Currency exchange in Kitchener: Best places and tips 2019

Kitchener, Ontario is a mid-sized city near Toronto in Canada’s populous Golden Horseshoe area. Kitchener is near three different Great Lakes: Lake Erie, Lake Michigan, and Lake Huron. That makes it a great launchpad for a vacation packed with fishing and watersports.

Visitors from the US or elsewhere will need to exchange their spending money into from their home currency to Canadian dollars. As such, they’ll be on the hunt for a currency exchange vendor who is speedy and fair. This article will tell you the best places to exchange your currency in Kitchener, and provide some extra tips for managing your currency exchange wisely. Then we’ll finish with a table for the best locations for exchanging money in Ontario.

Things to know before exchanging your money

Before you sample some local Kitchener poutine, there are a few things you need to know.

First, you need to make sure a currency exchange vendor is offering a favorable exchange rate. Exchange rates are not the same from one business to the next. They can actually vary a lot. As a savvy consumer, you’ll want to do some research and find the one offering the best rate. That means you’ll have more money in your wallet to spend on the fun stuff.

The next few sections guide you through the exchange rate maze.

Know the Actual Exchange Rate

It pays to research the exchange rate for your currency pair in advance. It’s always changing, so it’s important to check not long before you visit a vendor. You can do it by searching the currency pair (USD/CAD for example) on Google, or by using Wise’s snazzy online currency converter.

If you compare the exchange rate of a vendor to the one listed on Google or Transferwise, you’ll notice that the exchange rate at the physical store takes more out of your end.

Currency exchange vendors set their own exchange rates, and are known for choosing a rate that puts more money in their pockets, not the fairer mid-market rate. The majority of vendors won’t offer the mid-market rate, or advertise the markup they put on rates.

It’s best to think of the mid-market rate as the “ideal” value of a currency pair. When looking for a currency exchange vendor, just try to find one that offers a rate closer to the mid-market ideal.

That’s one of the many things that sets Wise apart in the money transfer business. They’ll offer you the mid-market rate every time.

If you have a friend or relative who lives at your travel destination and also has a local bank account, check this out. One way to skirt currency exchange issues is to send them money via Wise before you leave on your trip, then withdraw the funds at a no-fee ATM once you’re in country. This clever little hack lets you get your cash but avoid high exchange rates and ATM fees.

Europe and UK residents also have the ability to enroll in Wise’s multi-currency debit card. It lets card holders withdraw cash in over 40 different countries, and at the ideal mid-market exchange rate. If you’re a US resident, you can join the waitlist for this incredibly useful card.

Remember - Exchange Rates Are Always Changing

Another foolproof money management hack is to get a multi-currency borderless account with Wise. Wise assigns Borderless account holders local bank details for the US, Britain, Australia, and the European Union. With them you can get paid and pay others just like a local would. Even better, a borderless account allows you to access over 40 different currencies at the mid-market exchange rate.

Research Your Home Bank’s Partnership Before You Leave

To avoid unwanted ATM fees, check your local bank to see which bank partnerships they have with global banks. You don’t have to pay ATM fees for foreign bank ATMs if they’re part of the same ATM network as your local bank.

Always Choose To Be Charged In Local Currency

When an ATM asks you whether you want to be paid in your home currency or in local currency, always choose local currency. Travelers tend to be more comfortable with their local currency, so banks hide fees in that exchange and pay out less.

Avoid Airport and Hotel Currency Exchanges

Another pitfall when it comes to currency exchange is the kiosks in airports and hotels. Those business owners know that many travelers will jump at the chance to change their money right after they step off the plane, and won’t pay attention to the exchange rate. But airport and hotel kiosks are known for offering the steepest exchange rate around. It’s better to find a currency exchange vendor in your destination’s city center.

Spend Your Money Before Leaving

If it’s your last day in a foreign locale, it’s best to just blow all of your remaining cash there. If you bring it home, you’ll have to have it exchanged at a local vendor, and likely have to pay a commission for the privilege. Spend your last few dollars on croissants, not fees.

Where to exchange money in Kitchener

Always check the exchange rate of a vendor before patronizing them, by checking their website or calling the store. That way you can shop around and find the best rate.

This table lists some of the best-reviewed currency exchange vendors in Kitchener, Ontario.