Best places to exchange currency in Toronto

Whether you’ve just arrived in Canada or you’re preparing to travel internationally, there are plenty of places to exchange currency in Toronto. Canada’s largest city is home to dozens of exchange bureaus where you can get your hands on dollars, euros, pounds, pesos and many more — but you’ll need to shop around to get the best value.

Keep reading for our guide to the best places to exchange currency in Toronto.

Where to exchange currency in Toronto

1. Kantor Currency Exchange

Who they are

Kantor Currency Exchange has been offering foreign exchange services in Toronto since 2001. It allows you to change your Canadian dollars for over 70 currencies, and it supports both spot and forward transactions if you want to lock in today’s rate for a future exchange.

How to exchange currency

You can head in-store to a Kantor branch to exchange currency or order it online. This provider accepts payment by cash, certified cheque, money order/bank draft, direct debit, Interac or wire transfer. If your transaction is more than US $10,000.00, it’s recommended that you order your currency in advance.

How much it costs

There are no commissions or fees on transactions. Exchange rate markup varies between currencies — the rate listed online for exchanging USD for CAD was around 1.5% higher than the mid-market rate when we checked.

2. Currency Mart

Who they are

Founded in 2009, Currency Mart lets you exchange over 70 currencies at locations in Toronto and Winnipeg. 51 of those currencies are in stock daily, while an additional 20 currencies within 1-3 business days. If you bring back your eligible foreign currency within 30 days of purchasing, Currency Mart will buy back up to 30% of it at the same rate.

How to exchange currency

You can order foreign currency online for home delivery from Currency Mart, order cash online for collection in store, or head in-store to exchange currency.

How much it costs

Flat fee of $3.75 per transaction. $25 shipping fee if you order home delivery. Exchange rate markup varies between currencies — you can check the rates online for your chosen currency and branch, but the rate you get can only be guaranteed at the time of your transaction.

3. My Currency Shoppe

Who they are

Founded in 1991, My Currency Shoppe (also known as Currency Exchange Shoppe) offers foreign exchange services throughout the Greater Toronto Area. You can exchange CAD for over 15 currencies, with 4 branch locations to choose from.

How to exchange currency

You can order your foreign currency online from My Currency Shoppe, pay with cryptocurrency and collect your cash from its Spadina Avenue headquarters. If you don’t want to order online, you can head in-store and you must pay in cash. If making a large purchase or exchanging to a minor currency, you may need to pre-book your transaction and pay in advance.

How much it costs

There are no fees for currency exchanges, but an exchange rate markup applies. You’ll need to phone My Currency Shoppe directly to get the latest exchange rate.

4. Interchange Financial Currency Exchange

Who they are

Interchange Financial is a Better Business Bureau-accredited foreign exchange provider that has been in business for more than 20 years. It supports over 70 currencies and operates 4 Ontario branches.

How to exchange currency

Head to the Interchange Financial website to order a foreign currency for home delivery or in-store pickup. Online payments are accepted via Interac Online or Interac e-transfer. You can also sign up for an Interchange Financial account and exchange USD for CAD online.

How much it costs

There are no transaction fees on currency exchanges, but an exchange rate markup applies. Exchange rate markup varies between currencies — the rate listed online for exchanging USD for CAD was around 1.5% higher than the mid-market rate when we checked.

5. College Currency Investments

Who they are

College Currency Investments operates a currency exchange storefront on Yonge Street in downtown Toronto. It’s open seven days a week and allows you to exchange dozens of currencies.

How to exchange currency

You’ll need to head in-store to exchange foreign currency. It’s worth phoning ahead to make sure the provider has enough currency available and to ask about current exchange rates.

How much it costs

Rates aren’t listed online, but multiple customer reviews mention no service fees.

Compare money transfer services

Want to send an international money transfer rather than exchange currency? Use the table below to find the best exchange rate and lowest fees for your transfer.

