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.
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.
Tips for getting the best rate when exchanging money in Toronto
Remember these tips to get a better deal when you exchange foreign currency:
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.
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.
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.
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
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.
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.
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.
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.
Getting a good forex rate could mean hundreds if not thousands of dollars in savings when you make a money transfer. Compare the best rates here.
Feedback
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
