Lois Larson
Toronto Pearson International Airport has several foreign exchange desks, including 5 CIBC Banking Centres, 13 ICE currency exchange kiosks, and 1 ICE booth and ATM that buys and sells multiple currencies. While it is possible to exchange USD for Canadian dollars at the airport, it is not recommended due to high fees and unfavourable exchange rates. Instead, it is suggested to use a credit card or exchange currency at a bank or money exchange place in the city, such as Wall Street Exchange or HSBC bank.
| Characteristics | Values |
|---|---|
| Ability to convert USD to CAD at Toronto Airport | Yes |
| Recommended | No, due to potentially unfavourable exchange rates and higher fees |
| Alternative options | Using a credit card, exchanging money at a bank or money exchange place in the city, using an ATM, ordering currency online |
| Best exchange rate in Toronto | Wall Street Exchange at 1221 Yonge St. or any HSBC bank |
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What You'll Learn
Currency exchange kiosks at Toronto Pearson Airport
Currency exchange kiosks are available throughout Toronto Pearson Airport. The International Currency Exchange (ICE) buys and sells over 70 international currencies and has several kiosks and ATMs across the airport. Some smaller ICE booths may only exchange Canadian dollars for foreign currencies, whereas larger locations will buy and sell foreign currencies.
There are also 5 CIBC Banking Centres located in the airport, where you can order foreign currency online and collect it upon arrival at the airport.
Although exchanging money at the airport is convenient, it is not always the cheapest option. It is recommended to check the exchange rate you are being offered, as currency services often add a markup to the mid-market exchange rate.
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Foreign currency via the Alberta Motor Association
The Alberta Motor Association (AMA) has partnered with the International Currency Exchange (ICE) to help make getting foreign currency easier before you travel. There are two ways to order foreign currency online with ICE through the AMA: through Click & Collect or through your AMA travel agent during the trip booking process.
The Click & Collect feature is available at several major airports in Alberta, British Columbia, Manitoba, Ontario, and Québec. There are minimum order amounts of $250 CAD per currency, and exclusive rates for online orders. The rate applied to your order will be the in-store Click & Collect rate on the day you pick up your foreign currency. Available payment methods vary depending on the location.
Although the new AMA-ICE partnership has its benefits, Wise offers a more stable mid-market exchange rate with no hidden fees. With Wise, you can get your converted money in seconds, removing the need to handle payments and conversions separately. With a Wise account, you can also get a card with your multi-currency account so you can make payments in the currency of your choice, without worrying about foreign currency fees for every transfer.
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Currency exchange rates
If you're looking to exchange currency at Toronto Pearson Airport, there are plenty of options available. The airport is well served by currency exchange kiosks, including 5 CIBC Banking Centres and 13 separate ICE currency exchange desks. The ICE kiosks are spread throughout the airport, and all locations offer the option of ordering your currency online and collecting it at the airport. However, 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 and sell foreign currencies.
While exchanging money at the airport is convenient, it's not always the cheapest option. Currency services often add a markup to the exchange rate and keep the difference as profit. To get an idea of the current mid-market exchange rate, you can use an online currency converter or app. This will give you a benchmark to compare the rates offered at the airport.
If you're looking for alternatives to exchanging currency at the airport, you could consider using a credit card that doesn't charge foreign transaction fees. You can also withdraw money from a local ATM when you arrive at your destination, as this usually offers a fair exchange rate. Another option is to send money to someone you know and trust in the country you're visiting, and they can withdraw it from their bank account.
In Toronto, some of the best exchange rates for US dollars to Canadian dollars can be found at Wall Street Exchange at 1221 Yonge St. or any HSBC bank in the city.
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Using US dollars in Toronto
Toronto Pearson Airport has plenty of kiosks and booths that offer currency exchange services. However, exchanging currency at the airport is not always the cheapest option. If you have a friend in Toronto who you trust and who has a bank account, it could be cheaper to send them money before you arrive, and then exchange it for Canadian dollars when you're in the city.
Some establishments near the U.S.-Canada border or in tourist areas may accept U.S. dollars, but you will need Canadian dollars for most cash transactions in Toronto. Most big stores will accept U.S. dollars but at a very unfavorable exchange rate, and any change given to you will be in Canadian currency.
If you need to exchange U.S. dollars for Canadian dollars, you can do so at a bank or a money exchange place. One recommended place is Wall Street Exchange at 1221 Yonge St. or any HSBC bank in Toronto.
It's worth noting that some stand-alone ATMs, especially those in tourist areas, have been known to apply weak exchange rates on U.S. dollars before withdrawing. This is called dynamic currency conversion, and it often comes with additional fees and unfavorable exchange rates. It's best to decline dynamic currency conversions and pay in the local currency to avoid unnecessary costs.
Using a credit card is another option. Check with your credit card company and use the card that does not charge a fee. Some cards charge 3%, but many do not charge any fees. You can also download the XE app on your phone to learn the current exchange rate.
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Best places to exchange currency in Toronto
Exchanging currency can be costly, especially if you don't do your research. It's always a good idea to check the mid-market rate of your home currency against the Canadian dollar before settling on an exchange service.
At the Airport
Toronto Pearson Airport has several kiosks and booths where you can exchange currency, including 5 CIBC Banking Centres and 13 separate ICE currency exchange locations. While convenient, the airport might not offer the best exchange rates.
In the City
If you're looking for the best exchange rates in the city, Wall Street Exchange at 1221 Yonge St. and any HSBC bank branches in Toronto are recommended. Another place with reportedly good rates is the Sheppard Yonge Centre Currency Exchange near the food court.
For poor exchange rates, online reviews warn against the Eaton Centre. However, it's a popular choice for its convenient location and extended opening hours.
At an ATM
Using a Canadian ATM is another convenient way to exchange your money. Before your trip, check with your bank if they have any partnerships with banks in Toronto. Using the partner bank's ATMs may result in reduced or waived fees. When using an ATM, opt to be charged in the local currency (CAD) to get a better exchange rate.
At a Bank
If you're exchanging a large sum of money, it might be worth looking into a bank for a more competitive rate. TD Canada Trust, for example, offers over 50 foreign currencies and precious metals at competitive rates.
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Frequently asked questions
Yes, Toronto Pearson Airport has several locations for Travelex and ICE kiosks where you can exchange currency.
Exchange rates at the airport are not always the best and can be expensive. It is recommended to check the mid-market exchange rate online and compare it with the rate offered at the airport.
Yes, you can exchange currency at banks or money exchange places in the city, such as Wall Street Exchange at 1221 Yonge St. or any HSBC bank.
It is generally advised to avoid exchanging money at airports due to higher fees. If possible, use a credit card or ATM, but make sure to choose to be charged in the local currency (CAD) to avoid high conversion rates and transaction fees.
It is a good idea to research the mid-market exchange rate of your home currency and compare it with the rates offered by different exchange services. You can also order foreign currency from your financial institution before your trip or use a multi-currency account.
