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47,000+ Customers
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300 Million+ Exchanged
Monday - Friday: 9:00 am - 5:00 pm
Saturday & Sunday: Closed
downtown@currencymart.net
The Tim Hortons at the corner of Fort St. and Graham Ave. has a hallway which is connect to the lobby of the building, then take the stairs to the second floor. We are 2 stores to your left.
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.
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.
The demand of currency exchange in Winnipeg is mainly from agricultural actives, because most farmers sell their grains to United States and get payment by us dollars. In addition, purchasing property, vehicle, pay tuition and travel expense are supplements of the currency exchange market in Winnipeg. In fact, the amount of exchanging USD to CAD is much more than exchanging CAD to USD.
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 exchange is the most important trading currency pair in Canada. The particular currency pair can count up to 50% of transaction volume for a Canadian currency exchange broker. For some province, the percentage is even higher. Currency Mart as a currency exchange dealer, we always keep USD currency in stock for customers demand.
Custom House is a Canadian foreign exchange and money transfers company based in Victoria, British Columbia. It was acquired by Western Union in 2009 and now forms part of that company's "Western Union Business Solutions" division. The company was founded in 1992 as a small tourist currency exchange kiosk titled "Custom House Currency Exchange" in Victoria's old waterfront customs house. In 1993, the company opened its first corporate foreign exchange office. After expanding in Canada, it began its US operations in 1997 and an Australian operations in 2000. The company was later renamed "Custom House Global Foreign Exchange", then renamed again to "Custom House". It provided small businesses and individuals with services that included wire transfers, foreign currency drafts, and forward exchange contracts.
Custom House Winnipeg Branch was located at 243 Portage Ave., Winnipeg downtown. In 2009, Western Union bought the company for $370 million USD. Custom House continues to operate in Canada as a wholly owned subsidiary, doing business as Western Union Business Solutions. The owner of Custom House, Peter Gustavson, was from Winnipeg and move to Victoria. In 2012, Western Union sold Custom House Winnipeg Branch to ICE, International Currency Exchange.