Know All About Currency Exchange in Victoria

Currency Exchange in Victoria
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Victoria, the capital city of the Canadian Province of British Columbia is a lovely place to travel. You can do many things in the city, like outdoor activities or spending quality ‘me time’ in a cafe; for which you will require cash in local currency to pay your way while you travel. You can exchange currency in hotels and malls when out of cash. But this may not be the best way to exchange. Instead, many exchange centres in Victoria can help you with local currency exchange at the best rates possible. 

This guide talks all about how to get local cash and exchange currency in Victoria. So, if you are looking for a reliable and trustworthy way of currency exchange in Victoria, continue reading.

Currency Used in Victoria 

The official currency used in Victoria is the Canadian Dollar. You will find various stores accepting US Dollars as well, but generally, the accepted currency is the Canadian dollar. 

The Canadian dollar is divided into the denominations of 5, 10, 20, 50, and 100. A single-dollar coin is locally called a ‘loonie’ and a two-dollar coin is called a ‘toonie’. 

Also Read: If you are travelling to the US and want to learn more about How to Manage Money in the US, read this blog. In this, you will find all about currency exchange in the US, and details of the banks and ATMs. 

Where to Get Currency Exchange in Victoria?

Exchanging currency is a bit tedious task. The process requires a little research and taking quotes from different places to identify which platform provides currency exchange rates at nominal prices. Also, the rate that you get today might not be available the next day. So, one must keep a close eye on the exchange rates as it fluctuates regularly. 

When exchanging currency in Victoria, you have plenty of options to choose from. You can get it done at the following places:

Victoria Airport Currency Exchange 

When you are falling short of time and looking to exchange currency immediately, the currency exchange kiosks at Victoria International Airport can help you get the local currency exchange in Victoria. However, airport currency exchange rates are usually very high. 

Canadian Banks

Canada has ‘The Big Five’ grand banking institutions that have multiple branches across the country and provide currency exchange services. These banks are- 

  • The Royal Bank
  • The Bank of Montreal (BMO)
  • Toronto-Dominion Bank (TD Canada Trust)
  • Scotia Bank
  • The Canadian Imperial Bank of Commerce (CIBC)

All these banks provide currency exchange services and wire transfers. They all have ATMs where you can easily withdraw money funds using your debit or credit cards. 

You can specifically contact these banks for currency exchange in Victoria- HSBC Bank, The National Bank, Canadian Western Bank, and The Laurentian Bank. Please note that all the banks and ATMs charge some percentage of fees according to the amount of currency exchanged.

Canadian Credit Unions

You can also exchange currency in Victoria via Credit like

  • Coast Capital Credit Union 
  • Van City Credit Union 
  • Northern Savings Credit Union 
  • Community Savings Credit Union
  • Khalsa Credit Union

You can convert your currencies here. All you need to do is purchase a money order or use an ATM, and the credit union will do it for you. 

Hotels and Malls Currency Exchange Services

If you are out of cash while shopping, you can also exchange currency in hotels and shopping malls. They may offer you ‘special and exciting deals’ to attract you, whilst the exchange rates here might be very high akin to airports.

Currency Exchange Brokers 

Currency exchange in Victoria can also be made possible through various brokers like Calforex Currency Exchange, FX Connectors Currency Exchange and Bitcoin Victoria Currency Exchange. They offer quick transactions at competitive rates. 

Also Read: There are risks associated with currency exchange due to its dynamic nature. Learn all about Currency Exchange Risks in this blog. 

Currency Exchange in Victoria

Here is the list of popular currency exchange services to get you started. The contact details are listed, so you can call in advance and check the rates available for your currency pair before you head out.

Name Address Contact Details
Calforex Currency Exchange606 Humboldt St, Victoria, BC V8W 1A4+1 250-380-3711
FX Connectors Currency Exchange1208 Wharf St #106, Victoria, BC V8W 3B9+1 250-380-7888
FIRMA Foreign Exchange920 Johnson St #3, Victoria, BC V8V 3N4+1 866-822-8818
Cash Money1483 Douglas St #101, Victoria, BC V8W 2G1+1 778-433-1222
Encore FX HQ517 Fort St, Victoria, BC V8W 1E7+1 250-412-5253
Travel Currency ExchangeG3-1001 Douglas St, Victoria, BC V8W 2C5+1 250-385-0088
Marlin Travel Head Office210-517 Fort St, Victoria, BC V8W 1E7+1 250-386-1315

Things to Know Before Exchanging Currency in Victoria 

Whether you are changing money to or from Canadian Dollars, here are a few things to keep in mind before exchanging currency in Victoria. 

  • Know the actual exchange rate- Exchange rates always keep on changing, so looking at the exchange rate once is not enough. To get the best deals and be able to compare the offers that different platforms are giving, you must keep an eye on the current exchange rates to not miss out on good deals. 
  • Check about the home bank’s partnerships- If you intend to use ATMs overseas, you must check their fees. Also, consider asking your home bank if they have an ATM network that could offer you cheaper withdrawals as you travel. 
  • Avoid airport and hotel currency exchange- Currency exchange at airports is very high as they cover their profit margins and operating costs. They often charge convenience fees too to provide you with immediate local currency. 
  • Spend your money before leaving- Although you can sell your foreign currency easily if you bring it back, it is usually not advisable. You’ll again have to pay commissions to exchange foreign currency to Indian Rupees

FAQs on Currency Exchange in Victoria

Where can I exchange cash in Victoria?

If you are in Victoria, you can exchange currency through the following brokers- Calforex Currency Exchange, FX Connectors Currency Exchange and Bitcoin Victoria Currency Exchange.

Do I need cash in Victoria BC?

While payments can be made through debit and credit cards, especially American Express, MasterCard, and Visa, it is advisable to carry cash with you in local currency. It helps you pay at small outlets that do not accept online payments. 

Do Canadian banks do currency exchange?

Yes, Canadian Banks like HSBC Bank, The National Bank, Canadian Western Bank, and The Laurentian Bank offer currency exchange in Victoria. 

Can I use US money in Canada?

Many large retailers, hotels, tourist attractions and hotels accept US Dollars in Canada. However, the currency used in Canada is the Canadian dollar (CAD). 

Should I exchange money before I travel?

People are often confused about whether to exchange currency at home or abroad. Well, it is best to exchange currency before travelling to avoid paying last-minute high commissions at airports or in the country you are travelling to. 

This was all about currency exchange in Victoria. Whether you are travelling abroad or have study abroad aspirations, it is important to exchange currency in advance to avoid paying extra. However, if you fail to do so, you can always get currency exchange with trustworthy and reliable foreign brokers. You must always keep in mind that before exchanging currency, you are well aware of the current exchange rates to compare who offers you the best deals. 

To know more about the currency exchange, 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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About Shubhika Garg

Hey there! I'm Shubhika- a proud graduate in English Literature and Language from Delhi University. My journey as a content writer transitioned from online teacher into the world of words. Stepping into the domain of blogs and articles, I discovered my passion for writing growing deeper and stronger. Having said that, I have experience of writing for diverse industries in automobile, technology, ed-tech, finance and mental-health; crafting details to help you find the solution to what you are looking for. Join me as I invite you all explore and learn together.

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