- Online orders
- No commission
- Range of currencies
Not so great for
- Number of locations
- User-friendly website
- Fast transactions
- Large amounts
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.
Ultimate Currency Exchange allows you to exchange money into more than 90 currencies, including:
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.
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.
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.
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.
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.
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.
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.
Ultimate Currency Exchange doesn’t offer online money transfers, but this could be a better solution for you, depending on your circumstances. Use our calculator below to see how Ultimate Currency Exchange stacks up against the competition.
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