FAQ

How do I order currency from FX Connectors?

To order currency call FX Connectors at 250-380-7888, or fill out our online order form. Forms are processed daily during regular business hours. If we don't have the currency on hand we require a week to 10 business days to order it in.

Is it better to exchange currency at a bank or FX Connectors currency exchange?

Bank exchange rates are generally between 2-6% higher than currency exchange rates. Banks also have higher service charges than a currency exchange. Many customers prefer to go to a currency exchange for fast convenient service rather than waiting in long bank lineups. Customers can save both time and money on their foreign exchange needs.

Why are FX Connectors' exchange rates different from those posted on Google or other websites?

The rates shown on Google and other media are often based off the mid market rate. There is always a spread on both the buy side and sell side. The spread allows banks and currency exchanges to make money while providing a service. FX Connectors' currency rates follow the spot market rates, which are derived from several financial institutions who ‘bid’ and ‘offer’ foreign currency contracts.

How often does FX Connectors change its currency exchange rates?

FX Connectors generally updates its cash rates at approximately 8:30 every morning. The rates may be updated throughout the day to reflect significant market fluctuations. The rates for non-cash currency exchange change every few seconds, as determined by the market.

What forms of payment does FX Connectors accept?

FX Connectors accepts payments made in cash, debit card, certified bank drafts and Interac e-transfers. Clients with business accounts may use business cheques, and wire transfers.

Is it better to travel to a foreign country with cash or with debit/credit cards?

We advise clients to take a combination of cash and credit card. Bring enough cash in case you run into debit card or credit card problems. Both VISA and MasterCard charge a 2.5% conversion fee on every foreign currency transaction. Plus, Visa and MasterCard's foreign exchange rates are generally much higher than at FX Connectors.

How much will I get charged if I withdraw cash out of a foreign ATM?

Each time you use a foreign ATM, you will get charged between $5.00 and $10.00 per transaction. Both the foreign ATM and your bank at home will charge you for the transaction.

How long will it take FX Connectors to receive the foreign cash I've ordered?

Depending on supply, it can often take between 2 and 10 business days after an order has been processed for FX Connectors to receive the foreign cash order.

How long does it take for a wire transfer to arrive at its destination?

Wire transfers within Canada and the U.S. take 1-3 business days to process. International wire transfers may take up to 7 business days, depending on the bank or financial institution on the receiving end.

What happens if I order currency from FX Connectors on one day and pick it up on another day?

You will receive the going exchange rate on the day of pickup. Customers and Corporate clients have the option to lock in an exchange rate at the time of purchase for settlement in the future. In order to lock in an exchange rate, a deposit of 25% is required. All customers have the option to either “float” the exchange rate or “lock” in the exchange rate. This must be communicated to FX Connectors staff at the time of transaction.

Do I need to call FX Connectors in advance to check foreign cash currency availability?

It is recommended. While FX Connectors carries most currency on-hand, it is advisable to call ahead to avoid disappointment.

Do I need to present my identification when performing a currency exchange with FX Connectors?

FX Connectors’ policy is to ask for government issued picture identification on all non-cash transactions. If performing a cash exchange equal to, or in excess of, CAD $3000, government issued picture identification is required by Canadian law. Further ID and information is often required in order to set up a wholesale client account. All identification and information is kept confidential.

Does FX Connectors have a minimum or maximum transaction limit?

We do not have a minimum or maximum. Clients are advised to call FX Connectors for cash requests equivalent to, or over, CAD $10,000 to ensure availability.

Does FX Connectors accept foreign coins?

Unfortunately we do not accept foreign coin. The only coins that we accept are Canadian and U.S. All coin must be rolled and organized. Periodically when storage space is limited, FX Connectors may not be accepting rolled USD and CAD coin. Please contact us before arriving at our locations.

Where can I park that is close to your location at 1208 Wharf St?

There are several parking options available:

You can park along Wharf St. or in the large parking lot beside our building. This a paid parking lot.

You can park in the lower Yates St. city parkade. (One block away from us) The first hour at all city parkades is free.

Many of our customers also park across the Johnson Street Bridge along Songhees Road and enjoy a scenic walk to our Wharf St. location. Parking along Songhees Rd is free but on a limited time basis.

Do you accept credit cards?

We unfortunately do not accept credit cards as a form of payment. The high percentage merchant fees negate any savings on the foreign exchange transaction. We can however accept debit cards, cash, e-transfers and bank drafts payable to FX Connectors Ltd. If paying with a debit card, please be sure to double check your purchasing limits.