Best place to buy foreign currency online 2024
Exchanging money online or through an app is quick and convenient - and increasingly popular. There are many different services available in the Canadian market, depending on whether you need online currency conversion to send a payment to someone, to hold a foreign currency balance, to get money for yourself from an ATM, or to send money to someone else to collect in cash near their home.
The range of services available means that the right provider is out there for you - but it also means that you’ll need to do a bit of homework to pick the perfect provider for your specific needs. This guide to the best online currency exchange services in Canada has you covered, with reviews of popular services by customer need, including Wise and the Canada Post Cash Passport which offer flexible digital conversion and spending features.
Quick summary: Online currency exchange companies
Here are the providers we’ll explore in this article, and a quick word on why we picked them:
Wise - convert 40+ currencies with the mid market exchange rate
Canada Post Cash Passport - hold and exchange 7 major currencies with no fee to spend a currency you hold
Interchange Currency Exchange - order currencies online for delivery or local pickup
Remitly - convert money online for cash collection
OFX - no fees for high value transfers in 50+ currencies
Best places to buy foreign currency online
There’s no single best place to buy foreign currency online. In fact most providers have features which are aimed at a specific customer niche. We’ll walk through some popular providers available in Canada as this guide goes on - here’s a quick overview to get us started:
| Currency exchange services | Wise | Canada Post Cash Passport | Interchange Currency Exchange | Remitly | OFX |
|---|---|---|---|---|---|
| Buying foreign currency | Hold a foreign currency balance, send international payments , spend with card overseas | Hold a foreign currency balance, spend with card overseas | Order currencies online to collect or for home delivery in cash | Send payments to others, to bank and mobile money accounts or for cash collection | Send money to bank accounts internationally |
| Available foreign currencies | 40+ including GBP, EUR, CAD, AUD and NZD | 7 including GBP, EUR, CAD, AUD and JPY | 70+ including most major currencies | 100+ currencies, on popular remittance routes | 50+ including GBP, EUR, CAD, AUD and NZD |
| Exchanging foreign currency for CAD | Receive payments from others in 10 currencies, exchange to CAD within account | Exchange currencies within the card’s account - fees apply to spend in CAD | Not specified | Fund payments in foreign currencies and receive in CAD | Fund payments in foreign currencies and receive in CAD |
| Fees & exchange rates | No ongoing fees, mid-market exchange rate | 3.25% foreign transaction fee, rates include a markup | Fees may apply including a markup on the exchange rate | Fees vary based on transfer type, rates include a markup | 15 CAD transfer fee, waived for payments over 10,000 CAD, rates include a markup |
| Advantages | Low cost transactions, mid-market rates | Get your card instantly in person at a post office | Get travel cash delivered to your door, huge range of currencies available | Payments in cash for collection, often instant | Transact online - with phone support if you ever need it |
Wise
💡 Great for: anyone who needs to hold, send, spend and exchange currencies online and in-app with the mid-market rate and low fees
You can use your Wise account to hold and exchange 40+ currencies, send foreign currency payments to others, to convert a balance you hold, to make overseas ATM withdrawals to get cash in foreign currencies, to pay for things abroad with your Wise debit card, or to receive money internationally from others.
When you convert money with Wise you get the mid-market exchange rate and low fees from 0.35%. There are no fees to maintain your Wise account and the exchange process can be entirely managed online or with your smartphone app, making this a low cost and convenient option, for people who travel, send and receive foreign currency payments, or shop online with international ecommerce stores.
How to exchange money online with Wise
Set up a Wise account online or in app by entering your personal and contact information, and getting verified with your ID and address documents. You can then add money to your account in CAD, and convert within your account by following the on screen prompts. You can also get instant currency conversion when you tap to pay with your card, make a withdrawal or send a payment to someone else overseas.
