Currency Exchange in Toronto: Top Service Providers, Modes

Currency Exchange in Toronto
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Toronto is one of the most prominent educational centres for foreign students. It offers a large number of options for currency exchange to foreign students. These currency exchanges not only provide fast, swift service but also a safe and secure platform to exchange currency of various denominations.

The blog will give access to several authentic sources to exchange currency to get the admission process and home accommodation facility smoothly in Toronto, Canada.

Currency of Toronto

It is necessary to know that Toronto has Canadian bank notes as dollars issued in five denominations as its currency. Toronto uses the Canadian dollar which is the official currency of Canada. It has seven different denominations: CAD 1, 2, 5, 10, 20, 50, and 100. The Canadian coins circulate as 5 cents (nickel). All foreign students need to exchange their money with these currencies and for this, they need to find an authentic place.

Things to know before exchanging currency

Before exchanging currency in Canada, there are a few key points to keep in mind. Firstly, be aware of the current exchange rate to ensure you’re getting a fair deal. It’s wise to compare rates offered by different currency exchange services or banks. Consider the fees involved, as some places may charge higher commissions or fees for the service. Also, it’s beneficial to know about the accepted forms of payment, as credit cards are widely used but cash may be necessary in certain situations. Check some of the major factors to be considered before exchanging currency:

1. Compare rates of exchange

A student should do some research on market rates of his home currency and compare the currency exchange rates with Canadian dollars. He should see which agency offers the maximum return on his home currency. This will help him to save his money while it gets exchanged for use in the foreign country.

2. Currency Exchange at Airport

Currency exchange services at airports offer convenience for travellers who need immediate access to local currency upon arrival. It is a good option due to the accessibility, with exchange counters available around the clock, catering to varying flight schedules. However, currency exchange at the airport attracts higher fees and less favourable exchange rates compared to off-site options like banks or independent exchange offices. Moreover, due to their location, airport exchanges may be prone to overcrowding and long queues, leading to delays for travellers in a hurry.

3. Online Currency Converter

Online currency converters provide a quick and convenient way to instantly convert one currency to another, making them invaluable tools for travellers, businesses, and investors. You can get real-time exchange rate updates, accessibility from anywhere with an internet connection, and often user-friendly interfaces. Users can easily compare rates and convert large sums without the need for physical visits to banks or exchange offices. However, it’s important to note that while online converters generally offer accurate rates, they may not always reflect the exact rates you’ll receive due to potential fees or markups applied by financial institutions during actual transactions.

Currency Exchange Centers

Some of Toronto’s best exchange services that offer a good return are as follows:

1. Ultimate Currency Exchange

The Ultimate Currency Exchange is known for the best rate available for cash conversion in USD and CAD. It offers the following features:

  • Competitive rates: Ultimate Currency Exchange provides the most competitive rates. It offers better than any other Canadian bank and competes with other currency exchanges.
  • Fast, Convenient and Professional Service: Ultimate Currency Exchange’s proficient and friendly staff provides you with a convenient, professional and hassle-free currency exchange service in the fastest possible time.
  • No Commission Fee: There is no commission charged here. A student may exchange one dollar or $10,000 in all cases the exchange would provide the same best service and ask for no commission fee.
Location2502 Yonge Street, Toronto M4P 2H7
HoursMonday – Saturday: 10 am – 5 pm

How to reach?

2. Kantor Currency Exchange 

Kantor is a pioneer in foreign exchange that offers more than 70 currencies to customers in North America. The main features offered by Kantor Currency Exchange are as follows:

  • Excellent exchange rates: Kantor pays attention to the local money exchange market and provides you with the best money exchange deals. 
  • Great service provider: The fast, friendly and accommodating staff offers the best service, saving both time and money. 
  • Currency exchange calculator: Kantor offers a currency exchange rate calculator to provide the fastest service and maintain transparency. 
  • Both offline and online service: Kantor provides fast and reliable online service. Students can put the money denomination and exchange required online to get the fastest service. 

The Kantor exchange service based in west Toronto has become the most appreciated currency exchange centre for Americans and Canadians.

Location2310 Bloor St W, Toronto, ON M6S 1P2, Canada
HoursMonday – Friday: 10 am – 6 pm Saturdays: 10 am – 3 pm

How to reach?

3. TD Canada Trust 

TD Canada service is one of the best financial services that is known to enrich lives through its trusted services. TD Canada Trust provides financial support, and financial advice, and is committed to providing the best currency exchange rates.

