7 Best places to exchange currency in Toronto - 2024
Toronto-Pearson is the busiest airport in Canada. If you’re passing through Toronto on the way abroad - or if you’ve just arrived as a tourist planning to explore Canada, you might need easy, cheap ways to exchange currency to or from CAD.
Toronto has plenty of currency exchange options - this guide walks through some good ones to look out for so you can conveniently get the travel cash you need. Plus we’ll also run through some alternatives if you don’t want to visit a physical currency exchange store, and a few important tips to make sure you get the best deal on currency exchange, at home or abroad.
Things to consider before exchanging money
1. Get a travel money card to cut costs
A prepaid travel money card can be a good way to steer clear of a lot of the hassle and headaches involved with getting your travel cash.
Prepaid travel cards are safe and convenient, and often come with smart ways to keep your costs down, like some fee free international ATM withdrawals and access to great exchange rates.
Wise cards are linked to a digital account which supports 40+ currencies for holding or exchange.
Canada Post’s Cash Passport supports 7 currencies and is a good last minute option as you can walk in and get one at a Canada Post office conveniently.
Generally you’ll need to order a card in advance online, and add money in CAD. Some card issuers also have physical locations where you can grab a card instantly. Once you have a balance in your card account you can either convert to the currency you need in your destination, or let the card manage the conversion for you.
Bear in mind that different prepaid travel cards have their own features and fees which you’ll need to get familiar with before spending. A couple of options to consider include the Wise card, or the Cash Passport from Canada Post.
Wise cards are linked to a digital account which supports 40+ currencies for holding or exchange. Canada Post’s Cash Passport supports 7 currencies and is a good last minute option as you can walk in and get one at a Canada Post office conveniently. One big difference between the 2 cards is that the Wise card will let you leave your balance in CAD and automatically convert for you at the point of payment with no foreign transaction fee. The Cash Passport on the other hand will charge you a 3.25% fee if you don’t have the currency you need in your account, or if your balance in that currency isn’t high enough.
Here’s a quick overview of some of the pros and cons of Wise vs the Cash Passport, to give you an idea of which may work for you.
| Wise | Pros: ✅Free to open an account ✅Hold 40+ currencies ✅Use your Wise card in 150+ countries ✅No fee to spend currencies you hold ✅Mid-market rate currency conversion with low fees from 0.43% | Cons: ❌Some transaction fees apply ❌Some ATM fees apply once your monthly free withdrawal allowance is exhausted ❌No branch network |
| Cash Passport | Pros: ✅Convenient to collect in a Post Office branch ✅No fee to spend currencies you hold ✅Secure way to spend and make withdrawals ✅24/7 emergency support ✅Extra Mastercard perks and travel benefits available | Cons: ❌15 CAD fee to get a card ❌3.25% fee if you spend an unsupported currency, or if you don’t have enough of a supported currency in your wallet ❌Limited range of only 7 supported currencies ❌Exchange rates include a markup |
2. Check the mid-market rate
Currency exchange can be a bit confusing - with lots of different exchange rates offered, and varying fee structures. Cut through the noise by getting to know the mid-market rate for the currency you need. You’ll be able to find the mid-market exchange rate with a currency converter tool or a Google search. It’s a good benchmark to use as it’s the rate usually quoted on wholesale markets. However, it’s not often passed on to customers as banks and exchange services commonly add a markup into their retail exchange rates. That’s not transparent and can push up costs.
Looking out for providers which offer the mid market rate or as close as possible to it for your currency will usually mean you get the best available deal.
3. Beware of ATM rates
ATM withdrawals are a good option to get travel cash - and you won’t need to sort out anything in advance, either. Overall the costs and rates you get are usually pretty reasonable - as long as you manage to avoid dynamic currency conversion (DCC).
You’ll see DCC at ATMs when you’re offered the option to pay in your home currency or to have the terminal manage the currency conversion for you instead of your card or bank. This can sound like a nice idea as you can easily see what your travel cash is costing you in your home currency. However, where it gets tricky is that the ATM operator will pick the rate and fees for your transaction instead of your bank or card issuer. That usually means a higher cost overall.
If you’re asked if you want to pay in your home currency just say no, to avoid the extra costs associated with DCC.
Read more:
Avoid airport currency exchanges
Unsurprisingly for such a large and busy airport, Toronto-Pearson has a selection of places you can pick up your CAD or exchange dollars for foreign currency. However, what may be more of a surprise is that almost all of them are run by the same provider, which means there’s little real competition.
If you’re going to get foreign currency in the airport do double check the rates and fees available - 9 of the exchange desks are managed by ICE, while there is also one CIBC banking centre in T1 which offers currency exchange. As an alternative - which may net you a better deal in the end - you may prefer to wait until you arrive, and make an ATM withdrawal at your destination.
ATM withdrawals are convenient and can mean access to a decent enough exchange rate as long as you avoid dynamic currency conversion (more on that later). If you have a travel prepaid card from a service like Wise you may also get some fee-free international ATM withdrawals every month, with the mid-market rate for currency conversion.
Where to get foreign currency outside Canada
Using your bank card - or a prepaid travel card - to pay directly in stores and restaurants while you’re away from home is familiar and convenient. But card payments are not always possible, particularly with smaller merchants or when you’re off the beaten track.
Having some local cash on you is a smart move - if only as a backup for when your card can’t be used. If you’re already at your destination you’ll need to use an ATM or - if you’re carrying cash in CAD - look for an exchange office wherever you are.