Exchange rates: Mid-market rate
Debit card: Available with no ongoing fees to pay
Is Wise safe?: Regulated locally and globally by a range of bodies
Speed: Conversion can be instant - if you’re sending a payment to someone else, it can often arrive instantly, or within 24 hours
Wise reviews: 4.6 out of 5 stars on Google Play, from 868k+ ratings; 4.7 out of 5 stars on Apple App Store, from 67k+ ratings
Wise pros and cons
| Pros | Cons |
|---|---|
✅Mid-market exchange rate ✅Hold and exchange 40+ currencies - both business and personal accounts available ✅Debit card for international payment and withdrawals ✅Send money to 160+ countries ✅No ongoing account fees | ❌Variable currency conversion fee ❌Transfer delivery times are usually quick - but can vary ❌No cash delivery option |
Canada Post Cash Passport
💡 Great for: hold and exchange 7 major currencies with no fee to spend a currency you hold in your account when you travel
The Canada Post Cash Passport is a travel card you can either get in person at a Canada Post location, or order online. Once you have your card you can add money easily from your bank or in a post office location, and convert it to one of 7 major currencies. There’s no fee to spend a currency you have in your account, although exchange rates are likely to include a markup. If you spend a currency you don’t have in your account - either because you don’t have enough balance, or because the currency is not supported - there’s a 3.25% foreign transaction fee.
How to exchange money online with Canada Post Cash Passport
Buy a Canada Post Cash Passport card in a Post Office branch, or order online for delivery. You can then add money either in a Post office or online, and manage your balance from your phone. You can then use your account to exchange your balance to 7 foreign currencies, to spend and withdraw with your debit card.
Exchange rates: Exchange rate markups are likely to apply
Debit card: Available to hold and exchange 7 major currencies
Is Canada Post Cash Passport safe?: Safe, and fully regulated in the countries and regions where it offers services
Speed: Currency conversion can be instant
Canada Post Cash Passport pros and cons
| Pros | Cons |
|---|---|
✅Supports 7 major currencies ✅Manage your card online, in app, or in a Post Office ✅No fee to spend a currency you hold when you’re abroad ✅24/7 help available if your card is lost or stolen ✅Cards have 5 year validity and can be used for multiple trips | ❌Exchange rate is likely to include a markup ❌Relatively low limits apply for cash withdrawals and spending ❌Fees apply to use your card in Canada |
Interchange Currency Exchange
💡 Great for: travel cash in 70+ currencies which can be delivered right to your door
Interchange Currency Exchange has a very good range of currencies with 70+ available for online order. You can pick up your cash in one of their 4 branches or have it delivered to your home or office if you’d prefer. Interchange Currency Exchange exchange rates are likely to include a markup, but there’s no separate conversion fee or commission to pay.
How to exchange money online with Interchange Currency Exchange
You can order any of 70+ currencies online with Interchange Currency Exchange to pick up in a store location or to have delivered to your home.
Exchange rates: Exchange rates include a markup
Debit card: Not available
Is Interchange Currency Exchange safe?: Interchange Currency Exchange is an established business and considered safe to use
Speed: Varied pick up and delivery times based on currency and location
Interchange Currency Exchange pros and cons
| Pros | Cons |
✅No currency conversion fee ✅70+ currencies available for online order ✅Pick up your cash or have it delivered to home ✅Services offered to addresses throughout Canada ✅Pay by card or Interac | ❌Exchange rates are likely to include a markup ❌You’ll need to wait in for a home delivery of cash ❌Delivery takes 3 - 4 days |
Remitly
Remitly can be a strong option if you want to send money to someone who doesn’t have easy access to a bank or ATM. You can send money to 170+ countries and choose a variety of delivery options including sending money to a bank or mobile money account, or for cash collection.
Cash collection payments are often fast or instant and can be very handy if you need to get money to someone in a foreign currency quickly. Remitly transfers have variable fees, depending on where you’re sending money to, and the Remitly exchange rate is calculated based on the live mid-market rate plus a markup.
How to exchange money online with Remitly
Exchange money online by registering a Remitly account - you can send low value payments with little verification required, but to send more, or more frequently, you’ll need to provide some ID documents. Once you have an account you can easily enter the details of your payment and pick your preferred funding and delivery method, from those available at your destination.
Exchange rates: Mid-market rate + a mark up
Debit card: Not available
Is Remitly safe?: Regulated in the countries it serves - safe to send to people you know and trust
Speed: Payments for cash collection and mobile wallets can arrive in minutes - bank transfers may take a little longer
Remitly reviews: 4.8 out of 5 stars on Google Play, from 816k+ ratings; 4.9 out of 5 stars on Apple App Store, from 1.5 million+ ratings
Remitly pros and cons
| Pros | Cons |
|---|---|
✅Send to bank and mobile money accounts or as cash ✅Payments to 170+ countries available ✅Transfers for cash collection can arrive in minutes ✅Extremely well rated apps ✅Regulated service that’s safe to use | ❌Exchange rates include a markup ❌Transfers can have very low limits ❌Variable delivery times |
OFX
OFX offers ways to convert CAD to 50+ currencies to send to 170+ countries, for deposit to a bank account. There’s a 15 CAD OFX transfer fee, waived for high value payments over 10,000 CAD, and no fee to set up your account in the first place. Instead, OFX adds a small mark up to the exchange rate. This is a fee - but it’s often smaller than the mark up you’ll find used by banks. OFX has strong customer service, and offers 24/7 phone support, as well as digital transfers.
