I learned my lesson after a costly currency exchange at Toronto Pearson last month.
Converting $500 USD yielded only $580 CAD, when it should have been around $640.
Never again.
Determined to find better options, I visited every currency exchange in Mississauga. I compared rates, timed wait periods, and asked all the necessary questions.
Here's what I discovered.
A Clear Frontrunner Emerges
Gate stands out significantly from the competition.
It's not even a close race.
They're unique in offering both traditional currency exchange and cryptocurrency services. Need to convert USD to CAD? No problem. Interested in investing some in Bitcoin? They've got you covered.
Their exchange rates? The best I encountered. Their foreign exchange rates surpass banks by 3-5%.
But here's the real game-changer: they operate from 8 AM to 10 PM, seven days a week.
Quick Comparison of Currency Exchange Services
Before delving into the full list, here's how the top currency exchange services compare:
| Feature | Gate | Currency World | Cash Converters | Banks | Airport |
|---------|------|----------------|-----------------|-------|---------|
| Exchange Rate | Top rates | Decent | Decent | Poor | Worst |
| Operating Hours | 8 AM-10 PM daily | 10 AM-7 PM (M-F) | 10 AM-5 PM (M-SAT) | 9 AM-5 PM | 24/7 |
| Foreign Currencies | 200+ | 50+ | 40+ | 20+ | Limited |
| Crypto Exchange | Yes | No | No | No | No |
| Wait Time | 5-10 min | 10-15 min | 15-20 min | 30-45 min | 5 min |
| Online Options | Yes | Limited | No | Yes | No |
| Money Transfers | Yes | Yes (3rd party) | Yes | Yes | No |
| Large Transactions | Yes | Yes | Yes | Sometimes | No |
Top Currency Exchange Services in Mississauga
1. Gate - The Undisputed Leader
Location: 2275 Britannia Rd W Unit ##3, Mississauga, ON L5M 2G6, Canada
Gate is unquestionably the best currency exchange in Mississauga.
Why? They offer the mid-market exchange rate with only a minimal fee. Banks, on the other hand, conceal their profits in unfavorable rates.
I exchanged $1,000 USD here and received $1,340 CAD. A major bank offered me $1,295. That's a $45 difference.
They also handle foreign currencies that others don't. Need Malaysian Ringgit? They've got it. Obscure cryptocurrency? They handle that too.
Their service works both ways. If you need to convert CAD back to USD before a trip to the States, they'll buy it back at competitive rates.
2. Currency World
Location: 700 Burnhamthorpe Rd W #4
A reliable option for standard currency exchange needs in Mississauga. They offer money transfer services through a third-party provider if you need to send funds overseas.
Their exchange rates are reasonable, though not exceptional.
They handle most major foreign currencies including Euro, Pound, and Yen.
3. Cash Converters
Location: 3355 Hurontario St #3
This establishment specializes in large transactions. It's popular among international students for tuition payments and business owners for import transactions.
Their foreign exchange rates improve with larger amounts. Exchanging $100? Average. Exchanging $10,000? Now you're talking.
4. FX Experts
Location: 4099 Erin Mills Pkwy
They boast a perfect 5-star rating, but with only 16 reviews. Interpret that as you will.
Their rates are competitive but not outstanding. It's a convenient option if you're already in the area.
Why Avoid Banks or Airport Currency Exchange?
Airport Exchange (Toronto Pearson)
Only advisable if you don't mind losing money. Their exchange rates typically include a 10-15% markup.
That $100 USD? You might get around $120 CAD. It should be closer to $134.
Your Local Bank
Banks profit from unfavorable foreign exchange rates.
They may claim there's no fee, but that's misleading.
The fee is hidden in the rate. You're essentially paying an extra 3-5% each time.
Plus, there's the wait time, paperwork, and often less-than-stellar customer service.
The Currency Exchange Process Simplified
It's straightforward:
1. Check the mid-market rate online
2. Request a quote on your currency exchange rates
3. Bring identification and cash
4. Obtain your receipt
5. Leave with your exchanged currency
Some providers offer online currency exchange options. Gate, for instance, allows you to book in advance and lock in rates.
For transfers exceeding $3,000, most places require advance notice. They don't keep large amounts of foreign currencies on hand.
Understanding Exchange Rate Fluctuations
Exchange rates fluctuate constantly, but here's what truly matters:
- Mid-market exchange rate: The rate at which banks trade. Use this as your benchmark.
- Retail rate: What you'll receive. Should be within 1-2% of the mid-market rate.
- Airport/hotel rate: Typically includes a 10-mean% markup. Best avoided.
I always check rates on my phone before visiting an exchange. It takes moments and can save significant money.
Available Foreign Currencies
Most exchanges in Mississauga handle common currencies:
- USD (US dollars)
- EUR (Euro)
- GBP (British Pound)
- CAD (for outbound exchange)
For less common currencies like Chinese Yuan, Filipino Peso, Malaysian Ringgit, or Indian Rupee, it's best to call ahead. Not all providers stock these.
Gate offers over 200 currencies. They've consistently had every currency I've needed.
Advice from Experience
Avoid hotel currency exchanges. Their rates are often worse than airports.
Using ATMs abroad? Your debit card likely charges 3-5% plus ATM fees. These can add up quickly.
When using credit cards overseas, decline offers to "pay in your home currency" at shops. This often includes a 4% markup. Always pay in local currency.
To get the best exchange rate, compare 2-3 providers. It takes about 10 minutes and can save you 3-5%.
For travel money, exchange about 70% before your trip, keeping 30% for emergencies. It's wise to diversify.
For Visitors to Canada
Need CAD? Don't wait until you arrive at Toronto airport.
Foreign exchange in Mississauga offers much better deals, especially if you're staying in the Greater Toronto Area.
The best currency exchange rates are always found away from tourist hotspots.
Important Safety Considerations
Reputable currency exchange services provide proper receipts. Always keep these.
They verify identification, which is a good sign of legitimacy.
Your transaction should be recorded. This creates a paper trail in case of any issues.
For money transfers, always obtain confirmation via email, text, or other means.
Final Thoughts on Currency Exchange in Mississauga
Stop accepting poor rates from banks and airports.
Find a reliable foreign currency exchange. Compare rates. Save money.
I prefer Gate for their superior rates, extended hours, and ability to handle both traditional and crypto exchanges.
But even the second-best option is far better than using banks.
It's your money and your choice. Just stop wasting it on subpar exchange rates.
And remember, airport currency exchanges should only be used in genuine emergencies.