If you walk into FonderX to buy or sell cash, you need one valid, government-issued photo ID, such as a driver's licence or passport. That is our policy for every exchange, big or small. Federal anti-money laundering rules, overseen by FINTRAC, also require exchange businesses to check ID and keep records once a transaction reaches certain amounts.
Here is what to bring, why we ask, and what happens with your information.
What ID FonderX accepts
The simplest rule: bring a photo ID issued by a government that is valid and not expired. The name on it should match the name you give us. Good examples include:
- A Canadian driver's licence
- A BC Services Card with photo, or another provincial photo ID card
- A Canadian or foreign passport
- A Canadian permanent resident card
Photocopies, photos of your ID on your phone, and expired cards will not work. Student cards, bank cards and membership cards are not government ID. If you are visiting from abroad, your passport is the easiest choice.
If you are a paramedic, firefighter, police officer, 911 dispatcher, nurse, ER doctor or teacher, bring your work ID as well so you can ask about our Frontline Heroes Rate. Work ID is in addition to your government photo ID, not instead of it.
Why exchange businesses ask for ID
Currency exchanges in Canada are money services businesses (MSBs). Under federal law, MSBs must register with FINTRAC, the Financial Transactions and Reports Analysis Centre of Canada. FonderX is registered as MSB N300001076.
FINTRAC's job is to help detect and deter money laundering and terrorist financing. Cash is easy to move and hard to trace, so the rules ask businesses that handle it to know who their customers are. Checking ID is not a judgment about you. It is the same process every registered exchange in the country follows.
FINTRAC thresholds in plain language
The federal rules set minimum points where ID checks, record keeping and reporting become mandatory. The amounts below are in Canadian dollars, or the Canadian dollar value of the foreign currency.
- Foreign exchange of $3,000 or more: the business must verify your identity and keep a record of the exchange, including basic details such as your name, address, date of birth and occupation.
- Cash of $10,000 or more: the business must file a large cash transaction report with FINTRAC. This also applies when several smaller cash transactions by the same person add up to $10,000 or more within 24 hours.
- Virtual currency exchange of $1,000 or more: buying or selling crypto such as Bitcoin or USDT at this level also requires ID verification and a record. Large crypto transactions of $10,000 or more are reported too.
- Anything that looks suspicious: there is no minimum amount for this.
Splitting one exchange into smaller pieces does not avoid any of this. The 24-hour rule exists for exactly that reason. Records are kept for at least five years.
You can read FINTRAC's own guidance on its website if you want the full detail.
What $3,000 looks like at today's rates
The $3,000 line is reached sooner than many people think, especially with US dollars, euros and pounds. Here is what it costs in Canadian dollars to buy some common amounts at FonderX's "We Sell" rates as of Friday November 6, 2026 at 9:43 AM Pacific.
| You buy | Rate (CAD per 1) | You pay (CAD) | Over $3,000? |
|---|---|---|---|
| 2,000 USD | 1.4145 | $2,829.00 | No |
| 2,200 USD | 1.4145 | $3,111.90 | Yes |
| 2,000 EUR | 1.6110 | $3,222.00 | Yes |
| 1,500 GBP | 1.9173 | $2,875.95 | No |
Rates change through the day, so check today's rates before you come in. At FonderX you need ID either way, so the table is simply a guide to when the extra federal record keeping kicks in.
Tips for a quick visit
A few small things make the counter visit faster for everyone:
- Check your ID's expiry date before you leave home.
- Know your amount. Tell us how much you want to buy or sell, in either currency.
- Bring cash only. FonderX does not take cards, e-transfers or cheques.
- Exchanging for someone else? Tell us. The rules ask businesses to note when a transaction is made on behalf of another person, and that person's details may be needed.
- For crypto, have your wallet ready and see our crypto prices first.
Having these ready keeps your visit quick.
Is my information safe?
Your details are used to meet legal record-keeping and reporting duties. A report to FINTRAC, such as for a large cash transaction, is a routine legal filing. It does not mean you have done anything wrong.
If you have questions about what we record, ask at the counter or reach us through our contact and hours page.
Visit FonderX
FonderX Currency Exchange Inc. is at Unit 2, 723 12th Street, New Westminster, BC V3M 4J8. We are open Monday to Friday, 9:30 AM to 6:00 PM, and closed weekends and BC statutory holidays. We serve New Westminster, Burnaby, Coquitlam, Surrey and Greater Vancouver.
Remember: cash only, and bring a valid government photo ID. Questions before you come in? Call (778) 759-0400.
Frequently asked questions
Do I need ID to exchange currency in Canada?
Federal rules require registered exchange businesses to verify ID for foreign exchanges of $3,000 or more. Many businesses, including FonderX, ask for valid government photo ID on every exchange.
What ID is accepted at a currency exchange?
A valid, unexpired government-issued photo ID, such as a driver's licence, provincial photo ID card, passport or permanent resident card. Photocopies and expired cards are not accepted.
Can I use my passport to exchange money in Vancouver?
Yes. A valid passport, Canadian or foreign, is accepted government photo ID and is the easiest choice for visitors.
What is the 24-hour rule for currency exchange?
If the same person makes several cash transactions that add up to $10,000 or more within 24 hours, they are treated as one large cash transaction and reported to FINTRAC.
Does exchanging a large amount mean I am reported for doing something wrong?
No. Large cash transaction reports are routine legal filings required by federal rules. They are separate from any concern about the customer.
