Yes, but…
A recent innovation which ties new technology with good ol’ foreign exchange is the ability for consumers to order foreign cash online for home delivery across Canada. Even more recently, the banks have started offering the same service. There are several considerations to take into account when ordering foreign currency online.
Price, Price and Price (actually, more like exchange rate, exchange rate and exchange rate)
The best thing about the internet era might be that consumers can compare exchange rates and have more choices. For example, you might be a CIBC client and be looking to use their Order Foreign Currency Online service. Whereas previously you would have been limited to whatever price CIBC offered you, innovative foreign exchange companies like Interchange Financial can do the same for you at better exchange rate. But don’t take our word for it. Compare prices before ordering foreign cash online.
Reputation and Regulation
When ordering foreign cash online make sure you are dealing with a reputable company. Here are some signs:
- Reputable foreign exchange companies will have multiple physical locations. If they claim to be in a building with no access or just “online” then avoid.
- Reputable foreign exchange companies will generally have been in business for a long time. If they are new, you have to ask more questions.
- Reputable foreign exchange companies will allow you order online or pick up in person. If it is just one or the other, watch out!
