6 best places to exchange currency in Richmond - 2024
If you’re passing through Richmond, BC on the way to or from Vancouver International Airport you may need a way to exchange your money to or from Canadian dollars. This guide covers all you need to know.
We’ve got a rundown of top rated currency exchange stores in Richmond and nearby in the Metro Vancouver area, and we’ll also cover what to do if you don’t have time to get to a physical exchange location before you travel.
Things to consider before exchanging money
1. Get a travel money card to cut costs
If you’ll be paying by card and using ATMs, a prepaid travel money card can be a good choice.
There are plenty of different prepaid travel cards on the market, but what they have in common is that they offer ways to hold and convert foreign currencies, to make paying overseas easier and cheaper. Many also come with extra perks like some fee free international ATM withdrawals.
A couple of options to consider include the Wise card, or the Cash Passport from Canada Post. Wise cards support 40+ currencies for holding or exchange, while the Cash Passport supports 7 currencies.
With Wise you’ll get some fee free ATM withdrawals every month, and you can simply leave your balance in CAD and let the card convert for you at the point of payment if you’d like to.
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.
| Pros | Cons | |
|---|---|---|
| Wise | ✅Free to open an account ✅Hold 40+ currencies ✅Use your Wise card in 150+ countries ✅No fee to spend currencies you hold ✅Mid-market rate currency conversion with low fees from 0.43% | ❌Some transaction fees apply ❌Some ATM fees apply once your monthly free withdrawal allowance is exhausted ❌No branch network |
| Cash Passport | ✅Convenient to collect in a Post Office branch ✅No fee to spend currencies you hold ✅Secure way to spend and make withdrawals ✅24/7 emergency support ✅Extra Mastercard perks and travel benefits available | ❌15 CAD fee to get a card ❌3.25% fee if you spend an unsupported currency, or if you don’t have enough of a supported currency in your wallet ❌Limited range of only 7 supported currencies ❌Exchange rates include a markup |
| Pros | Cons | |
|---|---|---|
| Wise | ✅Free to open an account ✅Hold 40+ currencies ✅Use your Wise card in 150+ countries ✅No fee to spend currencies you hold ✅Mid-market rate currency conversion with low fees from 0.43% | ❌Some transaction fees apply ❌Some ATM fees apply once your monthly free withdrawal allowance is exhausted ❌No branch network |
| Cash Passport | ✅Convenient to collect in a Post Office branch ✅No fee to spend currencies you hold ✅Secure way to spend and make withdrawals ✅24/7 emergency support ✅Extra Mastercard perks and travel benefits available | ❌15 CAD fee to get a card ❌3.25% fee if you spend an unsupported currency, or if you don’t have enough of a supported currency in your wallet ❌Limited range of only 7 supported currencies ❌Exchange rates include a markup |
| Pros | Cons | |
|---|---|---|
| Wise | ✅Free to open an account ✅Hold 40+ currencies ✅Use your Wise card in 150+ countries ✅No fee to spend currencies you hold ✅Mid-market rate currency conversion with low fees from 0.43% | ❌Some transaction fees apply ❌Some ATM fees apply once your monthly free withdrawal allowance is exhausted ❌No branch network |
| Cash Passport | ✅Convenient to collect in a Post Office branch ✅No fee to spend currencies you hold ✅Secure way to spend and make withdrawals ✅24/7 emergency support ✅Extra Mastercard perks and travel benefits available | ❌15 CAD fee to get a card ❌3.25% fee if you spend an unsupported currency, or if you don’t have enough of a supported currency in your wallet ❌Limited range of only 7 supported currencies ❌Exchange rates include a markup |
| Pros | Cons | |
|---|---|---|
| Wise | ✅Free to open an account ✅Hold 40+ currencies ✅Use your Wise card in 150+ countries ✅No fee to spend currencies you hold ✅Mid-market rate currency conversion with low fees from 0.43% | ❌Some transaction fees apply ❌Some ATM fees apply once your monthly free withdrawal allowance is exhausted ❌No branch network |
| Cash Passport | ✅Convenient to collect in a Post Office branch ✅No fee to spend currencies you hold ✅Secure way to spend and make withdrawals ✅24/7 emergency support ✅Extra Mastercard perks and travel benefits available | ❌15 CAD fee to get a card ❌3.25% fee if you spend an unsupported currency, or if you don’t have enough of a supported currency in your wallet ❌Limited range of only 7 supported currencies ❌Exchange rates include a markup |
2. Check the mid-market rate
No matter where you choose to buy your travel money, the exchange rate will dictate how much you end up with in the end. Different providers set their own rates, which can include fees that aren’t easy to spot.
The best way to check whether an exchange rate is a good one or not is to get familiar with the mid-market rate for the currency you need. The mid-market exchange rate can be found with a currency converter tool or a Google search. It’s the rate banks and currency exchange services get when buying foreign currency themselves, and so looking for this rate or as close as possible to it for your currency will usually mean you get the best available deal.
3. Beware of ATM rates
Using an ATM to get your travel cash can be convenient - and as long as you avoid dynamic currency conversion (DCC) it can be pretty cheap, too.
You’ll see DCC when a message flashes on screen at an overseas ATM asking if you want to pay in your home currency or if you’d like the ATM to manage the currency conversion for you instead of your card or bank. If you agree to this, the exchange rate used is set by the ATM operator, and will usually be worse than the rate you’d get from your card network. That means you pay more in the end.
