Where to Exchange Currency in Canada (2026): Banks, Forex Dealers and Cards Compared

Every exchange of money has a cost: the gap between the rate you receive and the mid-market rate, plus any stated fee. Banks and airport kiosks tend to build a wider markup into their rates; online services and specialist dealers usually quote closer to the mid-market rate. This page covers where to exchange cash, how to move larger sums, and how to spend abroad without paying more than necessary. Sending money to someone abroad is a different job, covered in how to send money internationally, and the other guides to moving money in Canada cover wires, e-Transfers and drafts.

The mid-market rate (sometimes called the interbank rate) is the reference point: the midpoint between buy and sell prices in the wholesale currency market. Most retail services build a markup into the rate they quote; those that convert at the mid-market rate, such as Wise, charge a separate fee instead. Either way, the useful comparison is the total Canadian-dollar cost of the same amount at each provider. For the Canadian and US dollar, the CAD/USD exchange rate page shows the Bank of Canada’s daily rate to compare a quote against.

Currency exchange options at a glance

Pricing changes daily and varies by amount and currency, so the order above is a starting point, not a ranking of today’s prices. Knightsbridge FX’s own comparison, updated September 2026, puts the big banks’ markups at about 2.5% to 3.3% on a $10,000 exchange; that is a competitor’s figure, and your bank’s quote on the day is what counts.

What a markup costs

This table shows what different markups cost on a $5,000 CAD-to-USD exchange, using an assumed mid-market rate of CAD 1.00 = USD 0.7400. The markups are illustrations, not any provider’s current price.

The cost scales with the amount: on a $50,000 exchange, each percentage point of markup is about US$370.

Online forex services

Wise

Wise converts at the mid-market rate and charges a separate, disclosed fee, which makes it easy to compare against services that quote a marked-up rate without showing the markup. The fee depends on the currency and amount, so check Wise’s quote for your own transfer. Its site advertises transfers from $5 up to $5 million.

Knightsbridge FX

Knightsbridge FX is a Toronto-based currency dealer. Its typical transaction is $2,000 or more, and it does not accept payment by cash, cheque or bank draft: you book a rate online or by phone, send the Canadian dollars by bill payment, Interac e-Transfer, wire or EFT, and the converted funds are sent back to your account, usually the same day or the next business day.

For Canadians making cross-border real estate purchases, sending large amounts to family abroad, settling business invoices in foreign currencies, or funding foreign investment accounts, a Knightsbridge quote is worth comparing with your bank’s before converting.

OFX

OFX is a global money transfer service with a Canadian arm. Its minimum transfer is CA$200, and transfers below CA$10,000 carry a CA$15 fee. It also offers forward contracts, which lock in an exchange rate for a payment up to 12 months ahead; these are mainly useful to businesses and to individuals with a known future payment.

XE Money Transfer

XE is better known for its currency converter (xe.com) but also runs a money transfer service that sends to many countries, including from Canada. It is one more quote to compare.

Walk-in currency exchange dealers

Walk-in dealers are useful when you need cash in hand the same day: before a trip, for a specific denomination, or to convert foreign cash you have received.

VBCE (Vancouver)

Vancouver Bullion & Currency Exchange has five locations and deals in both foreign currency and bullion.

Calforex

Calforex has locations in Calgary, Edmonton, Ottawa, Toronto, Vaughan and Montréal, mostly in shopping centres and downtown areas. It says it stocks over 50 currencies in its branches.

Continental Currency Exchange

Continental Currency Exchange has several locations in the Greater Toronto Area, including Yorkdale Shopping Centre and Scarborough Town Centre, and elsewhere in Ontario. Toronto residents can compare its quote with Calforex’s.

Bank currency exchange rates

Banks build their margin into the rate they quote rather than charging a separate fee, and they rarely publish the size of that margin. The gap is usually wider for less common currencies. To see what you are paying, compare the bank’s quoted rate with the mid-market rate on the same day.

