You must be well aware of the fact that most money exchange booths usually do not give the best exchange rate. That is why you must put in a bit of effort to make sure that you choose a reliable foreign currency exchange Toronto to get the best rates. However, the best place to exchange money is obviously a bank but that may not be possible always under a few specific circumstances. In such situations you must go for a recognized and certified brand exchange bureau, or else go to an ATM as it will give better rates as compared to the exchange kiosks.
Hotels and credit cards
Hotels are also very good and safe place for money exchange as they deal with customers coming from various parts of the world. But be careful as the exchange rates offered by them are usually very poor. This is understandable as they are out there to make profit providing accommodation, foo and of course by exchanging money. Credit card is another useful resource as that will not only save you from the hassle of carrying cash but will keep your purchases protected as well. Moreover, most credit cards will offer a better exchange rate than the exchange booths.
Use authorized money changers
Make sure that you use authorized money changers only and avoid those down the back alleys. You will not only get a lower rate from these shady characters but may also run into life and other risks. Also be careful of those shops that put up a sign that read ‘official exchange shops’ and check there authenticity before you deal. Such shops if authentic will be located at prominent places such as airports, shopping malls and stations. They will display the exchange rate digitally or otherwise. Be judicious and research to avoid scams.