In Canada, currency exchange and money transfer services are widely available for both personal and business needs. For Iranian immigrants in Canada, exchange services are especially important for sending and receiving money to/from Iran, as well as for currency conversion.

Below, you’ll find a detailed overview of currency exchange in Canada and a list of important Iranian exchange services that are frequently used by the Iranian community.

1. Currency Exchange in Canada

Currency exchange services in Canada are provided by banks, exchange offices, and online platforms. Here’s what you need to know:

a) Major Canadian Banks Offering Exchange Services

The following banks offer competitive exchange rates for major currencies, but rates may not be as favorable as dedicated exchange offices or online services:

• RBC (Royal Bank of Canada)
• TD Canada Trust
• Scotiabank
• CIBC (Canadian Imperial Bank of Commerce)
• BMO (Bank of Montreal)
• National Bank of Canada

Features of Bank Currency Exchange:

• Reliable and secure.
• Available for common currencies (USD, EUR, GBP, etc.).
• Less favorable exchange rates compared to specialized services.
• Can take 1–5 business days for international transfers.

b) Independent Currency Exchange Offices in Canada

Currency exchange offices (also called bureaux de change) often provide better rates than banks for physical currency exchange. These offices are located in most major Canadian cities, especially near downtown areas or shopping malls.

Popular exchange offices include:

• Continental Currency Exchange
• ICE (International Currency Exchange)
• Calforex (locations in cities like Toronto, Vancouver, and Calgary)
• KnightsbridgeFX (specializes in online foreign exchange for larger transactions)

c) Online Currency Exchange Services

Online services often provide the best exchange rates and allow you to transfer money internationally:

• Wise (formerly TransferWise): Low fees and transparent exchange rates.
• CurrencyFair: Peer-to-peer exchange platform with good rates.
• XE: Known for global money transfers and live currency rates.
• OFX: Specializes in large transactions with no transfer fees.

2. Iranian Exchange Services in Canada

Iranian exchange offices are highly popular within the Iranian community in Canada for sending/receiving money from Iran or for converting currencies. They are preferred because they are familiar with Iran’s financial situation and provide specific services such as converting Iranian Rials (IRR) and facilitating money transfers through informal systems like Hawala or other non-SWIFT methods, as direct banking relationships between Iran and Canada are limited due to international sanctions.

Key Iranian Exchange Offices in Canada

Below is a list of some well-known Iranian exchange offices in Canada (primarily located in Toronto and Vancouver, where large Iranian communities reside):

Toronto

1. Tehran Currency Exchange
• Services: Currency exchange, transferring money between Canada and Iran, and Iranian Rial to CAD/USD conversions.
• Location: Yonge Street, Toronto.
2. Arya Exchange
• Services: Currency exchange and money transfers to Iran, UAE, and other countries.
• Location: North York, Toronto.
3. Parsian Exchange
• Services: Currency exchange, money transfers, and business payment facilitation.
• Location: Richmond Hill, Toronto.
4. Persia Exchange
• Services: Specializes in transferring money to Iran and providing competitive exchange rates for CAD, USD, and Rial.
• Location: Thornhill, Toronto.

Vancouver

1. Vancouver Parsian Exchange
• Services: Currency exchange and money transfers to Iran and other Middle Eastern countries.
• Location: West Vancouver, BC.
2. Iranian Money Exchange
• Services: Helping clients send money to Iran and facilitating exchange of major currencies.
• Location: North Vancouver, BC.
3. Hafez Exchange
• Services: Known for handling transfers between Canada and Iran as well as Gulf countries.
• Location: North Vancouver, BC.

3. How Iranian Exchanges Work

Since Iran is under sanctions, Iranian exchange offices often use informal methods (e.g., Hawala system) to send and receive money. These services do not use traditional banking systems like SWIFT. Instead, they rely on networks of trusted agents in Canada, Iran, and other countries.

Common Features of Iranian Exchanges:

• Fast Transfers: Money transfers to Iran can be completed in 1–2 business days.
• Currency Exchange: Exchange CAD/USD to Iranian Rial (IRR) or vice versa.
• No Direct Bank Links: Transfers are typically cash-based or involve informal methods.
• Competitive Rates: Often better than banks but less transparent than online platforms.
• Services Beyond Iran: Many also facilitate transfers to/from Turkey, UAE, and European countries.

4. Things to Consider When Using Iranian Exchange Services

• Trustworthiness: Work with well-reviewed and reputable offices to avoid scams.
• Exchange Rates: Always compare rates between banks, exchange offices, and online services.
• Transfer Time: Most Iranian exchanges offer fast transfers but confirm expected timelines.
• Limits and Fees: Understand transfer limits and any applicable fees.
• Documentation: You may be asked for ID or proof of funds for larger transactions.

5. Alternatives to Iranian Exchanges

If you’re uncomfortable with informal exchanges, consider these alternatives:

• Wise (formerly TransferWise): Transparent fees for international money transfers.
• Western Union: Available for sending money internationally, though Iran is not supported.
• Cryptocurrency Transfers: Some Iranians use cryptocurrencies (e.g., Bitcoin or USDT) for transferring money between Canada and Iran. However, this carries its own risks and complexities.

6. Additional Resources for Newcomers

For more details on currency exchange and financial advice for Iranian immigrants, you can consult local Iranian community centers in cities like Toronto or Vancouver. These centers often recommend trusted exchange offices and provide workshops on financial literacy for newcomers.