Best Currency Exchange Rates in Surrey: Bank vs. Online Comparison
When you’re looking for the best currency exchange rates in Surrey, BC, the difference between what your bank charges and what you could be paying can cost you hundreds—even thousands—of dollars on larger transactions. We’ve spent over a decade helping Surrey residents save money on currency exchange, and we’ve seen firsthand how much people lose by defaulting to their bank branch without comparing alternatives.
At CanAm Currency Exchange, we specialize in providing competitive online currency exchange rates that typically beat Surrey bank rates by 2-3%. Let’s break down exactly what you’d pay at major Surrey banks versus ordering currency online, so you can make an informed decision about where to exchange your money.
Why Surrey Bank Exchange Rates Cost You More
The major banks in Surrey—TD Canada Trust, RBC Royal Bank, CIBC, Scotiabank, and BMO—all offer currency exchange services at their branches along 152nd Street, Fraser Highway, and King George Boulevard. While convenient, their exchange rates include significant markups that eat into your travel budget or business funds.
Banks build their profit margin directly into the exchange rate they offer you. When you see a “no commission” sign at your Surrey bank branch, understand that the commission is simply hidden in a worse exchange rate. Canadian banks typically mark up currency exchange rates by 3-5% above the mid-market rate, and sometimes more for less common currencies.
We operate differently. As a dedicated online currency exchange service registered with FINTRAC and maintaining an A+ BBB rating, we focus exclusively on currency exchange rather than treating it as a side service. This specialization allows us to offer rates that are consistently 2-3% better than what you’ll find at Surrey banks.
Ready to compare rates? Call us at 1-888-509-7798 or visit our website to see live rates right now.
Real Rate Comparison: Surrey Banks vs. CanAm Currency
Let’s look at actual numbers. While exchange rates fluctuate daily, the spread between bank rates and competitive online rates remains relatively consistent. Here’s what you’d typically pay for common currency exchange scenarios in Surrey:
Exchanging $2,000 CAD to USD
| Provider | Exchange Rate | USD Received | Your Cost |
|---|---|---|---|
| TD Bank (Surrey Branch) | 1.38 CAD/USD | $1,449 USD | $551 CAD |
| CanAm Currency Exchange | 1.35 CAD/USD | $1,481 USD | $519 CAD |
| Your Savings: $32 USD (≈ $43 CAD) | |||
Exchanging $10,000 CAD to EUR for Europe Travel
| Provider | Exchange Rate | EUR Received | Hidden Markup |
|---|---|---|---|
| RBC Royal Bank (Surrey) | 1.52 CAD/EUR | €6,579 | ~3.5% |
| CanAm Currency Exchange | 1.48 CAD/EUR | €6,757 | Competitive |
| Your Savings: €178 (≈ $270 CAD) | |||
These aren’t hypothetical scenarios—we work with Surrey residents every day who are making these exact exchanges. The savings are real, and they add up quickly, especially if you exchange currency regularly for business travel, vacation, or family purposes.
Breaking Down Surrey Bank Exchange Fees
Understanding how Surrey banks structure their currency exchange fees helps explain why you pay so much more. Most people focus on whether there’s an explicit “commission,” but the real cost lies elsewhere.
The Hidden Markup in Exchange Rates
When you walk into a TD, RBC, or CIBC branch in Surrey and ask for US dollars, they’ll quote you a rate. That rate already includes their profit margin—typically 3-5% above the interbank rate (the rate banks use when trading with each other). You won’t see this markup itemized anywhere; it’s simply built into the number they give you.
For example, if the true mid-market rate is 1.35 CAD/USD, your Surrey bank might quote you 1.39 or 1.40. That four to five cent difference per dollar adds up fast. On $5,000 USD, that extra 4-5 cents per dollar costs you $200-250.
