Ian CheesemanMy friend was recently scammed by a shady money changer. He walked into a place near him, thinking he was getting a great deal, only to find out later that he got hit with some hidden fees. Needless to say, he wasn’t too thrilled.
That got me thinking about how important it is to find a money changer you can trust. They should have competitive rates, offer excellent customer service, and be transparent about their fees.
To that end, here are the best money changers in Toronto that tick all the boxes.
How much are currency exchange rates in Toronto?
Dedicated currency exchange services might offer rates closer to 1% to 2% above the interbank rate. Banks and less specialized services may charge 2% to 3% or more.
It’s always a good idea to compare rates at a few places before making your exchange.
How We Chose the Best Money Changers in Toronto
1. Knightsbridge Foreign Exchange
For 11 years, Knightsbridge Foreign Exchange has helped more than 130,000 businesses and individuals exchange over $20 billion. They handle Canadian, US, Australian, and New Zealand Dollars, as well as British Pounds and Euros.
We like that they actually call the banks every morning to make sure their rates are lower, helping you avoid those annoying bank fees that can go up to 2.5%.
Their clients range from folks buying property in the US or Europe to small businesses, big companies, and even non-profits. They’re even linked with all Canadian banks, so you can easily test their service with a small amount first.
If you need help, their all-human call center is ready to assist. As a bonus, they’ve been featured on BNN, CTV, The Globe and Mail, and more.
A heads-up though—some people have mentioned that their service can be a bit slow at times.
Pros
- Over 11 years of experience
- Has helped more than 130,000 customers
- Wide range of currencies available
- Offers lower rates than banks
- Linked with all Canadian banks
- Has an all-human call center
- Has been featured on the media
Cons
- Service can be a bit slow
Hands down the best exchange service available to Canadians
“Hands down the best exchange service available to Canadians. I have used their services multiple times to buy USD and EUR, they consistently provide the best rates. Their chat service online is amazing. I Recently completed a transaction with Adam and it was very quick, I got my quote and confirmed my transaction in less the 3 min.”
Shameer Jina, Google Review
Extremely safe and good rates
“Very easy process to exchange money. Extremely safe and good rates. I just used their Chat option, and it was all completed within a few minutes. No line ups at the bank, or spending hours stuck in traffic. Ayaz was very helpful. Thank you.”
Kathy Constantinou, Google Review
2. CURRENCY EXCHANGE SHOPPE
CURRENCY EXCHANGE SHOPPE, previously known as Goldium FX, has become a go-to spot for currency exchange in the Greater Toronto Area. With two handy locations, they offer some of the best rates you’ll find.
For starters, they offer rates on over 20 currencies. Their currencies include not only the usual suspects like US dollars and euros but also less common ones like Chinese Renminbi, Mexican Pesos, Korean Won, and Thailand Baht.
Another advantage is their no service fee policy, meaning you pay only the exchange rate, making it a more affordable option. Additionally, most major currencies can be purchased and picked up on the same day, providing convenience.
Note that for larger amounts or less common currencies, you might need to pre-book and pay in advance. Also, they only accept cash for payment, which might be a limitation for some customers who prefer to pay electronically.
Pros
- Over 3 years of experience
- Offers rates on over 20 currencies
- No service fee policy
- Same-day service for most currencies
Cons
- Larger amounts need to be pre-booked and paid in advance
- Only accepts cash payments
Best rate I have found after shopping around
“Efficient. Best rate I have found after shopping around. No fees. I didn’t have enough CAD for the amount of EUR I needed. It was almost closing time. She directed me to the nearest ATM. By the time I returned it was past 5:30 pm but she unlocked the door for me. She had the exact notes ready and it was a quick transaction. Very pleased and grateful for this great service.”
Best rates for US and Euro currency in Toronto
“Wonderful staff! They are always extremely accommodating. Best rates for US and Euro currency in Toronto… I highly recommend!!”
Betty Guerreiro, Google Review
3. Money Exchange World
Money Exchange World has been helping people with their financial needs for over 20 years. Impressively, they offer over 90 currencies available, including popular ones like USD, EUR, GBP, JPY, and more.
