Foreign Currency Exchange Services in Canada (2024)

FAQs

Foreign Currency Exchange Services in Canada? ›

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Tourists are known to flock to Canada for a dose of exuberance and adventure. But, in order to thoroughly enjoy your vacation, there are some things that you absolutely need to get out of the way – one of them being currency exchange. This is a must-have on your to-do list before you fly out to Canada.

Best place to exchange currency: Your bank or credit union

Many banks offer currency exchange to their customers. Though there may be a small fee if you exchange less than a certain amount, your bank or credit union will almost always be the cheapest place to exchange currency.

Banks. If you want cash on hand before you leave Canada, you can buy foreign currency from your financial institution over the phone or online. It can be delivered to your local branch for pick up. Exchange rates at banks are slightly better than elsewhere.

Exchange at a bank or credit union before your trip: Visiting your local bank is likely the most cost-effective way to convert currency. Since you already have an existing relationship with them, they'll give you the best exchange rates and charge you the fewest fees.

Local banks and credit unions usually offer the best rates. Major banks, such as Chase or Bank of America, often offer the added benefit of having ATMs overseas.

Most airport currency exchange services accept cash and credit cards. Ordering your Canadian dollars online and picking it up at the airport can be cheaper than buying CAD on the spot when you arrive for your flight.

How much money should I bring to Canada as a tourist? ›

It's hard to advise on how much spending money you should budget for as everybody has different tastes and spending habits. A good guideline is between $250 and $300 (Canadian Dollars) per week.

If you are planning to rely on USD in Canada, you may like to reconsider. Although large retailers, tourist attractions, hotels and border crossings accept US currency, smaller and rural destinations may not. Travellers don't always consider the situations when the local currency is the only option.

There are no restrictions on the amount of money you can bring into or take out of Canada, nor is it illegal to do so. However, any time you cross the border, you must declare any currency or monetary instruments you have in your possession that are valued at CAN$10,000 or more.

Prices for goods and services are comparable between Canada and the U.S. -- particularly now that the Canadian dollar has been close to par with its U.S. counterpart for a number of years.

Avoid Currency Exchange Kiosks at Airports

If you don't have time to get cash at the bank before your trip, it can be tempting to get foreign currency at an airport kiosk or currency exchange counter. These merchants offer convenience, but their exchange rates are typically much less favorable than your bank at home.

You can exchange your currency at your local bank before you leave, or you can wait until you arrive at your destination to find a bank to perform this transaction. The Bank of Nova Scotia (Scotiabank), Canadian Imperia Bank of Commerce and Toronto Dominion Bank are among popular banking institutions in the nation.

Places to Exchange Currency

Foreign currencies are easily changed into Canadian dollars at currency exchange kiosks at border crossings, large shopping malls, and banks. If you want to have some currency in hand, then it would be best to find a bank or ATM to withdraw the local currency.

Head to your bank or credit union before you leave to avoid paying ATM transaction costs. You may even receive a better exchange rate. Credit unions and banks will exchange your dollars into a foreign currency before and after your trip when you have a checking or savings account with them.

The government of Canada does not restrict the movement of funds into or out of the country and imposes no restrictions on the buying or selling of any foreign currency. Corporations and individuals can operate in foreign funds and arrange payments in any currency they choose. Prepared by our U.S. Embassies abroad.