# Exchange USD directly to Euro (Toronto)



## Tostig (Nov 18, 2020)

I have a bunch of USDs and like to exchange them directly to Euros for an upcoming trip to Portugal.

I'm afraid if I go to a bank, they might buy the USDs with CAD first and then purchase back the CAD and sell me the Euros. So I might suffer from their exchange rates twice.

Where is the best place in Toronto where I can exchange my USDs directly into Euros so to expose myself to the exchange only once? When I was in Venice, I noticed that on top of their posted exchange rates, there's also another fee or service charge.


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## ian (Jun 18, 2016)

Tostig said:


> I have a bunch of USDs and like to exchange them directly to Euros for an upcoming trip to Portugal.
> 
> I'm afraid if I go to a bank, they might buy the USDs with CAD first and then purchase back the CAD and sell me the Euros. So I might suffer from their exchange rates twice.
> 
> Where is the best place in Toronto where I can exchange my USDs directly into Euros so to expose myself to the exchange only once? When I was in Venice, I noticed that on top of their posted exchange rates, there's also another fee or service charge.


Have you tried NHVM on Spadina near Dundas? They accept phone calls so you can call and see what you will get (within a 2 hour window).

Small place, two windows, and in our experience very friendly staff.

We occasionally stay at a hotel on Wellington for a few days stop on our way somewhere else.


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## james4beach (Nov 15, 2012)

Tostig said:


> Where is the best place in Toronto where I can exchange my USDs directly into Euros so to expose myself to the exchange only once?


Well you should always get a quote before doing the transaction, so it's really a matter of shopping around.

Scotia Plaza (head office) at Bay & King has a foreign exchange desk, so that might be worth checking out. This might sound strange, but I also converted EUR a couple times at one of those Payday Loan / Money Mart kind of places. For some reason the rate was pretty reasonable, but that was many years ago.


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## Tostig (Nov 18, 2020)

Thanks. I will try them.

But I'm guessing those payday loans will give me the worse rates.


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## bgc_fan (Apr 5, 2009)

Tostig said:


> I have a bunch of USDs and like to exchange them directly to Euros for an upcoming trip to Portugal.
> 
> I'm afraid if I go to a bank, they might buy the USDs with CAD first and then purchase back the CAD and sell me the Euros. So I might suffer from their exchange rates twice.
> 
> Where is the best place in Toronto where I can exchange my USDs directly into Euros so to expose myself to the exchange only once? When I was in Venice, I noticed that on top of their posted exchange rates, there's also another fee or service charge.


Not that it is going to help answer your question, but why not just keep the USD? Even if you don't plan on going to the US any time soon, you never know.
We usually just keep foreign currency that left over from trips rather than exchange them back into CDN because of the exchange costs and likelihood of visiting again. Given that the US is somewhat next door, it's not an unreasonable assumption.


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## Tostig (Nov 18, 2020)

bgc_fan said:


> Not that it is going to help answer your question, but why not just keep the USD? Even if you don't plan on going to the US any time soon, you never know.
> We usually just keep foreign currency that left over from trips rather than exchange them back into CDN because of the exchange costs and likelihood of visiting again. Given that the US is somewhat next door, it's not an unreasonable assumption.


Sell high (USD) buy low (Eur).


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## Dilbert (Nov 20, 2016)

I can recommend Sultan Currency Exchange on Cawthra Road in Mississauga. Located close to Queensway. I’ve received some very good rates in the past and they are very pleasant to deal with.


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