We like that they don’t charge any service fees, no matter how much you’re exchanging or how you pay. You can even book your exchange rates in advance.
Plus, if you find a better rate somewhere else, they’ll match or beat it, so you always get the best deal. And if you’re a frequent trader or exchanging large amounts, you’ll enjoy preferred rates.
They also offer quick and easy applications for Cash Advances or Payday Loans, and they’re there to help with your income tax filing.
Sadly, we heard some reports of slightly lower rates compared to a few competitors.
Pros
- Over 20 years of experience
- Offers over 90 currencies available
- Does not have any service fees
- Can book your exchange rates in advance
- Rate match guarantee
- Preferred rates for frequent traders
- Helps with Payday Loans and income taxes
Cons
- Slightly lower rates
The only place I use and trust for my needs
“When it comes time to converting money, this is the only place I use and trust for my needs. You can count on amazing service, quick turnaround and the counter is full of people who are friendly, professional and most importantly get you the best rate possible. I highly recommend Money Exchange World to anyone for their money exchange needs.”
Mujtaba Hassan, Google Review
My go-to place for currency exchange
“My go-to place for currency exchange. Best rates and always have currency in stock, even less common ones.”
Xhon Keri, Google Review
4. NHVN Currency Exchange
NHVN Currency Exchange offers currency exchange services to cater to personal and commercial needs. We love that they don’t charge any service fees.
The staff is multilingual, speaking English, Vietnamese, and Chinese, making it easy for customers from diverse backgrounds. Also, many have praised their quick service, with some reporting that their transactions were completed in just three minutes.
If you have specific requirements for the bank notes you need, they’ll do their best to accommodate you. And they’re open to accommodating clients outside of regular hours, which can be helpful for those with busy schedules.
However, they only accept cash payments. And while they offer popular currencies like EURO, GBP, AUD, CHF, HKD, JPY, MXN, NZD, and VND, they may not have less common currencies like Danish Kroner.
Pros
- No service charges
- Has a multilingual staff
- Speedy service
- Can accommodate requests
- Can arrange meetings outside of regular hours
Cons
- Only accepts cash payments
- Limited range of currencies
They always give us the best rate in the city
“We have been coming here for years and they always give us the best rate in the city. The owner and staff are always helpful and take care of us each and every time. We save so much money on big and small exchanges especially when the Banks are always trying to squeeze small businesses such as our selves for every penny. We Strongly recommend Madeline and her team for your exchanges.”
TORONTO “COLLECTIVE” WORLDWIDE, Google Review
Service is always top notch
“Been coming here the past few years for work so I don’t get killed by bank rates.. Usually CAD to USD and their rates are always the best around when comparing. Service is always top notch. Haven’t had a bad experience there. Last time was October and felt totally safe with their Covid steps they put in. It’s the right spot if you want good rates & peace of mind. Highly recommend.”
Michael Lee, Google Review
5. Kantor Currency Exchange
Kantor Currency Exchange has been serving the Ukrainian community in Toronto since 2001, and it has since expanded to help customers from all over Canada. They also claim to be the first Ukrainian currency exchange company in the country.
Their exchange rate converter also covers over 70 currencies, making it easy to manage your money. A big plus is that they don’t charge any service fees, no matter how you pay.
Besides currency exchange, they offer money transfer services, including wire transfers, Western Union, and MEEST transfers. It’s a convenient one-stop solution for your financial needs.
The only downside is that some customers received unfriendly service, which we agree could be off-putting.
Pros
- Over 20 years of experience
- Covers over 70 currencies
- No service fees
- Also offers money transfer services
Cons
- Unfriendly service
Exchange rate was much better than anywhere else
“We need to do the currency exchange (CAN $ into Euros) After quick call the money was reserved for us. We picked them up within an hour with no problem. The service is just great! We’ll definitely do it again when it’s needed. The exchange rate was much better than anywhere else. Highly recommend to everyone!”
Inna Levytska, Google Review
Great rates, best in the city
“Great rates, best in the city in my opinion. Quick and trustworthy service, it’s my 3rd time here and I always leave as a satisfied customer. Would recommend!”
Andrew Ku, Google Review
