Finding their contact information may be time-consuming. For your easy reference, in this article, we have summarized the major banks that trade foreign currencies with the links to compare their rates.
Royal Bank of Canada(also known as RBC) is a Canadian multinational financial services company and the largest bank in Canada. The company is headquartered in Toronto and headquartered in Montreal.
As one of the leading diversified financial services companies in North America, RBC provides personal and commercial banking, wealth management, insurance, investor services and capital markets products and services worldwide.
RBC sells over 50 different currencies(USD, EUR, GBP, AUD, CHF, MXN as well as many other exotic currencies), and they provide foreign exchange services to both individual and corporate clients, from banknotes to bank drafts. However they usually only have USD cash in stock, so for other currencies you need to order with them in advance. Also to trade with them, you need to have existing accounts with RBC. To open a bank account you need to visit their branch in person.
RBC has an online foreign currency exchange converter that you could use to check the rates: RBC rate calculator
- Bank of Montreal (also known as BMO)
Bank of Montreal(also known as BMO) was founded in Montreal, and is a multinational investment bank and financial services provider.
BMO has branches nationwide and trades many major and exotic foreign currencies. You need to firstly open an account with them in order to trade foreign currencies with them. Once you are an existing customer, you could either order through your online banking account, or a local branch. Foreign currency orders usually take up to 7 business days, depending on the amount and currency.
To find out their exchange rates, please visit their website: BMO foreign exchange rates
Scotiabank was founded in 1832 in Nova Scotia, and it relocated the headquarter from Halifax to Toronto in 1900. It is now the third largest bank in Canada by deposits and market capitalization
They also trade major foreign currency banknotes and provide services for corporate, small business and individual clients with existing bank accounts with them. Same as other banks, Scotiabank branches do not carry foreign currencies in stock, therefore you need to place an order at least one week in advance with them.
Scotiabank foreign exchange rates can be found here:Scotiabank foreign exchange rates
- TD Canada Trust(also known as TD)
As one of the rapidly growing commercial banks in Canada. TD also provides money exchange services of most major foreign currencies to their own customers, but they do not have foreign currencies in stock as well. Worth noting, they have one branch located in downtown Toronto that specializes in foreign currency exchange, but rates are usually less attractive. To order foreign currencies from them, all you need to do is go to one of their branches, or contact them by phone. Please make sure to check and compare their rates before trading with them as the rates could be higher than some other places.
TD currency exchange website: TD foreign exchange calculator
- Canadian Imperial Bank of Commerce(also known as CIBC)
CIBC is another multinational banking and financial service corporation headquartered in Toronto. To trade foreign currencies with them, you need to firstly open an account with them. Same as other banks, their branches also do not carry any foreign currencies, so you need to order at least one week in advance if you are buying from them. And they do not post their exchange rates online publicly.
- Currency Mart
Currency Mart is a federal incorporated licensed leading private currency exchange specialist in Canada. Having been in business for over a decade and handling over 40 million dollars in transactions a year. Currency Mart carries over 70 different currencies in stock, currently has branches in both Manitoba and Ontario with physical shops open 7 days a week.
The attractions of Currency Mart are always better than banks' rate, instant availability, and online order nationwide delivery. Regardless if you are a traveler and need to sell/buy foreign currency banknotes, or if you are an investor, business owner, or local resident with demand of foreign currency in non-cash(i.e.USD, EUR, GBP, JPY, CHF, AUD, MXN, etc.) for personal/business purposes, you could always find the best deal from Currency Mart.
Currency Mart rates webpage: Currency Mart foreign exchange rates convertor
Here we use euro vs. Canadian Dollar exchange as an example. If the EUR/CAD currency pair is 1.491, it means that to purchase 1 EUR requires 1.491 Canadian dollars. In the euro/Canadian dollar exchange, the first currency listed (EUR) in a forex pair is called base currency and it always represents one unit of that currency; the exchange rate shows how much the second currency, aka quote currency(CAD) is required to purchase the base currency (EUR). This exchange rate tells you how much it costs to buy one euro with Canadian dollars.
To understand the cost of buying 1 CAD $ in Euro, simply use the formula: 1/Exchange rate. In this example, 1 / 1.491 = 0.6707. Meaning that it will cost 0.6707 Euro to buy one Canadian dollar.
Globally there are four major forex exchange sessions and they are: London, New York, Sydney, and Tokyo.
When the market is at its most active level. That's when the trading spread-the difference between the selling and buying price tends to shrink. Usually middle of the week shows the most movement, and
When two currency exchange sessions are overlapping.
Due to the high cost of money exchange, travellers should consider currency exchange before traveling. Once in a foreign territory, the best way to exchange currency is to find a local currency exchange store/shop. Avoid using the exchange bureaus at airports, train stations, and touristy areas. Many credit and debit card issuers also allow people to purchase in foreign currencies, but their rates are usually poor and they also charge transaction fees.
If you are planning a trip, before you do anything, research the exchange rate. If you do some homework by checking the exchange rate before departure, you will save a penny.No matter where you go, take time to shop around. Read the published mid-market exchange rates for the currency pair carefully, and ask for any commissions charged for the services. Some commissions are charged per transaction per item, and some are charged as a percentage.
Always use the calculator on your smartphone to determine if the price you get is reasonable.
Last but not least, check all the counterfeit features on the bills to ensure that they are real. You should not encounter this problem at a reputable bank or currency exchange shop.