Exchanging currency for travel can be simple if you’re dealing with the right money. But what happens when you return from abroad with leftover foreign cash? Unfortunately, not all world currencies are created equal when it comes to converting them back into Canadian dollars.
While common currencies like the US dollar, Euro, and British pound are easily exchanged, others, due to sanctions, instability, or obscurity, can’t be converted at all. Knowing what currencies are accepted and which ones are not can help travellers avoid costly surprises.
Major Currencies You Can Easily Convert in Canada
Canada’s major banks, credit unions, and foreign exchange services handle a wide range of globally traded currencies. These are highly liquid and readily accepted due to strong economies and active foreign currency trading in the global currency market.
You can usually order foreign currency or convert it with little to no hassle for:
- US Dollar (USD)
- Euro (EUR)
- British Pound (GBP)
- Japanese Yen (JPY)
- Australian Dollar (AUD)
- Swiss Franc (CHF)
- Hong Kong Dollar (HKD)
- Mexican Peso (MXN)
- Brazilian Real (BRL)
- South African Rand (ZAR)
These currencies represent stable economies with strong exchange rates, making them top choices for exchanging currency before or after travel.
Alternative to Cash: Use Wise for Global Transfers
If you’re looking to exchange foreign currency or send money internationally without carrying physical cash, consider using a digital service like Wise (formerly TransferWise). It allows you to swap currencies at the real foreign currency rate, with no inflated margins or hidden foreign currency transaction fees.
Wise is beneficial when dealing with currencies that are difficult to exchange in Canada or when travelling to destinations where digital payments are accepted more than cash.
Currencies You Can’t Exchange in Canada
Here’s where things get tricky. Many foreign currencies are either restricted by international sanctions or simply not in demand within the Canadian foreign currency market. This makes them impossible—or extremely difficult—to convert back into CAD.
| Country & Currency | Code | Why It’s Restricted |
|---|---|---|
| North Korea – won | KPW | Sanctions; non-convertible |
| Iran – rial | IRR | Sanctions and extreme volatility |
| Venezuela – bolívar | VES | Hyperinflation, government control |
| Cuba – peso | CUP | Closed economy, strict FX rules |
| Myanmar – kyat | MMK | Capital controls, political instability |
| Angola – kwanza | AOA | Oil-fed volatility, government limits |
| Belarus – ruble | BYN | Sanctions, low market demand |
| Turkmenistan – manat | TMT | State-set rate, closed FX system |
| Zimbabwe – dollar | ZWL | Abandoned due to collapse |
| Nepal – rupee | NPR | Tied to INR, low demand |
| Cuba – peso | CUP | Non-convertible, bank-only exchange |
| Afghanistan – afghani | AFN | War, sanctions |
| Argentina – peso | ARS | Strict controls to stabilize value |
| Egypt – pound | EGP | Government-managed FX rates |
…and more, many African, Central Asian, and Latin American currencies fall into similar categories
Why Are Some Currencies Restricted?
- Sanctions – imposed on nations like North Korea, Iran, Belarus, and Russia.
- Capital controls & FX policies – used by governments to prevent devaluation or capital flight (e.g., Venezuela, Cuba, Myanmar)
- Low banking demand – Canada often avoids low-volume, volatile currencies.
What This Means for Travellers
- Bring major, convertible currencies. Stick to USD, EUR, GBP, JPY, AUD, CHF.
- Avoid bringing home restricted currencies—your bank likely won’t exchange them.
- Exchange locally in-country, at airports, or through official dealers, then spend your money locally.
- Forget small foreign coins—banks often refuse them (e.g., Icelandic króna coins)
- Never count on informal or gray-market exchanges—they’re unreliable and often illegal.
Tips to Avoid Getting Stuck with Worthless Currency
- Spend before you return. Use up hard-to-exchange currencies while still abroad.
- Bring only what you need. Don’t over-withdraw obscure foreign currency.
- Use USD or Euros. These are widely accepted even in restricted countries.
- Use digital apps like Wise to transfer funds or hold multi-currency balances.
- Check currency restrictions before your trip using your bank’s website or government travel advisories.
- Don’t bring coins home. Most banks won’t buy them—even for common currencies.
Final Word: Smart Currency Moves Make for Stress-Free Travel
Navigating foreign currency and exchange rates doesn’t have to be a headache. Canada is friendly to travellers, but only when using mainstream, convertible currency. By sticking with convertible currencies, using reliable money transfer apps, and avoiding high-risk notes, you’ll avoid being stuck with a wallet full of worthless paper. A little prep goes a long way: bring the right bills, budget smartly, and leave the questionable currencies behind.
Whether you’re planning to exchange foreign currency for a trip or considering selling it upon return, understanding which world currencies are accepted in Canada is crucial.
Safe travels. And, may your pockets never jangle with worthless bills!
