Currency Exchange in Burnaby: Best places and tips
As one of the principal municipalities of the Vancouver Metropolitan Area (VMA), Burnaby has beautiful views of the mountains surrounding the city. Its gorgeous landscapes draw tourists from all over Canada and the world. This brief article will explain the nuances of currency exchange while travelling to Burnaby and list a few of the best currency exchange businesses there.
In this article you will find:
- The best information and tips you need to make an informed decision
- Overview of some of the locations for exchanging money in Burnaby
Things to know before exchanging your money
Before you enjoy the myriad of outdoor activities in Vancouver, there are a few things you need to know about how to make the most out of your money.
First, find the currency exchange businesses in your area. But make sure you are patronizing one with a competitive exchange rate. Exchange rates can vary significantly from one currency exchange business to another. Unfortunately, finding a brick and mortar exchange business that works with TOMAN may be challenging. Thus the rates may not be competitive.
Another thing to pay attention to is how fast can the transaction be. No one wants to spend a lot of time thinking about exchanging their money and the nuances that come with it. Commuting time and waiting time seem to be the most common source of complains for many people. Sometimes the rates may be good, but the travel time and cost outweighs the slight benefits that business had over the competition.
Therefore, we encourage you to find the closest and most convenient store in your area if this is a service you will require often.
The next few sections offer tips for managing your currency exchange wisely.
Know the Actual Exchange Rate
Looking up the real exchange rate for your currency pair (in this case, TOMAN/CAD) before you walk up to a currency exchange counter is a smart move. Fortunately, it is never been easier to do so with search engines like Google. And you can simply check LUMENWIRE’S website to see the real exchange rate of the day. Our prices update multiple times a day to ensure you get the best price at the time.
If you compare the exchange rate at a currency exchange business against the exchange rate on LUMENWIRE, you will notice that the currency exchange at the brick-and-mortar store leaves you with less money in your pocket after the exchange.
Currency exchange vendors have to make money off of the exchange to pay for their huge overhead costs. LUMENWIRE uses what is called the mid-market rate, which is the fairest rate in the market. Currencies have a “purchase” price and a “sell” price. These prices will likely be similar to each other, however, they will never be equal.
The mid-market rate is the midpoint between the “purchase” and “sell” price. This price changes constantly as the value of a currency fluctuates.
International students should look after the mid-market rate since it can save them thousands of dollars in the short-run. You will likely not find a brick-and-mortar vendor that offers the mid-market rate, but you should use a currency exchange business that makes an effort to approximate it.
If you need to send money to your loved ones in Iran, you can send them money via LUMENWIRE.
If you are an Iranian tourist and are looking to buy Canadian dollars, you can do it as long as you have a friend in Canada with a local bank account. Send them money from Iran, and pick it up as