Currency Exchange in Canada: Are you an international student studying in Canada? If yes, you must understand the process of currency exchange in that country. If you have the knowledge and the right information about the process, service providers, exchange rate etc then exchanging currency will be very easy for you. With correct information, students can exchange currency legally and efficiently. In this blog, we will discuss the key aspects of currency exchange in Canada, reputable service providers, exchange centres, and various modes of currency exchange.
Table of contents
Understanding the Legal Framework for Currency Exchange
It is very important to understand the legal framework of Canada if you are dealing with currency exchange services. You must work on Currency Exchange strategies while studying in expensive destinations. The country has strict regulations to prevent money laundering, currency exchange scams, and other financial crimes. Indian students must ensure that they adhere to these regulations to exchange currency legally.
Also Read: Looking for remittance? Read about the Liberalised Remittance Scheme and know how can you remit money legally.
Currency Exchange in Canada: Major Sources
While exchanging currency, you must research the best service providers that are authorized to operate in currency exchange and offer fair rates. Let’s check some of the major service providers in Canada for the cheapest currency exchange services.
Banks
Canadian banks are reliable and widely used for currency exchange. Major banks like RBC (Royal Bank of Canada), TD Canada Trust, and Scotiabank offer foreign exchange services. Indian students can open a bank account and use online banking platforms for convenient currency exchange.
Currency Exchange Agencies
Dedicated currency exchange agencies, such as KnightsbridgeFX and Calforex, specialize in foreign exchange services. These agencies often offer competitive rates and can be found in major cities across Canada. You can use their services online or by visiting their branch offices in the city where you are residing.
Online Platforms for Currency Exchange in Canada
Digital platforms like Wise (formerly TransferWise) and Revolut provide convenient online currency exchange services. These platforms often offer competitive exchange rates and lower fees compared to traditional methods. However, they are less efficient as compared to banks in Canada in terms of exchange rates. Research properly before choosing your service provider. Let’s know about the top currency exchange agency in Canada:
KnightsbridgeFX
KnightsbridgeFX is a major currency exchange agency in Canada. It is known for its competitive rates and transparent services. KnightsbridgeFX operates both online and through its office in Toronto. Clients appreciate the agency’s commitment to providing favourable rates without hidden fees which makes it a reliable choice for Indian students looking for cost-effective currency exchange solutions.
Also Read: Travelling to London for studies? Read about Currency Exchange in London and get complete information about the same.
Calforex
With multiple locations across Canada, Calforex is a well-established currency exchange agency that has been serving customers for over 30 years. Indian students can benefit from Calforex’s expertise in foreign exchange services. It offers competitive rates for both major and exotic currencies. It also provides other financial services like cash exchanges, wire transfers, and foreign drafts.
ICE Currency Services
International Currency Exchange (ICE) is a global provider of currency exchange services, with multiple branches in major Canadian cities. ICE Currency Services offers a range of services such as cash exchange, travel cards, and online transactions. Their presence in airports and strategic urban locations makes it convenient for Indian students to access reliable currency exchange services.
Continental Currency Exchange
Continental Currency Exchange has been a trusted name in the Canadian foreign exchange industry for more than three decades. With numerous branches across the country, including locations in Ontario and Alberta, the agency is accessible to Indian students studying in various regions. This agency is known for offering competitive rates and personalised service.
Revolut
Revolut is a fintech company offering a range of financial services. Indian students in Canada can benefit from Revolut’s user-friendly interface, competitive exchange rates, and features like multi-currency accounts. Revolut’s platform enables seamless online transactions and offers a convenient alternative to traditional banking for international students managing their finances while studying abroad.
FAQs
Some of the major currency exchange agencies in Canada are KnightsbridgeFX, Revolut, Calforex, ICE Currency Services, etc.
You can get the best exchange rates in Canada by availing service from RBC, TD Bank, Scotia Bank etc. Compare the forex rate offered by these banks and then choose one that provides the best rate.
It is recommended to use the local currency to pay for the expenses you do frequently. Therefore, if you want to carry cash then get it exchanged in India only as the agencies and banks in India may provide better rates and better service.
If you are leaving Canada then you have to declare how much currency you are carrying with you. However, if are carrying CAD 10,000 or less then you don’t need to submit any declaration.
It will be easy and convenient to exchange currency in India as you may know the banks that provide the service and may have an existing relationship with them. Also, if you face any kind of issue you can directly contact or visit the branch office.
This was all about Currency Exchange in Canada. Indian students should prioritize legal and reputable service providers, explore different modes of exchange, and be mindful of fees and exchange rates. By understanding the factors affecting currency exchange, students can focus on their studies without worrying about financial complexities.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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