How to exchange money online with OFX
To exchange money with OFX you’ll need to register an account which you can do online or by phone. You may find you need to make your first transfer by phone so a member of the team can talk you through your options. You’ll be notified of the exchange rate being used and your available payment methods - usually bank transfer and card. Fund your transfer and the money is on the way.
Exchange rates: Mid-market rate + a small markup
Debit card: Not available
Is OFX safe?: Safe, trusted and highly rated on customer service
Speed: Transfers can take 1 - 5 days depending on the currency
OFX reviews: 4 out of 5 stars on Google Play, from 3k+ ratings; 4.8 out of 5 stars on Apple App Store, from 2k+ ratings
OFX pros and cons
| Pros | Cons |
|---|---|
✅Transact digitally and by phone, 24/7 ✅Send payments in 50 currencies to 170+ countries ✅Transfers in major currencies are usually available in 1 - 2 days ✅No transfer fee ✅Currency risk management and business services available | ❌Exchange rates include a markup ❌More exotic currencies can take 5 days to arrive ❌No cash payment options |
How to exchange currency online
As we’ve seen, there are many different online currency exchange options in Canada, each of which has its own process for converting currencies.
There are a few common ways to manage your conversion online - using a multi-currency account and card from a service like Wise or Canada Post Cash Passport, or buying foreign currency for collection or delivery from a provider like Interchange. You could also try a service like OFX or Remitly if you need to send foreign currencies to someone else.
Here’s an outline of how the options work:
Online multi-currency account with a linked card
Online multi-currency accounts from providers like Wise let you hold a balance in a selection of foreign currencies and spend with a linked card when you travel. You can also use your account to convert, send and receive currencies with just a phone or laptop.
Register an account with your preferred provider and get verified
Order a card, and add a balance in CAD to your digital account
You can use your balance to convert to your preferred currency, to send to others, or to spend with your card
Buy foreign currency online for delivery or collection
Services like Interchange Currency Exchange specialize in travel money, which you can order online and have delivered to your home or office - or collect in a store near you. Online orders often have better rates than if you just walked into an agent with cash, and also guarantee that the currency you need will be there when you visit the location to collect.
Go to your preferred provider’s website
Order your currency and pay with card
Collect your money at your preferred location or have it dispatched to your home
Buy foreign currency online to send to someone else
The final common way to convert currencies online is when sending a payment to someone else. Multi-currency account providers like Wise offer this service, as well as specialists like Remitly and OFX. Depending on the provider you pick you could convert your CAD to a range of currencies to be deposited to a bank or mobile money account or collected in cash.
Visit your preferred provider’s website or app and register an account
Enter the amount you want to transfer, and the currency, to generate a quote
Review your options and pay using your preferred payment method - usually bank transfer or card
Your money can be collected - often instantly - or will be deposited to the recipient’s bank or mobile money account automatically, depending on your transfer type
Which service has the best exchange rate?
Exchange rates change all the time, so getting to know the rate for your currency pair is handy so you can make sure you’re getting a good deal. The rate you’ll see on Google is the mid-market rate, which is used as a benchmark to compare service options. It’s common to find a markup is added to the mid-market rate, which is a percentage fee. Looking for the mid-market rate, or the provider with the smallest possible markup, is usually the best way to get a good deal.
Here’s a reminder of the exchange rates for the providers we reviewed earlier:
| Service | Exchange rates |
|---|---|
| Wise | Mid-market rate, conversion fee from 0.35% |
| Canada Post Cash Passport | Exchange rates include a markup, 3.25% foreign transaction fee when spending a currency you don’t have in your account |
| Interchange Currency Exchange | Exchange rates include a markup |
| Remitly | Exchange rates include a markup |
| OFX | Exchange rates include a markup |
Do you get a better exchange rate online?
