Ruth Haines
Toronto Pearson International Airport offers currency exchange services to its 50 million yearly passengers. The airport has a reputation as one of North America's premier airports and is often the first impression of Canada for many travellers. Currency exchange services are provided by the International Currency Exchange (ICE) and CIBC Banking Centres. However, exchanging money at the airport is usually not the cheapest option due to high fees and unfavourable exchange rates.
| Characteristics | Values |
|---|---|
| Currency exchange options at Toronto Airport | International Currency Exchange (ICE), CIBC Banking Centres, ATMs, online pre-order |
| Number of ICE booths | 13 |
| Number of CIBC Banking Centres | 5 |
| Buying currency on the spot | Possible, but for large transactions or unusual currencies, it is better to order in advance |
| Opening hours | Vary by location and according to flight schedules |
| Exchange rates | Vary, but airport exchange rates are often less favourable than those in city exchanges |
| Exchange fees | Vary, but airport exchange fees are typically higher |
| Multi-currency support | Yes |
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What You'll Learn
Currency exchange kiosks at Toronto Airport
Currency exchange kiosks at Toronto Pearson Airport are operated by the International Currency Exchange (ICE) and CIBC Banking Centres. ICE has 13 foreign exchange counters at the airport, and there are 5 CIBC Banking Centres.
The ICE kiosks and booths are located throughout the airport, and they offer the option of ordering currency online and collecting it at the airport. However, not all ICE locations offer the same services. Smaller ICE booths may only exchange Canadian dollars for foreign currencies, while larger locations will buy and sell various foreign currencies. There are also ATMs available at some ICE locations. The ICE office buys and sells over 70 international currencies.
CIBC Banking Centres are located in several places in the airport. You can order foreign currency online and collect it at a CIBC Banking Centre. You can also buy currency on the spot, but for large transactions or unusual currencies, it is recommended to order in advance. The opening hours of both ICE and CIBC locations vary according to flight schedules.
Although exchanging money at the airport is convenient, it is usually not the cheapest option due to higher fees and unfavourable exchange rates. It is recommended to check the deals carefully before committing to a currency exchange at the airport.
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CIBC Banking Centres at Toronto Airport
Currency exchange at the airport is usually not the cheapest option, but it is convenient. Toronto Pearson Airport, which serves about 50 million passengers annually, has various currency exchange kiosks, including five CIBC Banking Centres and 13 separate ICE currency exchange counters.
CIBC Banking Centres at Toronto Pearson Airport offer a range of services for travellers. CIBC clients and non-clients can exchange up to 65 currencies at competitive rates with no transaction charges. The centres are located in Terminals 1 and 3, both before and after security. There is also an info desk in Terminal 1 near international arrivals where you can learn about their best offers for newcomers and the CIBC Smart Arrival program.
CIBC Foreign Cash Exchange allows you to exchange more than 30 currencies with no transaction charges. You can also open bank accounts and credit cards and take advantage of special banking offers. Their website provides directions to the centres and information on their opening hours, which vary according to flight schedules.
It is recommended that you check the deals on offer carefully before committing to a currency exchange at the airport. Additionally, for large transactions or unusual currencies, it is usually better to order your foreign currency in advance, either online or through your bank.
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International Currency Exchange (ICE) booths
Toronto Pearson International Airport has a reputation as one of North America's premier airports, serving approximately 37 million passengers in 2022. It is a hub for international travel, with adequate currency exchange kiosks provided by the International Currency Exchange (ICE) and CIBC.
There are plenty of ICE booths and kiosks throughout the airport. All locations offer the option of ordering your currency online and collecting it at the airport. It's worth noting that not all locations offer the same range of services. Smaller ICE booths may only exchange Canadian dollars for foreign currencies, while larger locations will buy many different foreign currencies as well as selling foreign currency for your trip. There are also ATMs available at some locations, and opening hours vary according to flight schedules.
The International Currency Exchange is a privately-owned, U.K.-based company, operating in 40 different countries. In Canada, it has some 50 retail locations, many of them in the country's eight major airports. These include 13 foreign exchange counters in Toronto's Pearson Airport.
