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Best places to exchange currency in Toronto

Get the best deal on cash for your trip to Canada's biggest city.

Updated

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?

Who can exchange my money in Toronto?

Calforex logo

1. Calforex

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 buyback program.

Wall Street Finance logo

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.

Kantor Currency Exchange logo

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, AKA the interbank 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 exchange 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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 1,000 1 - 2 days USD 0.00 1.307 CAD 6,537 Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
For larger transfers, get no transaction fees and no maximum send limits.
Go to site Show details
$1 Same day USD 0.00 1.315 CAD 6,573 XE offers fast transfers with no fees and a range of foreign currency tools. Go to site Show details
$1 1 - 2 days USD 40.00 1.321 CAD
6,550
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
$1 Within an hour USD 3.99 1.315 CAD 6,570 Use promo code 3FREE to send your first 3 transfers with no fee. Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. Go to site Show details
$50 1 - 2 days USD 0.00 1.313 CAD 6,563 InstaReM offers quick and simple international money transfers with the ability to earn loyalty points. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Bottom line

If you’re heading to Toronto, you can save money by picking up Canadian dollars at an exchange company with competitive rates. And if you’re staying home and just sending funds to Canada, compare money transfer companies to find the best deal.

Picture: Shutterstock

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