Additional Bank Fees You Might Encounter
- Account holder fees: $5-10 per transaction
- Non-account holder fees: $10-20 per transaction
- Small transaction fees: Additional charges for exchanges under certain amounts
- Rush service fees: Extra charges if you need currency same-day
- Cash ordering fees: $5-15 delivery charges from some Surrey bank branches
We eliminated these extra fees. Our price is our exchange rate—transparent, straightforward, and significantly better than what Surrey banks offer. When you get a quote from us, that’s the final price. No hidden fees, no surprises at checkout.
Compare our rates right now: Call 1-888-509-7798 and we’ll give you an instant quote with zero obligation.
How Online Currency Exchange Beats Surrey Banks
The traditional banking model requires physical branches, tellers, security, and extensive overhead. When you exchange currency at a Surrey bank branch, you’re paying for all of that infrastructure through worse exchange rates. Online currency exchange services like ours operate with lower overhead, and we pass those savings directly to you.
Specialized Focus Means Better Rates
We do one thing: currency exchange. We don’t offer mortgages, car loans, or investment products. This specialization means we’ve optimized every aspect of our operation to provide the best possible exchange rates and service for currency transactions.
Surrey banks treat currency exchange as a minor ancillary service. It’s not their focus, and frankly, they don’t need to be competitive because most customers never compare rates. We built our entire business on being competitive, which means we constantly monitor rates and adjust throughout the day to remain ahead of bank offerings.
Direct Access to Wholesale Currency Markets
As a FINTRAC-registered money services business operating since 2009, we maintain direct relationships with currency suppliers and access to wholesale currency markets. This allows us to source currency at better rates than retail banks, and we pass those advantages to you.
Our volume—serving customers across Canada with millions in monthly transactions—gives us purchasing power that translates to better rates. Banks have volume too, but they’re not incentivized to pass those benefits to retail customers when most people never shop around.
Step-by-Step: Exchanging Currency with CanAm in Surrey
Worried that online currency exchange might be complicated? We’ve designed our process to be even simpler than visiting a Surrey bank branch—and you can do it from your living room in Newton, Fleetwood, or Whalley.
| Step | What You Do | Time Required |
|---|---|---|
| 1. Get Quote | Visit our website or call 1-888-509-7798 for instant rate quote | 2 minutes |
| 2. Lock Rate | Place your order online or over phone to lock in the quoted rate | 3 minutes |
| 3. Pay Securely | Complete payment via Interac e-Transfer or bank transfer | 5 minutes |
| 4. Receive Currency | Currency delivered to your Surrey address via secure courier | 1-2 business days |
The entire process typically takes less than 10 minutes of your actual time, compared to driving to your Surrey bank branch, waiting in line, and dealing with paperwork. Plus, you save significantly on the exchange rate itself.
Which Surrey Banks Have the Worst Exchange Rates?
While all major banks in Surrey offer exchange rates that are worse than specialized online services, there are differences between institutions. Based on our ongoing rate monitoring and customer reports, here’s what we typically observe:
| Bank | Typical Markup | Notes |
|---|---|---|
| TD Canada Trust | 3-4% | Branches along 152nd Street and Guildford. Markups reach 5-6% for less common currencies. |
| RBC Royal Bank | 3-4% | Similar to TD. May match competitive rates for high-value customers when specifically requested. |
| CIBC | 4-5% | Generally worse than TD and RBC, especially for less common currencies. |
| Scotiabank | 3.5-4.5% | Middle range pricing for major currencies. |
| BMO | 3.5-4.5% | Similar to Scotiabank for most transactions. |
None of these banks are particularly competitive with dedicated currency exchange services. The variation between them is relatively minor compared to the difference between any of them and specialized providers like us.
Common Questions About Online Currency Exchange in Surrey
Is online currency exchange safe?
Absolutely. We’re registered with FINTRAC (Canada’s financial intelligence agency), which requires us to follow strict anti-money laundering protocols and security measures. We maintain an A+ rating with the Better Business Bureau and have processed millions in transactions since 2009 without security incidents.
