Currency exchange in Mississauga: Best places and tips

Whether you live in Mississauga, and are planning to take a trip abroad or visiting Canada, you need to know where to find currency exchange places nearby, and how to make sure you get the best possible deal. After all, a good deal on your travel money means more to spend while you’re exploring.

Here’s our handy guide to getting the best deal on foreign exchange in Mississauga, including some popular currency exchange services in the area.

Things to know before exchanging your money

No matter where you’re headed, you’ll want to get the best available deal on your currency exchange. That’ll mean you hand over less in fees and charges, and have more money in your pocket to enjoy your trip.

Here are some pointers to help you find the currency exchange service that’s right for you.

Know the actual exchange rate

The first step to getting a great deal on your foreign exchange, is to know the real exchange rate for your currency pairing. This is easy enough to do, either by searching for your currency pairing on google, or using a handy online currency converter.

The exchange rate you’ll find on google or with a currency converter is known as the mid-market rate. This is the exchange rate that banks use to trade currency on the financial markets, and the best benchmark available when you’re looking for the right currency exchange service for you.

It’s smart to check the rates on offer from different providers, against the mid-market exchange rate, because many banks and exchange services add a markup to the rates they offer retail customers. That means that your foreign currency exchange can work out more expensive than you might expect.

One provider which always offers the mid-market rate is Wise. If you’re travelling to visit friends or family who hold a local bank account in your destination, you could send money to them in advance of travelling, using Wise, and then withdraw the cash using a fee-free ATM when you arrive. That way you access the mid-market exchange rate, and dodge expensive international ATM fees levied by many banks.

Remember — exchange rates always change

It’s good to know that exchange rates move up and down all the time. There are many different factors which influence exchange rates, including the economic performance of a country and its perceived political stability. Keeping up can be tough, so checking the exchange rate regularly with an online currency converter is the best way to keep an eye on the trends.

To make sure you can easily exchange your money when rates look good, you might consider getting a multi-currency borderless account from Wise. This smart account lets you manage your money as you travel, and gives you convenient access to currency exchange services at the mid-market rate, with low conversion fees.

You’ll be able to hold your money in any of dozens of different currencies, all in the same account, and switch between them when you want to. You can also make direct international payments, and receive money into the account for free using local bank details for major regions such as the US, UK, Australia and New Zealand.

Research your home bank’s partnerships before you leave

If you plan on using your bank debit card to make international cash withdrawals, a great way to save money is to see if your home bank is part of an ATM network such as the Global ATM Alliance. If it is, you may be able to avoid additional ATM charges by using other ATMs within the alliance as you travel.

Always choose to be charged in the local currency

When using your bank card to withdraw cash from ATMs overseas, or make purchases, you’ll need to avoid Dynamic Currency Conversion (DCC) to make sure you’re not hit by high fees and a poor exchange rate.

DCC is when you’re asked at an ATM, or by a merchant when you’re making a purchase, if you want to pay in your home currency or the the local one. If you choose to pay in your home currency, the merchant will select the exchange rate used, and can also add fees to the transaction. This is seldom a good deal.

Always choose to be charged in the local currency instead. This means your card provider will set the exchange rate, which usually results in the transaction being much cheaper for you.

Avoid airport and hotel currency exchanges

You’ll always find currency exchange options available at airports and large hotels. These are convenient, and may even claim to offer low fee, or zero commission currency exchange.
It might sound like a good deal, but these currency exchange services have a captive market, and so rarely offer the best price available on currency exchange. In short, you pay a heavy premium for the convenience they offer.

Spend your money before leaving

Our final tip is to make sure you don’t bring any of your foreign currency home with you. Although many services offer to buy back unwanted foreign notes, you’ll almost always have to pay commission for a second time to sell your leftover travel money back to the currency exchange service at an inferior rate.

Foreign currency exchange Mississauga — where can you exchange your money

When you’re choosing a currency exchange service, you’ll need to double check the exchange rate used, as well as the upfront fees applied for the transaction. It’s worth calling exchange services in advance to confirm the rates available, and save yourself a trip if you decide to look for an alternative provider.

Here are some foreign exchange services in Mississauga, to get you started:

Getting your travel money is never going to be the most fun part of planning a break. But finding a good deal can mean you have more cash to spend in your destination — and can really make the most of your travel. Good luck!