Who bears the currency exchange risk when an Ontario estate sends an inheritance to a beneficiary abroad?

There's no single default answer written into Ontario estate law - currency exchange risk on a distribution to a beneficiary abroad is generally handled according to what the will says, what the estate trustee and beneficiary agree to, or, absent either, the practical approach the trustee takes when converting and sending the funds. Unless the will specifies a particular currency or exchange approach, an estate trustee typically converts the Canadian-dollar value of the bequest at the time of distribution, and the beneficiary receives whatever that amount converts to in their local currency at that point.

Because exchange rates move, timing matters: converting early versus late can meaningfully change what a beneficiary actually receives, and a trustee should be transparent with the beneficiary about when and how the conversion was done, keeping records of the rate used and the date. This is also a reasonable thing to discuss with beneficiaries in advance if there's flexibility about timing.

Where a will's wording is ambiguous about currency, or a beneficiary disputes how a conversion was handled, getting legal advice on how to interpret the will's intent, and documenting the trustee's reasoning either way, helps avoid a dispute over what is otherwise a fairly practical administrative decision.