Where to Exchange Currency in Canada? | 4 Best Services (2023)

Canada has an extensive history concerning its currencies. Before European contact, Wampum and beaver pelts were considered currency. In 1867, the Canadian dollar was established with Confederation. The Bank of Canada sole issue of paper currency by the mid of 20th century, and banks ceased to issue banknotes. Suppose you plan to visit Canada, but the problem is where to exchange currency in Canada. Here is a complete guide for you.

4 Services for Currency Exchange in Canada:

Canadian currency is CAD, which stands for Canadian Dollar value against USD United States Dollar is 0.75 USD. A Canadian vacation may be at the top of your bucket list because of Boasting awe-inspiring natural attractions and a favorable exchange rate. Suppose you are budgeting your trip to Canada. It is helpful if you had an average of $181 per day. Ensures you visit the best places in Canada that are worth the price. Here are few services that might provide you the best exchanges.

ATM:

If you ask us where to exchange currency in Canada, logically, we will suggest ATM. ATM is the most efficient way to exchange currency in Canada, according to Frommer. However, establishments will often let you pay in U.S. dollars.

Locations and Networks:

Debit cards like talk with the financial institution by computer networks. While using the debit card in ATM, it must be compatible with the network of financial institutions. You can check that networks and use them by observing the reverse side of a debit card for ATM network logos. Visa and MasterCard offer online ATM locators in Canada. Use the locators to check the accessibility of ATMs in Canada.

Credit Cards:

While spending money in Canada credit card is also a good option that is accepted in Canada. Many Canadian businesses will accept your U.S. credit cards, with Visa and MasterCard being the most common cards. American Express is typically accepted at tourist hotels and restaurants, according to Frommer's.

Debit Card:

Debit cards get issued by various financial institutions, like credit unions and banks. Each institution has its own rules governing whether you can safely use a debit card in Canada to withdraw money. Ere traveling abroad, ensure that you can access the funds, either an ATM or a foreign country bank, using an issued debit card.

GTA:

We will suggest the best rates for currency exchange are from GTA stands for Goods Transport Agency. Money Exchange World commonly works as a specialist in buying and selling foreign currency, regardless of the amount. They claim to give professional and vulnerable services to all clients and claims guarantees mention as following:

  • Competitively best exchange rates
  • the Greater Toronto Area for business
  • No service fees of the amount of payment
  • booking exchange rates
  • Unbeatable rates
  • Available in Over 90 foreign currencies like USD, AUD, EURO, GBP, MXN, CHF, JPY, INR, ILS, JMD, and others

While you are looking for currency exchange for personal or business use, you can save money compared to the exchange rates of banks. The objective of GTA at Money Exchange World is to give clients convenient and fast services.

MEW:

Money Exchange World operates under the Financial Transactions. Reports Analysis Centre of Canada and Federal Law. All currency exchange transactions are equal to or exceeding CAD 3,000.00 require a valid Government issued I.D. In addition, they monitor all foreign exchange transactions to prevent terrorist financing and money laundering.

Stay Safe Withdrawing Cash:

To minimize risk:

  • Make most minor trips as possible to ATMs.
  • Memorize PIN, and never write it down in a prominent place.
  • Always carry the cash in a concealed money belt.
  • Keep ATM and credit cards with cash.
  • Avoid using the ATMs at night, especially when you are alone, and watch someone else use the ATM successfully before you insert a card.
  • Check other customers withdrawing cash from ATM; that machine is safe to use.

While traveling, tuck transaction receipts and ATM into an envelope so you can bring them to the home in a carry-on bag. Save airline boarding pass as the prof return date. Sending a copy of the receipt will speed the resolution process up if you need to dispute a transaction.

After returning home, examine the bank statement and continue to do so for few months. If you notice any unusual charges on the statement, tells the financial institution right away, so they resolve the issue before overseas burns through hard-earned cash.

While dealing with all above mention services, stay alert and expect that it might scam or fraud. So, be conscious while dealing and always take precautionary measures first. Hopefully, we have answered your question about where to get exchange currency in Canada. So, be alert, stay safe! Bye!