While the high-tech and insurance sectors overshadow the banking industry in Waterloo, there are still plenty of banking options for locals and visitors. It is possible to find branches of all of the major Canadian banks as well as some internationally held companies, including RBC Royal Bank, TD Canada Trust, the BMO Bank of Montreal and more.
5 Things You Probably Didn’t Know About Kitchener-Waterloo, Ontario
- From a 2016 study, the median household income in Waterloo was almost $10,000 Canadian dollars higher than the national household income
- Insurance companies have such a strong presence in Waterloo that the tallest building in the city belonged to Sun Life Financial
- The University of Waterloo is ranked among Canada’s top 10 Universities
- Some of the area’s first immigrants were Mennonites from Pennsylvania
- Shark Tank’s very own Kevin O’Leary was an undergraduate student at the University of Waterloo
Call us anytime at 1-877-355-5239 for a no-obligation quote. Our representatives are ready to show you exactly how you can proceed from there. Or if you prefer, simply fill out and submit the following form. We’ll provide you all the information you need about exchanging currency in Waterloo.
To find other cities serviced by Knightsbridge please visit the Currency Exchange in Canada page.