Where to Get the Best Exchange Rate for Canadian Dollars
It’s probably your first time visiting Canada, and you are contemplating where to get the best exchange rate for Canadian dollars. Canada is a great country to visit, thanks to its exciting cities and spectacular natural sites.
While Canada shares many similar things with the United States, it doesn’t share the same currency. Therefore, visitors migrating to Canada must exchange their foreign currency for Canadian dollars to make cash purchases easy.
Where to Get the Best Exchange Rate For US Dollars in Canada
Canada uses the Canadian dollar, which is a worldwide currency that is stress-free to exchange. While many places offer foreign currency exchange services, below are some places you can exchange US dollars for Canadian dollars.
1. Scotiabank
Founded in 1832, Scotiabank has since grown its assets to more than 850 billion dollars. In addition, the bank boasts of a broad portfolio of financial products and a network of more than 3500 ATMs across Canada.
The prevalent Canadian bank sponsors the arena where the Toronto Raptors play. In addition, the bank has branches across the country, whereby you can go to any of them at any time and exchange your currency.
Scotiabank has its exchange rates posted online. You only have to relate the exchange rates of other banks in the list. Contact the bank ahead of time to set up an exchange to avoid awkwardly standing in line with your money.
2. Bank of Montreal
Commonly known as BMO, the Bank of Montreal is the oldest bank in Canada. The bank is even older than the country itself. Also, the bank has over 200 years of experience in assisting novices in settling in Canada.
The bank’s “NewStart” programs provide beginners who have arrived in Canada within the last five years, twelve months of free banking with no minimum balance required. They will also receive a free safety deposit box, unlimited electronics, and Interac E-transfers.
The Canadian bank has branches throughout the country that help you exchange your foreign or Canadian currency. Interestingly, you can get in line at the bank despite having an account with the bank or not. But if you have an account with BMO, you will be hastily served, unlike those who don’t have.
Since exchange rates change all the time, always check the rates before getting to the bank. Also, compare the rates offered in the bank with the rates you have identified online. That helps you get the very current exchange rates. Bank of Montreal is convenient and easy to find.
3. Knightsbridge Foreign Exchange
The easiest way to organize your money before or after a long trip is through converting the finances. That’s where KnightsBridgeFX comes in to help. We offer consistent bank-beating rates to help you save hundreds of dollars from every transaction.
With KnightsBridgeFX, you can convert your money before your next trip. Thankfully, we deliver our services online, making your currency exchange more convenient than other options. You can contact us to receive a free quote for your currency exchange.
4. The Royal Bank of Canada
The Royal Bank of Canada has various branches around the country. At RBC Royal Bank of Canada, you can receive payments or send money in foreign currencies through an existing account. Like other options, it offers US dollar foreign exchange.
It is only the bank tellers or managers who have the mandate to exchange your currency. The workers then offer you a receipt that displays the exchange rates you acquired. However, in the Royal Bank of Canada, you may not get the coins you need since some currencies are not in demand at the bank.
5. Airport Exchange Offices
You can convert your money at airport exchange offices if you are in a hurry. The offices display their daily rates at the windows. That makes it possible for you to exchange your Canadian money for foreign money on the spot.
The airport offices are the ideal location to go, especially if you do not want to go through customs to exchange your money.
6. Canadian Imperial Bank of Commerce (CIBC)
The bank has branches across the country where they offer exchange services. If you don’t have any account at the bank, you may wait longer to exchange your money. But if you are an account holder, you can request financial consultancy for hasty services.
CIBC banks use debit cards to verify your account and complete your exchange process using their most current rates. Also, you can check the bank’s exchange rates online to ensure that the bank gives you the correct rates.
Other Places Where to Get Best Exchange Rate for US Dollars in Canada
Apart from banks and specialized foreign exchange providers, there are other places you can exchange currencies. Some of the options include:
Credit Cards and Debit Cards
Foreign debit cards are acceptable in most places in Canada, particularly MasterCard or Visa Cards. However, swiping such cards, especially the debit card, incurs an extra fee. Therefore, if you must use a card, opt for the credit card, if possible, without foreign exchange rate fees or foreign transaction charges.
ATMs
ATMs are great methods of instantly getting foreign currencies in Canada. But, using ATMs attracts extra charges. To avoid hefty charges, inquire from local banks before identifying the ATM with contracts with Canadian banks. That will help to reduce the fee.
If you can only exchange money at the ATM, avoid doing so frequently by changing large sums at a time. Use ATMs around the bank but not the ones on the streets. Such ATMs will likely attract hefty fees as opposed to the ones near or within the bank.
Final Words
When living or traveling to Canada, it is important to know how and where to exchange foreign currencies better. The above alternatives will aid you in exchanging your money. Research their exchange rates, location, and their customer service. The good news is that KnightsbridgeFX offers the lowest exchange rates than other options.