Toronto Pearson International Airport (YYZ) offers multiple currency exchange options throughout both terminals — operated primarily by International Currency Exchange (ICE) and CIBC.
ICE kiosks appear before and after security in Terminal 1 and Terminal 3, while CIBC banking centers serve specific zones.
Airport currency exchange delivers unmatched convenience for last-minute travelers. However, that convenience comes at a cost: exchange rate markups at airports typically run significantly higher than online alternatives or non-airport bureaus. Understanding your options — and their trade-offs — helps you decide whether to exchange at Pearson or plan ahead.
This guide covers:
- ICE and CIBC locations at YYZ
- Fees and exchange rate considerations
- Click & Collect pre-ordering options
- Cheaper alternatives to airport money exchange
Where Can You Exchange Currency at Toronto Airport?
Toronto Pearson houses numerous currency exchange points across both terminals. ICE operates most kiosks, while CIBC maintains several banking centers with foreign exchange services.
ICE Locations
International Currency Exchange (ICE) buys and sells over 70 currencies. Hours vary by location — some run 4:00 AM to 11:00 PM, while others operate 5:00 AM to 9:00 PM or different schedules based on flight patterns.
Terminal 1:
- Before security: Multiple locations (near Aisle 6 and throughout Level 3 Check-In)
- After security (Canada): Near gate D20
- After security (International): Near gate E76 (includes ATM)
- After security (USA): Three locations, including near gate F60 and U.S. Customs Hall
Terminal 3:
- Before security: Departures level locations
- After security (Canada/International): Near gate B37 and international baggage claim
- After security (USA): Near gate A10
Smaller ICE booths may only sell foreign currency (exchanging CAD for travel money). Larger offices buy and sell multiple currencies — some advertise buying over 100 currencies — useful for converting leftover foreign cash after returning to Canada.
CIBC Locations
CIBC operates several banking centers at Pearson, offering currency exchange alongside full banking services. CIBC FX Cash exchanges more than 30 currencies with no transaction charges, though exchange rate spreads apply.
| Terminal | Location | Services |
|---|---|---|
| Terminal 1 | Before security — International Arrivals (near Door D) | Full banking, newcomer services |
| Terminal 1 | After security — USA (near gate F61) | FX Cash, ATM |
| Terminal 1 | After security — International (near Air Canada Lounge) | FX Cash, ATM |
| Terminal 1 | After security — International Departures (near gate E75) | FX Cash |
| Terminal 3 | After security — Canada/International (near gate B41) | FX Cash, ATM |
The Terminal 1 International Arrivals location specifically caters to newcomers and international students — open Monday through Saturday 8:00 AM to 8:00 PM, Sunday 11:00 AM to 6:00 PM.
What Does Airport Currency Exchange Actually Cost?
The sticker price at airport exchange counters rarely tells the full story. Two cost components determine what you actually pay: the posted fee (if any) and the exchange rate markup.
Fee Structure
CIBC advertises no transaction charges on currency exchange at Pearson locations. ICE notes that online Click & Collect orders receive exclusive rates, while counter orders may have different rates and fees. However, commission-free doesn't mean free — providers embed their profit in the exchange rate spread instead.
Exchange Rate Markup
The real cost hides in the difference between the mid-market rate (what you'd see on Google) and the rate the kiosk offers you. According to consumer finance guidance, airport exchange services commonly apply markups that exceed what you'd find at banks, online services, or low-fee ATMs abroad.
Industry observers have documented spreads varying widely by currency pair — common currencies like USD or EUR typically see smaller markups, while less-traded currencies face steeper spreads. Even a 5% spread translates to $50 lost on a $1,000 exchange, a figure that compounds on larger amounts.
Click & Collect
ICE offers online pre-ordering through their Click & Collect service. Reserve your currency in advance, select your pickup location and date, then pay in-store when you collect. ICE states that online orders receive exclusive or best rates — pre-ordering sometimes unlocks slightly better rates than walk-up transactions.
Is It Better to Exchange Currency at an Airport?
Airport currency exchange makes sense in specific situations — but typically costs more than most alternatives due to captive-market dynamics.
