Help! Where to exchange CAD in Toronto for ISK, Euro, GBP
- Last Updated:
- Dec 7th, 2018 11:20 am
Tags:
- SCORE
- hierophant
- Deal Fanatic
- Feb 4, 2010
- 7156 posts
- 7137 upvotes
- Jucius Maximus
- Deal Expert
- Aug 18, 2005
- 21223 posts
- 5939 upvotes
- Burlington-Hamilton
Some countries have strict currency controls. For example, China requires by law for all transactions to be in RMB. Most local places, taxis, etc., would have no way of converting USD cash into RMB.hierophant wrote: ↑ If it makes you feel more superior to be condescending and think/say that...sure.
Even if you, as a foreigner, exchange USD cash for RMB at the airport, you cannot covert it back to USD in China unless you have the original receipt from when you bought RMB and the same passport.
- casual gastronomist -
- EugW
- Deal Expert
- Mar 23, 2009
- 22529 posts
- 8938 upvotes
- Toronto
FWIW, it seems some of the smaller independent forex shops can offer much better rates than the bigger chains.
People in other threads were recommending Continental for good rates and service. However, I thought I’d check out a shop in the Persian area of North York. I had been there before on the recommendation of others at RFD IIRC. I’m pretty sure the shop - Mesghal - wouldn’t have ISK but they do deal with Euros etc. I only needed US dollars though. Continental wanted CAD$1.371 per US$1 but I got it from Mesghal for 1.34. Continental is already better than the banks yet Mesghal still beat them by a big margin, so even for just a US$1000 exchange for a trip that’s over CAD$30 saved. No extra transactions fees either.
What’s the catch? The catch is you needed to pay in cash, and if you wanted an actual receipt you’d have to wait a few minutes. When they do their transactions it seems all their documentation is in Persian. So to make an English receipt takes little bit of extra work for them. I was happy to wait 5 minutes to save double digit bucks. However, it just so happens I was in the area (Yonge and Steeles) that day. I wouldn't make a trip from downtown to go there unless I was changing a few thousand bucks.
I then spent my money saved on Persian takeout at the grocery next door. This is one of the dishes I got:
https://www.thepersianfusion.com/persia ... mb-shanks/
People in other threads were recommending Continental for good rates and service. However, I thought I’d check out a shop in the Persian area of North York. I had been there before on the recommendation of others at RFD IIRC. I’m pretty sure the shop - Mesghal - wouldn’t have ISK but they do deal with Euros etc. I only needed US dollars though. Continental wanted CAD$1.371 per US$1 but I got it from Mesghal for 1.34. Continental is already better than the banks yet Mesghal still beat them by a big margin, so even for just a US$1000 exchange for a trip that’s over CAD$30 saved. No extra transactions fees either.
What’s the catch? The catch is you needed to pay in cash, and if you wanted an actual receipt you’d have to wait a few minutes. When they do their transactions it seems all their documentation is in Persian. So to make an English receipt takes little bit of extra work for them. I was happy to wait 5 minutes to save double digit bucks. However, it just so happens I was in the area (Yonge and Steeles) that day. I wouldn't make a trip from downtown to go there unless I was changing a few thousand bucks.
I then spent my money saved on Persian takeout at the grocery next door. This is one of the dishes I got:
https://www.thepersianfusion.com/persia ... mb-shanks/