Ruth Haines
Toronto Pearson Airport is well-equipped to handle currency exchange, with 5 CIBC Banking Centres and 13 separate ICE currency exchange desks spread across the airport. While some sources suggest that certain stores in Toronto may accept US dollars, it is not the legal tender in Canada, and you will be charged an unfavourable exchange rate. It is recommended that you exchange your currency at the airport or use a credit or debit card that will automatically convert the currency for you.
| Characteristics | Values |
|---|---|
| Currency used in Toronto | Canadian dollars |
| USD legal tender in Toronto | No |
| Best place to exchange USD in Toronto | Banks, currency exchange kiosks at the airport, or online |
| Best way to pay in Toronto | Credit/debit cards |
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What You'll Learn
- US dollars are not legal tender in Toronto, Canada
- Some stores may accept US dollars but at an unfavourable exchange rate
- It is recommended to use a credit or debit card, which will automatically convert the currency
- Currency exchange kiosks are available at Toronto Pearson Airport
- It is possible to order foreign currency online and collect it at the airport
US dollars are not legal tender in Toronto, Canada
It is worth noting that exchanging money at the airport is not always the cheapest option. Currency services often add a markup to the exchange rate and keep the difference as profit. If you have access to a bank account in Canada, it could be cheaper to exchange your money there. Additionally, using a credit or debit card that automatically converts the currency can be a convenient way to pay without carrying cash. However, credit card issuers typically charge fees for international transactions, and it is not recommended to use your credit card to withdraw money from an ATM due to high fees and interest charges.
If you need to exchange a large amount of money or a less common currency, it is usually better to order your currency in advance. You can also check the mid-market exchange rate online to benchmark the rates available at the airport or other locations. By being aware of the official exchange rate, you can avoid potential money exchange scams, such as thieves stealing your money during the exchange or giving you a mixed pile of currency with a lower value.
In summary, while it may be possible to use US dollars in some places in Toronto, it is not recommended due to the unfavourable exchange rates. Exchanging your US dollars for Canadian dollars or using a credit or debit card that automatically converts currency is a more convenient and cost-effective option.
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Some stores may accept US dollars but at an unfavourable exchange rate
Toronto Pearson Airport, which serves around 50 million passengers annually, offers currency exchange services. The airport has 13 separate International Currency Exchange (ICE) currency exchange desks and five CIBC Banking Centres. ICE buys and sells over 70 international currencies.
While some stores may accept US dollars in Toronto, they will do so at an unfavourable exchange rate. It is recommended to exchange your US dollars for Canadian dollars at a bank or money exchange place. Currency exchange kiosks at the airport may not offer the best rates, so it is worth checking the mid-market exchange rate before exchanging your money.
Some sources suggest using a credit or debit card for purchases in Toronto, as the bank will automatically convert the transaction to the appropriate currency. However, it is worth noting that credit card issuers typically charge fees for international transactions, and using a debit card to withdraw money from ATMs will incur additional fees. It is recommended to use a bank-affiliated ATM when outside of Canada.
If you need cash before leaving Canada, you can buy foreign currency from your financial institution over the phone or online and pick it up at a local branch. Exchange rates at banks are slightly better than elsewhere. You can also order currency before your trip from websites that will ship it to your home.
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It is recommended to use a credit or debit card, which will automatically convert the currency
Toronto Pearson Airport serves around 50 million passengers annually, many of whom will be looking to exchange currency. While it is possible to exchange US dollars at Toronto Airport, it is recommended to use a credit or debit card, which will automatically convert the currency. This is often a more cost-effective option than exchanging cash.
Using a credit or debit card for purchases in a foreign currency is a convenient way to pay when travelling. Credit card issuers typically charge fees for international transactions, but you may get a better exchange rate than with cash, and lower fees than those associated with exchanging cash. Additionally, using a credit card instead of cash can provide added security, as some credit card companies offer protections against fraud and theft. It is worth noting that credit card companies typically charge high fees and interest rates for cash withdrawals from ATMs, so it is best to avoid this.
If you do prefer to use cash, it is a good idea to check the mid-market exchange rate before travelling to ensure you are getting a fair deal. Currency exchange services often add a markup to the exchange rate for customers, so it is worth shopping around. Some providers, like Wise, offer the mid-market rate with no extra margin and a transparent fee. It is also worth noting that some banks will only exchange currency for their customers, so it may be necessary to order currency in advance or use an airport exchange service.
In summary, when travelling through Toronto Airport, it is recommended to use a credit or debit card for purchases, as this will automatically convert the currency and often provides a better exchange rate than exchanging cash. However, it is always a good idea to carry some local currency for small purchases or in case of an emergency.
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Currency exchange kiosks are available at Toronto Pearson Airport
While exchanging money at the airport is convenient, it may not be the most cost-effective option. It is recommended that you check the mid-market exchange rate before comparing it with the rates available at the airport or other locations. Some providers may add a markup to their rates, so it is essential to consider different providers and their fees.
You can order foreign currency online and collect it at a CIBC Banking Centre at the airport. Alternatively, you can buy currency on the spot, although it is advisable to order in advance for large transactions or unusual currencies. Additionally, you can reserve your currency online and collect it at the airport through the "Click and Collect" service provided by ICE. This service allows you to benefit from competitive exchange rates and avoid advance payments.
Although US dollars are not the legal tender in Canada, some places in Toronto, such as major retail chains and corner stores near the airport or Union Station, may accept them. However, they may offer unfavourable exchange rates, and you will receive Canadian currency as change. Therefore, it is generally advisable to exchange your US dollars for Canadian currency at the airport or a bank before making purchases.
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It is possible to order foreign currency online and collect it at the airport
Toronto Pearson International Airport (YYZ) is well-equipped to handle currency exchange. While it is possible to use US dollars in Toronto, it is expected that you use Canadian currency. Most big stores will accept US dollars, but at a poor exchange rate. It is recommended that you exchange your currency before your trip.
The airport has several currency exchange kiosks, including five CIBC Banking Centres and 13 separate International Currency Exchange (ICE) currency exchange desks. ICE buys and sells over 70 international currencies and has a Click and Collect service where you can order your foreign currency online and collect it at the airport. CIBC Banking Centres also offer a similar service.
It is worth noting that not all currency exchange locations at the airport offer the same range of services. Smaller ICE booths may only exchange Canadian dollars for foreign currencies, whereas larger locations will buy many different foreign currencies and sell foreign currency for your trip.
While exchanging money at the airport is convenient, it may not be the cheapest option. It is recommended that you compare the exchange rate offered at the airport with the mid-market exchange rate, which is the rate the bank or currency provider will have received when they bought the currency. Currency services often add a markup to the exchange rate available for customers and keep the difference as profit.
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Frequently asked questions
US dollars are not legal tender in Canada, so you will need to exchange them for Canadian dollars at the airport.
Toronto Pearson Airport has over 13 separate ICE currency exchange desks and 5 CIBC Banking Centres where you can exchange your currency.
Yes, 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, but for large transactions or unusual currencies, it is recommended to order in advance.
All currency conversion at Toronto Pearson Airport uses the mid-market exchange rate with no hidden fees, so you can be sure you are getting the best deal available.
Yes, you can buy foreign currency from your financial institution over the phone or online and have it delivered to your local branch for pickup. You can also order currency online from a number of websites that will ship it to your home. Alternatively, you can use a major international credit card for your purchases, which will automatically convert the currency for you.
