Top 3 Money Exchanges In Toronto

Money Exchange is always the first thing that comes to my mind when visiting a foreign country. It is safe and easy, you can avoid paying the hefty credit card charges at the end of the day. Another tip is to make sure you know how much cash you’ll need to cover the entire trip. This way you can spend more time on the vacation and plans instead of the exchange line queues! 

Not everything on paper (credit card companies) is true my friends. I can say this openly without any regret. I’ve had some terrible experiences in the past with credit card companies that promise me of something and strip the benefits in the monthly statements. Calling them to correct it, with long wait times is tiring and frustrating at the same time. Avoid that, cash transactions are always the best. Enjoy the vacation you are here for. 

Let’s be honest, Who doesn’t like traveling or meeting family and friends? 

Travelling can be for tourism or just meeting a few family and friends. You can use your credit cards for regular purchases, but the conversion rates are always not very good and the charges are always high even though on paper it sounds the other way. The credit card that you might have might charge you an FX conversion fee too. It is always better to make sure you get the best possible exchange rates in the country you are visiting.

Have you ever been to Toronto? It is one of the most exciting and welcoming cities around the world. Foreigners go there for work, live or travel. One thing they most certainly need is a money exchange service. That’s what this article is all about. Top 3 Money Exchanges In Toronto. Let’s get started.

Money Exchange Scenario In Toronto

I’ve been an immigrant myself 5 years back. When I stepped into Toronto, the first thing I needed was a good money exchange place to get started with the conversion of the foreign currency I had with me. The place was new, so were the people, I had little to no clue on where and how to proceed. All I had done and prepared for from my home country was googling for the possible leads. But, when you actually step into a new land, things can be way different, after all, reality hits you harder than the comfort of your birth country or home.

There are many money exchange services in Toronto. Some will give you are a good deal, while others may charge extra for their service.

While you are traveling abroad or running short of money, you don’t want a service that asks for excess cash. Hence you need to find the best services with good deals.

Apart from that, all of the money exchanges have some benefits and drawbacks. Hence, you need to know about them before picking the right service.

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What You Should Know Before The Money Exchange In Toronto?

I’ve outlined the most important things to note before visiting any of the money exchanges in Toronto.

One main reason, why you need to research money exchanges prior is the fact that it can be extremely expensive if you are not careful about it. So, you have to make sure the exchange rate does not affect your balance.

At first, you have to keep an eye on the currency exchange rate between your home currency and the Canadian dollar.

Compare the original exchange rate online with the exchange rate of the money exchange service. The exchange rate may vary in different services, and you have to find out the best deal here.

For money exchange, do not go to places near the airport, or hostels. Since foreigners are likely to exchange from these places, there are likely to be many tourist traps in these areas.

If you want, you can use your ATM. Find a bank that is partnered with your native bank. Hence, if you use the card there, you will get low charges.

Do not make any conversion through the ATM booth, pay with the local currency.

Where Should You Exchange Money In Toronto?

When you are walking around in Toronto, you will find plenty of places for money exchange. It is a city where people from around the world are present.

Before you change money, remember to check the money exchange rates once. You can use the following options for money exchange:

  • Online exchange companies

  • Going for a bank for money exchange

  • Foreign money exchange offices

  • Use your ATM or master card

  • Use a credit card

Where You Should Not Exchange Money In Toronto?

There are particularly two places where you should avoid currency exchange. The first one is the Pearson International Airport in Toronto (YYZ) and the second is the Eaton Center which is in Downtown, Toronto.

Especially if you are a new immigrant with huge cash in hand, please avoid exchanges at YYZ and Eaton Centre. You’re going to lose a ton there! Get smart and transact elsewhere. 

The money exchange price is not reasonable there. You will find many warnings on the internet about these places. So it is best to avoid the money exchange service in these places.

3 Best Places To Exchange Money In Toronto

Here are the three best money exchange services in Toronto. These three are well known and recommended by many.

1. TD Canada Trust

This is one of the best places for money exchange. You will find a money exchange center almost at every corner of Canada. They give you many bonuses as you create an account for money transfers.

On top of that, you will get high interest rates, which is once again good for your balance. If your account details meet their requirements, then your bank fees will be waived by TD bank.

Most banks ask for a minimal amount of deposit for account opening. However, TD bank does not ask for that. Keep in mind that TD bank has their own fees for their services.

There are two components when it comes to TD FX Rates – Non-Cash and Cash.

Here is the link for the TD Foreign Exchange Calculator

Transactions using non-cash rates using TD Exchange Rates –

1. Transfer between accounts
2. Send money
3. Pay TD U.S. Dollar Credit Card

TD Exchange Rate – Case Study

I’m comparing the exchange rate of CAD to USD using Google’s search default Exchange Rate and TD FX Rates just for comparison sake.

1000 Canadian To US right now according to Google Is – $760.60 USD.

1000 Canadian To US right now according to TD Exchange Rate Is – $740.74 USD and 737.71 with cash exchange.

2. Ultimate Currency Exchange

It is said to be one of the best money exchange services for the USA dollar and Canadian dollar. Apart from the USA dollar, there are more currencies available here for exchange. The services provided are available online. So, you can take care of your business online without worrying about finding an office.

Although there are many physical offices of the services in Toronto and Ottawa. They don’t keep a commission for the money exchange services. So, overall they have a good review of the money exchange service in Toronto.

Click here to compare their rates with the big 5 banks In Canada – 

Who Are They?

Ultimate Currency Exchange (UCE) is a Canadian company that is into foreign exchange service at four branches – three in Ottawa and one in Toronto. They also accept online orders and ship foreign currency anywhere in Canada. You can either pick up the foreign currency or get it delivered right to your home.

UCE buys and sells more than 90 foreign currencies with 0 commission fees. UCE’s exchange rates are always better than Canadian banks and compete with the other local or international exchange bureaus.

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3. Kantor

Kantor Currency Exchange was created in 2001 as a community-based company at the heart of the Ukrainian community in Toronto, Canada. Since the first few days of its existence, Kantor has been striving hard to reach customer satisfaction, providing thorough and honest services at attractive exchange prices.

For more than 15 years of successful operation, they have expanded services outside Toronto and have built a strong reputation as one of the best currency exchange companies in the Canadian foreign exchange market.

Now, Kantor is one of the FX service companies with a wide range of currencies for money exchange. So, many people from various countries can take benefit from this money exchange service. The rates offered by the service are also good compared to other companies. They provide around 70 currencies and have thousands of customers from North America.

They also have a reputation as one of the safest money transfer companies around the world. Hence, this is one of the best options you can get.

You can find their Currency Exchange Calculator here.

I’m comparing the exchange rate of CAD to USD using Google’s search default Exchange Rate and Kantor’s FX Rates just for comparison sake.

1000 Canadian To US right now according to Google Is – $760.60 USD.

1000 Canadian To US right now according to Kantor’s Exchange Rate Is – $751.88 USD.


There you go, that was the list of the Top 3 Best Currency Exchanges In Toronto.

You can select any one of the money exchange services above or research further to find something more suitable for you. There are many more money exchange services in Toronto.

I’ve shared only a few that we thought are the best. To find a good service, you need to watch out and compare the money exchange online and with the service. That way, you will be able to get a good rate for money exchange.

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