Always choose to pay in the local currency wherever you are, to get the card network exchange rate and keep the fees down.
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Avoid airport currency exchanges
If you’re in Richmond getting on or off a flight at Vancouver International Airport, you may be tempted to pick up your foreign currency at an airport currency exchange. There are 10 currency exchange locations to choose from in the airport, but as they’re all run by the same provider - ICE - you won’t find much in the way of competition. That can mean that the prices are higher there compared to visiting an exchange store in the city.
If you’re determined to get your travel money in the airport, one option is to order in advance for click and collect. That can save you time as you’ll just need to grab your travel cash as you pass through for your flight - and you may get a better rate compared to a spot exchange, too.
Generally, though, you’ll get a better exchange rate if you skip the airport currency exchange entirely and just get cash from an ATM on arrival in your destination. We’ll look at how to make the most of international ATM withdrawals in just a moment.
Where to get foreign currency outside Canada
If you’ve already left the country you can still get your travel money from an ATM or by visiting a physical exchange store at your destination.
Bear in mind that finding an exchange store outside of major cities may be tricky - so if you’re heading off the beaten track you’ll want to get your exchange sorted out before you go too far.
To get the best balance of flexibility and cost, why not get a travel money card from a service like Wise, or through Canada Post, so you can make withdrawals with low or no fees, and get good exchange rates without needing to visit an exchange store.
Best place to exchange currency in Richmond?
There’s not a huge number of options when it comes to places to exchange currency in Richmond. However, there are a few to pick from, including some with some pretty decent Google ratings - which suggests they’re popular with their customer base.
Bear in mind that currency exchange providers in Richmond don’t usually publish their exchange rates online so you’ll need to do a bit of research in person or by calling.
Our table shows a few of the top rated travel money options in Richmond, including their Google rating and address, so you can see what other customers think of the services they offer and find them easily.
Find more currency exchange services in Richmond here.
| Name | Address | Phone number | Google Rating |
|---|---|---|---|
| Hingtgen capital | 3779 Sexsmith Rd Unit 2127, Richmond, BC V6X 3Z9 | +1 778 531 1111 | 5 star |
| Bagga Forex | 2103, 21320 Westminster Hwy Office, Richmond, BC V6V 2X5 | +1 778 858 1019 | 4.9 star |
| Everforex Currency Exchange | 5900 No 3 Rd 430, Richmond, BC V6X 3P7 | +1 800 699 4816 | 4.7 star |
| Money Mart | 3086 St Edwards Dr 101, Richmond, BC V6X 4C4 | +1 604 278 7249 | 4.6 star |
| Money Mart | 6020 No. 3 Rd 102, Richmond, BC V6Y 2B3 | +1 604 278 5824 | 4.5 star |
- Correct at time of writing, 12 October 2023 ### How we rated the best places to exchange money
We’ve picked the best rated Richmond currency exchange options, based on location and customer ratings on Google. We’ve focused on stores with high star ratings, and a decent number of reviews posted. Which service is best for you will depend on where exactly you’re staying, and how far you’re willing to travel to find a good deal.
Bear in mind that customer ratings are dynamic, and service quality can change over time, so doing your own research can confirm which exchange locations are best at the time you need your travel cash.
Factors to consider when choosing an exchange provider in Richmond
You’ll be looking for a reputable and trusted currency exchange service - with a decent exchange rate to make sure your money goes as far as possible. In our table we’ve used customer opinions from Google to pick out reliable and popular currency exchange services. Choosing a provider with good Google or Yelp ratings, and giving them a call to check the latest exchange rates will usually get you the best available deal.
Tips for finding the best currency exchange rates in Richmond
Before we finish up, here are a few more handy tips for exchanging foreign currency in Richmond, or once you’ve reached your destination:
Travel cards from a provider like Wise or Canada Post let you set your budget in advance, and also offer safety benefits compared to using your bank card abroad
Before you pick your Richmond currency exchange store check the mid-market rate for your currency, and call or look up live rates available to help you find a good deal
It’s usually best to avoid airport currency exchange desks - make an ATM withdrawal on arrival at your destination instead if you need cash instantly
Use the Exiap currency conversion tools to stay updated on current exchange rates
How do I exchange currency after a trip?
If you come home with unused travel money you’ll usually be able to sell it back to the currency exchange service where you bought it. Bear in mind that they’ll often only take good condition high denomination notes, so you’ll need to spend any loose change before you come home.
Generally it’s worth trying to minimise the amount of foreign currency you bring back with you, because exchanging it back to CAD is a hassle and can mean you get back less than you spent in the first place due to fluctuations in the exchange rate.
To cut the costs and avoid the stress, why not get a prepaid travel card like the Wise card or Canada Post Cash Passport instead. That way you can add money conveniently, and top up if you run out while you’re away if you want. And with Wise there’s no need to convert all your funds to foreign currency in advance as the card can convert for you at the point of payment with the best available fees and the mid-market exchange rate.
FAQs - best places to exchange currency in Richmond
What is the cheapest way to get foreign currency in Richmond?
There’s no single best way to get foreign currency - in Richmond or on arrival in your destination. Each currency exchange service will have its own rates and fees, which may vary widely. Compare a few different providers online, or to use the tools and reviews on Exiap, to narrow down your search.
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.