Excellent service for all of your currency exchange and transfers needs.

MoneyWay Currency Exchange is a premier currency exchange house located in West Vancouver, and North Vancouver (British Columbia). We offer secure and convenient foreign exchange services for both private clients and local businesses.

Since our launch in 1998, we have grown to be one of Vancouver's best and largest foreign exchange companies by offering our clients competitive foreign exchange rates and low transaction fees.

At MoneyWay, we guarantee reliable professional services with a knowledgeable in-house trading team, that provides you with expert currency exchange solutions for all of your business and personal needs.

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Frequently Asked Questions

Is there a better day to buy or sell currencies?

There are no better days to trade currencies as there are infinite events that affect currency pricing, from economic data such as unemployment numbers to a change in government. The main thing to know is that currency markets are open from 22:00 GMT Sunday (opening of the Australian trading session) till 22:00 GMT Friday (closing of the US trading session). You may be able to get a price while the markets are closed, however it will not be the most competitive.

Can I wire money anywhere in the world?

Almost all financial institutions can send money around the world. The are some restrictions such as, a sanctioned country, a country that has invoked some form of currency limits, you can wire funds but only is USD, and must have a reason to enact the transaction. You simply cannot send funds to a friend but rather it must be for a valid purpose, such as buying a piece of property.

Do currency prices stay the same all day?

Currency markets are extremely volatile, and pricing literally changes from second to second. Some financial institutions generally maintain the same price all day, it is for small amount of funds, (less than $1000) and are priced significantly far away from the actual market to compensate for any movements.

For larger amounts, pricing is based of current markets and will change in tandem with market movements. If you have built a good relationship with your FX advisor, they may hold the rate for the day on your behalf.

What are the most common currencies traded against the Canadian dollar?

USD/CAD This is the most traded currency combination, the USA is Canada’s biggest trading partner comprising of 66% of Canada’s overall trade.

EUR/CAD: The European Union as a group is Canada’s second largest trading partner, as all transactions are in Euros and therefore when all the volumes are added, the total exceeds the next biggest partner, China.

CNY/CAD Although China is Canada’s third largest trading partner, a lot of transactions are paid in USD at this time. Eventually all trading with China will be in the form of CNY/CAD.

GBP/CAD Britain was at one time Canada’s second largest trading partner, and in terms of currency exchange it is now third, but that will change when China enforces its rules that at all imports and exports are priced against CNY.

Are there commissions when I trade my currency?

Most institutions do not charge a commission on the currency exchange, the spread is built into the price that the client receives. There may be charges for wire transfers, and these are set by the institution that is doing the actual sending. Some banks may charge on the size of the ticket, in the past, it was common for banks to charge as much as a $800 to send the funds on top of the client’s price. It is best to ask this question when entering any negotiations so there are no surprises.

Am I obligated to fulfill the contract that I have entered into with my currency exchange provider?

The simple answer is yes, a contract is a contract. Some clients believe that if they book a currency trade and the market turns against them, they can simply walk away. Clients may buy USD at a set rate and on the day of settlement the USD is cheaper, some clients think they are able to get the lower rate or even cancel the trade. This is not the case currency exchange providers would go out of business very quickly if this were to happen. When you buy stocks or bonds, your broker expects you pay the settlement amount on time, no matter the current price of the assets. You would not expect your currency provider to reprice your USD purchase higher if the USD got stronger. Markets are volatile and this is part of doing business.