Review: Ultimate Currency Exchange

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

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

Learn more about:

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

Pros
  • 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.
Cons
  • 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. Use our calculator below to see how Ultimate Currency Exchange stacks up against the competition.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 0 Within an hour CAD 3.99 0.75 USD
7,501
Use code FINDERCA and pay zero fees on your first transfer. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details
CAD 1 1 - 2 days CAD 90.00 0.754 USD
7,471
Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details
USD 150 1 day CAD 0.00 0.751 USD
7,509
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Go to site Show details
CAD 0 1 day CAD 0.00 0.751 USD
7,507
Send money in more than 60 currencies. Fee-free international money transfers with a global brand. Go to site Show details
CAD 5 1 - 2 days EUR 3.00 0.75 USD
7,501
Special offer: Pay zero fees on your first 5 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
AUD 2,000 1 day CAD 0.00 0.751 USD
7,505
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies.
Go to site Show details
CAD 7,000 1 day CAD 0.00 0.739 USD
7,388
Venstar Exchange offers competitive exchange rates and zero fees on large transfers over US$10,000. Go to site Show details
GBP 5,000 1 - 2 days CAD 0.00 0.751 USD
7,507
Aimed at larger transfers, CurrencyTransfer is an online marketplace that lets you shop around for the best exchange rate. Go to site Show details

Compare up to 4 providers


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 differ from the actual exchange rate quoted by the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

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