Currency exchange in Coquitlam: Best places to go to 2019

The city of Coquitlam is located in the Lower Mainland of British Columbia, the sixth largest city in the province. Rich in both history and culture, Coquitlam also offers plenty of opportunity to enjoy the outdoors — there are over 80 municipal parks and the famous Como lake, where you can enjoy some leisure time and do some fishing, if that’s your thing.

You’ll find a rundown of the best places to exchange your foreign currency at, no matter if you’re heading in for a visit or you’re on your way out of Coquitlam.

We’ll also let you know of the most important tips for getting the best deal on currency exchange. Read on.

Things to know before exchanging your money

There’s some essential knowledge when it comes to exchanging currency. Below you’ll find the best tips to help you get the most out of your hard-earned money.

Know the actual exchange rate

You’ll find different rates offered by different providers. What should you go by, to get a fair deal? The mid-market rate. It’s the mid-point between the selling and buying rates and the rate that banks and exchanges use to trade with each other. It’s also the rate you’ll see when you google your currency pair — USD to CAD, for example — or use an online currency converter.

The rate you get as a consumer will have a markup on it, as currency exchanges make an additional profit from it. Comparing the offered rate to the mid-market rate lets you get an idea of how big of a markup the currency exchange has added. While the markup is not called a fee, it will have the same effect for you.

There’s also an alternative to getting a marked up exchange rate — the money transfer specialist Wise offers a multi-currency borderless account. It allows you to hold and convert your money in 40+ currencies. The best part is that you’ll get the actual mid-market rate on all your conversions with them. There’s no hidden costs and a only a small upfront fee to pay.

Remember — exchange rates always change

Taking a glance at the rates a single time isn’t enough, because they’re always changing. These fluctuations can make a huge difference in how much money will end up in your hands. Keeping an eye on the mid-market rate helps you find the best time to make the exchange.

Research your home bank’s partnerships before you leave

It’s possible that your bank is a part of an ATM network, that extends to the country you’ll be travelling to. Find out whether that’s the case and you’ll be able to save on withdrawing money from ATMs. Usually these networks will offer you free or cheap withdrawals.

Always choose to be charged in the local currency

When abroad, you’ll want to avoid DCC — Dynamic Currency Conversion. What is it? DCC is when you’re asked either by an ATM or a merchant, if you’d like to be charged in the local currency. That might seem like a sensible thing to do - after all it lets you see straight away, how much you’re paying in your home currency. What you’re actually ending up with, is an exchange rate not offered by your card provider or bank, but rather the ATM or merchant. Since you’re not their customer, they don’t mind charging you a higher rate. So remember to always choose to pay in the local currency, to get the most out of your money.

Avoid airport and hotel currency exchanges

It may seem like a convenient way to exchange your money at a hotel or an airport, but you’ll end up paying more than you need to due to higher exchange rates. Airport and hotel exchanges are notorious for their exorbitant rates — with no real competition nearby, they get away with it too.

Spend your money before leaving

If you happen to bring some money back home from your trip, you can always exchange it. But — you’ll end up paying a commission fee. Which means you’ll pay once when exchanging it to foreign currency and then another time exchanging it back. So only exchange as much as you’re planning to spend and spend what travel money you’ve exchanged.

Where to exchange money in Coquitlam

Below you’ll find a few of the best currency exchanges in Coquitlam. It’s always a good idea to call in advance and compare the exchange rates they’re offering.