Are you looking to exchange currencies in Toronto but don’t know where to begin? It is important to carefully choose a currency exchange business that offers good exchange rates and low fees.
Despite the loonie outperforming almost all G10 currencies throughout 2022, it actually weakened against the US dollar.
You should almost always try to avoid exchanging currencies through your local bank. The major Canadian banks have a very large client base and do not offer competitive rates when you are looking to exchange Canadian dollars for other foreign currencies.
I will cover the best currency exchanges in Toronto below and outline some of their features.
Things to Consider Before Exchanging your Currency
Before you attempt to exchange your currency, there are a few important things to keep in mind. Steps to take ahead of time include:
- Figuring out what the official exchange rate is between your two currencies
- Determining how much time is left until you will actually use the new currency
- How much time and money you will spend getting to the currency exchange (for smaller amounts of money)
Knowing the official exchange rate can help you to determine if you are getting a good rate from the currency exchange.
If you are planning to use the new currency far into the future, keep in mind that currency rates can fluctuate throughout this time. Depending on market conditions, the exchange rate could improve or worsen.
Lastly, if you are looking to exchange small sums of money, it may not make sense to invest time and money travelling to an exchange on the other side of the city.
5 Best Currency Exchanges in Toronto
1. Knightsbridge Foreign Exchange
- Website: Yes
- Reviews: Excellent
- Physical Cash Exchange: No
- Ability to Exchange Online: Yes
- Minimum Transaction: $2,000
- Currency Diversity: Low
Knightsbridge Foreign Exchange is a popular online currency exchange that allows you to convert several major currencies at much more favourable rates than you would get at your local bank.
The company is registered and regulated by FINTRAC.
Knightsbridge Foreign Exchange currently allows you to exchange between the following currencies:
- Canadian dollar
- Australian dollar
- Euro
- New Zealand dollar
- Pound sterling
- US dollar
Although the company does not accept physical currency exchanges, the process for converting currencies online is fairly straightforward. The four steps for converting currencies with Knightsbridge Foreign Exchange are:
- Registering online – creating an account on the company’s website for free using your email.
- Obtaining a quote – a Knightsbridge Foreign Exchange staff member will call you to provide you with a quote for your desired currency.
- Sending funds – you send the funds that you would like to exchange through a bank transfer, bill payment, or EFT.
- Receiving your new currency – Knightsbridge Foreign Exchange will then send you the new currency as quickly and in a cost-efficient manner
Knightsbridge Foreign Exchange currently has excellent reviews on Google.
If you are looking to convert small amounts of physical currency, Knightsbridge Foreign Exchange would not be a good currency exchange to use. The company promises to provide substantial savings compared to currency conversions at major financial institutions across Canada.
2. Currency Mart
- Website: Yes
- Reviews: Excellent
- Physical Cash Exchange: Yes
- Ability to Exchange Online: Yes
- Minimum Transaction: No
- Currency Diversity: High
Currency Mart is a physical currency exchange with several locations across Canada. The exchange has been operating since 2012 and has worked with over 47,000 customers across more than 200,000 transactions.
Currently, Currency Mart has four locations across Canada:
- Toronto Downtown
- Toronto North York
- Winnipeg Downtown
- Winnipeg St. Vital
Currency Mart currently offers 78 different currencies for trading and shows live rates online.
If you need large amounts of foreign cash, you can call ahead to place an order, and Currency Mart will have your order ready in two hours. The company can also deliver foreign cash to you in approximately four days.
If you are looking to exchange currencies online, you can do so through Currency Mart 24 hours a day, seven days a week. The currency exchange offers competitive rates, likely much better than those found at major financial institutions across Canada.
Currency Mart currently has excellent reviews on Google.
If you are looking to exchange small or large amounts of currencies, whether online or in physical cash, Currency Mart is an excellent exchange to consider.
3. Money Exchange World
- Website: Yes
- Reviews: Excellent
- Physical Cash Exchange: Yes
- Ability to Exchange Online: Yes
- Minimum Transaction: No
- Currency Diversity: High
Money Exchange World is another physical currency exchange with three locations around the Greater Toronto Area. The exchange has been operating for over 20 years and also offers additional services such as payday loans and tax returns.
