Best banks to exchange currency 2024

If you need travel money for an upcoming trip, your bank may be able to help with foreign exchange services. However, not all Canadian banks offer travel money services, with some recommending you pay and withdraw with your bank card when you’re abroad, instead.

Whether you’re getting foreign currency cash from your bank or using your card, you may find fees are on the steep side for currency conversion services. Instead, consider an alternative like ICE if you want cash, or Wise if you want to pay and withdraw with a travel optimized card with no foreign transaction fee and mid-market exchange rates.

This guide walks through all you know about the best Canadian banks for currency exchange - and some alternatives to consider.

Key points: Best Canadian banks for currency exchange

• Some Canadian banks offer currency exchange for travel - but you’ll need to already hold an eligible checking or saving account with the bank in most cases

• Bank currency conversion fees may include a service fee, delivery costs and an exchange rate markup

• As an alternative some non-bank providers like Wise and Airwallex let you hold dozens of currencies in a digital account and spend or withdraw with no foreign transaction fee

• If you want cash in a foreign currency before you leave Canada you might also want to compare an option like ICE which covers 70+ currencies for collection

Is it best to get foreign currency from your bank?

Whether or not it’s the best idea to get foreign currency from a bank is pretty subjective and depends on your preferences, where you’re off to, and the specific bank you use.

• Using a bank to get cash before you leave is reassuring as you know you have money as soon as you land

• Not all banks offer travel money services, and you’ll need to use a bank you have an account with already in most cases

• Bank currency exchange can incur fees and may take up to a week for your money to be available

• Some banks waive fees for certain account types - and there may be a lower overall cost if you can collect your cash in a branch

• Carrying all your travel cash when you leave Canada can be a security issue - consider a travel optimized card from a provider like Wise for spending and withdrawals, instead

Which bank is best for currency exchange?

Not all banks in Canada offer currency exchange travel money services. Here we’ve rounded up the options from popular banks TD Bank, RBC, Scotiabank and Bank of Montreal- there’s a little more information on each coming up in a moment.

While the services offered are pretty similar, there are some important differences in eligibility, coverage and fees. Check out your own bank’s options before you get started. Here’s a roundup of the banks we've looked at:

TD Bank

• Great selection of over 50 currencies available for online or in-branch orders

• Delivery fees apply if you choose home delivery

• No upfront fees – costs are included in the exchange rate

• 2 – 3 business days for delivery, or collect in branch

RBC

• Over 40 currencies available online or in branch

• Delivery fees apply for home delivery, even if collecting in branch

• Exchange rates include a markup – no upfront fee

• 3 – 10 business days for delivery, depending on your location

Scotiabank

• Wide selection of over 65 currencies available for order online or via branch

• Delivery times vary – up to 7 business days for home delivery

• Fees included in exchange rate

• Collect your order in branch for faster service

Bank of Montreal

• Over 60 currencies available for order in branch or online for collection

• Exchange rates include a markup

• Up to 7 business days for delivery

Alternatives to banks for foreign currency exchange

If your bank does not offer travel money services - or if you simply want to shop around to make sure you get the best deal, it’s worth looking at some non-bank alternatives. Here are some popular options - ICE, Wise and Airwallex so you can consider which may be best for your needs.

The right currency exchange option for you will depend a lot on your specific situation:

• If you need cash for a vacation - particularly if you’re in a hurry - ICE may help, with fast exchange in many currencies.

• If you would rather manage your money digitally and pay with a card when you’re away - with the option of using an ATM when you need cash - Wise may suit, with low costs and fair exchange rates.

•  If you’re a business looking to exchange in foreign currencies, Airwallex may be a good option, allowing you to make purchases with the Airwallex card with no foreign transaction fees.

ICE (order online for collection)

ICE has over 90 office locations across Canada, with their network spanning across major airports, malls and city centres. With over 45 years’ experience, you can order travel cash online for collection or visit one of their branches.

With over 70 currencies available, you’ll get a preferential rate for Click & Collect orders, and you can expect your cash within 3 business days. However, there are fees: 9.95 CAD at airport locations and 4.95 CAD for mall collections.

The only authorized method of payment is a Canadian debit card and orders should be made at least 2 business days in advance depending on the currency.

Wise (multi-currency account and card for spending and withdrawals)

Open a Wise account online or in app, and top-up your account in CAD from your bank account or card, and convert instantly in your account.

You can then tap and pay with a Wise card, or make cash withdrawals in foreign currencies when you’re away. You can spend and withdraw with your card in 150+ countries, with some free ATM withdrawals every month before fees begin.

