Currency Exchange Toronto

Yes, all branches of local banks and credit unions offer currency exchange services, however there are a few things to pay attention to.

• Banks do not deal with all currencies, common currencies only such as US dollar or Euro dollar. In general, banks only deal with about 20 - 30 currencies. Only RBC in Canada deals a little bit more than other banks.
• Usually, banks do not keep foreign currency in stock. Customers need to place an order for it and pick it up 3 - 5 days later.
• If customers sell foreign currency cash to their bank branches, not all branches pay for the foreign currencies right the way. Some branches send the foreign cash to their processing centre to exam and then deposit the payment to your bank account a few days later.
• Most banks only purchase or sell foreign currencies to clients with a bank account with them.

All banks and credit unisons offer currency exchange service, but the drawbacks are usually bank branches do not keep foreign currency cash in stock and also the exchange rate branches offer less favorable for customers.

Beside banks and credit unions, there are a few non financial institution currency exchange dealers in Toronto. Most their locations are in Toronto downtown or the international airport.

These non financial institution foreign exchange dealers try to distinguish their services to others so they do not directly complete with each other.

• Currency exchange dealers in airport target customers who need convenient services. That is why usually airport locations open much longer hours, such as 12 hours per day. Premium locations and longer hours determined that the operation cost for airport locations are much higher than regular locations, so the currency exchange rates offered by airport locations are terrible for customers. Typically, customers only exchange small amounts for immediately expenses, such as $30 dollar for a taxi.
• Dealers in Toronto downtown aim corporate or large amount individual customers. A typical transaction amount is $10,000 for start. Usually this type of foreign exchange dealers do not handle physical cash. All transactions are done by wire transfer or electrical fund transfer, a payment processing system used by all Canadian banks. The exchange rate offered by this type of dealers are much better than banks, but the drawback is each transaction takes 1 - 2 business days to complete. The service is ideal for large amount customers who plans a head of time.

• Farmers are the main customers of all currency exchange dealers in Toronto. Farmers trade huge amount of currency in spring to purchase supply and in fall after selling their harvest.

• Business owners such as auto dealers, trading companies and restaurants, as well as hotels. These type of businesses either accumulate huge amount of foreign currency during daily operation or need to make large purchase and pay in foreign currency.

• New immigrants brings in their savings of their whole life's to Canada. Also, most new immigrants need to make a large purchase during their first 2 years, a house. That is why the currency exchange deming for new immigrants is huge

• International students spends their 5 years of best life in Toronto. They bring in about $30,000 a year per person to Toronto.

• Canadians who are planning to purchase a property in overseas for their retire life.

• Travelers make small amount exchange, but the huge number of visitors makes the businesses still attractive for currency exchange dealers.

All banks and credit unions offer currency exchange services, but these branches do not keep Euro dollar in stock. Customers need to order with them and pick it up 3 - 5 days later.

Both Currency Mart Toronto downtown and Toronto North York keep Euro cash in stock all the time for the convenience of customer.

From the exchange rate point of view, HSBC Canada offers the best currency exchange rate amount all banks in Canada.

From the exchange rate point of view, in general, the exchange rate in the morning is better than afternoon, beginning of each week is better than near the end of the week.

Please try to have your foreign currency exchanged about 1 week before your departure date.

If the leftover foreign currency is bill, you can still take the bills to local banks or currency exchange dealers.

Most likely, no one takes care leftover foreign coins.

Please try to have your foreign currency exchanged about 1 week before your departure date.

We suggest you to exchange currency a few days before you departure. The reason is you have time to compare and shop around. In addition, Currency Mart can purchase back 30% of your purchase back in 30 days at the same exchange rate printed on the receipt.

Currency exchange dealers try to carry as many currencies as possible, but the supply and the fluctuating currency exchange rates limit our capability. As a currency exchange dealer, United State dollar and Euro dollar are mush have currencies. In addition, some currencies, such as Mexican peso and currencies for other sunshine destination are must have for winter season. To sum up, we try to carry all European country currencies all year around and travel destination country currencies in winter. Please check our currency list for details.

On average, our trade amount is around $700 Canadian dollar per transaction. This amount can be doubled if you travel to US or other European countries and can be reduced to half if you travel to developing countries.

Our rates are not as same as other Toronto currency exchange dealers. Each dealer set up its owner currency exchange rates based on the mid-market rates and adjusted the mark up according to its inventory level and other factors. One thing for sure is since our mark up are lower than banks, the currency exchange rates we offer are better than banks.

Google or their media posts the mid-market exchange rate, which is the average number between a buy in rate and a sell out rate. The mid-market rate is a good reference number for general public to have a brief idea what the current exchange rate right now, but the mid-market rate is not the rate that the financial market is currently trading at. In addition, Google or other media posts a rate which usually is about at least 20 minutes ago. When we trade at Currency Mart, we apply up to second live rates.

If you pay attention to currency exchange rate long enough, you will have a brief idea what is happening now and you may have a sense of prediction what will happen in the next a few months. Oppositely, as a currency exchange dealer, we have no idea what will happen during the same day or even during the same week.

As a currency exchange dealer, we need adjust our exchange rates everyday in order to stay competitive. We adjust our exchange rates based on our inventory level, current trend of the particular currency, competitor's exchange rate. The general rules are described below.

• If our current inventory level is more than desired, we will lower our rate to speed up the sales. Oppositely, if our inventory is less than ideal, we will rise our rate to slow down the sales.
• If the current trend for a currency is going up, we need rise our exchange rate, because the replacement cost for the particular currency will be higher. Otherwise, we will reduce our rate because we will lose value anyway if we keep the currency in stock.
• If we need speed up sales, we need set up our rate lower than competitors'.