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Product CAFMT		_compare_	Filter Values	Fastest Transfer Speed	Fees (Pay by Bank Transfer)	Standout Features
OFX Finder Award				24 hours	$0	Large business transfers	Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee. OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.	Go to siteView details	loading Fetching your data...
Wise (TransferWise) Finder Award				24 hours	From 0.33%	Easy to use	Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.	Go to siteView details	loading Fetching your data...
Xe Money Transfers Finder Award				Within minutes	$0	Low cost	Xe has fast transfers with low fees and a range of foreign currency tools.	Go to siteView details	loading Fetching your data...
Remitly Finder Award				Within minutes	From $0	Easy app	Special offers like free transfers and better exchange rates available for new customers. Remitly has quick, affordable transfers around the world, with both express and economy options.	Go to siteView details	loading Fetching your data...
Airwallex		Get up to $500 in FX fees refunded for international money transfers sent within the first 3 months of opening a new account.		Within an hour	$0 - $35	Fast transfers	Offer: Sign-up and get up to $500 in cash bonuses. Airwallex has transparent fees and fast transfers. Make business payments to 150+ countries in 60+ currencies.	Go to siteView details	loading Fetching your data...
Loop				Within an hour	$0	Low FX rates	Loop has 1 day transfers and low FX rates.	Go to siteView details	loading Fetching your data...
Western Union				Within minutes	From $0	Coverage	Western Union sends money online to friends and family in 200+ countries around the world.	View details	loading Fetching your data...

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Tips for getting the best rate when exchanging money in Toronto

Remember these tips to get a better deal when you exchange foreign currency:

1. Know the current exchange rate. The mid-market exchange rate is the real exchange rate, but it’s not what you’ll get from a currency exchange service. Providers add a markup to the mid-market rate when you exchange money, so check the current rate on Google so you know whether you’re getting a good deal.
2. Shop around. It’s easy to compare rates from many currency exchange services online. Compare exchange rates and transaction fees across multiple providers to find the best value.
3. Check the fine print. Remember that you’ll always be charged some sort of fee when you exchange currencies — this could be in the form of a transaction fee, an exchange rate markup, or both. Read the fine print so you know exactly how much your transaction will cost.
4. Consider a prepaid travel card. If you’re heading overseas, prepaid travel money cards allow you to hold and spend in multiple currencies while avoiding foreign transaction fees. Compare cards to find one that’s right for you.

Where not to exchange currency in Toronto

• Airport kiosks. If you wait until you get to the airport to exchange currency for international travel, expect a poor deal. The companies that operate these kiosks know you’ll want to have local currency in your pocket when you arrive at your destination — even if it means accepting a disappointing exchange rate — so you can find much better rates elsewhere.
• Foreign ATMs. Withdrawing cash at a foreign ATM is quick and convenient, but poor exchange rates and foreign transaction fees make it an expensive option.
• Popular tourist areas. Currency exchange operators sometimes set up shop in popular tourist areas and shopping centres. While these locations are often convenient, keep in mind that you may be able to find better rates a little further off the beaten track.

Bottom line

You’re spoiled for choice when searching for places to exchange currency in Toronto. But if you want to find the best exchange rate, make sure you compare rates online and avoid expensive airport exchange bureaus.

Frequently asked questions

• What is the mid-market exchange rate?

  The mid-market exchange rate, also known as the interbank rate, shows the true value of one currency relative to another. It's called the mid-market rate because it's the halfway point between the buy and sell prices of two currencies. You usually won't get the mid-market rate when you exchange currency as the provider adds an exchange rate markup to the transaction.

• Can I use my credit card overseas?

  Yes, you can use your Canadian credit card overseas. But while this is a simple and convenient option, it can be expensive. Use a card with no foreign transaction fees to avoid these expensive charges, and avoid using dynamic currency conversion (which involves paying in your home currency rather than the local currency) to get the best value.

• Where is the best place to exchange currency in Toronto?

  There are several options to choose from when you want to exchange currency in Toronto, including both in-store, online and home delivery options. Use your specific transaction needs to compare exchange rates and fees across a range of providers and find the best deal.

Written by

Tim Falk

Writer

Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio