Where To Exchange Torn Money Near Me

where to exchange torn money near me


Navigating the world of currency can often be a tedious task, especially when it comes to dealing with torn or damaged money. Fear not though, I, the Guardian of money exchange, will share reputable places where you can exchange your torn money and the procedures you need to follow.


Your first point of call should be your local bank. Almost all major banks such as the Royal Bank of Canada, TD Bank, and Scotia Bank would typically accept torn or mutilated money for exchange. It's easier if you have an account with the bank, but they might also assist non-customers on a case-by-case basis.

Credit Unions

Like banks, credit unions are federally regulated and often provide similar financial services. They are more local and customer-friendly, which means they may potentially offer you better service when it comes to torn money exchange. Vancouver City Savings Credit Union, FirstOntario Credit Union, and Meridian are some examples.

The Bank of Canada

The Bank of Canada offers a free of charge mutilated currency service. They accept currency that is both unfit (worn-out, tattered) and mutilated (contaminated or mutilated to an extent where its value is questionable). You can send the currency directly to their office or through your own bank.

Currency Exchange Bureaus

Currency exchange bureaus, like the ones in shopping malls or at airports, might exchange torn money. Places like ICE - International Currency Exchange, and Calforex Currency Exchange, can exchange your damaged money. However, they often charge a fee and their rates may not be as favorable as banks or credit unions.

Online Currency Exchange Platforms

In today's digital age, many online platforms also offer the service of exchanging damaged money. This can be a convenient and quick option if a physical exchange spot is not available immediately. These platforms have specific requirements for the condition of the money, so it is wise to do some research to understand their policies.


No matter where you go to exchange your torn or damaged money, it’s important to remember that the condition of your notes is key. Most institutions, whether online or physical, have specific criteria for what they consider 'acceptable' damage. As a cardinal rule, if you have at least half of the note and its value is clear, the note is typically considered valid. If damage is severe, your note may not be exchanged at usual spots, and will need to be sent to the Bank of Canada or the Bureau of Engraving and Printing. Patience will be required, as the verification process can take 6 weeks or more. So, arm yourself with this knowledge, brave the world of money exchange, and turn your torn cash into spendable money once again!