What Is The Cheapest Way To Exchange Currency In Canada?

Finding the cheapest way to exchange currency will help you save money before or after a trip abroad. You need foreign currency when you leave the country, but you also need to exchange foreign currency for Canadian bills when you return. There are a few options below that will make it easy for you to exchange your cash. Shop around so that you can get the best rates and save money on your next trip.

The Airport

Going to the airport makes it easy for you to exchange money because banks and exchange services have counters set up throughout the facility. You could go to the exchange country just before you leave, or you can exchange your money when you land. The airport exchange office will give you an envelope to help protect your cash, and you will not need to worry about going to a bank after landing.

If you are in the international wing of the airport and waiting on a flight, you can exchange your money because you have plenty of time. If you need to convert your money back to Canadian currency, you can do that while you are waiting for your next flight. Plus, you do not need to leave the airport because the office is right there. Do not change your itinerary if you do not need to.


You can go to a range of local Canadian banks like HSBC, CIBC, BMO, Scotiabank, and RBC. When you go into one of their branches, they can exchange money for you. Plus, you can get very specific customer service based on how much money you need. The bank will let you choose the bills or coins you would like to receive, and any teller you can help you.

If you already have an account with one of these banks, you should go into the nearest branch. If you do not have an account with these banks, they will handle the transfer anyways. You simply need to pick the bank that you believe has the best exchange rate.

When you go to the bank website, you should check just before you go into their branch. If the bank charges a fee for an exchange, they will charge that fee based on the type of account you have. Some banks will waive the fee for you, and others waive the fee so long as you are an account holder. Make sure that you know your options before going into any bank. The teller only knows so much about the process.

Wire Transfer Companies

When you go to a wire transfer office, you can get the same service that you would get at a bank. You can check the wire transfer company’s exchange rates, and you can visit them if they are on your route while you are in town. Plus, you might want to visit their office before you leave for your next trip.

Shop Around

You need to shop around as much as you possibly can. Every bank or wire transfer company has its own rates. You do not know what those rates are unless you check, and you cannot wait until you get into the branch to learn what the rate is. Remember that these rates change all the time, and you should check your rates just before going to exchange your money. You might prefer to leave the airport instead of exchanging money while you are there. However, you might want to use the exchange window at the airport if that is your only option.


When you are looking for the best place to exchange foreign currency, you should choose the location that you believe best suits you. Most places have their own exchange rate that you need to check online, or you can use Knightsbridge FX. Knightsbridge FX offers lower exchange rates than banks, and that allows you to make a bit more cash when you are exchanging foreign currency. You can exchange your money before or after your trip, and you will have more than enough cash to work with in Canada or a foreign country.