Which Banks Do Currency Exchange

which banks do currency exchange


As the Guardian of currency exchange, I will furnish you with insights into the banks that provide currency exchange services. In this comprehensive breakdown, you will gain an understanding of the banks' terms, their offerings, and how their features weigh against your needs. To help you navigate the currency exchange realm, I’ll outline some banks that handle currency exchange, their offerings, and how best you can play your cards for maximum benefits.

Royal Bank of Canada (RBC)

Royal Bank of Canada, widely known as RBC, is one of the top banks that offer currency exchange services. It provides a variety of currencies, allowing customers to buy and sell foreign currency without much hassle. However, it's crucial to remember that their exchange rates tend to be slightly higher than the market rates due to operational costs. This doesn't rule out their value proposition given their punctuality and safety that come with their offerings.

Toronto Dominion Bank (TD)

Being a significant player in the banking industry in Canada, TD bank also offers competitive currency exchange services. TD bank customers can buy or sell a plethora of foreign currencies either in-person, online, or over the phone. For your convenience, the bank delivers currency orders to your home or TD branch. Like RBC, their rates may deviate from the market rates slightly due to processing and operational costs.

Bank of Montreal (BMO)

The Bank of Montreal, fondly known as BMO, offers competitive foreign exchange services while ensuring convenience and security. BMO allows users to do currency exchanges online or physically in their branches. They provide users with enough currency variety, and even though their rates are a little higher than the market, the trade-off lies in the reliable and secure service they offer.

Canadian Imperial Bank of Commerce (CIBC)

CIBC provides currency exchange services to customers with a wide range of currencies. CIBC customers can buy or sell foreign currency either online or at the bank. Their rates, akin to others are slightly higher, but the scale tips in favour for their customers due to the convenience, reliability, and secure transactions.


Scotiabank allows its customers to deal with more than 65 currencies. Despite high exchange rates, it offers an online platform, convenient for customers who prefer digital transactions. The Bank also runs a 'Scotia International Money Transfer' service for funds transfer.

Online Platforms

In the digital age, numerous online platforms offer competitive currency exchange rates. Platforms like KnightsbridgeFX offer to exchange rates that deviate less from market rates compared to traditional banks. Plus, these platforms also provide convenience as transactions can be carried out online. However, it's essential to ensure such platforms are regulated for an assured, secure transaction. Remember, while banks offer a convenient and safe way to exchange currencies, their rates may not be the best on the market. It's important to compare rates from different banks and foreign exchange services to ensure you receive the best value. Be sure to read the terms of service, understand the associated fees, and watch out for any hidden charges.


As the Guardian of currency exchange, it is my duty to ensure that your journeys across the financial world are safe, informed, and profitable. While these banks have their merits and demerits, the decision lies in your hands, and it should align with your specific requirements and preferences. Do remember, the ultimate power and choice resides with you, the financial traveller.