Currency exchange Toronto: The Canadian traveller’s guide

Planning an international trip involves more than booking flights and hotels, and one of the most overlooked steps is currency exchange. Knowing where to exchange money and how to compare rates can make a noticeable difference in trip costs.

This guide breaks down the best options for currency exchange in Toronto, from downtown exchange offices to airport kiosks and banks. You’ll also learn how to compare rates and what to prepare before your trip.

If you’re still deciding where to go, you can also check this guide on passport and visa-free destinations for Canadians to see which countries you can visit with minimal entry requirements.

As you prepare for your travels, it also helps to think about how you’ll stay connected abroad. An international eSIM like Holafly, allows you to access maps, rate checkers, and banking apps while on the move, providing tools that can be handy when comparing exchange options during your trip.

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Quick Picks — Where to change currency in Toronto

City-centre currency exchange in Toronto

One of the biggest advantages of exchanging money in downtown Toronto is the level of competition. Within a few blocks, you’ll find multiple currency exchange bureaux offering different rates, fees, and available currencies, making it easier to compare options in person. 

Downtown locations also tend to carry a wider range of popular travel currencies like USD, EUR, and JPY, and many offer better spreads than what you’d find at the airport or major banks.

Best currency exchange locations in Downtown Toronto

Here are some well-known options often recommended by travellers looking for the best currency exchange in Toronto :

Calforex Currency Exchange

• Address: 220 Yonge Street, Level 1, Toronto, ON M5B 2H1
• Phone: (416) 921-4872
• Hours: Monday–Saturday 10:00 a.m.–9:00 p.m.; Sunday 11:00 a.m.–7:00 p.m.

📌 Open late and handles over 70 currencies, offering both walk-in service and a currency buy-back program for frequent travelers.

Currency Shoppe

• Address: 279 Spadina Ave, Toronto. ON
• Phone: (416) 596-7601
• Hours: Monday–Friday 10:30 a.m.–5:30 p.m.; Saturday/Sunday closed

📌 Offers great customer service and competitive foreign-exchange rates compared to banks.

Interchange Financial Currency Exchange

• Address: 20 Dundas Street West, Yonge and Dundas, Toronto, ON, M5G 2C2 Canada
• Phone: (416) 596-7601
• Hours: Monday–Wednesday 10:00 a.m.–6:00 p.m.; Thursday–Friday 10:00 a.m.–7:00 p.m.; Saturday 10:00 a.m.–4:00 p.m.; Sunday closed

📌 Specializes in foreign currency with no hidden fees and offers both in-person and account-to-account services.

Currency exchange in Toronto airport

Exchanging money at Toronto Pearson International Airport (YYZ) is convenient, especially if you need last-minute foreign cash before boarding. 

The airport offers two main providers: CIBC and ICE (International Currency Exchange). Together, they operate more than 20+ locations across Terminals 1 and 3, making it easy to find a kiosk regardless of your departure gate.

CIBC airport branches (5 locations)

CIBC operates five full-service banking locations inside Toronto Pearson Airport (one location does not offer currency exchange service), offering foreign cash exchange in major currencies like USD, EUR, GBP, JPY, and others.

Key advantages:

• Reliable bank service with transparent fees
• Convenient for travellers who feel more comfortable exchanging with a major Canadian bank
• Existing CIBC account holders can order foreign cash online and pick it up at the Toronto airport

📌 Things to keep in mind: Bank exchange spreads tend to be higher than specialized currency exchange bureaus downtown, and some currencies may need advance ordering depending on availability.

ICE Currency Exchange kiosks (17 locations)

ICE is the largest currency exchange operator at Toronto Pearson, with 17 kiosks spread throughout Terminal 1 and Terminal 3, including pre-security, post-security, and arrivals areas.

Key advantages:

• Extremely convenient — kiosks are located steps from most gates
• Many locations open early or late to match international flight schedules
• Offers online pre-order (“Click & Collect”), where you can lock in a preferred rate and pick up at the airport

📌 Things to keep in mind: Airport ICE walk-up rates are typically the least competitive, as airport locations have higher operating costs. Pre-ordering online usually gives better value than exchanging on the spot.

CIBC foreign-currency ATMs 

When travelling from Canada to US, you can easily withdraw USD cash from ATMs. Toronto airport has around 15 CIBC ATMs that dispense U.S. dollars directly. These machines are located throughout Terminals 1 and 3, both before and after security.

Key advantages:

• Fast and available 24/7
• Allows you to withdraw USD instantly without visiting a counter
• Uses your bank card’s network rate (Visa/Mastercard), which is often more transparent than kiosk rates

📌 Things to keep in mind: You may be charged ATM withdrawal fees, and watch out for Dynamic Currency Conversion (DCC) prompts — always choose “withdraw in local currency” (USD) for better value

Banks for currency exchange in Toronto

Major Canadian banks, such as TD Canada Trust, Scotiabank, RBC, BMO, and CIBC, offer foreign currency exchange services. These are reliable options with transparent processes, though often not the cheapest.

Key advantages include security and the ability to order less-common currencies. However, a few limitations include:

• Many banks only offer walk-in service for USD, EUR, and GBP
• A 1–5 business day advance order may be required for other currencies
• You may need to be an existing customer
• Banks typically add a wider spread compared to downtown exchange shops

For popular travel destinations — such as those featured in Holafly’s best places to travel — it’s worth checking both bank and downtown currency exchange bureaux rates before exchanging your money.

What to prepare before you go?

A bit of planning can help you avoid extra fees and make sure you’re getting a fair rate. Here are a few things to sort out before exchanging your money in Toronto:

• Figure out how much cash you’ll realistically need. You can also refer to Holafly’s backpack essentials guide, which includes a brief look at managing money on the go.
• Check the day’s benchmark rate. Looking up the mid-market rate, which gives you a baseline so you’ll know whether an exchange shop is offering a fair deal.
• Compare your options early. Rates can vary widely between downtown bureaux, banks, and online platforms. Reviewing two to three sources ahead of time will help you avoid last-minute surprises.
• Confirm currency availability. Popular currencies like USD or EUR are easy to get, but others may need to be ordered in advance. 
• Ask for the full price breakdown. Always request a clear explanation of the rate, markup, and any service fees. “No commission” doesn’t always mean “cheaper.”
• Think about alternatives. A travel credit card with no foreign-transaction fee or a prepaid travel money card can sometimes be more cost-effective than withdrawing large amounts of cash.
• Hold on to your receipts. If you plan to convert leftover money back to CAD after your trip, check the provider’s buy-back policy, so you know what to expect.

Stay connected on your trips with Holafly

Looking to stay connected while abroad? Holafly offers convenient eSIM data plans for travellers, giving you unlimited data, 24/7 customer support, and instant connectivity without needing a physical SIM card. 

You can browse available plans on the Holafly eSIM shop, choose a destination, and install the eSIM before departure. It’s a simple way to avoid roaming surprises while keeping essential travel tools, such as maps, rate checkers, and mobile banking, at your fingertips.

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