Every traveller, at one point or another, has exchanged currency at either a bank or, more likely, an independent retailer here at home or abroad. But what do we really know about exchange retailers? How does currency exchange really work? In this week’s Friday 5, we meet Kourtney J. Penfound, Retail Operations Manager of Continental Currency who gives us the inside scoop.

1. Tell us a little about Continental Currency.

Continental Currency Exchange (CCE) is Canada’s largest independently owned and operated foreign exchange retailer with 17 locations across Canada. We feature over 160 currencies on hand ready to be bought, sold or sent immediately. When you or your clients exchange with us, we ensure that you’ll receive the best value on your foreign exchange services and a better rate than your bank, guaranteed. We are a Canadian-owned and operated family-run business, featuring over 28 years of trusted experience and over a 98% client satisfaction rating.

2. Does Continental Currency work directly with travel agents? If so, in what capacity?

Absolutely! We currently work and support over 2,000 agents and their agencies across Canada. We continue to help by providing them and their clients with exclusive rates of exchange and savings, helping to ensure a better overall travel experience. CCE also has an amazing agent referral program whereby agents receive 1 point for every $1 (Canadian) their clients exchange. These points can then be redeemed for products and services that directly benefit the agent such as gift cards, a night out, massages and more!

3. Are daily rates regulated by Bank of Canada? If so, why would rates be different from one retailer to another?

Great question! Currency exchange companies, or MSBs (Money Service Businesses) as they’re often called, establish their rates based on the mid-market rate for each currency, which are not regulated by the Bank of Canada. For CCE, our size and experience allows us to buy, sell and send currency all around the world safer and at much better rates than our competition, including your bank. CCE passes those savings directly onto our clients with our low to no fees, better exchange rates and superior customer service.

4. How does Continental Currency Exchange stay ahead in today’s competitive marketplace?

In today’s competitive marketplace, it is more important than ever to remain true to the values that first made us successful. Our great exchange rates are consistently the best in the industry. We maintain low to no fees on all services and transactions, and for more than 28 years we have received a 98%+ client satisfaction rating based on third party studies.

In addition, our outstanding customer service and employee knowledge continues to distinguish us from our competition. We are Canada’s leader in foreign exchange, servicing hundreds of thousands of clients every year. We continue to earn and maintain our clients’ trust by consistently delivering great savings with fast and convenient service.

5. What’s new for CCE in 2016?

2016 is an exciting year here at CCE! Currently, we’re launching our new website, making it easier to find the information, products and services you need. We’re also finalizing the launch of our free Rate Watch and Currency Converter app, giving you the ability to compare, calculate and track over 160 currencies with up-to-the-minute exchange rates.

In addition, we’re rolling out our exciting online foreign exchange platform called FXtoGO. It’s a convenient way for you and your clients to order foreign currency from the comfort of your own home, with in-branch pickup or Canada-wide express delivery. Believe it or not, that’s just the tip of the iceberg! For more information, connect with us online; we’re available all the time at continentalcurrency.ca and on Twitter, Facebook and Google Plus.