Online banks such as EQ Bank and Tangerine, and credit unions, may quote different rates from the big banks. The comparison method is the same: the Canadian-dollar cost of the same amount of foreign currency.

The main case for exchanging at a bank is same-day convenience for an account holder who is leaving on short notice and cannot arrange a transfer or visit a dealer.

Norbert’s Gambit and converting money to invest

Inside a brokerage account, Norbert’s Gambit converts Canadian dollars to US dollars (or back) by buying an interlisted security such as the DLR currency ETF in one currency, journalling it to the other side of the account and selling it, so the cost is commissions, any journal fee and the bid-ask spread instead of the broker’s conversion spread. It takes a few days and suits larger amounts; the Norbert’s Gambit guide has the steps, the costs and which brokers support it.

If the US dollars are for buying US-listed stocks or ETFs, the conversion usually happens inside the brokerage account rather than at a bank or forex dealer, at the broker’s own spread. How to buy US stocks from Canada covers the rest of the process, and currency exchange and your investments explains how the USD/CAD rate then affects your returns and capital gains.

Spending abroad: travel cards vs cash

For spending money while travelling, the question is often not which exchange dealer to use but whether to use cash at all. Using a credit card abroad often gives a better exchange rate than exchanging cash at a currency exchange office or bank, and a card with no foreign transaction fee removes the usual extra charge.

Credit cards and foreign transaction fees

Most Canadian credit cards add a foreign transaction fee, commonly 2.5%, to purchases in other currencies. A few charge less or nothing:

Card terms change, so confirm the current fee and rewards on the issuer’s site; the best travel credit cards page compares more options.

Travel debit and prepaid cards

If you need cash while abroad, for markets, taxis or places where cards are not widely accepted, a card with no foreign transaction fee reduces the cost of spending and withdrawing. The Wealthsimple Chequing account (formerly Wealthsimple Cash) comes with a prepaid card with a 0% foreign transaction fee, and Wealthsimple reimburses ATM operators’ fees. KOHO’s Extra and Everything plans also charge a 0% foreign transaction fee; its entry-level Essential plan charges one.

A common approach is to carry a no-FX-fee card as the main way to pay, plus a small amount of cash bought before departure. If you need more cash from an ATM abroad, the machine’s own fee and your card’s fees both apply.

Dynamic currency conversion: decline it

When a card terminal or ATM abroad offers to charge you in Canadian dollars rather than the local currency, it is offering dynamic currency conversion. The merchant’s provider, not your card network, sets that exchange rate and can add a markup. Visa says merchants and ATMs must show the rate and any markup, must let you choose, and must not choose for you. Choosing the local currency lets your own card’s network rate apply.

Currency exchange for specific situations

Exchanging before a trip

Exchange only what you expect to need in cash, typically enough for the first day or two until you can assess local ATM availability. Compare an online order or a local dealer (Calforex, VBCE) with your bank, and leave time for any online order to arrive.

Receiving foreign currency

If you have received foreign currency as payment, such as a US dollar cheque or euros from a family member abroad, your options are the same: compare a dealer’s rate with your bank’s. If you plan to invest the money in US-dollar assets, a brokerage or bank account that holds US dollars lets you keep it in US dollars instead of converting.

Currencies that are hard to exchange

Dealers stock the major currencies, but not every currency; Calforex, for example, says it keeps over 50 in its branches. For a currency your dealer does not stock, you can ask whether it can be ordered ahead, or withdraw local currency from an ATM on arrival.

Large business transfers

For businesses paying international suppliers or receiving foreign-currency revenue, the arithmetic is the same on larger sums: a 1% difference in rate on $500,000 of annual payments is $5,000 a year. Knightsbridge FX, OFX and similar services offer business accounts, and forward contracts that lock in an exchange rate for future payments; these tools can be worth setting up if your business makes regular foreign-currency payments.

Related pages

• How to send money internationally from Canada
• Transferring money to Canada
• Money transfer apps compared
• Best US dollar accounts in Canada
• Best no foreign transaction fee credit cards
• Best travel credit cards