Which option is best for you depends on your preferences and where you are. Both ATMs and exchange offices are easy to find in cities and tourist areas. However, your options will be far more limited in rural areas.
Overall, having a few different ways to pay with you at any one time is a good move. Many travellers prefer to have their bank card, a little cash and a travel money card from a service like Wise, or through Canada Post. That means you can spend and make withdrawals as you go, and you’ll never be stuck with no way to pay.
Best place to exchange currency in Toronto?
Toronto has many money exchange services in the downtown area, and another cluster in the North York area.
Unfortunately many providers don’t publish their exchange rate online so you’ll need to do a bit of research in person or by calling. Both independent and chain options are available, and as exchange offices in these areas are pretty close together, shopping around for a good rate should be easy enough to do.
Our table shows a few of the top rated travel money options in Toronto, including their Google rating, so you can see what other customers think of the services they offer.
Find more currency exchange services in Toronto here.
| Name | Address | Phone number | CAD - USD exchange rate | Google Rating |
|---|---|---|---|---|
| 6030 Exchange | 6032 Yonge St, North York, ON M2M 3W5 | +1 647 360 6030 | Not available online | 4.9 star |
| Currency Exchange Shoppe | 279 Spadina Ave, Toronto ON M5T 2E3 | +1 416 596 7601 | Not available online | 4.8 star |
| NHVN Currency Exchange | 222 Spadina Ave 101C, Toronto, ON M5T 3V3 | +1 416 599 6586 | Not available online | 4.7 star |
| Currency Exchange Toronto North York Currency Mart | 4841 Yonge St Unit 237D, Toronto, ON M2N 5X2 | +1 647 812 2876 | 1 CAD = 0.7264 USD | 4.6 star |
| Currency Exchange Toronto Downtown Currency Mart | 120 Adelaide St W R7, Toronto, ON M5H 1T1 | +1 647 812 2286 | 1 CAD = 0.7264 USD | 4.5 star |
| Ebixcash World Money Limited | 121 Yonge St, Toronto, ON M5C 1W4 | +1 416 363 2300 | Not available online | 4.5 star |
| Interchange Financial Currency Exchange | 20 Dundas Street West, Toronto, ON, M5G 2C2 | +1 888 972 7799 | 1 CAD = 0.72 USD | 4.3 star |
- Correct at time of writing, 11 October 2023 ### How we rated the best places to exchange money
Toronto currency exchange options tend to be clustered around popular and busy areas. This has the advantage that you can more easily compare the rates available. Plus, many services have ratings available on Google, with a good number of reviews posted.
We’ve picked out our providers based on location and Google rating. Bear in mind that customer ratings are dynamic, and service quality can change over time, so doing your own research can confirm which exchange locations are best at the time you need your travel cash.
Factors to consider when choosing an exchange provider in Toronto
Which currency exchange provider is right for you will depend on the currency you need and where exactly in the Greater Toronto Area you’ll be staying. Look out firstly for a reputable service with decent exchange rates. Google or Yelp ratings can give a good feel for which exchange offices are worth using - but you’ll probably have to call in or phone to get the latest exchange rates.
Compare Toronto currency exchange services on a combination of the fees and the rates on offer. Exchange rates often include a markup - which is simply a fee that’s already built in to the transaction cost. Shopping around to find a rate that’s as close as possible to the mid-market exchange rate will usually get you the best available deal - or you can save time by picking a provider which always uses mid-market rate currency conversion with low, transparent fees, like Wise.
Tips for finding the best currency exchange rates in Toronto
Before we finish up, here are a few more handy tips for exchanging foreign currency in Toronto, or once you’ve reached your destination:
Travel cards from a provider like Wise or Canada Post let you set your budget in advance, and also offer safety benefits compared to using your bank card abroad
Before you pick your Toronto currency exchange store check the mid-market rate for your currency, and call or look up live rates available to help you find a good deal
It’s usually best to avoid airport currency exchange desks - make an ATM withdrawal on arrival at your destination instead if you need cash instantly
Use the Exiap currency conversion tools to stay updated on current exchange rates
How do I exchange currency after a trip?
If you’re not planning on travelling again any time soon you might want to switch left over travel money back to your home currency. You’ll normally be able to exchange large notes in major foreign currencies, as long as they’re clean and unmarked. However, bear in mind that because exchange rates are likely to have changed between you buying and selling your foreign currency you might get back less than you originally spent.
Prepaid travel cards like the Wise card or Canada Post Cash Passport can be a good alternative, as you can add money conveniently, and top up if you run out while you’re away if you want. And with Wise there’s no need to convert all your funds to foreign currency in advance as the card can convert for you at the point of payment with the best available fees and the mid-market exchange rate.
FAQs - best places to exchange currency in Toronto
What is the cheapest way to get foreign currency in Toronto?
There’s no single best way to get foreign currency - in Toronto or on arrival in your destination. Each currency exchange service will have its own rates and fees, which may vary widely. Compare a few different providers online, or to use the tools and reviews on Exiap, to narrow down your search.
Should I exchange money before I travel?
You can exchange your money before you travel, but depending on the service you use, you won’t always get the very best rates. It’s worth knowing that you don’t necessarily have to exchange before you leave. You could get a multi-currency account and card from Wise, or a Canada Post Cash Passport instead. Both are convenient for spending and withdrawals overseas.
Does it matter where you exchange currency?
Yes. Currency exchange services set their own rates and fees - so which one you pick can make a huge difference to how much you have to spend on your trip. It’s worth investing some time in researching the best options for your needs, including exchanging cash and using a specialist travel money card instead.