This can very much depend on the provider you pick. When buying travel cash it’s pretty common to find that online orders offer better exchange rates compared to walking into an office with cash for an on the spot exchange. That’s because online transactions involve less labor and so the provider can charge a smaller fee. Other services, like Wise, will use the same exchange rate when you convert currencies or pay with a card, so the rates you get will always be the best available live rate at the point of conversion, no matter what type of transaction it is.
Things to consider when choosing an online currency exchange service
Different online currency services have their own features, benefits and costs. Often you’ll find that providers have a particular target customer in mind - which may be someone sending money to a friend overseas, someone getting travel cash before a break, someone paying overseas bills, or someone looking for easy ways to spend with a card when they travel.
Picking the right provider for you will need a bit of thought. Depending on what you need to do, one provider may offer significantly better value than another. Here are a few considerations when you’re choosing:
Exchange rate - the exchange rate will be important in dictating how far your CAD goes when you’re spending in a foreign currency. Exchange services set their own rates, so looking for one with the mid-market rate or as close as possible to it will usually net you the best deal
Fees - depending on why you need to convert funds you may find there are fees to pay. These could be transfer fees, commissions or delivery fees for example. Providers should show these charges transparently, but sometimes costs can be buried in the exchange rates used - so do look at both fees and rates when you pick a service
Convenience - if you’re converting currency online you need a provider which is convenient to use, with a good app or website. It’s also worth considering how convenient it’ll be to get your cash. Collection services can be a bit of a hassle, but having a digital multi-currency account and card from a provider like Wise or Canada Post Cash Passport can be a convenient alternative
Speed - currency conversion in a digital account can often be done instantly, but if you’re sending a payment to someone overseas delivery times can vary widely, so comparing a few is a smart option
Understanding exchange rates
We’ve mentioned that it’s important to check the exchange rate a provider will offer you before you convert currency online. But what does that really mean?
To know if an exchange rate is any good or not you’ll need to know the mid-market currency exchange rate for your currency pair - so for CAD to USD for example. You can find this on Google or with a currency exchange calculator. What you’ll be shown is the mid-market rate, which is the one that’s used as a benchmark by banks and currency exchange services trading on wholesale markets. However, this rate isn’t usually passed on to customers.
Generally providers will add a markup - a fee - to the mid-market rate to calculate their rate for currency exchange. This is hard to spot, and can mean you’re paying fees you weren’t expecting. Looking for a provider which offers the mid-market rate with no or low markup is the best bet.
Where to avoid exchanging currency
As tempting as it may be, it’s usually best to avoid exchanging currency at the airport. Airport currency exchange desks tend to have little competition, and know that travelers just want to get their money sorted, and won’t be scrutinizing the costs at this stage. That can lead to a high markup fee being added to the exchange rate, which ultimately means you pay more than you need to for your travel cash.
When should I use my bank to exchange currency?
Some banks in Canada offer travel cash services which allow you to walk in and exchange dollars to the currency you need instantly. You’re likely to need to already hold an account with the bank before you can use this service.
Using a bank may not be the cheapest option for some common currencies - but they can be handy if you’re in a hurry and need to get your money quickly, or if you’re looking for a more unusual currency. Compare your options across banks, digital non-bank alternatives and physical money changing providers to see which is best.
Conclusion: Best online currency exchange websites
Exchanging currency online is convenient and fast. You’ll often find you need to register an account before you can make an online exchange, but this can be done with just your laptop or phone. There are lots of different online currency exchange services which could work for you depending on what you need.
If you want convenient ways to exchange a foreign currency balance, spend on card, and make cash withdrawals as you travel, consider Wise or Canada Post Cash Passport . If your priority is sending a payment to someone that they can get in cash, Remitly may be right for you - and for bank deposit transfers you can arrange by phone as well as online, check out OFX. By comparing a few options, you’ll find the right service for your unique needs.
FAQs – Currency exchange companies online
What is the cheapest way to get foreign currency online in Canada?
The cheapest way to exchange currency really depends on what currency you are buying, how much and where you are. If you need cash instantly, a physical bank or currency exchange store is your best bet - choose one in a city center where there’s lots of competition if you can. If you have more time, get a digital account from a provider like Wise for great exchange rates and low cost ways to spend and withdraw overseas.
Where can I get money exchanged at the best exchange rates?
Wondering where to exchange currency in a store? Use these city guides to help you get the best exchange rates deals