DOWNTOWN TORONTO: Currency Exchange (416-479-0834)

There are so many ways for downtown Toronto residents to change their Canadian Dollars (CAD), especially since Toronto is the primary financial hub of Canada. It’s important to keep in mind that exchange rate values are perpetually shifting because they are traded on live foreign exchange markets around the world. The reason rate pricing is so volatile is due to the fact that traders can use these markets up to 24 hours in a day. As a result, it can be tough to stay on top of the most current exchange rate offerings.

To save you precious time and energy, KnightsbridgeFX calls the major Canadian banks every morning to ensure that their exchange rates are better. We contact the local banks in downtown Toronto daily to find the best exchange rates in order to price our deals more competitively.

We strongly believe that you should stay up to date on the up trends and down trends of currency price fluctuations. Unfortunately for Canadians looking to exchange US dollars (USD), the loonie has lost lowered it’s value against the USD for a number of economic reasons throughout the past several months. One major reason is the dramatic drop in the price of oil, coupled with lower oil demand across the board. Speaking plainly, lower prices for oil equates to less money generated by Canada’s energy companies. Oil production is one of Canada’s major economic outputs and GDP contributors. This, in turn, leads to a momentary slow down of economic growth in Canada. Another important factor is the state of the job market. With less demand for oil, energy companies (specifically in the oil industry) are not hiring as often. This inevitably results in higher levels of unemployment, especially in the Western provinces, and an overall slower Canadian economy. To summarize, this event has hurt the value of the CAD. As such, it is even more important for you to get the best exchange rate possible. It’s vital to get the most “bang for your buck” whenever the dollar is weak.

How to Optimize Your Downtown Toronto Foreign Exchange Transactions

If you’re residing in a downtown Toronto condominium you’ll be pleased to find out that FX options are plentiful. There are retail and commercial businesses all over the city that provide physical cash in hand, international money transfers, and simple dollar conversions. These FX providers are scattered throughout the area and can typically reached in areas with heavy foot traffic. Since there are so many tourist-heavy locations downtown, it’s no surprise there are so many foreign exchange opportunities. It’s important to take account of your individual needs for exchange, since each option comes with inherent pros and cons. For instance, if you’re looking for the downright most affordable way to swap CAD to USD, you can benefit greatly by choosing KnightsbridgeFX. On the other hand, if the cost of service has never really been an issue – or you’ve saved enough money in your lifetime – converting with your primary bank can be more convenient. Typically when you’re looking to receive your order in physical cash it will come at a premium, that’s why we stand by electronic transfers since they are cheaper. Bonus tip: some foreign exchange service providers will include additional costs that are hidden within the total cost. Make sure you’re able to determine exactly what you are paying for whenever you’re booking a transaction.

Pearson International Airport (YYZ)

Understand the unspoken rule of currency exchange to avoid bleeding money – stay away from the FX booths at airports! When you think about the ridiculous pricing inside an airport (inflated food and drink costs) you’ll know how expensive it is to run a business inside an airport. Unless you’re shopping duty free, prices will always be suboptimal for an airport consumer. Following this rule, airport FX kiosks are no exception. Granted, these booths are extremely convenient as a last minute option. For instance, you may have forgotten to exchange your dollars before the flight and need to have cash on-hand upon arrival. The international airport near downtown Toronto, located in Mississauga, has plenty of these booths at every terminal. If at any point you’re seeking foreign exchange at the big YYZ, Travelex Currency Services Inc. is located at Terminal 1 near the International Departure section.

Primary Financial Institutions

It goes without saying that the “Big Five” Canadian banks are the most frequently used FX platforms in the downtown area. After all, their headquarters are established in the downtown financial district. Given this knowledge, it’s important to note that just because they are convenient and often utilized doesn’t make them the best choice – especially in terms of savings! The major financial institutions in downtown Toronto charge very poor retail exchange rates, which could lose you hundreds if not thousands of dollars in savings on sizeable bookings. However, if convenience is more important to you than savings, you could just simply do FX with your current bank. You could find these banks downtown with ease: CIBC, BMO, HSBC, TD, RBC, DesJardins and more. It’s worth mentioning that a few of these banks can give you travel incentives and cross-border bank accounts, although these services come with their own different costs.

Third Party Exchange Brokerage Firms

When opting to use a third party broker, you should aim to book large transaction amounts. When making sizeable conversions (ranging into the thousands of dollars) the rate gets better the more you exchange. Doing this ensures that you’ll save hundreds of dollars when you swap from CAD to USD, or any other tradable currency for that matter. KnightsbridgeFX not only guarantees better rates than the banks but they will allow you lock in prices that you agree upon.

Hotels, Motels, and Malls

Popular areas in the downtown core that see many tourists come and go are littered with different FX service providers. Hotels, motels, and malls are no exception. It’s worth mentioning that all of these places generally rely on physical cash conversions. While that certainly sounds convenient, anytime you receive cash in-hand instead of electronically you pay a premium. Another advantage to using KnightsbridgeFX is that we will digitally transfer your money directly into your online bank account. Alternatively, if you don’t care about paying a slight premium on exchange, you could find these two major FX chains downtown: Calforex and ICE (International Currency Exchange). For your safety, make sure that whenever you’re using an FX service in a highly populated zone you ensure the provider’s credibility first. You can do this by checking to see whether or not they are professionally regulated by government-backed boards like FINTRAC, AMF, or the Better Business Bureau.

Hunting for the Best FX Rates in Downtown Toronto

Naturally, most people tend to assume that going to a bank would guarantee favorable and competitive exchange rates.  Sadly this could not be any further from the truth.  Major financial institutions do not offer the best rates, and often charge additional fees that you haven’t even considered.  The traditional banking system has a lot of overhead costs to make up for, so their pricing has to reflect that. The banks also assume that their customers would not typically go anywhere else to exchange their currency.  At KnightsbridgeFX, we have every incentive to offer you the best rates in different cities, including currency exchange in Saint-Lambert.  We work hard to keep our overhead costs low, and as a direct result we do not charge additional fees for services like wire transfers.  Our goal is to offer affordable exchange while maintaining superior customer service.  Give us a call at 1-877-355-5239 for a no-obligation quote on our rates, and one of our representatives will walk you through the very simple conversion process. Alternatively, you can fill out the electronic form on this page and we’ll guide you through the process of how to get the best currency exchange possible in downtown Toronto.