Currency Exchange Toronto

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Currency Exchange for First Time Users

So you finally need to buy US dollars for the first time.  Most likely, you are buying US real estate, a car, or a boat, and you need to exchange Canadian dollars in to US dollars.

Registration
  • The first thing you need to know about using a currency exchange company is you will need to register with them.  Registering is free, but it requires you to fill out a form (typically very short).  The reason this is required is that the Government of Canada regulates the money exchange industry and all companies that exchange currency are required to validate the identity of customers.  You can learn more about this with FINTAC (http://www.fintrac-canafe.gc.ca/msb-esm/id/when-quand-eng.asp)

  • Do not use any company that does not require you to validate your identity.

  • Since you are not doing anything wrong, filling out a form should not be a problem.  It also ensures you are working with a company in good standing with the law and is following all currency exchange practices in Canada.


    Choosing a company
  • You can look at the Yellow Pages or Google to find a currency exchange company.  You want to ensure they are registered with the BBB. You also want to see if they have a media presence as only good companies get coverage with the media.


    Timing
  • If you need to purchase currency by a certain date, it is good practice to do it one day in advance.  This will give you additional time incase you need it.  Most currency exchange companies can do same day transfers but keep one day grace for yourself.

Currency Exchange Resources

 


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