When airport exchange works:
- Your destination has unreliable ATM networks
- You're converting leftover foreign cash after returning
- You forgot to arrange travel money and depart within hours
- You need small amounts of local currency for immediate expenses (taxi, tips)
When to avoid it:
- You're visiting a country with widely available ATMs
- You have any advance notice (even 24 hours opens better options)
- You're exchanging large amounts (the markup percentage hurts more)
- You prioritize getting more currency for your money
The convenience premium at airports can represent a meaningful percentage of your exchange — on a $2,000 exchange, even a modest markup costs substantially more than online alternatives.
Where Is the Cheapest Place to Get Currency Exchange?
Several alternatives typically beat airport currency exchange rates. The best choice depends on your timeline and destination.
Online Services
Online currency exchange platforms often offer rates closer to mid-market with transparent fees. RemitBee provides competitive exchange rates and fee-free transactions on amounts over $500 CAD via Interac e-Transfer, EFT, or bill payment — a substantial advantage over airport kiosks.
RemitBee advantages:
- Delivery to bank account
- $0 fees on exchanges over $500 CAD
- Competitive exchange rates with transparent pricing
- Registered with FINTRAC as a money services business
For travelers who plan ahead, online exchange can significantly reduce costs compared to airport counters — though some spread typically applies with any provider.
ATMs at the Destination
Withdrawing local currency from ATMs abroad often provides better rates than airport exchange — though fees vary by bank and network.
- Foreign ATM operators sometimes add their own fees
- Your Canadian bank may charge fees for international withdrawals (amounts vary by institution)
- Always choose to be charged in local currency (not CAD) to avoid Dynamic Currency Conversion markups
ATM withdrawal works well for moderate amounts in countries with reliable banking infrastructure.
Non-Airport Bureaus
Toronto hosts several exchange bureaus outside the airport with rates better than Pearson — a function of competition and lower overhead. However, non-airport options require advance planning and are not practical if you're already at the airport with a boarding pass in hand.
What Should You Consider Before Exchanging at YYZ?
A few precautions help minimize costs if you do exchange at Toronto Pearson.
Compare Rates
Check the mid-market rate on Google or a currency converter app before approaching any kiosk. Knowing the benchmark helps you assess how much markup you're paying — the gap reveals the true cost of convenience.
Ask About Fees
"No commission" doesn't mean no cost. Ask explicitly:
- What exchange rate will I receive?
- Are there any additional service charges?
- What's the buy-back rate if I return unused currency?
Keep Receipts
Retain your exchange receipt in case you need to convert leftover currency when you return — documentation helps if any disputes arise.
Consider Your Amount
For small amounts under $200, the convenience of airport exchange may outweigh the markup cost. For larger exchanges, the percentage-based cost becomes significant — $500+ exchanges warrant serious consideration of alternatives like RemitBee's fee-free currency exchange.
Frequently Asked Questions
Does Toronto Airport Have a Currency Exchange?
Yes — Toronto Pearson offers numerous currency exchange locations operated by ICE and CIBC. ICE handles most kiosk operations (buying and selling 70+ currencies), while CIBC operates several banking centers with foreign exchange services. ICE locations exist before and after security in both Terminal 1 and Terminal 3; CIBC serves specific zones primarily in Terminal 1.
Is It Better to Exchange Currency at an Airport?
Generally no. Airport currency exchange charges premium rates due to captive-market dynamics — limited competition and high demand from hurried travelers. However, airport exchange makes sense for emergencies, small amounts needed immediately, or converting leftover foreign cash upon return. Planning ahead with online services or ATM withdrawals abroad typically delivers better value.
Where Is the Best Place to Exchange Currency in Toronto?
Online services like RemitBee often offer better rates than physical locations — competitive exchange rates with $0 fees on amounts over $500 CAD. For in-person exchange, non-airport Toronto bureaus typically beat airport rates. The airport should be your last resort, not your first choice.
Where Is the Cheapest Place to Get Currency Exchange?
Online platforms typically represent the cheapest option for most Canadians. RemitBee charges no fees on exchanges over $500 CAD and uses competitive exchange rates. ATM withdrawals at your destination can also provide fair rates, though bank fees apply. Airport and hotel exchange counters generally rank among the most expensive options due to limited competition.
