Foreign exchange is always the first thing that comes to mind when I visit a foreign country. It’s safe and easy, you can avoid paying high credit card fees at the end of the day. Another tip is to make sure you know how much money you will need to cover the entire trip. This way you can spend more time on your vacation and projects instead of waiting in line!
Not everything on paper (credit card companies) is true, my friends. I can say this openly without any regret. I’ve had terrible experiences in the past with credit card companies promising me something and removing the benefits on the monthly statements. Calling them to correct the problem, with long wait times, is both tiring and frustrating. Avoid this, cash transactions are always best. Enjoy the vacation you are here for.
Let’s be honest: who doesn’t love traveling or meeting family and friends?
Traveling can be for sightseeing or just to meet a few family members and friends. You can use your credit cards for regular purchases, but the conversion rates still aren’t very good and the fees are still high even though on paper it seems otherwise. The credit card you have may also charge you an FX conversion fee. It’s always best to make sure you get the best possible exchange rates in the country you’re visiting.
Have you ever been to Toronto? It is one of the most exciting and welcoming cities in the world. Foreigners come there to work, live or travel. One thing they definitely need is a currency exchange service. This is the subject of this article. Top 3 money exchanges in Toronto. Let’s get started.
Money exchange scenario in Toronto
I myself immigrated 5 years ago. When I arrived in Toronto, the first thing I needed was a good exchange office to start converting the foreign currencies I had with me. The place was new and so were the people, I had little to no idea of where or how to proceed. All I had done and prepared from my home country was to Google possible leads. But when you actually enter a new country, things can be quite different, after all, reality hits you harder than the comfort of your native country or home.
There are many currency exchange services in Toronto. Some will give you a good deal, while others may charge extra for their service.
When you’re traveling abroad or short on cash, you don’t want a service that requires excess cash. So you need to find the best services with good deals.
Apart from this, all monetary exchanges have advantages and disadvantages. Therefore, you need to know them before choosing the right service.
What do you need to know before exchanging money in Toronto?
I have outlined the most important things to note before visiting any of the exchange offices in Toronto.
One of the main reasons why you need to do some advance research about money trading is the fact that it can be extremely expensive if you’re not careful. So you need to make sure that the exchange rate does not affect your balance.
First, you need to keep an eye on the exchange rate between your country’s currency and the Canadian dollar.
Compare the original exchange rate online with the exchange rate from the currency exchange service. The exchange rate may vary between services and you need to find the best deal here.
For currency exchange, don’t go to places close to the airport or hostels. Since foreigners are likely to trade from these locations, it is likely that there are many tourist traps in these areas.
If you wish, you can use your ATM. Find a partner bank of your home bank. Therefore, if you use the card there, you will benefit from low fees.
Do not make any conversions through the ATM, pay with local currency.
Where should you exchange money in Toronto?
When you walk around Toronto, you will find many places to exchange money. It is a city where people from all over the world are present.
Before changing money, remember to check the exchange rates once. You can use the following options to exchange money:
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Online Exchange Companies
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Go find a bank to change money
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Exchange offices
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Use your ATM or main card
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Use a credit card
Where should you not exchange money in Toronto?
There are two places in particular where you should avoid changing money. The first is Toronto Pearson International Airport (YYZ) and the second is the Eaton Centre, located in downtown Toronto.
Especially if you are a new immigrant with a lot of cash on hand, avoid trading at YYZ and the Eaton Centre. You’re going to lose a ton! Be smart and transact elsewhere.
The exchange rate is not reasonable. You will find many warnings on the Internet about these places. So it is best to avoid the currency exchange service in these places.
3 Best Places to Exchange Money in Toronto
Here are the three best currency exchange services in Toronto. These three products are well known and recommended by many.
1. TD Canada Trust
It is one of the best places to exchange money. You will find a currency exchange center almost everywhere in Canada. They offer you many bonuses when you create an account for money transfers.
On top of that, you’ll benefit from high interest rates, which is again good for your balance. If your account details meet their requirements, your banking fees will be waived by TD Bank.
Most banks require a minimum deposit amount to open an account. However, TD Bank does not require this. Keep in mind that TD Bank has its own fees for its services.
There are two elements when it comes to TD exchange rates: non-cash transactions and cash transactions.
Here is the link to the TD exchange calculator
Transactions using non-cash rates using TD exchange rates –
1. Transfer between accounts
2. Send money
3. Pay by TD credit card in US dollars
TD Exchange Rates – Case Study
I’m comparing the CAD to USD exchange rate using Google’s default exchange rate and TD exchange rates just for comparison purposes.
1,000 Canadians to the United States right now, according to Google, or $760.60 USD.
1,000 Canadians to USA right now according to the TD exchange rate is – US$740.74 and 737.71 with cash exchange.
2. Ultimate Currency Exchange
It is considered one of the best exchange services for US dollars and Canadian dollars. Besides the US dollar, other currencies are available here for exchange. The services provided are available online. So you can run your business online without worrying about finding an office.
Although there are many physical offices of the services in Toronto and Ottawa. They do not keep a commission for foreign exchange services. So overall they have a good rating of the foreign exchange service in Toronto.
Click here to compare their prices with the big 5 banks in Canada –
Who are they?
Ultimate Currency Exchange (UCE) is a Canadian company that offers foreign exchange services through four branches – three in Ottawa and one in Toronto. They also accept online orders and ship foreign currencies anywhere in Canada. You can either collect the foreign currencies or have them delivered directly to your home.
UCE buys and sells over 90 foreign currencies with no commission fees. UCE exchange rates are consistently better than those of Canadian banks and rival other local or international exchange offices.
3. Kanteur
Kantor Currency Exchange was established in 2001 as a community business in the heart of the Ukrainian community in Toronto, Canada. Since the first days of its existence, Kantor has been striving to achieve customer satisfaction, providing comprehensive and honest services at attractive trading prices.
For over 15 years of successful business, they have expanded their services outside of Toronto and built a solid reputation as one of the best foreign exchange companies in the Canadian foreign exchange market.
Kantor is now one of the foreign exchange service companies offering a wide range of currencies for foreign exchange. So, many people from different countries can benefit from this currency exchange service. The rates offered by the service are also good compared to other companies. They offer around 70 currencies and have thousands of customers across North America.
They also have a reputation as one of the safest money transfer companies in the world. So this is one of the best options you can get.
You can find their exchange calculator here.
I’m comparing the CAD to USD exchange rate using the Google search default exchange rate and Kantor exchange rates just for comparison purposes.
1,000 Canadians to the United States right now, according to Google, or $760.60 USD.
1,000 Canadians to United States right now, according to the Kantor exchange rate, is – $751.88 USD.
Conclusion
And there you have it, this was the list of the 3 best exchange offices in Toronto.
You can select one of the foreign exchange services above or continue your research to find something that suits you better. There are many other currency exchange services in Toronto.
I only shared a few that we thought were the best. To find a good service, you need to pay attention and compare the exchange online and with the service. This way you can get a good exchange rate.
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