When you need to exchange currency, you have two main options at CanAm: walk into our Windsor location with cash, or handle everything online through electronic funds transfer. Both methods get you the same competitive rates we’re known for, but they work quite differently in practice. Understanding when each option makes sense can save you time, reduce hassle, and help you get your converted funds exactly when you need them.
Here’s a straightforward breakdown of both services to help you decide which fits your situation.
In-Store Cash Exchange: The Basics
Our retail location at 3234 Dougall Ave in Windsor handles walk-in currency exchange during business hours. You bring physical currency, and you leave with physical currency in your target denomination. It’s the traditional approach to foreign exchange, and for certain situations, it remains the most practical choice.
The process is simple. You walk in, tell us what currency you need or what you’re looking to sell, and we quote you a rate on the spot. If you’re satisfied with the rate, we complete the exchange immediately. There’s no waiting for funds to clear or transfer between accounts. You hand over your currency, we hand over the converted amount, and you’re done.
One significant advantage of in-store exchange is flexibility on transaction size. While our electronic transfers have a minimum of $800 per transaction, there’s no minimum for in-store cash exchanges. If you only need a few hundred dollars converted for an upcoming trip, the in-store option accommodates that without issue.
We accept cash, debit, and Canadian bank drafts for in-store transactions. For larger amounts, we may need advance notice to ensure we have sufficient currency on hand, but for typical travel amounts and smaller conversions, walk-in service works well.
Electronic Funds Transfer: The Basics
Our online and phone-based service handles currency exchange between bank accounts. You register on our platform, book a trade at a locked-in rate, transfer your source currency to our account, and we send the converted funds directly to your Canadian or US bank account. The entire process can happen without ever visiting our physical location.
This is how we serve clients across Canada, from Vancouver to Halifax. You get the same rates and service quality regardless of where you live. The electronic system also enables same-day fund delivery in many cases—if you’re selling USD to CAD and book your trade before the bank cutoff time, you can receive your converted funds the same business day.
We accept eTransfer, wire transfer, and electronic funds transfer (EFT) from your bank account. Once your funds arrive, we convert them at your locked rate and send them to your specified destination account, typically within one business day.
When In-Store Cash Exchange Makes More Sense
Physical cash exchange tends to be the better choice in several specific scenarios.
If you’re preparing for international travel and need foreign banknotes to carry with you, in-store is the obvious choice. Electronic transfer gives you funds in a bank account, but it doesn’t put physical bills in your wallet. For destinations where card acceptance is limited, or if you simply prefer having cash on hand when you land, walking into our Windsor location gets you exactly what you need.
Small transactions also favour the in-store approach. Converting $200 for a weekend shopping trip to Michigan doesn’t justify setting up an online account and initiating an electronic transfer. The in-store process handles these smaller amounts quickly and without the overhead of electronic transfer setup.
Urgency sometimes dictates the choice as well. If you need currency right now—perhaps you forgot to exchange before a trip or a business need came up unexpectedly—walking in during business hours gets you cash immediately. Electronic transfers, while fast, still require processing time that might not work for true last-minute needs.
Some clients also simply prefer face-to-face transactions. You can ask questions, see exactly what you’re getting, and complete everything in one visit. For people less comfortable with online platforms, or those who value the personal interaction, in-store service delivers that experience.
When Electronic Transfer Makes More Sense
Electronic funds transfer becomes the clear winner for different circumstances.
Larger transactions favour the electronic route for practical and safety reasons. Walking around with $20,000 in cash isn’t ideal for anyone. Electronic transfer moves substantial amounts securely between accounts without the risks associated with carrying or storing large amounts of physical currency.
Cross-border workers and regular exchangers benefit enormously from the electronic system. If you earn income in US dollars and need to convert it to Canadian dollars on an ongoing basis, setting up an account once and then booking trades as needed is far more efficient than making repeated trips to a physical location. Many of our clients who commute to Detroit or work remotely for US companies use the electronic service monthly or even weekly.
Geographic convenience matters too. If you live in Toronto, Calgary, or anywhere outside Windsor, electronic transfer means you don’t have to make a special trip. You get the same competitive rates we offer in-store, delivered directly to your bank account wherever you are in Canada.
The electronic system also enables better rate timing. You can watch exchange rates through our app or online platform, set up rate alerts, and execute your trade when the rate hits a level you’re comfortable with. That kind of strategic timing is harder to achieve with in-store transactions, where you get whatever rate is available when you happen to walk in.
Finally, for real estate transactions, investment transfers, or other large one-time conversions, electronic transfer provides the documentation and audit trail that these transactions typically require. You get trade confirmations in writing, clear records of the exchange rate applied, and electronic verification of fund movement.
Comparing the Two Approaches
Beyond the situational factors, there are some practical differences worth noting.
Transaction minimums differ between the two services. Electronic transfers require a minimum of $800 per transaction, though we offer some flexibility. In-store cash exchange has no minimum, making it suitable for any amount.
Speed varies by method. In-store cash exchange is instant—you leave with your currency in hand. Electronic transfer typically delivers funds within one business day, with same-day delivery possible for USD to CAD conversions booked before bank cutoff times.
Accessibility works differently as well. In-store service is available during our business hours: Monday through Wednesday from 9am to 5pm, Thursday and Friday from 9am to 6pm, and Saturday from 9am to 4pm. Electronic transfers can be initiated anytime through our online platform, though processing happens during banking hours.
Both methods offer the same exchange rates. We don’t charge a premium for one service over the other. Whether you walk in with cash or book a trade online, you’re getting rates that beat the banks by up to 3%.
A Common Hybrid Approach
Many clients use both services depending on the situation. A cross-border worker might use electronic transfer for their regular monthly paycheck conversion, then stop by in-store before a vacation to pick up some physical banknotes. An investor might handle large portfolio-related currency movements electronically, but exchange smaller amounts in person when convenient.
There’s no requirement to choose one method exclusively. Your CanAm account works for both purposes, and our team can help you determine which approach makes sense for any given transaction.
Getting Started with Either Option
For in-store service, simply visit our Windsor location during business hours. No appointment is necessary for typical transactions, though calling ahead for very large cash exchanges ensures we can accommodate your needs.
For electronic transfer, register for a free account on our website. The signup process takes just a few minutes, and once verified, you can book trades through our online platform or by calling our team directly. If you prefer guidance through your first transaction, our staff walks you through each step.
Not sure which option fits your situation? Contact us and describe what you’re trying to accomplish. We’ll point you toward the approach that makes the most sense for your specific needs.
The Bottom Line
Cash exchange at our retail location works best for travel preparation, smaller amounts, immediate needs, and clients who prefer in-person transactions. Electronic transfer works best for larger amounts, regular conversions, clients outside Windsor, and situations where bank-to-bank movement is more practical than handling physical currency.
Either way, you’re getting rates that consistently beat what Canadian banks offer, backed by our Best Rate Guarantee and FINTRAC-regulated security. The choice between cash and electronic transfer is really about convenience and fit for your particular situation—not about the quality of the exchange itself.
Ready to get started? Create your free account for electronic transfers, or stop by our Windsor location for in-person service.