Services offered by TD Canada: 

  • Hassle-free service to send and transfer money: TD Canada helps send money abroad and transfer funds in foreign currencies faster. It offers easy web and mobile services. 
  • Wire transfers: With a TD Canada Trust account, you can transfer funds to a foreign bank account in over 43 foreign currencies. 
  • Exchanging money for travel: TD allows you to purchase about 50 foreign currencies at competitive rates. It offers credit cards, cross-border banking options and travel insurance. 
  • Depositing foreign currencies: TD offers a variety of foreign exchange deposit services to fit your needs. The foreign currency accounts help to hold funds in the foreign currency of your choice. 

TD Canada Trust offers services through 52 branches and ATMs located all over Toronto. 

Location2945 Dundas St W, Toronto, ON M6P 1Z2, Canada
HoursMonday – Wednesday: 8:30 am – 6:30 pm
Thursday – Friday: 8:30 am – 7 pm
Saturday: 10 am – 3:30 pm

How to reach?

Also Read: All About Tax for International Students in Canada.

4. Downtown Currency Mart

If you are studying in Canada, you will definitely take many years to accomplish your goals. The Downtown Currency Mart with its various features can be your best currency exchange broker and save a lot of your valuable money.

Best features offered by Downtown Currency Mart:

  • Best currency exchange rate: Downtown Currency Mart offers 2% more on the purchase of currency as compared to local banks.
  • Decent customer care service: The service offered is good and you can expect an exchange of a lot of currencies that you do not find elsewhere. 
  • Facility to pre-order the currency: You can pre-book your currency along with the denominations required even online or through a Google message to collect it at a particular time from the exchange centre. 
  • Currency home delivery facility: With 51+ currencies in stock, Downtown Currency Mart delivers currency to your home in 4 business days.
Location120 Adelaide St W R7, Toronto, ON M5H 1T1, Canada
HoursMonday – Wednesday: 8:30 am – 6:30 pm
Thursday – Friday: 8:30 am – 7 pm
Saturday: 10 am – 3:30 pm

How to reach?

5. Babylon Monetary Services

Babylon Monetary Services creates all the major foreign and exotic currencies. 

The main services offered are:

  • Wire transfer facility: Babylon Monetary Services offers Wire transfer services in USD and CAD only.
  • Best Payment method: Babylon Monetary Services provides multiple methods of payment for purchasing foreign currency including cash and bank draft.
  • Best offer rates: It provides nominal rates of purchase.
  • Transparency in deals: It offers complete transparency in conducting exchanges. 

Babylon Monetary Services is a family-owned business since 2008, that attributes its success to honesty and complete transparency in conducting business.

Location1975 Lawrence Ave E, Scarborough, ON M1R 2Z2, Canada
HoursMonday – Saturday: 10 am to 6 pm

How to reach?

6. College Currency Investments

College Currency Investments was first started under Carlton Currency established in the year 2002. They are known to buy and sell 80 different currencies with very competitive rates. 

Other features of College Currency Investments are as follows: 

  • Best buy and sell rates: College Currency Investments offers the best buy and sell rates to exchange your USD to CAD and vice versa. 
  • Offer best exchange rates: College Currency Investments offers the best currency exchange rates with no extra fee. 
  • Efficient and courteous staff: College Currency Investments has employees who are very efficient and courteous in dealing with customers, making them an excellent business. 
  • Excellent location: College Currency Investments is located at a very central location making it convenient to reach. 
Location437 Yonge St A, Toronto, ON M5B 1T3, Canada
HoursMonday – Friday: 10 am – 6:30 pmSaturday: 10 am – 6 pmSunday: 11 am – 3:30 pm

How to reach?

7. NHVN Currency Exchange

NHVN Currency Exchange is conveniently located at the heart of Toronto where it is dedicated to meeting your personal and commercial needs. 

Some of its services provided are: 

  • No service fee: NHVN Currency Exchange does not charge any service fees and there are no exceptions to it. 
  • Language of service: The employees and NHVN Currency Exchange deal in English, Vietnamese and Chinese language only. 
  • Excellent service: NHVN Currency Exchange takes pride in providing amazing customer service without any hassle or delay. 
  • Competitive rates: NHVN Currency Exchange is constantly updating its traded currencies so as to provide you with the best competitive rate. They deal with only cash.
LocationNHVN Currency Exchange, 222 Spadina Avenue, #101C, Toronto, Ontario, M5T 3B3
HoursMonday – Friday: 10:30 am -5 pm 

How to reach?

