Owais Crawford
Toronto Pearson International Airport (YYZ) has several currency exchange options, including over-the-counter services, online pre-order, and ATMs. While exchanging currency at the airport is convenient, it may not be the most cost-effective option due to potentially higher fees and unfavourable exchange rates. To get the best value, it is recommended to compare exchange rates and consider using a multi-currency card or account, ordering foreign currency online for airport collection, or withdrawing cash from an ATM in the local currency upon arrival.
| Characteristics | Values |
|---|---|
| Currency exchange options | CIBC banking centres, ICE booths and kiosks, ATMs, Travelex |
| Number of currency exchange locations | 2 |
| Number of CIBC banking centres | 5 |
| Number of ICE currency exchange desks | 13 |
| Location of ICE booths | Terminal 1, before security, near the check-in area; Terminal 3; Terminal 1, after security, near Gate D51 |
| Number of currencies bought and sold by ICE | Over 70 |
| Number of currencies bought by ICE ATM | Over 100 |
| Number of currencies sold by ICE ATM | Several |
| Recommended option | Using a multi-currency card from Wise |
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What You'll Learn
Currency exchange options at Toronto Pearson Airport
Toronto Pearson International Airport (YYZ) has several currency exchange options available. However, it is important to note that airport currency exchanges often have higher fees and less favourable exchange rates due to a lack of competition.
Currency Exchange Counters
There are two currency exchange counters at Toronto Pearson International Airport. One is located in Terminal 1, before security, near the check-in area. This is an International Currency Exchange (ICE) booth with two ATMs that buys over 100 international currencies and sells several foreign currencies. The other is located in Terminal 1, after security, near Gate D51. This is also an ICE booth where you can exchange your Canadian dollars for other currencies.
CIBC Banking Centres
There are five CIBC Banking Centres located throughout the airport. You can order foreign currency online and collect it at one of these centres, or you can buy currency on the spot. However, it is recommended to order in advance for large transactions or unusual currencies.
ATMs
Using an ATM to withdraw cash in the local currency is another option. When using an ATM, it is generally best to avoid letting the ATM perform the conversion and choose to be charged in the local currency (CAD) to get a better exchange rate.
Online Pre-Order
Some providers, such as CXI, allow customers to order their foreign currency online and collect it at the airport. This can result in a better exchange rate compared to exchanging on the spot.
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Benefits of exchanging currency at the airport
Exchanging currency at the airport is convenient, especially if you need a small amount of foreign currency upon arrival to pay for transportation or tips. Toronto Pearson Airport, for example, has several currency exchange options, including five CIBC Banking Centres and 13 separate ICE currency exchange desks.
Another benefit of exchanging currency at the airport is that it is generally safe. While some travellers may opt to exchange currency in local markets near the airport, they may encounter unauthorized dealers who are looking to trick travellers into accepting poor exchange rates. At the airport, you can avoid such dealers and rest assured that you are conducting your currency exchange through a legitimate channel.
Additionally, exchanging currency at the airport can be a good option if you need a large amount of foreign currency and have not ordered it in advance. While it is generally recommended to order foreign currency from your bank before travelling, this may not always be possible, and exchanging currency at the airport can be a viable alternative.
Finally, exchanging currency at the airport can provide peace of mind. Having local currency in hand before embarking on your trip can help you feel more prepared and reduce financial stress while travelling.
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Over-the-counter currency exchange services
Toronto Pearson Airport is well served for currency exchange kiosks, including 5 CIBC Banking Centres and 13 separate ICE currency exchange desks. No matter where you are in the airport, there will be one nearby.
CIBC Banking Centres can be found in several locations in Toronto Airport. You can order foreign currency online and collect it at a CIBC Banking Centre at the airport. You can also buy currency on the spot, although for large transactions or unusual currencies, you’re usually better off ordering in advance. Opening hours vary by location, according to the flight schedules, so check in advance if you’re relying on CIBC for your travel money.
There are plenty of ICE booths and kiosks throughout Toronto Pearson Airport. All locations offer the option of ordering your currency online and collecting it at the airport. The International Currency Exchange (ICE) office buys and sells over 70 international currencies. Smaller ICE booths may only exchange Canadian dollars for foreign currencies.
While exchanging money at the airport is a convenient service, it’s not always the cheapest option. Currency services often add a markup to the exchange rate available for customers and keep the difference as profit.
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Online pre-order currency exchange services
Toronto Pearson International Airport, located in Mississauga, Ontario, is Canada's largest and busiest airport. It offers a range of currency exchange services, including online pre-order options.
One option for online pre-ordering of currency exchange is through the CIBC Banking Centres located within the airport. You can order your desired currency online and then collect it at a CIBC Banking Centre at the airport. This option is convenient if you require a large transaction or an unusual currency, as ordering in advance ensures availability. However, it is important to check the opening hours of the specific CIBC location, as they vary according to flight schedules.
Another option for online pre-ordering is through the International Currency Exchange (ICE) offices, which are located in Terminals 1 and 3. ICE buys and sells over 70 international currencies, and you can order your currency online and collect it at the airport. It is important to note that smaller ICE booths may only exchange Canadian dollars for foreign currencies.
Additionally, there are other online currency exchange providers, such as Wise and Currency Mart, that may offer more competitive rates and lower fees compared to airport exchange services. These providers often provide the mid-market exchange rate without adding a markup, ensuring you receive a fair deal. By ordering online in advance, you can compare rates, avoid high transaction costs, and make informed decisions without being influenced by the convenience of exchanging currency at the airport.
Overall, while Toronto Airport offers a convenient currency exchange service, online pre-ordering through airport providers or external companies can provide benefits such as competitive rates, larger transactions, and the availability of unusual currencies.
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Currency exchange kiosks at the airport
Toronto Pearson International Airport (YYZ) has several currency exchange kiosks, including 5 CIBC Banking Centres and 13 separate ICE currency exchange desks. The ICE office buys and sells over 70 international currencies, and there are ATMs available that buy over 100 currencies and sell several foreign currencies.
CIBC Banking Centres are available in several locations in the airport, where you can buy currency on the spot or order foreign currency online and collect it at the airport. It is recommended to order in advance for large transactions or unusual currencies. Opening hours vary by location according to flight schedules, so it is best to check in advance.
There are plenty of ICE booths and kiosks throughout the airport, with locations both before and after security. You can also order your currency online and collect it at the airport. However, not all locations offer the same range of services, and smaller ICE booths may only exchange Canadian dollars for foreign currencies.
While currency exchange kiosks at the airport are convenient, they may not offer the best exchange rates. Due to reduced competition and busy travellers, airport exchange services often charge higher fees, which may be hidden or added to the exchange rate. It is recommended to compare their exchange rates with the real rate online using an online currency converter to ensure you are getting a fair deal.
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Frequently asked questions
Yes, Toronto Lester B. Pearson International Airport (YYZ) has currency exchange counters available. There are 5 CIBC Banking Centres and 13 separate ICE currency exchange desks located across the airport.
The International Currency Exchange (ICE) has a booth and two ATMs located in Terminal 1, before security, near the check-in area. There is another ICE location in Terminal 1, after security, near Gate D51.
Exchange rates at the airport can be less favourable than those in a city exchange due to a lack of competition. Fees may be added to the exchange rate, so it is important to check both the quoted fees and the rate being used to exchange your money.
You can order foreign currency online and collect it at a CIBC Banking Centre at the airport. You can also use an ATM to withdraw cash in the local currency of your destination upon arrival at the airport. Alternatively, you can use a multi-currency card, such as the one offered by Wise, which provides conversions at the mid-market exchange rate without any markups or hidden fees.
