Currency Exchange Toronto

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How to transfer currency in US dollars to the USA?

If you need to make a payment to someone in the USA, then you will need to do one of the following: 1) send a wire transfer in US dollars; 2) send a cheque or draft in US dollars; 3) Go and give cash

To send a wire transfer, you need cleared funds in your bank account.  You go to your bank and tell them you want to make a wire transfer.  They will give you a form to fill out.  This form needs the name and address of the sender, purpose of the transaction, and the name and address of the recipient.  The bank name and address for the recipient.  If you are sending US dollars to the USA, you will need the bank SWIFT code, or you can use the bank ABA or routing number.  You will also need the account number of the recipient.

If you are sending a cheque or draft, you can go to your bank and get a certified cheque or a draft in US dollars and mail it to the recipient.  Obviously, it will take some time to get there by mail.  Lastly, US banks can put the draft from Canadian banks on hold.  It is not uncommon for drafts and cheques to be put on hold for 14 to 30 days!  Wire transfer is the preferred method for cleared funds.

If you are giving cash, this is best for small dollar amounts.  You need to declare cash at the border.

 

Wire transfer fees by each bank?

A wire transfer is used when you want to send money from one bank to another bank or from one person to another person.  A wire transfer is an electronic transfer.  A wire transfer costs money.  Usually the sending and the receiving bank will charge to process the wire.

Here are wire transfer fees by each bank (they vary by amount):

TD:  $30+.  Source: http://www.tdcanadatrust.com/products-services/small-business/fees.jsp

BMO: $25+ Source: http://www.bmo.com/home/personal/banking/everyday/fees-agreements/add-services-fees

 

RBC: $20+ Source: http://www.rbcroyalbank.com/products/deposits/wire-payments.html

Scotia: n/a, please call them directly.

CIBC: $30+, Source: https://www.cibc.com/ca/small-business/fees/additional-services-charges.html

It is important to note that currency exchange companies often offer free wire transfers.

If you do a lot of business at your bank, you can ask the teller to give you a preferred wire transfer rate, they can usually cut it a bit lower based on your transaction history.  Sometimes they can make it cheaper sometimes they won’t based on the teller and manager you get.

 

What information do you need for a wire transfer?

To send a wire transfer to the USA, you need the following:

  • Name and address of the recipient
  • Bank name and address of recipient
  • SWIFT Code (each bank has a swift code)
  • ABA or Routing code (similar to a branch transit number in Canada)
  • Account Number
  • Name and Address of the sender
  • Sometimes you need to tell them the purpose of the transaction

 

How to send money to the usa?

The best method to send money to the USA is by wire transfer. Wire transfers are cleared funds and are available immediately with no hold period at all on the receivers side.  Wire transfers can also be tracked electronically through the Canadian and US banking system.

 

What is online bill payment for currency exchange?

Currency exchange companies are often setup with as online bill payees with certain institutions. This means you can send money to them directly from your online banking account.  This is generally fee free and convenient. It is just like paying a bill to hydro or your credit card.

 

 

Looking for Currency Exchange Outside of Toronto, see other currency exchange locations:

Currency Exchange Mississauga

Currency Exchange Calgary

Currency Exchange Edmonton

Currency Exchange Ottawa

Currency Exchange Winnipeg

Currency Exchange Toronto

Currency Exchange Vancouver

About Toronto, ON

It is the largest with quite a few alluring characteristics which make Toronto one of the top cities to dwell in, on earth. Here is a bit about the way Toronto was and why it's such a favorite town in North America. Toronto Rose in the Embers Once the first settlers arrived to the region today Toronto, they have been greeted with the Iroquois Indians. The title Toronto is almost assuredly a European grammar to get tkaronto. Tkaronto is your Iroquois designation for the northern part of Lake Simcoe. It had been spoken by the indigenous people of this region as the location where trees stand in water. Some disagreement this reference, presuming that Toronto comes from the term plenty. England comprised the region as a portion of its British colony which was a huge area called Quebec. Since the English started to realize they were going to eliminate the American Revolutionary War against the USA, several sympathizers of the Queen fled into the region. A lot of the town has been ruined. Over the following 3 decades, the town could be slowly rebuilt and title changed back into its native title, Toronto. During the subsequent thirty decades, Toronto will continue growing in affluence and notoriety. Another fire ravaged a huge part of downtown Toronto in 1904. But just like the rest of the flames and efforts to destroy her soul, Toronto rose in the embers again and climbed.

Larger than You Believe

Toronto rankings among the largest cities on the planet.

Due to its large population, Toronto has enormous cultural diversity. Together, these produce a large number of business opportunities. Plenty of individuals imply a lot of prospects for company for the majority of cities. The mix of men and women in Canada's largest city has plagued its own business prospects too. With over six million people throughout the region encompassing Greater Toronto, it ranks as with the most economically vibrant town worldwide. It scores exceptionally high for financial outcome and business production. Toronto also offers a flourishing financial industry. But life in a big city is not all about just how many individuals or how great the market is.

Life at Toronto

There's a thriving entertainment scene along with countless diversion choices in Toronto. The region is blessed with a mix of rolling mountains and heaps of waterways. It borders on among the Great Lakes, therefore major ship buffs flock to Toronto. The landscape is magnificent through the year, but particularly lively during Toronto's incredibly summer months. Outdoor adventurers will appreciate the over 2,000 hours of sunshine that the city adventures on a yearly basis. If Torontonians wish to come inside for a fun day, they're not disappointed. Toronto has more than fifty ballet firms with six active stunt acting troupes. You will find regular orchestra concerts and heaps of live theaters. Toronto has suffered hardships over its own history. It's risen in the embers of a devastation to endure as tall and stately as the trees from the water it's named after. There's a cultural diversity which speaks to some worldliness rivaled around the world.