Find the best deal on foreign currency exchange in Toronto.
Whether you’re hiking up the CN Tower, exploring the seasonal gardens of Casa Loma or sampling some local delicacies at the world-renowned St. Lawrence Market – chances are you’re going to need some cash for your stay in Toronto.
So which foreign currency exchange is the best fit for you?
Located just north of the Entertainment District in downtown Old Toronto, this money changer has over 100 currencies for sale. You can also order cash online to be picked up later. It’s open seven days a week and also offers a currency buy-back program.
2. Wall Street Finance
You can find this exchange store on Yonge Street in the heart of downtown, open six days a week. You can exchange currencies for more than 50 countries and pay with cash or debit card in-store.
3. Kantor Currency Exchange
Kantor’s Toronto Branch can be found on Runnymede Road, close to the metro station. It sells more than 70 currencies and is open all week, except for Sundays.
Tips for getting the best deal when exchanging money
Shop around. It pays to compare your options before you head out the door. Call three to four businesses for quotes or check their rates online to make sure you’re getting the best deal.
Know the interbank rate. Use Google or Reuters to check the mid-market rate, which is the rate that the banks trade at. Steer clear of companies that aren’t charging something similar.
Opt to pay with cash or bank transfer. Avoid paying with card when you buy foreign currencies. Your bank might ding you for a cash advance, which could cost you 2% to 5% more on your next bank statement.
Avoid ATMs. ATMs charge fees outright and behind-the-scenes, so can end up costing you a lot. It pays to do your homework and find a decent kiosk to change your money.
Don’t exchange money at the airport. This is a big no-no. If you need cash before you hit the airport, plan ahead by pre-buying currency at home to avoid high prices.
Compare money transfer services
Similar to foreign currency exchange, an international money transfer is one possible way to send local currency to a loved one overseas. Our table below lets you compare fees and exchange rates for reputable money transfer specialists operating out of Canada.
The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.
Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.
Claire Horwood graduated with a Bachelor of Arts from the University of Victoria, and became a freelance writer in 2017. She has traveled extensively (24 countries and counting) and enjoys working remotely for clients all over the world. In her spare time, Claire loves rock climbing, drinking inordinate amounts of coffee and reading the epic graphic novel series, SAGA.
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