Currently, Money Exchange World has three locations within the GTA:
- Toronto
- Mississauga East
- Mississauga West
Money Exchange World offers over 90 foreign currencies for trading, including:
- US dollar
- Euro
- Pound sterling
- Australian dollar
- Japanese yen
- Swiss franc
Money Exchange World also offers the ability to book an exchange rate and promises to match or beat any rate. If you are a frequent trader or looking to exchange large quantities of currencies, Money Exchange World may be able to offer a preferred rate (although you have to call in for this service).
Money Exchange World also has excellent reviews on Google.
The currency exchange offers much better rates than major financial institutions across Canada. It also does not charge any service fees, regardless of how much you are looking to exchange or what your form of payment is.
If you are looking to exchange currencies, Money Exchange World is extremely well-rated and offers the ability to exchange a very wide variety of foreign currencies.
4. College Currency Investments
- Website: Yes
- Reviews: Good
- Physical Cash Exchange: No
- Ability to Exchange Online: Yes
- Minimum Transaction: No
- Currency Diversity: High
College Currency Investments is a physical currency exchange located in downtown Toronto. The company has been in business for several decades.
College Currency Investments currently offers roughly 85 foreign currencies for trading, including:
- US dollar
- Euro
- Pound sterling
- Chinese yuan
- Japanese yen
- Brazilian real
College Currency Investments usually carries most of its advertised 85 foreign currencies in stock. If one of its advertised currencies is not currently available, they are able to order it for you within 24 hours.
College Currency Investments has good reviews on Google, although slightly lower than most of its peers on my list.
The currency exchange promises to offer lower rates than those charged at commercial banks or other foreign exchange companies. College Currency Investments does not charge a service fee if you are paying with bank notes, bank drafts, or large-volume wire transfers.
If you are looking to exchange currencies, Money Exchange World is extremely well-rated and offers the ability to exchange a very wide variety of foreign currencies.
Foreign currencies are sold through:
- Bank notes
- Drafts
- Wire transfer
College Currency Investments also offers international drafts and foreign traveller cheques. The exchange accepts several forms of payment:
- Debit card
- Bank notes
- Direct bank deposit
- Wire transfer
College Currency Investments is a good currency exchange to consider using with a convenient downtown Toronto location.
5. Kantor Currency Exchange
- Website: Yes
- Reviews: Good
- Physical Cash Exchange: Yes
- Ability to Exchange Online: Yes
- Minimum Transaction: No
- Currency Diversity: High
Kantor Currency Exchange has been in business since 2001, offering a currency exchange with a focus on customer satisfaction. The company has quickly expanded its operations and has four offices within or around Toronto.
These locations include
- Two Toronto locations
- Thornhill
- Mississauga
Kantor Currency Exchange offers the ability to transact both spot and forward currency transactions. It currently offers over 70 foreign currencies for trading, including:
- US dollar
- Euro
- Pound sterling
- Swiss franc
- Japanese yen
- Australian dollar
- Mexican peso
Kantor Currency Exchange accepts payments through Cash, business cheques (regular or certified), bank drafts, wire transfers, debit cards, or money orders. Credit cards may be accepted for online transactions only. The exchange does not charge a service fee or commission on transactions, regardless of the form of payment.
Kantor Currency Exchange has good reviews on Google but falls slightly behind some more highly-rated peers on my list.
Kantor offers additional services outside of currency exchange, including money transfers and Kantor telecom (a long-distance telecom service provider).
If you are looking for flexibility when exchanging currencies, Kantor Currency Exchange is a great option to consider here in Toronto.
Frequently Asked Questions
Which Canadian Bank has the best Exchange Rate?
The major Canadian banks all offer similar exchange rates when it comes to different foreign currencies. How competitive these rates are (between each bank) varies over time.
I do not recommend exchanging currencies through the major banks, as you will receive substantially less foreign currency than you would by exchanging through an independent currency exchange.
What is the best Currency Exchange in Mississauga?
Money Exchange World and Kantor Currency Exchange are two currency exchanges on my list that also have at least one office or location in Mississauga.
Conclusion
If you are looking to buy one or more foreign currencies, using a currency exchange (instead of going through your bank) is a great way to do so.
Before exchanging currencies, make sure that you know what the official exchange rate is, when you will need to use the foreign currency, and how much time and effort is needed to complete the currency exchange.
If you are planning to travel outside of Canada, make sure to read my guide, which outlines 23 practical ways to save money for travel.
