Best places to exchange currency in Montreal

If you're planning a trip to Montreal, it's important to know how to get the currency of the country you’re visiting. Also, you might want to know the current exchange rate and the best places to withdraw cash.

So, in this article, we’ll show you the best places to visit to exchange currency in Montreal, and we’ll show you an alternative, Wise – which may be cheaper and help you save the effort of going to a physical location – but more on this later.

Canada: currency overview

First off, in case you’re wondering something along the lines of “does Canada use Canadian dollars?”, the answer is yes. The currency in Montreal — and the rest of Canada — is the Canadian dollar.

You can also find it written as CAD in currency exchange shops.

Check out today’s rate below:

What you should know about exchanging money in Montreal

Before exchanging money in Montreal or any foreign city, it's important to be informed to avoid excessive charges and get the best deals. Consider opening a bank account in Canada for long-term stays or substantial investments like buying property or cars.

Beware of 'zero fee' services

Services claiming 'no commission' often offer poor exchange rates, not reflecting the mid-market rate, leading to hidden profits for them.

Check the exchange rate beforehand

Familiarize yourself with the base rate to identify a bad deal from exchange services.

Avoid exchanging money at airports or hotels

Convenience comes at a price, as airports and hotels usually offer poor rates and high transaction fees.

Use ATMs strategically

Check if your home bank has partnerships with Canadian banks to avoid extra ATM fees, and inform your bank before traveling.

Opt for local currency

When using an ATM abroad, choose to be charged in Canadian dollars for a fairer rate and avoid undisclosed exchange rates and additional fees.

Exchange money in just a few clicks with Wise

Say goodbye to overcomplicated currency exchange.

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Open a personal Wise account online or in the Wise app, and order a linked debit card for a one-time fee to spend and withdraw money in 150+ countries.

There’s no fee to spend any currency you hold, and no foreign transaction fee to worry about.

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Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

Where can you exchange currency in Montreal?

Well, we’ve already been through some of the options you have and aspects to watch out for. So if you’re still into the idea of carrying cash around and exchanging it, here are some popular foreign currency exchange locations in Montreal.

One last reminder, though: there’s no such thing as fee-free or 0% commission foreign exchange transactions. So, always check the mid-market exchange rate in advance, so you know how much your money’s worth.

YAP Exchange

YAP has one just one exchange bureau in Montreal, next to the Notre-Dame Basilica, from which it offers both foreign currency and Bitcoin exchange (should this be something you’re interested in). Useful to know: there’s a $2 CAD fee for all transactions¹.

• Address: 86 Notre-Dame St W, Montreal, QC H2Y 1S6¹.
• Opening hours: 7 days a week, 10am to 6pm².
• Contact: +1 (514) 499-3677¹.

Globex 2000

Offering services for global exchange in Montreal, Globex 2000 is an established FX provider with multiple locations in Montreal. It offers a Buy-Back Guarantee for unused currency³.

You can reserve currency online and pick it up from your chosen location. Here are a few of the most central⁴:

Calforex

Calforex has two locations for money exchange in Montreal - one in the heart of downtown and another in the Carrefour Laval shopping mall. Both offer the sale of over 100 currencies and a Cash Buy Back Program⁵.

Sharif Exchange Montreal

With just one location in Montreal, Sharif promises some of the best exchange rates in Montreal⁷ - but of course, it’s always worth doing a quick comparison. You don’t need to pre-order your currency, either - you can simply pop in on the day.

• Address: 261 Boulevard de la Cote-Vertu Ville St-Laurent, Quebec H4N 1C8⁷.
• Opening hours: Monday to Friday, 10am to 5pm. Closed weekends⁷.
• Contact: 514-600-3696 or 438-796-4269⁷.

Bottom line

As you can see, there’s no shortage of options when it comes to exchanging money in Montreal. Don't forget to do your research on the exchange rate before converting your money, and check Wise out if you want a fuss-free alternative to exchanging cash.

Learn more about Wise