6 Best places to exchange currency in Edmonton - 2024

Options like the Wise card, or the Cash Passport from Canada Post can be a good place to start. Both offer multi-currency spending and withdrawals, although their features are a bit different to each other.

Wise offers a digital account to hold and exchange 40+ currencies. All you need to do is add money in one of the 20 or so supported currencies for top ups, and you can then spend and make withdrawals conveniently with mid-market rates and low fees.

Canada Post’s Cash Passport supports 7 currencies and is a good last minute option as you can walk in and get one at a Canada Post office conveniently. Some fees apply and exchange rates may include a markup.

Here’s a quick overview of some of the pros and cons of Wise vs the Cash Passport, to give you an idea of which may work for you.

Read more:

• Wise card full review
• Revolut card full review
• Best prepaid travel card in the UK

Avoid airport currency exchanges

Edmonton international airport has several options for currency exchange. However, airport currency exchange services often don’t have the very best exchange rates on offer, which pushes up the costs of converting currencies to and from CAD.

Instead, it’s worth considering just waiting to make an ATM withdrawal when you get to your destination. Pretty much every airport in the world will have convenient ATMs for you to use on arrival - and ATM withdrawals usually mean you get a fair rate that’s been set by your card.

If you’re using your regular bank card double check if any international ATM costs may apply. If they do, you could avoid these fees if you use a travel prepaid card from a service like Wise which offers some fee-free international ATM withdrawals every month, and uses the mid-market rate. We’ll talk a bit more about prepaid travel cards and where they can be handy later.

Finally, if you can't avoid using the currency exchange services in the airport, it’s good to know that you can order currency in advance for collection, which can sometimes get you a better exchange rate compared to just showing up.

Check the mid-market rate 

You don’t want to be ripped off when you exchange currency, but sometimes it’s pretty hard to tell whether a provider is offering a good deal or not.

The best measure to use is the mid-market rate for your currency pair. The mid-market rate is the mid-point between the buy and sell rates banks get when trading currencies on wholesale markets. However, it’s not usually the rate passed on to customers. Instead, many services add in a percentage fee to the rate used to convert to or from CAD, which pushes up the cost and can be hard to spot. Picking a service which has the mid market rate, or as close as possible to it for your currency will usually mean you get the best available deal.

Beware of ATM rates

We already mentioned that instead of exchanging your travel money in advance, using an ATM on arrival can be a convenient alternative. It’s also pretty cost effective - as long as you don’t get caught out by dynamic currency conversion (DCC).

You may never have heard of DCC, but you’ve probably seen it in action if you’ve paid for things with a card, or made cash withdrawals, overseas.

DCC is when an ATM flashes up an option to pay for your foreign currency withdrawal in your home currency instead. This sounds handy because you’ll instantly see the amount you need to pay in Canadian dollars, or whatever your home currency may be. However, in DCC, the ATM operator sets the exchange rate and fees, which usually works out more costly than letting your card do the calculation instead. Avoid DCC by choosing to pay in the local currency when you make a withdrawal - or when you pay in a store - overseas.

Best place to exchange currency in Edmonton?

The best place to exchange currency in Edmonton will depend on where you are and which currency you need. Call ahead if you’re looking for a more exotic currency, or a higher value amount, to make sure the branch has what you need.

Below we’ve picked out a few of the top rated travel money options in Edmonton - the table shows their contact information and Google rating, plus the CAD - USD exchange rate at the time of research, as an example for comparison. We’ve included a couple of popular places where you can get on the spot currency exchange, and a couple of central Post Office locations - for service here you have to order your currency online in advance and then collect.

Find more currency exchange services in Edmonton here.

• Correct at time of writing, 27 September 2023

How we rated the best places to exchange money

To select the best places to exchange money in Edmonton we’ve started with the top rated physical exchange stores from Google, and also highlighted a few convenient Canada Post offices where you can order your travel money online for collection.

As ratings are dynamic, and service reliability can change over time, you’ll want to double check what’s best for your specific needs before you head out to get your travel money.

