For visitors and Waterloo locals, the area offers plenty of options to exchange US dollars. Whether you’re planning a trip to the US or bringing funds from the USA to Canada, Waterloo has no shortage of places to get it done. However, a common mistake made in Waterloo and nationwide is to look to one’s local bank to exchange currency fairly. Instead, it’s advisable to entrust exchange to a qualified, dedicated currency exchange company.
At Knightsbridge Foreign Exchange, we have years of experience providing our clients with the most convenient exchange at the lowest rates. Any standard bank needs to cover high overhead costs. They can also count on their own clients to blindly request currency exchange. More and more, savvier customers are finding that their own banks regularly charge unreasonable fees for basic transactions. Unfortunately, currency exchange is no exception. Since banks already have potential clients in their lobbies, they don’t need to “win you over” for their currency exchange services. They don’t expect you to shop around. As a result, they can – and often do – charge sky-high fees for exchanging currency.
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 looking for more exotic currencies, Waterloo has a number of options for you.
The Region of Waterloo International Airport caters mostly to domestic travelers providing flights to cities within Canada. It does also provide flights to several locations in the United States. Surprisingly, it does not provide an in-house currency exchange service within the airport.
Hotels tend to be common place to exchange money amongst travelers and dwellers primarily out of convenience. While not all hotels provide this service, there are a number of them that do in Waterloo. The Delta Waterloo, which is probably the most prominent, provides a currency exchange service as part of their overall package. Other hotels that also provide currency exchange include the Holiday Inn, the Radisson, the Hampton Inn, the Crowne Plaza, and the Four Points by Sheraton. Typically, the exchange rates at hotels are generally not the best, while this is fine if you’re looking for smaller amounts in cash; on larger amounts it is best to shop around for better rates.
Like everything else in the world, the digitization of services is becoming more and more common. These companies don’t have the associated overhead costs with maintaining a physical store front location and can therefore provide much better exchange rates. Knightsbridge Foreign Exchange provides an online foreign exchange service that can be done remotely from anywhere in Canada. Everything is done bank to bank so you won’t have to visit their office. With any online service, it is crucial that you do your research to ensure that they are a legitimate and reputable company. Make sure that they are listed and regulated by FINTRAC, have reviews, as well as a strong digital presence.
If you’re looking to exchange currency at Conestoga Mall, there are several options. The first is through the banks, CIBC and TD Canada Trust both have branches inside the mall and do provide foreign currency exchanges. However, banks do typically have amongst the worst exchange rates and most people will use their banks out of convenience and trust. The trade-off is the bad exchange rate. Unless you absolutely need to exchange right away, it is better to shop around at money converters in Waterloo.
The Big Five Canadian Banks have a large presence in Waterloo comprising of TD Canada Trust, Scotia bank, CIBC, RBC and BMO. There are branches located in the majority of commercial centres and retail establishments and all provide foreign currency exchange. The rates tend to vary amongst the banks and signing up for an account with the respective bank may even allow you to get preferential exchange rates. If you’re looking to buy US dollars and hold it, it is beneficial to find a bank that provides a US dollar account that doesn’t have a monthly fee. As mentioned above, banks typically have the worst exchange rates, but if you have to use a bank, make sure you shop around as some banks have better rates than others.
If you’re looking for cash, outside of bank there are limited options outside of the banks from mall kiosks and other retail storefront operations. Currency Converters which is located by Erb and Fischer Hallman is the only retail foreign exchange retail operation in Waterloo. Conestoga Mall doesn’t have an independent currency exchange kiosk, but if you’re willing to make the trip, CF Fairview Park Mall in Kitchener has a continental currency exchange. Remember though that retail cash exchanges is usually more expensive than other service providers.
Getting the best currency exchange in Waterloo is all about shopping around and getting the best rates possible. Remember that in this digital age, you are not simply limited to your local physical options. More and more companies are moving their operations online and reducing their overhead costs and are able to pass the savings onto their customers. These companies are able to offer much better rates than your banks or local retail operations. Though, 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 to shop around at your local options to get the best rates.
Instead of wasting money and time, we recommend taking your business to a reliable exchange company. Our own company has a long history of leaving customers satisfied. In fact, our clients regularly save significant dollars by exchanging with us instead of their banks. Compared with the mile-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 big dollars.
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. Next, talk to us. Let us find out together how much money we can save you.
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 universities and has a considerable high-tech and insurance sector. Among the most notable high-tech companies based in Waterloo is BlackBerry and Kik Messenger. Places of note 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.
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.
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Confirm an exchange rate and receive a trade confirmation receipt confirming all details before you transfer funds.
Send funds by online bill payment or bank transfer and converted funds will be sent to your destination same day or next day.
“I saved a huge amount…about $3,000 over the bank quoted for U.S. dollars…everything went as smooth as a dream”
Florida Property Buyer interviewed by the Toronto Star
“You can save hundreds, if not thousands of dollars”
Calgary-based financial planner who specializes in cross-border financial issues.
“KnightsbridgeFX is an online currency exchange company that seeks to undercut foreign exchange rates offered by larger financial institutions”
columnist, for the Globe and Mail
“KnightsbridgeFX is “the costco’s of foreign exchange”
Financial Advisor quoted in the Globe and Mail