Currency Exchange Toronto

Looking for the BEST currency exchange rates in Toronto? Get UNBEATABLE currency exchange rates with Lock-in your exchange rate at 416-479-0834 or 1-877-355-5239 (KBFX).

Currency Exchange Toronto Rates and Recommendations

Large Currency Exchange Above US$5,000

If you do not need physical cash currency in dollar bills (for example, you have a US dollar account and can accept US dollar funds in your bank account or need funds sent to the USA) and need to buy or sell US dollars in amounts of $5,000 or more, give Toronto based Knightsbridge Foreign Exchange a call at 416-479-0834 or visit their website at In a comparison (see above), they have easily beat the currency exchange rate of Toronto banks and others.

This will give you the best exchange rate and will save you the most amount of money. The savings estimate is 2%+ compared to your bank's currency exchange rate. They call the banks every morning and then ensure their exchange rates are better. Everything can be exchanged within a day. The larger your transaction, the better the exchange rate you will receive. You can get a no-obligation currency exchange quote by calling 416-479-0834 or 1-877-355-5239.

Cash Exchange and Amount Under $5,000 for US dollars, Euro's and British Pounds
There are a number of places to exchange cash currency in Toronto. If you require physical cash currency, then you will need to find a place that handles physical cash exchange. Physical cash exchange is way more expensive than electronic cash exchange, so try to buy in larger amounts to take advantage of better exchange rates. If you need physical cash, you can find a few places close to you here.

You can also visit TD Toronto foreign exchange services is located in downtown Toronto and has physical cash for you to buy. They carry over 50 currencies in stock and ready to sell. You can also get this ordered to your closest branch. It is a very convenient option for currency exchange in Toronto.

You simply walk up to the counter and exchange your currency. You can also give them a call ahead of time to see if they have your currency on hand. However, the exchange rate at TD is a "cash rate" and this has a markup, which can be up to 2% or even more. If you want to save money, you can open a US dollar account with your bank (takes 15 minutes if you already have a Canadian account) and buy in increments of US$5,000 from KnightsbridgeFX. Once the funds are in your US dollar account at your bank, you can simply go to your branch and withdraw the funds in US dollar cash.


Reasons You Should Use Your Bank to Exchange Currency

1. Convenience. If you are exchanging a small amount of currency, say $100 from Canadian to US dollars. The benefit of using a bank is convenience. The markup at the bank will be high, let's say 2-5%. However, the markup fee that the bank charges you only amounts to a couple of dollars in fees, such as $2 to $5. So for a small amount of savings, it doesn't make sense to use anyone other than your bank.

2. Location. Banks have many locations and if you need a small amount of currency then its easy to just go to your local branch and pickup some cash if they have it on hand. Just call them in advance.

3. No running around. If you use a currency exchange provider and if you need physical cash, then you will have to first go to your bank and get Canadian dollars. Then you go to the provider and give them Canadian and get US dollars. This is a lot of running around. If you don't have a large amount to exchange, simply use your bank and save your time.


Reasons You Should Not Use Your Bank to Exchange Currency

1. Savings. Did you look at the chart at the beginning? Did you see the outrageous rates that the banks provide? If so, why are you thinking of throwing your hard earned money away and exchanging currency at the banks? Use a currency exchange company and save money. The savings will be about 1% to 2%. On amounts of $10,000, this can be several hundreds of dollars. Spend this savings on yourself or your family, don't just give it away to the banks.



How to Choose a Foreign Currency Exchange Company in Toronto

In choosing a foreign exchange company, there are several things to consider.  Firstly, this will assume you want to buy US dollars and a large amount of US dollars.  For small amounts, just use your bank for currency exchange. Here are some questions to ask:

Are they Canadian owned currency exchange company?

    It’s important you deal with a Canadian company.  That is not to say non-Canadian companies are not good, but Canadian companies will use Canadian banks and will have employees in Canada.


Get a sample of their currency exchange rates

    Call them and tell them you want to buy US$10,000 and get a sample of their exchange rates.

    Then ask them that you want to know the currency exchange rate for US$100,000 and ask if it will be a better rate.  This is important because you should get a better rate for a larger dollar amount.

Ask if they will offer you a free wire transfer to the USA.

    A lot of companies will charge you $15 for a wire transfer.  Ask them to waive this fee. Most currency exchange companies will give you a free wire transfer if you ask.

Ask if you can transact electronically with them.

    Some places will make you first call in for a rate, then make you go to your bank, get a draft or cash, then go to the currency exchange place, get a draft in return, go back to your bank and deposit it.  This could take half of your day!!!  Your bank may put this draft on hold and this could be for 3 to 5 business days.  This is a lot of running around.  Also, from the time you call the place, the rate might have changed so if you need a specific amount of currency, then this could throw things off.

    Imagine if you need US$10,000, they tell you it will cost $10,700 Canadian, you get a draft and at their location they tell you they need $10,800 Canadian and show you an in-house ATM.  This is not good and because you have made a draft to the company name there is nothing you can do and they know it. 

    The new trend in currency exchange is transacting electronically by bank transfer, either online bill payment or wire transfer.  Essentially, you register with a company for regulatory purposes (Government requirement).  You call the foreign exchange company to book an exchange rate.  If you like it, they will lock it in for you and send you a receipt confirming the rate.  It is important you get a recipient confirming the rate so you know exactly how much to send and how much you will get.  You then go to your bank and transfer Canadian dollars to their trust account and they will send US dollars back to your USD account or directly to the USA for you.  The good thing about this is your rate is locked in initially before you send funds, you only go to your bank to transfer funds and there is no hold on the funds as bank transfers are cleared immediately.



Benefits and Pitfalls of Exchanging Currency with Online Currency Exchange Companies

In the beginning the banks were the main places to exchange currency.  However, since they charge so much for currency exchange, currency exchange houses started to pop up.  They were cheaper than the banks. 

Nowadays, online currency exchange companies have lower fixed overhead (less rent) and can use technology as an enabler to reduce costs.  The main benefit of online currency exchange companies is that they are cheaper.

Obviously, you need to do your research on these companies and see if they are part of the BBB and if others have used them.  You want to give them a call to learn more about them and once you call them, you will get a better sense of how you feel about working with them.