Currency exchange in Canada is limit to banks or credit unions, kiosks and dealers. Shopping around for currency exchange service if the exchange amount is over $500 Canadain for most customers. Make sure to compare rate at the same time, ask fee structure beside exchange and inquire about time frame to settle the fund.
Usually banks do not keep foreign currency banknotes in stock, customers have to order with banks and wait for 3 - 5 business days to pick up. In addition, when you sell your foreign banknotes to local banks, banks may not pay you immediately, banks need to send your banknotes to their back office to vertify.
Currency exchange kiosk in airport target customers who are looking for convenient service, small amount exchange. Usually the fee or the rate are not favourable for customers.
The general rule is the more convenient location, the less favourable rate and higer fees.
There are a few currency exchange dealers in Canada. Different companies have different specilities, some focus on cash exchagne, some others conduct currency exchange by wire transfer. When you comapre the rates, please try to get quote witnin 30 minutes, becasue currency exchange rates are constantly changeing, also ask the fees they charge beside exchange.
Each currency exchange dealers, which include banks, credit unions and other dealers, offer similar but different rate. The difference is getting more significantly, when the exchange amount is getter larger, such as over $10,000 Canadian dollar. Shop around is still the best way to get the best currency exchange rate. Please make sure when you compare the rate, ask when the money will be available, what is other fees. The general idea is the more convenient locaiton, the worse rate applied.
Each each, about 600 billion Canadian dollar exchanged against other currencies. As Canada's No. 1 trading partner, Canada exports 75% of its goods to USA and import 50% goods from USA.
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