The ICE office buys and sells over 70 international currencies. While exchanging money at the airport can be a convenient service, it’s not always the cheapest option. Exchange desks make money by purchasing foreign currencies for less than the going global foreign exchange rate and selling them for more, plus charging an additional transaction fee. The "spread", or difference between what they buy and sell currencies for, is often very large.
It is recommended to check the exchange rate you’re being offered and compare it with the mid-market exchange rate, which is the one the bank or currency provider will have received when it bought the currency. Some providers, like Wise, offer the mid-market rate with no extra margin, and charge a simple transparent fee instead.
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Alternatives to exchanging currency at the airport
Currency exchange desks at the airport make money by purchasing foreign currencies for less than the going global foreign exchange rate and selling them for more, plus charging an additional transaction fee. While the fee is transparent, the "spread", or difference between what they buy and sell currencies for, is often very large. This means that exchanging currency at the airport can be very expensive.
Order Currency Online
You can order foreign currency online and collect it at a currency exchange desk at the airport. This is a good option if you are ordering a large amount of currency or a less common currency.
Multi-currency cards
A multi-currency card from a provider like Wise or Revolut allows you to hold foreign currencies in a digital account and then tap to pay with a physical or virtual card. You can also make local currency ATM withdrawals when you need cash.
Send Money to Someone You Know in the Country
If you are visiting people that you know and trust, and they have a bank account in the country you are visiting, it could be cheaper for you to send money to them before you leave.
Check Exchange Rates
Before exchanging currency, check the mid-market exchange rate, which is the rate that banks and currency providers received when they bought the currency. You can use this rate as a benchmark to check the rates available at the airport, online, or near you. Some providers, like Wise, offer the mid-market rate with no extra margin, and charge a simple transparent fee instead.
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High fees at airport currency exchanges
Currency exchange services at the airport are known to charge higher fees than other money changers. This is due to a variety of factors, including the high costs of operating at an airport, limited competition, and high demand from travellers.
Firstly, the high costs of maintaining a physical presence at airports contribute to higher exchange fees. Airport kiosks and currency exchange counters pay high rents and incur significant operational costs, such as staff salaries and maintenance. These expenses are ultimately passed on to consumers in the form of higher exchange rates and additional fees.
Secondly, airports have a captive market with thousands of customers passing through every day. With limited competition and low repeat business, there is little incentive for airport currency exchange services to offer competitive prices. They can charge higher fees because travellers often have no other options for exchanging money before their trip.
Additionally, currency exchange desks make money by purchasing foreign currencies at lower rates than the global foreign exchange rate and then selling them at a higher rate, plus charging transaction fees. The difference between the buying and selling prices, known as the "spread," can be quite large at airport exchange desks, further contributing to higher costs for travellers.
Furthermore, exchange rates at airports can fluctuate due to market conditions, supply and demand shifts, and inflation. When a country experiences high inflation, the purchasing power of its currency decreases, leading to a weaker exchange rate for travellers.
Finally, some airports may charge extra fees to cover their operational costs, making their exchange rates even less competitive. These additional fees can include charges for convenience, transaction fees, and surcharges.
Overall, while exchanging currency at the airport can be convenient, it is important to be aware of the potentially high fees and less favourable exchange rates compared to other options, such as local banks, ATMs, or online currency converters. Travellers should consider comparing rates and fees before choosing a currency exchange service to ensure they get the best value for their money.
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Frequently asked questions
Yes, Toronto Pearson International Airport has currency exchange kiosks provided by the International Currency Exchange (ICE) and CIBC Banking Centres.
There are 13 foreign exchange counters by ICE and 5 CIBC Banking Centres located throughout the airport.
Exchange rates at the airport are typically less favourable than those in city exchanges. Exchange desks make money by purchasing foreign currencies for less than the global rate and selling them for more, plus charging a transaction fee.
Currency exchange fees vary depending on the specific currency. Some providers claim to have no fees, but they may offer less competitive exchange rates.
