Currency exchange in Richmond: Where to go and what to know

Whether you’re traveling to the city of Richmond, British Columbia or heading on a trip from there, you’ll be needing to exchange your money. But where should you get them?

Getting a good deal on currency exchange can be its own little adventure during your trip. But with some good planning, you should be just fine.

In this article, you’ll find out some tips on how to make sure you get the best deal and some suggestions of where to get some Canadian dollars.

Things to know before exchanging your money

Wherever you need to change your currency, some simple tips hold true. Take note of this advice when you’re traveling.

Know the actual exchange rate

Whenever you get money in a foreign currency, your local funds need to be converted at a particular foreign exchange rate.

Sounds simple, right? But it’s not. There’s more to it. Currency providers can set their own exchange rates, which might be better or worse for you. So it’s important to know which rate you can trust.

How to do that? Just check an online currency converter to see the mid-market rate. The mid-market rate is an average of all the buy and sell rates currently in use, so it’s an unbiased indicator of what your money is really worth, without any of the markup that’s usually applied when you try and exchange money.

It’s not so common to find the mid-market rate on offer from currency exchangers, but it is possible to get it for foreign transfers, via Wise. And if you get a borderless account from Wise, that’s an even easier way to hold money in foreign currencies, and convert it whenever you like at the mid-market rate.

Easier still is to use a borderless debit card from Wise during your trip — do that, and you might not need to exchange any currency at all while you’re there: you can just use your card like a local. The borderless debit card is available for Wise customers in the UK and EEA, and there’s currently a waitlist for people in the US.

Remember — exchange rates always change

Unfortunately, getting the best exchange rate isn’t just about where you convert your money. Exchange rates are constantly changing as international markets go up and down.

So you can always try to time your currency exchange for a moment when the exchange rate looks like it’s in your favor.
Keeping your money in an international account like the Wise borderless account is a good way to protect it from the unpredictable ups and downs of the currency markets.

Research your home bank’s partnerships before you leave

Some banks have partner banks abroad where customers can withdraw money from ATMs for free, or at least for lower fees.

So check with your bank before you go you might be able to get a better deal if you go to particular ATMs in Richmond.

Always choose to be charged in the local currency

You might find the Canadian ATM asking you an intriguing question. Do you want to make the transaction in the local currency, or your home currency?

It might be tempting to choose your home currency, so you can see the exact cost in a currency you’re used to. But don’t do it. If the ATM asks you this, you should always — always — choose the local currency.

That’s because, if you don’t, your money will be converted via Dynamic Currency Conversion (DCC) — and you won’t get a good exchange rate. At all.

Avoid airport and hotel currency exchanges

Another tip for getting a good exchange rate is to avoid tourist hotspots. At places like airports and hotels, people tend to be in a greater rush to get cash, so currency exchangers can get away with charging worse exchange rates. If you can avoid changing your money there, you might end up with more to spend.

Spend your money before leaving

Spending your money before leaving will mean you won’t have to convert your money back to your home currency after your trip’s over. Because, of course, when you re-convert your money, you’ll lose out on the exchange rate all over again.

Where to exchange money in Richmond

As mentioned above, don’t think that using a traditional currency exchange service is the only option you have. But if you do find yourself in need of a currency exchange location in Richmond, here are a few of the places to go to.

Don’t forget that the most important thing to find out is what exchange rate they offer — as well as any fixed fees they charge, of course.

Wherever you choose to exchange your currency, just make sure you get a decent deal. Don’t rely on offers of “0% commission” or “zero fees” — you also have to watch out for the exchange rate, which you can always check live against the mid-market rate. Think how much more you’ll enjoy your time in Richmond if you know you’re really getting your money’s worth.