Your payment is processed through secure Canadian banking channels (Interac e-Transfer or direct bank transfer), and we deliver currency via insured courier. Every step is tracked and protected.
What if the currency doesn’t arrive?
All shipments are fully insured and tracked. In the extremely rare case that something goes wrong in delivery, you’re completely protected—we’ll either reship immediately or provide a full refund. With thousands of deliveries to Surrey addresses, we’ve refined our delivery process to be reliable and secure.
How do I know I’m getting a fair rate?
We display our rates publicly on our website in real-time. You can compare them instantly to the mid-market rate on Google, XE.com, or any currency converter. You can also call your Surrey bank and get their rate quote, then compare directly to ours.
We’re confident in this comparison because we know our rates are consistently 2-3% better. We encourage rate shopping—it’s the only way you’ll realize how much you’ve been overpaying at your bank.
Can I exchange currency for my business?
Yes, we work with many Surrey businesses that need regular currency exchange for international suppliers, US purchases, employee travel, or cross-border operations. We can set up business accounts with preferential rates for volume customers and provide invoicing for accounting purposes.
Talk to us about business currency needs: Call 1-888-509-7798 and ask about commercial accounts and volume pricing.
Special Currency Needs for Surrey’s Diverse Community
Surrey’s remarkable diversity means our community needs access to a wide range of currencies beyond just US dollars. We exchange over 50 currencies, making us a valuable resource for Surrey residents with connections around the world.
Popular Currencies We Exchange:
- Indian Rupee (INR): Competitive rates for Surrey’s large South Asian community for family visits, property transactions, weddings, or remittances
- Philippine Peso (PHP): Excellent rates for Surrey’s Filipino community
- Chinese Yuan (CNY): Great rates for travel and family support
- Euro (EUR): Competitive rates for European travel and family connections
- British Pound (GBP): Better than Surrey bank rates for UK travel
- Korean Won, Japanese Yen, Thai Baht, Vietnamese Dong: Full Asian currency coverage
Need a currency we haven’t mentioned? Call 1-888-509-7798 and ask. We exchange over 50 currencies and can source almost any currency you might need.
Why Surrey Residents Choose CanAm Currency Exchange
Over the past fifteen years, we’ve built relationships with hundreds of Surrey families and businesses who return to us whenever they need foreign currency. Here’s what keeps them coming back:
- Consistent 2-3% savings compared to Surrey bank rates on every transaction
- Convenience that beats branch banking: Order from home, work, or anywhere—currency delivered to your Surrey address
- Expert service from currency specialists who can answer questions and provide market insights
- FINTRAC-registered and BBB A+ rated with over 15 years of trusted operation
- Free delivery on orders over $500 to Surrey addresses
- Over 50 currencies available to serve Surrey’s diverse community
Take Action: Start Saving on Currency Exchange Today
The information in this article only helps you if you act on it. The next time you need foreign currency—whether it’s for a vacation, business trip, family support, or any other reason—take five minutes to compare rates before defaulting to your Surrey bank.
Get Your Free Rate Quote
Visit our website or call 1-888-509-7798 right now to get a no-obligation rate quote. See for yourself how much you’ll save compared to TD, RBC, CIBC, or any other Surrey bank. We’ll give you exact numbers based on your specific currency needs.
Join Hundreds of Surrey Residents Who’ve Switched
You’re not the first person in Surrey to wonder if there’s a better option than bank exchange rates. But the Surrey residents who’ve already made the switch are saving money on every transaction while enjoying more convenient service.
Your next vacation, business trip, or family support transaction is an opportunity to keep more of your hard-earned money. Take it.
Get started today: 1-888-509-7798 or visit canamcurrencyexchange.com
CanAm Currency Exchange is a FINTRAC-registered money services business providing currency exchange services to customers across Canada. We maintain an A+ rating with the Better Business Bureau and have served thousands of satisfied customers since 2009.