Factors to consider when choosing an exchange provider in Edmonton

Make sure you’re picking a legitimate and well reputed service to exchange your currency in Edmonton. All of the services we’ve picked are established and have good Google ratings - you can also find additional customer reviews on a site like Yelp.

The next important consideration is the fees and exchange rates. Bear in mind that fee free, or zero commission currency exchange doesn’t really exist. There’s a cost to offering this service, so businesses may just combine their fees into the exchange rates they use. That’s not transparent and can push up prices.

You can also save time on research by picking a provider which always uses mid-market rate currency conversion with low, transparent fees, like Wise.

Tips for finding the best currency exchange rates in Edmonton

Before we finish up, here are a few more handy tips for exchanging foreign currency in Edmonton, or once you’ve reached your destination:

• Plan in advance if you can - either ordering a travel card from a provider like Wise or Canada Post, or researching the best places to change cash could save you money

• Compare currency exchange options on fees and rates, online or in person, to pick the best for you

• Look for a provider offering the mid-market rate for your currency - or as close as possible to it

• If you need to exchange at the airport, order your currency in advance to get the best possible rate

• Use the Exiap currency conversion tools to stay updated on current exchange rates

  Where to get foreign currency outside Canada

If you’re already on vacation outside of Canada you’ve got a few easy ways to manage your travel money. Which works for you will depend on where you are, and your personal preferences.

In most towns, cities and in tourist areas you should find it easy enough to simply make cash withdrawals when you need money. If you keep an eye out for DCC - which we mentioned earlier - and have a card with low or no international ATM fees, this can also be a reasonably cheap and secure way to get your foreign currency cash.

Another option if you’re travelling with CAD in cash is to change your money with a currency exchange store in your destination. Using an airport or hotel currency exchange desk is convenient - but the lack of competition can mean you get a poor rate. Stick with options in busier areas where competition is likely to mean better deals to be had.

If you don’t want to spend too much time arranging your travel money before you leave, getting a travel money card from a service like Wise, or a Cash Passport from Canada Post can help you manage your money across currencies without needing to hunt out exchange services on arrival.

Travel prepaid cards usually have fairly low overall costs and can support a good selection of currencies, covering many popular destinations from Canada. Check out options like the Wise card, or the Cash Passport, to see if either suit your specific needs.

How do I exchange currency after a trip?

You can exchange your unused currency back to CAD if you want to - but there may be costs involved.

Money Mart, which we featured earlier, will buy back currency at the same rate that was used to sell it to you, if you pay a charge when you exchange to lock in the rate. If you don’t want to pay this fee, then you may find the rates have changed between you buying and selling your foreign currency - which can mean you get back less than you originally spent.

If you don’t want to have to plan to the last cent, and you don’t want to pay extra fees to sell unwanted foreign currency after your trip, you may be better off with a digital multi-currency account from Wise, or a Canada Post Cash Passport.

Prepaid travel cards let you add just as much money as you need, and top up if you run out while you’re away, rather than trying to guess your budget before you go. And with Wise there’s no need to convert all your funds to foreign currency in advance as the card can convert for you with the best available fees and the mid-market exchange rate.

FAQs - best places to exchange currency in Edmonton

What is the cheapest way to get foreign currency in Edmonton?

Different providers have their own rates and fees, which may vary widely. Often ordering in advance will get you a better rate than simply showing up at a currency exchange service. Use the tools and reviews on Exiap, to help you find a good provider for your specific needs.

Should I exchange money before I travel?

You can exchange your money before you travel, but depending on the service you use, you won’t always get the very best rates. It’s worth knowing that you don’t necessarily have to exchange before you leave. You could get a multi-currency account and card from Wise, or a Canada Post Cash Passport instead. Both are convenient for spending and withdrawals overseas.

Does it matter where you exchange currency?

Yes. Currency exchange services set their own rates and fees - so which one you pick can make a huge difference to how much you have to spend on your trip. It’s worth investing some time in researching the best options for your needs, including exchanging cash and using a specialist travel money card instead.