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

Currency exchange	Address	Phone number	Positive reviews	Negative reviews
Kantor Currency Exchange	2310 Bloor St. W., Toronto, ON Also has branches in Mississauga, North York, Thornhill and Hamilton.	416-767-7782	Helpful and responsive customer service Competitive exchange rates	Some customer service issues Customers claim they were offered a different rate over the phone vs in-store
Currency Mart	Downtown PATH: 120 Adelaide St W #R7 Toronto, ON Yonge Sheppard Centre: 4841 Yonge Street Unit 237D, Toronto, ON	Downtown PATH: 647-812-2286 Yonge Sheppard Centre: 647-812-2876	Fast and efficient service Fair exchange rates No hidden fees	Some complaints about a service fee on small transactions Some complaints about there not being enough cash on hand for large transactions
College Currency Investments	437 Yonge St A, Toronto, ON	416-595-0900	Competitive exchange rates No service fees Good customer service	Some complaints about customer service issues Some customers claim there are better rates elsewhere
My Currency Shoppe	279 Spadina Ave., Toronto, ON	416-596-7601	Good exchange rates Helpful customer service	Closed on weekends Some complaints about customer service
Interchange Financial Currency Exchange	Toronto downtown: 20 Dundas Street West, Toronto, ON Toronto North York: 5617 Yonge Street, Toronto, ON	1-888-972-7799	Fast and easy-to-use service Competitive exchange rates	Some complaints that rates could be better Some complaints about customer service issues

Related: Best places to exchange currency

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.

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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.

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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.

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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.

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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.

Must read: Best international money transfer services

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.