Where Can You Exchange Damaged Money

where can you exchange damaged money

Where Can You Exchange Damaged Currency? An In-Depth Exploration of Options

Money is a crucial part of everyday life, but what happens when that money gets damaged? Fear not, for avenues exist where you can exchange your defaced, ripped or mutilated money. Let's look at these options in detail.

Central Banks

Primarily, the most reputable place to exchange damaged money is at the central bank of your country, such as Bank of Canada. National banks are usually obligated by law to replace damaged money. They're equipped with sophisticated tools that determine if a piece of damaged currency is authentic. However, visiting a central bank personally may not feasible and exchange rules may differ across different countries.

Local Commercial Banks

In the Canadian landscape, commercial banks like Royal Bank of Canada, Canadian Imperial Bank of Commerce (CIBC), and Bank of Montreal also accept damaged notes. These banks usually send these currenciesto the central bank for verification and replacement. Remember, the banks can reject bills that are excessively damaged or very old.

Online Exchange Platforms

Modern digital platforms have made it easier to exchange damaged money. Several online services accept damaged currency and work in collaboration with central banks to get the money replaced. They operate on submission-verification-replacement model, and you would typically get a bank transfer or cheque once the verification is done.

Money Handling Companies

There are companies that specifically handle money-sorting, delivery and recycling. These firms, like Securis or G4S, work in partnership with various banks and commercial institutions. Damaged money is not their primary service, but they often deal in it as a part of their cash management operations.

Local Currency Exchange Bureaus

Currency exchange bureaus are not commonly used for replacing damaged money, but they can assist in exceptional circumstances. They typically have strict guidelines regarding the condition of the bills they accept for exchanging currency.

Collectors and Museums

Intriguingly, some collectors and museums might be willing to purchase rare yet damaged notes. If your damaged bill is of a rare or discontinued series, it could potentially have value well above its face amount.

Understanding Contaminated Currency

Before heading to any of these places, understand what makes a currency note 'damaged.' Currency becomes unfit for circulation due to wear and tear, staining, graffiti, or partial destruction (like being torn). Typically, the central bank expects at least half or more of a bill for it to be replaced.


When you're dealing with damaged money, it's important to know that you have options. Central and commercial banks, online exchange platforms, money handling companies and even collectors are potential avenues. Understanding the condition of your money, coupled with the knowledge of where to exchange it, will ensure that not a single dime of your hard-earned money goes to waste.