Currency Exchange At Pearson Airport: What You Need To Know

Toronto Pearson International Airport (YYZ) is a hub for international travel and offers currency exchange services for travellers who need foreign currency. The airport has two currency exchange locations, with kiosks and booths provided by the International Currency Exchange (ICE) and CIBC. While airport currency exchange services offer convenience and immediate access to local currency, travellers should be mindful of the potential for high fees and unfavourable exchange rates.

Currency exchange locations and tips

Toronto Pearson International Airport (YYZ) has currency exchange services available for travellers who need to exchange money before or after their flights. The airport has two currency exchange locations, run by International Currency Exchange (ICE) and CIBC. These services offer convenience and immediate access to local currency, which can be beneficial in emergencies or when arriving in an unfamiliar location.

International Currency Exchange (ICE)

ICE has multiple kiosks and offices at the airport. In Terminal 1, before security near the check-in area, there is a large ICE booth with two ATMs. Terminal 3, before security on the Departures level, also has an ICE booth with one ATM. ICE buys and sells over 70 international currencies.

CIBC

CIBC has ATMs at the airport that dispense various currencies, including GBP and Euro. The exchange rate offered is the bank rate, which tends to be better than the rates at exchange stalls.

Tips for Currency Exchange at the Airport

While the currency exchange services at Toronto Pearson International Airport offer convenience, there are a few considerations to keep in mind:

• Exchange rates and fees at the airport may not be the most competitive. It is recommended to compare options and check the latest details online before deciding.
• Consider using a multi-currency card or travel card, which can provide better exchange rates and lower fees.
• Ordering foreign currency online for airport collection can sometimes get you a better exchange rate and ensures the availability of the currency you need.

Benefits of airport currency exchange

Currency exchange at the airport is a convenient option for travellers. It is a one-stop shop for travellers to exchange their money, with booths located in the terminal before security and near the check-in area. For example, Toronto Pearson International Airport has an International Currency Exchange booth with ATMs in Terminals 1 and 3. These booths allow travellers to exchange their Canadian dollars for over 70 international currencies.

Airport currency exchange booths are always guaranteed to hold foreign currency, saving travellers time and making the experience more convenient. They also provide competitive exchange rates and maintain low fees, allowing travellers to get the most out of their money.

Additionally, airport currency exchange booths offer a safe way to exchange money. While some sources suggest that airport exchange rates are unfavourable compared to other options, they may still be better than exchanging money in local markets or with unauthorised dealers near the airport.

Furthermore, airport currency exchange booths can be a good option for travellers who prefer carrying cash over using credit cards or ATMs abroad, as the latter options may come with additional fees and charges. By exchanging money at the airport, travellers can avoid the hassle of finding a local bank or ATM that offers favourable exchange rates and accepts their credit card.

In conclusion, while opinions vary on the benefits of airport currency exchange, it can be a convenient, safe, and competitive option for travellers who prefer carrying cash and want to avoid the hassle of exchanging money elsewhere.

Downsides of airport currency exchange

Toronto Pearson International Airport has currency exchange booths in Terminals 1 and 3, before security, where you can exchange your Canadian dollars for other currencies. However, exchanging currency at an airport usually has several downsides.

Firstly, airport currency exchange booths rarely offer good exchange rates. They tend to mark up the exchange rate to make a profit, knowing that travellers may need local currency as soon as they land. As a result, travellers often end up accepting unfavourable deals. Moreover, travellers are often pressed for time at busy airports, making it challenging to compare rates and fees between different kiosks.

Airport currency exchange services also often charge higher fees. While they may advertise deals such as "0% commission", they typically make up for this by marking up the exchange rate. This marked-up exchange rate is effectively an additional fee.

Exchanging large amounts of cash at the airport may also pose security risks, potentially making you a target for theft, especially when travelling alone or in unfamiliar surroundings.

Alternatives to airport currency exchange

Currency exchange stores and kiosks at the airport are not the best places to exchange money. They tend to mark up the exchange rate to make a profit, knowing that travellers who have just gotten off a plane will need money right away.

Local Bank or Credit Union

Your bank or credit union is likely the best place to exchange currency. They will often have a number of overseas ATMs available for use, making them an easily accessible option for travellers. Local banks or credit unions typically offer the best rates for currency exchange. However, banks and credit unions may not buy back all currency types, so it is important to check with your bank or credit union in advance.

Bank ATM

Using a bank ATM is another good option for exchanging currency. Many foreign banks are happy to exchange your dollars for local currency at a better rate than you would find at an airport kiosk. Additionally, many U.S. banks offer foreign ATM fee refunds and do not charge fees for using a foreign ATM. It is advisable to withdraw larger amounts if your bank charges ATM fees.

Credit Card

Using a credit card can be a safer option than exchanging cash, as they offer fraud protection and safety features such as the option to freeze them in case of misplacement. However, credit cards may not be accepted everywhere, so it is important to research whether your destination is card-friendly. It is also advisable to contact your bank and credit card provider before leaving for your trip.

Online Currency Converter

You can also order currency through an online currency converter such as Currency Exchange International, which will deliver the cash to your home. However, exchange rates may be less favourable, and the delivery charges may eat into your funds.

Currency exchange kiosks and offices

The currency exchange kiosks at Pearson Airport offer convenience to travellers who need foreign currency quickly. They provide immediate access to local currency, which can be useful in emergencies or when travellers arrive at an unfamiliar destination. Using airport exchange services can also offer peace of mind for travellers who prefer to have local currency in hand before leaving the airport.

However, it's worth noting that airport currency exchange services typically have higher costs due to a lack of competition. The overall costs of exchanging funds at the airport can be high because of added fees and unfavourable exchange rates. As such, travellers may want to consider other options, such as opening a multi-currency account or ordering a travel card, which can offer better exchange rates and lower fees.

When deciding where to exchange currency, it is recommended to compare a few options and check the most up-to-date details online to find the best available deal. Online pre-ordering of foreign currency for airport collection is another alternative that can provide better exchange rates and guarantee the availability of the needed currency.

Frequently asked questions