Finding the best place to exchange currency in downtown Toronto can be crucial for getting the most value for your money. Whether you’re a tourist visiting the city or a local preparing for an international trip, knowing where to go can save you time and money. Here’s a guide to some of the top spots in downtown Toronto where you can exchange currency efficiently and at competitive rates.
Banks and Financial Institutions
Banks are often the first choice for many when it comes to currency exchange. In downtown Toronto, major banks like RBC, TD, Scotiabank, and CIBC have branches that offer currency exchange services. While banks are generally reliable and secure, they might not always offer the best exchange rates compared to other options. However, they are convenient if you already have an account with them, as you can easily transfer funds and exchange currency in one place. It’s a good idea to call ahead or check online for their rates and any fees they might charge for currency exchange services.
Currency Exchange Kiosks
Currency exchange kiosks are scattered throughout downtown Toronto, especially in high-traffic areas like Union Station, Eaton Centre, and near major hotels. These kiosks are convenient for quick exchanges and often have extended hours compared to banks. Some well-known kiosks include Calforex and Continental Currency Exchange. They typically offer competitive rates and lower fees than banks, making them a popular choice for tourists. However, it’s wise to compare rates at a few different kiosks before making a transaction, as rates can vary significantly.
Online Currency Exchange Services
For those who prefer the convenience of digital transactions, online currency exchange services can be a great option. Companies like KnightsbridgeFX and OFX offer online platforms where you can exchange currency at competitive rates. These services often provide better rates than banks and kiosks because they have lower overhead costs. The process usually involves setting up an account, transferring funds, and then receiving the exchanged currency either through a bank transfer or in some cases, cash pickup. This option is particularly useful for larger transactions where even a small difference in rates can lead to significant savings.