Halifax

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Currency Exchange

Understanding where and how to exchange foreign currency for Canadian dollars, including banks and exchange kiosks.

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Comprehensive Guide to Currency Exchange in Halifax, Canada

Halifax, the capital of Nova Scotia, is a vibrant city that welcomes tourists, students, and immigrants from around the world. If you're new to Halifax or visiting, understanding how to exchange currency efficiently is essential for managing your finances. Below is a detailed guide to help you navigate currency exchange in Halifax.

1. Currency Basics in Canada

  • Currency Used: The official currency in Halifax (and all of Canada) is the Canadian Dollar (CAD), often represented by the symbol $ or C$.
  • Denominations:
    • Coins: 5 cents (nickel), 10 cents (dime), 25 cents (quarter), $1 (loonie), $2 (toonie).
    • Banknotes: $5, $10, $20, $50, $100.
  • Exchange Rate: The exchange rate fluctuates daily based on global currency markets. Check the current rate before exchanging money.

2. Currency Exchange Options in Halifax

Halifax offers several options for exchanging foreign currency. Here are the most common ones:

a) Banks

Banks are the most reliable and secure option for currency exchange in Halifax. Major banks in Halifax include:

  • RBC (Royal Bank of Canada)
  • TD Canada Trust
  • Scotiabank
  • CIBC (Canadian Imperial Bank of Commerce)
  • BMO (Bank of Montreal)

Advantages:

  • Competitive exchange rates.
  • Secure transactions.
  • Ability to exchange large amounts of money.

Disadvantages:

  • Banks often charge a service fee (typically $5–$10 per transaction).
  • Limited operating hours (usually 9:30 AM to 5:00 PM on weekdays, with some branches open on Saturdays).

Procedure:

  1. Visit a bank branch with your foreign currency and valid ID (passport or government-issued ID).
  2. Request the exchange at the teller.
  3. Pay any applicable fees.

Tip: If you’re a new immigrant and have opened a bank account, some banks may waive fees for currency exchange as part of their newcomer packages.

b) Currency Exchange Kiosks

Currency exchange kiosks are available in high-traffic areas like shopping malls and the Halifax Stanfield International Airport.

Popular Locations:

  • ICE (International Currency Exchange) at Halifax Stanfield International Airport.
  • Currency exchange kiosks in Halifax Shopping Centre or Mic Mac Mall.

Advantages:

  • Convenient locations.
  • Open during extended hours, including weekends.

Disadvantages:

  • Exchange rates are often less favorable than banks.
  • Higher service fees (can range from 5%–10% of the transaction).

Tip: Use kiosks only for small amounts of money or in emergencies, as they tend to be more expensive.

c) ATMs

Using ATMs to withdraw Canadian dollars directly from your foreign bank account is a convenient option.

Advantages:

  • Competitive exchange rates (set by your home bank).
  • Widely available across Halifax.

Disadvantages:

  • ATM withdrawal fees (usually $3–$5 per transaction).
  • Your home bank may charge an additional foreign transaction fee (1%–3%).

Procedure:

  1. Insert your debit or credit card into the ATM.
  2. Select the withdrawal amount in CAD.
  3. Confirm the transaction and collect your cash.

Tip: Use ATMs affiliated with major Canadian banks to avoid additional surcharges.

d) Online Currency Exchange Services

Some online platforms allow you to exchange currency and pick it up at a local branch or have it delivered to your address.

Examples:

  • KnightsbridgeFX (specializes in currency exchange for larger amounts).
  • TransferWise (Wise) for international money transfers.

Advantages:

  • Often better rates than banks or kiosks.
  • Convenient for planning ahead.

Disadvantages:

  • Requires advance planning.
  • Delivery fees may apply.

3. Associated Fees

When exchanging currency in Halifax, be aware of the following fees:

  • Service Fees: Banks and kiosks charge a flat fee or a percentage of the transaction.
  • Exchange Rate Markup: The rate you receive will include a markup over the mid-market rate.
  • ATM Fees: If using an ATM, expect withdrawal fees and possible foreign transaction fees.

Tip: Always ask for a breakdown of fees before completing a transaction.

4. Reliable Locations for Currency Exchange

Here are some recommended locations for currency exchange in Halifax:

Banks:

  • RBC Royal Bank: 1871 Hollis St, Halifax, NS.
  • TD Canada Trust: 5151 George St, Halifax, NS.
  • Scotiabank: 1709 Hollis St, Halifax, NS.

Currency Exchange Kiosks:

  • ICE Currency Exchange: Halifax Stanfield International Airport.
  • Halifax Shopping Centre: 7001 Mumford Rd, Halifax, NS.

ATMs:

  • ATMs are available at all major banks, shopping malls, and convenience stores.

5. Cultural Considerations

  • Tipping: In Canada, tipping is customary in restaurants, taxis, and for services like haircuts. The standard tip is 15%–20% of the bill, so ensure you have small denominations of Canadian dollars for this purpose.
  • Cash vs. Card: Halifax is largely cashless, and most businesses accept credit and debit cards. However, it’s still a good idea to carry some cash for small purchases or in case of emergencies.
  • Politeness: Canadians value politeness. When exchanging money, greet the teller or staff and thank them after the transaction.

6. Tips for Getting the Best Rates

  • Compare Rates: Check rates at multiple banks or kiosks before exchanging money.
  • Avoid Airports: Airport kiosks often have the worst rates and highest fees.
  • Use Credit Cards: For purchases, use a credit card with no foreign transaction fees to get the best exchange rate.
  • Plan Ahead: Exchange money during weekdays when banks are open, as they offer the best rates.
  • Avoid Dynamic Currency Conversion: When paying with a card, always choose to pay in CAD rather than your home currency to avoid unfavorable conversion rates.

7. Practical Advice for Tourists and New Immigrants

  • Tourists:

    • Exchange a small amount of cash before arriving in Halifax for immediate expenses like transportation or tips.
    • Use credit cards for most purchases to avoid carrying large amounts of cash.

  • New Immigrants:

    • Open a Canadian bank account as soon as possible. Many banks offer newcomer packages with perks like free currency exchange or waived fees.
    • Transfer larger sums of money through online services like Wise or Western Union for better rates.

8. Emergency Situations

If you run out of cash and need Canadian dollars urgently:

  • Use an ATM to withdraw money.
  • Visit a currency exchange kiosk at the airport or a shopping mall.
  • Ask your hotel concierge for assistance, as some hotels offer currency exchange services.

By following this guide, you’ll be well-prepared to handle currency exchange in Halifax efficiently and cost-effectively. Whether you’re a tourist or a new immigrant, understanding your options and planning ahead will help you make the most of your time in this beautiful city.