Currency Exchange Toronto

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Which Bank has the Best Exchange Rate in Toronto?

If you live in Toronto, you will have access to all of the major big five Canadian banks for currency exchange.  The marketshare of the Canadian banks is fairly split between all of them so you should have a branch that is close by to you.  However, when it comes to currency exchange, some banks are better than others.

If you frequently need to exchange currency, you want to align yourself with a bank that offers the best exchange rates to buy us dollars.  Now most banks have fairly high markups, so if you really want to cut down on exchange rate costs, then you want to use a foreign exchange provider such as KnightsbridgeFX.  That being said, if you want to stick to using your bank, then the bank that offers the best exchange rate is HSBC bank.

This could be because they are an international bank or that they prefer to work with clients that have international exposure and therefore international currency exchange needs.  Most likely, it is because they are less greedy than the other Canadian banks.

HSBC offers better buy and sell rates on US dollars than the other major Canadian banks.  The problem with HSBC is there aren’t as many branches in Toronto of HSBC as some of the other big banks. 

RBC, BMO, and TD also offer fairly close currency exchange rates for US dollars.  Their rates are slightly higher than HSBC but if you are only buying small amounts of currency, then you are not actually paying too much more for the convenience of a close location and branch.

TD borderless exchange rates are better than the standard TD rates, so if you do a lot of cross border shopping, you may want to consider having a TD cross border account.  For example, the difference between a regular TD rate and TD borderless is 0.7% cheaper, but it still has a currency exchange spread of above 2% or so.

TD has branches in Canada and the USA and TD is becoming a choice for many Canadians that frequent the US.  However, BMO has HARRIS BANK in the USA and RBC also has RBC USA (although they recently got out of some parts of the USA).