Where is the best place to exchange currency in Canada?

For large amounts ($5,000+), Norbert's Gambit through a brokerage like Questrade or Interactive Brokers offers the best rate — typically saving 1–2% versus bank rates. For convenience, online services like Wise (formerly TransferWise) or Knightsbridge FX offer rates much better than bank branches. Avoid airport exchanges — they have the worst rates.

How much does it cost to exchange currency at a Canadian bank?

Canadian banks typically charge a spread of 2–3% on currency exchange. On a $10,000 USD exchange, expect to lose $200–300 compared to the mid-market rate. Some banks offer better rates for larger amounts or premium account holders. Online-only banks like EQ Bank and Wise offer tighter spreads.

What is Norbert's Gambit?

Norbert's Gambit is a strategy to convert CAD to USD (or vice versa) at near the mid-market rate by buying a dual-listed ETF (like DLR) in one currency and selling it (DLR.U) in the other. The total cost is typically $10–20 in commissions versus hundreds in bank FX fees. It requires a brokerage account and takes 2–3 days to settle.

Where to Exchange Currency in Canada (Best Rates)

Currency Exchange Options Compared

If you are exchanging money specifically to invest, pair this page with our investing in US stocks from Canada guide.

Method	Typical Spread	Best For	Speed	Minimum
Norbert’s Gambit	0.1–0.2%	Large amounts ($5K+)	2–3 business days	No minimum
Wise (TransferWise)	0.4–0.6%	Mid-size transfers	1–2 business days	$1+
Knightsbridge FX	0.3–0.7%	$5,000+ amounts	1–2 business days	$5,000
Online forex brokers	0.5–1.0%	Regular exchangers	Same day	Varies
Credit union	1.0–1.5%	Convenience	Instant	No minimum
Big bank branch	2.0–3.0%	Small amounts, convenience	Instant	No minimum
Big bank online	1.5–2.5%	Existing bank clients	Instant	No minimum
Airport exchange	5–10%+	Emergencies only	Instant	No minimum

How Much You Lose by Method

Example: Converting $10,000 CAD to USD (mid-market rate: 1 CAD = 0.7400 USD)

Method	Rate You Get	USD Received	Cost vs Mid-Market
Mid-market rate	0.7400	$7,400	$0 (benchmark)
Norbert’s Gambit	0.7385	$7,385	~$15
Wise	0.7355	$7,355	~$45
Knightsbridge FX	0.7345	$7,345	~$55
Big bank online	0.7215	$7,215	~$185
Big bank branch	0.7180	$7,180	~$220
Airport exchange	0.6800	$6,800	~$600

Norbert’s Gambit Step by Step

We also have a dedicated Norbert’s Gambit guide for brokerage-specific investing workflows.

How It Works

Buy DLR (Horizons US Dollar Currency ETF) in CAD
Wait for trade to settle (T+1)
Contact your brokerage to journal shares from DLR to DLR.U (USD version)
Sell DLR.U in USD
You now have USD in your account at near the mid-market rate

Cost Comparison

Amount	Bank Exchange Cost	Norbert’s Gambit Cost	Savings
$5,000	~$100–150	~$15–20	$80–130
$10,000	~$200–300	~$15–20	$180–280
$25,000	~$500–750	~$15–20	$480–730
$50,000	~$1,000–1,500	~$15–20	$980–1,480

Brokerage Support

Brokerage	Norbert’s Gambit	Journaling Process
Questrade	✅ Supported	Call or message to journal shares
Interactive Brokers	✅ Supported	Automatic — buy/sell in different currencies
TD Direct Investing	✅ Supported	Call to journal (2–3 days)
RBC Direct Investing	✅ Supported	Call to journal
NBDB	✅ Supported	Call to journal
Wealthsimple	❌ Not supported	No USD account; uses auto-conversion (1.5% fee)

If you are comparing brokers for ETF investing after the conversion step, see how to buy ETFs in Canada.

Online Currency Exchange Services

Service	Spread	Transfer Time	Minimum	How It Works
Wise	0.4–0.6%	1–2 business days	~$1	Online transfer, multi-currency account
Knightsbridge FX	0.3–0.7%	1–2 business days	$5,000	Wire transfer, phone/online
OFX	0.5–1.0%	1–3 business days	$1,000	Online, phone support
VBCE	0.5–1.0%	Same day (in-person)	No minimum	Vancouver-based, branches in BC

Bank Currency Exchange Rates

Bank	Typical Spread (USD/CAD)	How to Get Better Rates
RBC	2.0–2.5%	Premium account holders get tighter spreads
TD	2.0–2.5%	Cross-Border Banking offers better USD rates
Scotiabank	2.0–2.5%	Scene+ members may get small discounts
BMO	2.0–2.5%	InvestorLine clients can use Norbert’s Gambit
CIBC	2.0–2.5%	CIBC Foreign Cash Online may offer slightly better
EQ Bank	1.0–1.5%	Better than big banks, no branch needed

Using a Credit Card Abroad

Card Type	FX Markup	Best Strategy
No-FX-fee credit card (Scotiabank Passport, Brim, HSBC)	0%	Best for everyday spending abroad
Standard Canadian credit card	2.5%	Avoid for foreign purchases
Prepaid travel card (KOHO, Wealthsimple Cash)	0–1.5%	Good for budgeting while travelling

Tips for Getting the Best Exchange Rate

Tip	Why
Never exchange at the airport	Worst rates (5–10% spreads)
Compare rates online first	XE.com or Google show mid-market rate
Use Norbert’s Gambit for large amounts	Save hundreds or thousands
Get a no-FX-fee credit card	Eliminates 2.5% markup on card purchases
Avoid dynamic currency conversion abroad	Always pay in the local currency
Exchange larger amounts less frequently	Fixed costs amortized over bigger amounts

The reason this matters for investing is not just conversion cost but also portfolio returns in CAD. For that side of the decision, read currency exchange impact on investments.