Toronto Currency Exchange Guide for new Visitors

The Canadian Dollar

The legal currency in Canada is the Canadian dollar (CAD or CA$).

Canadian currency comes in both paper bills/notes and coins.

There are currently five Canadian coins in circulation – nickel (5¢), dime (10¢), quarter (25¢), 'loonie' ($1 ) and 'toonie' ($2).

The toonie has 2 colors--a silver rim around a gold-colored centre, while the slightly smaller loonie are all gold-colored.
There is no longer a penny coin (1¢), so amounts are rounded up or down to the closest 5¢.

Canadian Dollar denominations ($5, $10, $20, $50, $100) are all in different colors.

Many smaller establishments might not take high denominations bill like $50 or $100 due to fear of counterfeits, so carry smaller denominations like $20 or $10.

Money Exchange (Cash)

Usually airport, and hotels has worst rates and charges higher or in some cases exorbitant commission.
We suggest changing only minimal required currency at these kinds of places.

Toronto downtown has many currency exchange counters, however rates are usually little bit higher than banks.
We suggest always ask before going through with the transaction about the current rates and fees.

Some popular and highly rated currency exchange counters in the city of Toronto are:
- College Currency Investments at 437A Yonge Street
- Wall Street Finance at 121 Yonge Street
- BMO (Bank of Montreal) at 291 Spadina Avenue
- Kantor Currency Exchange at 121 Runnymede Road

In Canada, you'll get the best exchange rate at banks.

If you are changing large amount of currency then it is worth checking few banks as every bank exchange rates and commission differs.

You can also buy Canadian Dollars at home from your bank before getting on to the plane for Toronto.

Credit cards

Your credit card provides you with absolute best exchange rate for purchases in Canada.

Please check beforehand with your bank for the additional fees on the top of exchange rate for using your card in foreign country.

Visa and Master cards are widely accepted all over in the Greater Toronto area establishments.

ATM

ATM machines are all over in Toronto allows cash withdrawal in local CAD using international credits cards like Visa/Plus and Mastercard/Cirrus.

Traveller cheques

Traveller's cheques are accepted by hotels and most banks in Canada. Traveller cheques may be subject to a fee.

US dollars in Canada - Toronto

USD is widely accepted in Canada in many private locations like Restaurants or small shops, however exchange rate might not be in your favour.