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Where to exchange money in Montréal, Laval and Brossard: bank, airport or currency exchange?
2 min read
What makes the price of foreign currency vary?
When you buy US dollars or euros, you pay for three things, sometimes without seeing them:
The spread between the market rate and the rate you are offered. This is where an exchange counter makes most of its money.
Service fees or commission, if any. Some counters add them, others don't.
Your card's fees, if you pay or withdraw abroad: most Canadian cards add about 2.5% on foreign-currency purchases.
To see where the market rate sits, the Bank of Canada publishes a daily average exchange rate for major currencies every business day. The closer the rate you're offered is to it, the less you pay.
Bank, airport or currency exchange: what's the difference?
Option | What you pay | Good to know |
|---|---|---|
Bank branch | Often a wider spread on banknotes | Some currencies must be ordered a few days ahead |
Airport counter | Usually the widest spread | Handy in a pinch, costly for larger amounts |
Currency exchange office | A thinner spread, often no commission | Check that it is registered (see below) |
ATM abroad | Network rate + about 2.5% + a flat fee per withdrawal | Convenient, but add up every fee |
No option is "always" cheapest — it depends on the amount, the currency and the timing. But on a few hundred dollars or more, the gap between two counters quickly reaches tens of dollars.
A worked example
Here are made-up rates, for illustration only. You want US$1,000 and the market rate is C$1.38 per US dollar.
Counter | Rate offered | You pay | Cost above market |
|---|---|---|---|
Counter A | 1.41 | C$1,410 | $30 |
Counter B | 1.45 | C$1,450 | $70 |
For the exact same US$1,000, counter B costs you $40 more. That is why you compare the final amount, not a slogan like "no commission".
How do you check that an exchange office is legitimate?
In Canada, a business that exchanges currency must be registered as a money services business with FINTRAC, the federal anti-money-laundering agency. In Québec, it also needs a licence from Revenu Québec.
ClickExchange is registered with FINTRAC (M17831726) and licensed by Revenu Québec (12347).
Where are our counters?
We have three branches in Greater Montréal, all open to walk-ins:
Saint-Laurent: 991 Gohier St. Monday to Friday 10 a.m.–7 p.m., Saturday 10 a.m.–4 p.m.
Laval: 2160 Boulevard du Curé-Labelle. Monday to Friday 9 a.m.–7 p.m., Saturday and Sunday 9 a.m.–4 p.m.
Brossard: 2151 Boulevard Lapinière. Open seven days, until 9 p.m. on Thursday and Friday.
Check today's rates before you go, or reserve your currency online so it is ready when you arrive. Nothing to pay upfront.
Frequently asked questions
Do I need to reserve before coming in?
No. Walk-ins are welcome. Reserving online simply guarantees the amount is ready, which helps for a less common currency or a larger amount.
Do you exchange coins?
No, only foreign banknotes in good condition.
What ID should I bring?
Government-issued photo ID, such as a passport or a driver's licence. See our article on the ID you need to exchange currency.
About the author
ClickExchange
ClickExchange team