Currency conversion uses the mid-market rate with low fees from 0.33% - and accounts can hold 40+ currencies.

Learn more: Wise card review

Airwallex (Global account and card for business spending) 

Airwallex is a business-only multi-currency account designed for global operations and global transfers to 150+ countries. Open an account and manage 20+ currencies with local bank details, and instantly convert currencies at competitive rates—0.5% above interbank for major currencies and 1.0% for others. Use the Airwallex card for purchases with no foreign transaction fees, but note that it’s not available for cash withdrawals.

Which Canadian banks do currency exchange?

Not all banks offer a foreign currency exchange service, and in pretty much all cases you need to already be a bank customer to use the exchange facilities which are available. Here’s a quick reminder of the Canadian banks we've looked at so far, and another couple of options you might want to consider.

TD Bank – A good selection of over 50 currencies you can order in branch or online for collection. Delivery typically takes 2-3 business days.

RBC (Royal Bank of Canada) – Account holders can order online for collection. Fees apply, and delivery times can range from 3-10 business days.

Scotiabank – Foreign currency exchange services are available in branch to Scotiabank customers with over 65 currencies on offer.

BMO (Bank of Montreal) – Over 60 currencies available for order in branch or online for collection, with delivery times up to 7 business days.

CIBC (Canadian Imperial Bank of Commerce) – Customers can order online or in branch for collection or home delivery with no ordering fees

National Bank of Canada – Customers can order eight popular currencies online or in a branch if the currency you’re looking for is not on the list. Your money can be delivered to your home for a 10 CAD fee or to a branch free of charge within 10 days

Which banks exchange foreign currency for free?

You’ll notice that some Canadian banks do not charge a currency exchange fee for customers. However, this doesn’t necessarily mean that the service you get is entirely free. Instead, fees may simply be added into the exchange rate offered to convert your CAD to the currency you need for your trip.

When you look online for a currency exchange rate - using a Google search, for example - you’ll usually see the mid-market rate. This is a good benchmark because it’s used on global markets when banks buy and sell currencies. This rate isn’t necessarily the same as the one your bank will offer you though - usually a fee known as a markup is added to the mid-market rate to calculate the retail exchange rate available for customers.

Exchange rate markups are common but make it hard to see what you’re really paying for your travel money as the fee isn’t split out for transparency.  Usually the markup sounds quite small - say 3% for example. But it mounts up quickly: 3% extra on an exchange of 1,000 CAD would cost you an extra 30 Canadian dollars - and if you’re on a longer family trip and spend 5,000 CAD that’s 150 Canadian dollars in fees right there.

It’s worth comparing the rates you might get from banks like RBC and TD Bank which may waive conversion costs - but you may find cheaper services like Wise.

Wise offers currency exchange with the mid-market rate, with low transparent fees split out for ease. That means it’s simple to see how much the conversion costs, and how much foreign currency you’ll get in the end.

Learn more about their fees and exchange rates here.

Do banks charge a fee to exchange currency?

Different banks have their own fee schedules for travel money exchange, which can include costs included in the exchange rate, upfront service fees or delivery charges.

Alternative non-bank providers may also charge a fee for currency conversion but this is often pretty low. Wise, for example, offers currency conversion from 0.33% of the converted amount. Here’s a reminder of the fee for the banks we profiled earlier:

TD Bank- No upfront fee - costs are included in the exchange rate

RBC (Royal Bank of Canada) - No upfront fee - costs are included in the exchange rate, and a delivery fee may apply

Scotiabank - No upfront fee – the total Canadian dollar cost includes the order value, foreign exchange fees, commissions, and delivery fees.

BMO (Bank of Montreal) - No upfront fee - costs are included in the exchange rate

Currency exchange rates

Banks set their own currency exchange rates. This usually means that the retail rate you’re quoted by your bank includes a fee - a markup - added to the mid-market exchange rate. Currency exchange markups are common but push up the costs of exchange overall - plus they’re pretty tricky to spot. To see what you’re paying for your travel money you’ll need to get out the calculator and check the difference between the mid-market rate and the rate your bank offers you.

All of the banks we’ve covered in this guide use an exchange rate markup. If you want to compare your options, look at non-bank services which do not use markups, like Wise.

You can compare exchange rates for some popular currencies here:

• Best GBP exchange rates

• Best USD exchange rates

• Best Euro exchange rates

How to check your bank’s exchange rate

You can get your bank’s live exchange rate by logging into online or mobile banking or by calling into a branch. If you want to compare your options with providers like Wise, you can find their rates on their desktop sites or apps - even if you don’t already have an active account.

