Do you need an ID to exchange currency in Canada?

Yes, in most cases, you are required to present valid identification when exchanging currency in Canada—especially for larger transactions. This requirement is part of Canada's strict anti-money laundering (AML) and anti-terrorist financing (ATF) laws, enforced by FINTRAC (the Financial Transactions and Reports Analysis Centre of Canada)

ID Requirements for Currency Exchange

Transactions of CAD $3,000 or More

When you exchange over CAD $3,000 (the same amount in other currencies), Canadian regulations mean that you need to provide identification to the MSB or bank. This is an important stage covered by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).

Accepted Forms of ID

You will typically need to present valid, government-issued photo identification. Accepted documents include:

Passport
Driver’s license (Canadian or acceptable foreign license)
Canadian Permanent Resident Card
Other official photo ID that includes your name, date of birth, and a unique identifying number

While ID is not legally required for transactions under CAD $3,000, many institutions may still request it due to internal compliance policies or fraud prevention measures. This is because:

They want to ensure security and prevent fraud
They maintain internal compliance policies for risk management
Repeat or high-frequency exchanges may raise red flags even at smaller amounts

Some providers may process exchanges of a few hundred dollars without ID, but there is no guarantee. Being prepared with ID is always advisable.

Additional Information That May Be Requested

For very large or unusual transactions, or if you are a new or repeat customer making frequent exchanges, you may also be asked to provide:

Address
Phone number
Email
Occupation
Source of funds or the purpose of the exchange

This information helps the institution fulfill its legal obligations under FINTRAC and ensures your transaction is recorded appropriately.

Places to exchange currency in Canada

Banks (e.g., RBC, TD, Scotiabank, CIBC, BMO, National Bank): Offer reliable currency exchange but usually require ID for all transactions, especially if you're not an account holder.
Currency Exchange Bureaus (e.g., International Currency Exchange, Continental): Often have competitive rates and follow the same ID rules.
Airports/Hotels: Convenient but may offer lower exchange rates. ID requirements still apply for large transactions.

Even though a small money exchange might not demand it at some bank or money service company, you should always have your government-issued photo ID handy for transactions of $3,000 or more.

This requirement aligns with Canada’s commitment to financial transparency and anti-money laundering regulations. When you change money at a bank, a currency shop or the airport, having your ID makes the exchange easier and faster. Always check with the provider in advance, as requirements may vary depending on the transaction amount and location.

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