Where can I Exchange Foreign Currency in Canada?

Places and Tips to Exchange Foreign Currency in Canada

Understand Options Before Traveling to Canada to Ensure Best Exchange Rates

While knowing where to obtain the best exchange rate makes the most sense before traveling, you may need to exchange money during a trip. If you are a business or leisure traveler embarking on a trip to Canada, know where to purchase the US dollar for a Canadian dollar, also called the Loonie, during all phases of your trip.

Canadian Dollar Exchange Rates

Canadian Dollar

Acceptable Currencies Based on Goods and Services

Typically, you will need the Canadian dollar to purchase goods and services. However, exceptions exist. Popular tourist attractions, duty-free shops and border towns likely accept USD too.

Traditional Places to Exchange Currency

Travelers and tourists will usually find the best exchange rate at a bank, though check if your chosen financial institution charges a fee per transaction. When going to a bank, even if you do exchange your money for the Canadian dollar there, a banker should always give you an exchange rate that closely matches the current one.

Busier commuter areas usually assess higher fees because of the convenience of their locations. Those include currency exchange kiosks at:

If you cannot get to a bank and want to avoid increased fees, consider:


Online Currency Exchanges Provide Alternative to Traditional Options

Those looking for more competitive rates — or prefer to conduct transactions through mobile means — may find online currency exchanges like KnightsbridgeFX more convenient and less expensive. Online exchanges often have the ability to provide lower rates and fees.

Make sure your chosen agency has relationships with major Canadian banks like KnightsbridgeFX before conducting any transaction.

If you decide to use KnightsbridgeFX, an agency that offers a guarantee to beat bank rates, follow the below steps to buy your needed currency:

Call or fill out the online form to receive a free, no-obligation quote.
Once you agree on a rate, the company emails a receipt. This also provides a way for you to easily retain all your exchange rate receipts.
Choose how to have the funds sent — either by bank transfer or online bill pay. In many cases, you receive the money the same day.

Tips to Get the Best Rate

No matter where you decide to exchange USD to CAD, remember to:

Many options exist for purchasing CAD. Follow best practices like knowing the current exchange rate and when and where to find the best one. Avoid places that use ambiguous language and fail to disclose the buy rate.