Currency Exchange Vaughan

Currency Exchange

Currency exchange is changing one currency to another for the purpose of travel, purchase or investment. According to a study of Bank for International Settlements, daily average was more than $6 trillion trading volume. Currency Mart acts as a counter-party to an off-exchange or an over-the-counter forex transaction of cash, financial instruments, futures contracts, options on futures contracts. Currency exchange is a decentralized market and operates 24 hours per day around the globe. London, New York and Tokyo are the three major currency exchange markets and followed by cities of Hong Kong and Singapore. Decentralized market means each currency exchange broker offers its own buy in and sell out exchange rates. The rates are determined based on the demand, inventory and supply of the particular dealer and also the interbank rates at that moment. That is why exchange rates at the same moment are similar, but different broker to broker.

Currency Exchange Market of Canada

Annually, about $600 billion Canadian dollars exchanged to other currencies, over 50% is changed to US dollar and Euro dollar is the second most wanted currency. RBC is the major player in Canadian foreign exchange market. With the other four major banks, banks count 90% of market transaction volume. In addition to banks, large corporations who deal with petroleum or grains conduct massive amount of foreign exchange transactions. Licensed brokers who serve retail clients and small businesses fill up the rest of market gap.

Currency Exchange Market of Vaughan

Since the city of Vaughan lacks the headquarters of a nationwide company, the customers of currency exchange business are local residents, small businesses and tourists.

• Local Residents

In Ontario, about 60% local residents are new immigrants of recent 20 years. Same figure applied to Vaughan too. In addition, Vaughan attracts more and more new immigrants every year due to the geological location and affordable housing. These new immigrant and international students bring a huge amount of capital which needs to be converted to Canadian currency.

• Small Businesses

Logistics business and restaurants are 2 major customers of currency exchange business in Vaughan. These 2 businesses either have customers in the United States or import goods from the United States.

• Tourists

Toronto Pearson Airport is located in Vaughan and the hotels surrounding the airport make Vaughan the perfect choice for tourists to stay.

Exchange Amount in Vaughan

The exchange amounts from a few hundreds by tourists up to 100k by small business.

Currencies Involved in Vaughan

• USD
• EUR
• INR

Major Currency Exchange Businesses

• International Foreign Exchange
• Continental Foreign Exchange
• Kantor Foreign Exchange

Currency Exchange Rate

Exchange rate is updated every 5 minutes, 24 hours a day, 7 days per week. Each exchange rate comes with 2 expressions, which express the same rate in 2 different ways. Each expression is 4 digits accuracy.

USD CAD

USD CAD exchange is the most important trading currency pair in Canada. The particular currency pair can count up to 50% of transaction volumn for a Canadian currency exchange broker. For some province, the precentage is even higher. Currency Mart as a currency exchange dealer, we always keep USD currency in stock for customers demand.