What currencies do banks support for currency exchange?

Where banks offer travel money services they tend to be able to convert a very extensive range of currencies - 50+ is common. This is possible because you’ll almost always have to call and order in advance. If your bank offers a walk in service, the chances are that the currencies they keep on hand include only a far smaller range of commonly requested currencies like EUR, MXN, USD and GBP.

Alternatives like Wise, Airwallex and ICE also offer a wide range of foreign currencies.

• Wise supports 40+ currencies for currency exchange, while

• Airwallex supports 20+ foreign currencies, and

• ICE supports 70+ currencies

How to buy foreign currency from a bank

Banks have different methods to buy foreign currency. Some allow you to just walk in and get your money there and then - but this service is unusual. In most cases you must order in advance and then have your money delivered to your home or a local branch for collection. This process can take a week or so depending on your bank. For a quicker option, get a Wise account and card, for instant conversion in your account.

Here’s how to order foreign currency in your bank:

Order travel money in a bank branch: Call into your local branch and place your order with a team member - you’ll usually need to pay with a checking or savings account from that same bank

Order travel money in online banking: Log into online banking and place your order following the prompts - you’ll usually need to pay with a checking or savings account from that same bank

Order travel money in the bank’s mobile app: Log into your bank’s mobile app and place your order following the prompts - you’ll usually need to pay with a checking or savings account from that same bank

If you’re interested in buying certain currencies, these pages can help:

• Best ways to buy GBP

• Best places to buy Australian Dollars

• Best places to buy US dollars

• Where to buy Euros

• How to buy Japanese Yen in Canada

• Cheapest ways to buy Mexican Pesos

How to order foreign currency online from your bank

Some banks allow  you to order travel money online for home delivery or collection, if you are a customer already and can pay with an account from that bank. If this service is an option the basic steps to take include:

1. Log into you online banking system

2. From the menu navigate to the option to order foreign currency cash

3. Place your order following the prompts

4. Confirm if you want delivery or collection

5. Pay with your checking or savings account

Buying foreign currency from bank’s mobile app

If you’d rather just use your phone you can also often order travel money in your bank’s mobile app. Just login and navigate to the option to order foreign currency cash. You can place your order and pay with your checking or savings account

How long does it take to get foreign currency from banks?

In most cases you’ll need to place your order with your bank and then wait to have the money prepared and delivered. You can often choose to get your cash at home or to go to a branch to collect it - but the end to end process may take up to a week for some banks.

As an alternative, consider options like Wise, which let you buy or exchange foreign currency instantly in the app, to withdraw, spend or send to others easily.

Here’s how long it takes to get foreign currency from the banks we looked at earlier:

TD Bank- 2-3 business days

RBC (Royal Bank of Canada)- 3-10 business days

Scotiabank - Not specified - call your branch to check

BMO (Bank of Montreal) - Up to 7 business days

Conclusion: Buy foreign currency from your bank

• Some Canadian banks allow their customers to order foreign currencies by phone, online or in branch, for collection or delivery

• Banks may charge a conversion fee, and charges for shipping and handling

• Typically bank exchange rates include costs, such as transaction processing, and also revenue - the bank’s profit

• If you want travel money in cash, compare the rates and fees from online currency exchange services like ICE which may get your money to you quicker

• Customers who prefer to use a card to spend and withdraw when away from home may like Wise - which offers multi-currency accounts which use the mid-market exchange rate

FAQs bank currency exchange

What is the cheapest bank to buy foreign currency?

Banks set their own fees and exchange rates - there’s not usually one single cheapest option, and in most cases you will only be able to choose a bank you already have a checking account with anyway, limiting your options. Compare your bank’s costs against an alternative like Wise to see which works best for your needs.

Should I buy foreign currency before I travel?

You can buy travel cash in Canada but it’s not always necessary - or cost effective. Your bank might let you order some travel money but there’s likely to be a fee which may be added to the exchange rate used. If you really want cash before you leave home, compare your bank’s costs with ICE; and if you’re happy to use a travel optimized card to spend and withdraw instead, check out Wise.

Where can I exchange foreign currency for Canadian dollars?

Some banks offer buy back services if you’ve already switched your CAD to a foreign currency with them. The exchange rate may not be the same as you got in the first place, which means this will cost you money. Choose a multi-currency account and card from a provider like Wise which lets you leave your money in CAD and convert upon purchase or withdrawal, to avoid unnecessary conversion costs.