Not all currency exchange options are equal. The difference between the best and worst options can cost Canadians 5–10% of every dollar exchanged. Here's exactly where to exchange currency in Canada and how much each option really costs.
When you exchange currency, you never get the "real" exchange rate (the mid-market rate). Every provider adds a spread — the difference between what they buy and sell currency for. This spread is their profit. The spread ranges from 0.4% (Wise) to 10%+ (airport kiosks).
The mid-market CAD/USD rate in March 2026 is approximately 1.38. A bank might offer you 1.41 — a 2.2% spread. An airport kiosk might offer 1.50 — an 8.7% spread. On $5,000 USD, that difference is $260 CAD.
Wise (formerly TransferWise) converts currency at the real mid-market rate and charges a transparent fee of 0.4–0.7% depending on the currency pair. For CAD to USD, that's typically 0.45%. On $5,000 CAD, that's $22 in fees — far less than any bank.
Wise also offers a multi-currency account (Wise Account) where you can hold CAD, USD, EUR, GBP, and 40+ other currencies. The Wise Visa debit card lets you spend in any currency at the real rate while travelling.
Canadian currency brokers like Knightsbridge FX, CanadaFX, and OFX offer rates slightly better than major banks — typically 1–1.5% above mid-market. They're most useful for amounts over $100 where the savings justify the setup process. You transfer CAD and receive foreign currency in your account.
RBC, TD, BMO, Scotiabank, and CIBC all offer currency exchange in-branch and through mobile apps. Rates are typically 1.5–2.5% above mid-market. Convenient if you already bank there and need physical cash. For USD, most banks offer "USD account" options where you can hold USD long-term.
Canada Post offers currency exchange at over 800 locations. Rates are moderate — roughly 2–3% above mid-market. More competitive than airport kiosks and convenient for Canadians in smaller communities without access to bank branches.
Calforex, Travelex, and similar airport currency exchange desks typically charge 4–8% above mid-market. They're convenient for last-minute small amounts, but never exchange large sums at an airport. If you need a small amount of foreign cash for arrival, exchange only what you need (say $100–$200 worth) and use ATMs or your no-FX card once you arrive.
Avoid entirely for any significant amount. Spreads of 8–15% are common. The convenience premium is not worth it.
KOHO's premium plans include no foreign transaction fees — save 2.5% on every US and international purchase. Perfect for snowbirds and frequent travellers.
Get KOHO Free — Code 45ET55JSYAFor most travellers, the best "currency exchange strategy" is to avoid exchanging cash entirely and instead use a no-foreign-transaction-fee credit card for all purchases. The card networks (Visa and Mastercard) exchange currency at a rate that is typically within 0.1–0.5% of the mid-market rate — better than even Wise for small amounts.
Combine a no-FX credit card for purchases with a small amount of local cash (obtained from an ATM on arrival) and you'll never need to visit a currency exchange desk.
Wise offers the best rates online (mid-market + ~0.5%). For in-person exchange, your bank's USD savings account or a currency broker like Knightsbridge FX beats airport kiosks and branch teller rates significantly.
Yes. Wise operates in Canada and offers CAD-to-USD, EUR, GBP, and 40+ other currency conversions. The Wise Account (with Visa debit card) is available to Canadians. See our Wise vs Bank Canada guide.
See also: Wise vs Bank Canada | Send Money Internationally Canada | No Foreign Transaction Fee Cards