Currency Exchange Toronto

Calling each foreign exchange dealer in Toronto and asking for a quote will find you the best exchange rate in Toronto.

• Firstly, the exchange rate is time sensitive information. The best exchange rate provider of your last deal may not offer the best exchange rate currently.
• Secondly, the exchange rate is currency dependent. A foreign exchange dealer offers the best exchange rate for the United States dollars may not have the best exchange rate for the Euro dollars.
• Thirdly, the actual exchange rate applied is payment restricted. For example, the exchange rate for electronic payment is much better than cash settlement, due to the cost of fraud, lost or stolen.
• Finally, the exchange rate is also pending on inventory level and currency trend. In case of overstock and downtrend, a foreign exchange dealer is more likely to offer a better exchange rate than usual to speed up sales.
• Due to all the driving factors above, only calling each foreign exchange dealer in Toronto and asking for a quote can get you the best exchange in 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 and credit unions only deal with customers who have accounts with them. For small amounts under $100, airport and shopping mall foreign exchange kiosks and hotel front desks are acceptable, even the exchange rate is terrible and fees are high, but really convenient.

For amounts over $1000, it is worth calling each surrounding foreign exchange dealers to find out who offers the best exchange rates.Some well known foreign exchange dealers are:

• Currency Mart
• Calforex
• Continental
• Interchange Financial
• Kantor

How much do banks charge for currency exchange Canada?

In general, banks may mark up the currency exchange rate up to 8% for their retail customers with small amounts of exchange plus the flat amount processing fee, such as $5. These markup and fee vary from bank to bank and branch to branch.

Generally speaking, banks with large branch networks charge more and banks with fewer branches, and credit unions offer exchange rates better than banks.

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 center 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 unions 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 bring in their savings of their whole life 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 demand 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.

We do not accept foreign coins.

As for Canadian coins, we only accept the following amounts for the following denominations:

• Fifty dollars ($50), or the equivalent of one roll of two dollar ($2.00) coins
• Twenty-five dollars ($25), or the equivalent of one roll of one dollar ($1.00) coins
• Ten dollars ($10), or the equivalent of one roll of twenty-five cent ($0.25) coins
• Five dollars ($5), or the equivalent of one roll of ten cent ($0.10) coins
• Two dollars ($2.00), or the equivalent of one roll of five cent ($0.05) coins

We reserve the right to use our discretion for accepting Canadian coin, as outlined by the Currency Act under “Legal Tender: section 8, subsection (2)”