8. Ebix Cash World Money

Ebix Cash is a trusted name for currency exchange. You can walk into their store or place your order online.

Other features of Ebix cash are as follows:

  • Remittances: they offer remittance for the money. 
  • Money transfer: Money transfer is another feature of Ebix Cash. It can be transferred within seconds without any surcharges.
  • Wire transfer: Sending money to Canada or from Canada is possible through wire transfer via Ebix cash.
  • Quick availability of all CAD: There is a quick availability for denominations of money CAD through Ebix Cash World Money Ltd.

Ebix Cash currency exchange service is available in many places all over the world, making it a trusted name in currency transfer.

Location121 Yonge St, Toronto, ON M5C 1W4, Canada
HoursMonday – Friday: 10 am – 6 pm

How to reach?

9. Altaif Currency Exchange

The Altaif Currency Exchange is spread through a large number of branches in various parts of Europe and offers clear, viable currency exchange rates to students studying in Toronto. They believe that the exchange rates should be dealt with straightforwardly and should be simple and clear. Altaif gives comparative rates thus saving a lot of money on exchange during travel, study or business in a foreign country. It offers all the denominations of the currency and makes the process fast. 

The various services offered are beneficial to both individuals and corporations. Some of the benefits of using Altaif are as follows:

  • Simple and clear methods of transferring funds internationally: Altaif readily compares the current rates with a student’s approaches to conversion of currency. Students engaged in education do not get misdirected or misled by the exchange of currency at Altaif.
  • Transparency and secured transactions: Altaif makes transparency of information and does so with great simplicity. This has earned the trust of millions of students abroad. The rate that you see is the rate that you get here.
  • No Fee or commissions: At Altaif you will not be charged any commissions or fees. The currency is transferred at the same rate suggested during enquiries or transactions.
  • The vigilant and competitive staff at Altaif is quite vigilant in offering the best rates based on the International Live Market and provides exchange at a fraction of the cost. This saves a lot of money for the students who come to Toronto to study.
Location1967 Lawrence Ave E #5, Scarborough, ON M1R 2Z2, Canada
HoursMonday – Friday: 10 am to 6 pm
Saturday: 10 am to 4 pm

How to reach?

10. Interchange Financial Currency Exchange

The Interchange Financial Currency Exchange is a well-known name for Currency Exchange in Toronto, Canada. It is known to exchange above 70 currencies from different countries abroad. Interchange Financial Currency Exchange helps to both convert cash and electronic money. The currency with denominations can be booked online.

They have the following services to offer to the International students:

  • Best Currency Exchange rates: Interchange Financial Currency Exchange is a reliable service provider and is built on the well-known facts of finances. They are fully aware of the changing rates of currency transactions and have thus appointed staff to be fast and aware to provide the best rate of currency conversion. 
  • Buy Back Protection: The students who have to undergo the education process in Canada can rest assured of the currency that they will need to get converted upon return to their country. The Interchange Financial Currency Exchange offers the best return of the CAD to their respective currency on return.
  • No Exchange Fee: When a student approaches the exchange, he is not charged any extra fee or commission on the currency to be converted. The rates displayed are the rates provided by Interchange Financial Currency Exchange.
  • Always Available: With their 24 *7 services and well-developed online applications, the currency exchange services are always available and render quality service on time.
LocationAtrium on Bay, 20 Dundas Street West, Toronto, ON M5G 2C2, Canada
HoursMonday – Wednesday: 10 am – 6 pm
Thursday – Friday: 10 am – 7 pm
Saturday: 10 am – 4 pm

How to reach?

FAQs

Where are some of the best places to exchange money in Toronto?

Some of the best places to exchange money in Toronto are Kantor Currency Exchange, Ebix Cash World Money, TD Canada Trust and Downtown Currency Mart Toronto. They are known to provide quick services to customers and are a top priority among students.

How do I get the best exchange rate in Canada?

Currency exchange services offer the best exchange rate and better deals than banks. They help in providing top-notch services to the international students.

How to avoid currency conversion fees?

You can avoid currency conversion fees by getting a no-foreign transaction fee credit card and paying in the local currency.

What documents are required for currency exchange?

Documents such as an Indian passport, Valid visa, PAN card, Identity card and A2 form are required for currency exchange. A student can approach the currency exchange centres to learn more about the requirements.

How to exchange money in Canada?

You can exchange money by visiting the banks or using their services online, using currency exchange centres, or by using foreign exchange kiosks in airports.

To know more about currencies, education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.

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