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Review: Ultimate Currency Exchange

Buy and sell foreign currency online or at a kiosk near you with better rates than the bank.

This product is not currently available via Finder. Visit the provider's website directly, or compare other options.

Quick verdict

Good for
  • Online orders
  • No commission
  • Range of currencies
Not so great for
  • Number of locations
  • User-friendly website
  • Fast transactions
  • Large amounts

Ultimate Currency Exchange exchange rates and fees

Ultimate Currency Exchange offers online foreign exchange services across Canada, with physical locations in Toronto and Ottawa. Since their main function is foreign exchange, you won’t be able to use them to send money transfers overseas.

Currency exchange rates are typically better than those on offer from the banks and they have a zero commission policy on all transactions, so you won’t need to pay any additional fees.

Available currencies

Ultimate Currency Exchange allows you to exchange money into more than 90 currencies, including:

  • USD US dollar
  • GBP British pound
  • EUR Euro
  • AUD Australian dollar
  • SGD Singapore dollar
  • ZAR South African rand
  • INR Indian rupee
  • MXN Mexican peso

What services does Ultimate Currency Exchange offer?

Ultimate Currency Exchange lets you order currency online for Canada-wide delivery.

Get started by filling out your personal details and mailing address on their website. You’ll receive an invoice outlining the total cost of your order, which you can pay by mailing in a money order or personal cheque. This service charges a $10 shipping fee within Ontario, and $20 for the rest of Canada.

How long does an exchange with Ultimate Currency Exchange take?

In-person exchanges should only take a couple of minutes, but online orders can take days to weeks to process. This is because you’ll need to send a money order or personal cheque to cover the costs of your transfer before Ultimate Currency Exchange can release funds and send currency back to you via the mail. Delays in processing can occur, so it makes sense to order many weeks in advance if you plan to use cash for an upcoming trip.

What payment methods does Ultimate Currency Exchange accept?

There’s very little information about how you can pay for services listed online. For in-store exchanges, you can call their toll-free number to find out if they take cash only or if you can pay using your debit or credit card. For online orders, you can only pay using a money order or personal cheque.

Is Ultimate Currency Exchange safe to use?

  • Security and regulation: Physical and electronic security measures in place.
  • Established: 2006
*According to Ultimate Currency Exchange on 12 March 2019.

On transfers over $3,000, Ultimate Currency Exchange has to log some form of identification, like a passport or driver’s licence. For larger transactions ($10,000 or more), they may need to ask additional questions and have you complete a form to certify information.

How does Ultimate Currency Exchange make money?

Ultimate Currency Exchange makes its money by charging a spread on the exchange rate. They post their exchange rates online, but you might receive different rates when you order currency, especially if you order online. They typically charge a 1-5% margin on top of the mid-market exchange rate (aka the rate that the banks trade at) but they balance it out by offering zero commission fees.

For example, if the mid-market exchange rate sits at CAD$1 = USD$0.751 then Ultimate Currency Exchange might offer a rate of CAD$1 = USD$0.741. In this scenario, they make $0.01 on every dollar you exchange. This means that if you were to exchange $1,000, they would make $10 on the spread.

How to register an account

There is no need to register for an account. Simply visit a store in Toronto or Ottawa to exchange currency on the spot.

To order online, you just need to fill out a form with your personal details, including name and mailing address.

What is Ultimate Currency Exchange?

Ultimate Currency Exchange is a foreign currency exchange service. It has physical locations in Toronto and Ottawa, but processes online orders for delivery across Canada.

In a nutshell

  • Foreign exchange. You’ll typically get better rates for exchanging currency than you would with your bank.
  • Online orders. You can order currency from the comfort of your own home.
  • Zero commission fees. They don’t charge commission on transfers.
  • Many currencies. They offer over 90 currencies for exchange, but you should call ahead for in-store orders to make sure they have enough cash on hand.
  • Limited locations. You can only exchange currency in person at kiosks in Ottawa or Toronto.
  • Outdated website. It can be difficult to find up-to-date information about their services online.
  • Slow transactions. In-store transactions are fast to process, but online orders can take several weeks.
  • Fees for online orders. Online orders come with a $20 shipping fee outside of Ontario, and $10 inside, and you can only order up to $3,000 at a time.

How does Ultimate Currency Exchange compare to other providers?

Ultimate Currency Exchange doesn’t offer online money transfers, but this could be a better solution for you, depending on your circumstances.

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
Name Product _compare_ Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Wise (TransferWise)
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Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Xe Money Transfers
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Xe has fast transfers with low fees and a range of foreign currency tools.
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Use code HELLO to get $20 off on first two transfers on a min transfer of $250. Valid until November 30, 2023.
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Send money in CAD to Africa on this blockchain and P2P powered provider.
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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.
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Within minutes
From $4.99
For a limited time, get $0 fees on your first money transfer from Canada. Conditions apply.
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
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24 hours
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.


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