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Best Exchange Rates Canada

Compare & Save on Canadian Dollar (CAD) Exchange Rates from leading foreign exchange providers in Canada

 

Get a Better FX Deal when you Send and Spend Abroad.

 
 

We compare and review only trusted regulated FX brands

  • Transferwise
  • OFX
  • World First
  • World Remit
  • Travelex Canada

You can see a sample of the margins from mid-rate in the table below which shows an example of the costs charged by FX specialist and the average bank rate when sending money transfers from CAD to USD.

Sending a LARGER foreign transfer? Request a Multi-Vendor Quote ▾
Foreign Transfer Providers
Ratings & Reviews
Receive USD($)Exchange RateFee CADTotal CostTransfer ServicesTransfer SpeedDeal Links
 
OFX logo
7,377 USD
Best Overall
0.73770^0.93%Bank Transfers - Online & Phone, Foreign Currency Accounts1-2 days
HSBC logo
7,222.15 USD
155 USD
0.7233$153.01%Online, Branch, Bank Transfers2-3 days
Coast Capital Savings International Money Transfers
Coast Capital Savings logo
7,167.6 USD
209 USD
0.724$1003.74%Online, Branch, Bank Transfers2-3 days
Scotiabank logo
7,160.67 USD
216 USD
0.7233$1003.83%Online, Branch, Bank Transfers2-3 days
Banks - Average Rate
Coast Capital Savings logo Scotiabank logo Royal Bank of Canada logo HSBC logo TD Canada Trust logo
7,146 USD
231 USD
0.7206154.03%Online, Branch, Bank Transfers2-3 days
TD Canada Trust logo
7,091.37 USD
286 USD
0.7163$1004.76%Online, Branch, Bank Transfers2-3 days
 
Royal Bank of Canada logo
7,087.41 USD
290 USD
0.7159$1004.82%Online, Branch, Bank Transfers2-3 days
 
OFX: Foreign Transfer CAD→USD
CAD amount:$10,000 CAD
Fee:0^ - No fees for BestExchangeRates users (normally $15 for smaller transfers)
Exchange Rate:0.7377 (0.93% from mid-rate)
USD amount:7,377 USD
Total Cost:0.93%
Time:
Rate Fetched: Tue Apr 23 2019 22:04:40 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
 

HSBC logoHSBC

HSBC: Foreign Transfer CAD→USD
CAD amount:$10,000 CAD
Fee:$15 CAD (.15%)
Exchange Rate:0.7233 (2.86% from mid-rate)
USD amount:7,222.15 USD
Total Cost:3.01%
Difference:
155 USD less than using OFX
Time:0:02 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Coast Capital Savings logoCoast Capital Savings

Coast Capital Savings: Foreign Transfer CAD→USD
CAD amount:$10,000 CAD
Fee:$100 CAD (1%)
Exchange Rate:0.7240 (2.77% from mid-rate)
USD amount:7,167.6 USD
Total Cost:3.74%
Difference:
209 USD less than using OFX
Time:0:02 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Scotiabank logoScotiabank

Scotiabank: Foreign Transfer CAD→USD
CAD amount:$10,000 CAD
Fee:$100 CAD (1%)
Exchange Rate:0.7233 (2.86% from mid-rate)
USD amount:7,160.67 USD
Total Cost:3.83%
Difference:
216 USD less than using OFX
Time:0:02 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Banks - Average Rate

Foreign Transfer CAD→USD
CAD amount:$10,000 CAD
Fee:15
Exchange Rate:0.7074 (5% from mid-rate)
USD amount:7,146 USD
Total Cost:4.03%
Difference:
231 USD less than using OFX
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
 

TD Canada Trust logoTD Canada Trust

TD Canada Trust: Foreign Transfer CAD→USD
CAD amount:$10,000 CAD
Fee:$100 CAD (1%)
Exchange Rate:0.7163 (3.8% from mid-rate)
USD amount:7,091.37 USD
Total Cost:4.76%
Difference:
286 USD less than using OFX
Time:0:02 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Royal Bank of Canada logoRoyal Bank of Canada

Royal Bank of Canada: Foreign Transfer CAD→USD
CAD amount:$10,000 CAD
Fee:$100 CAD (1%)
Exchange Rate:0.7159 (3.85% from mid-rate)
USD amount:7,087.41 USD
Total Cost:4.82%
Difference:
290 USD less than using OFX
Time:0:02 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1/5.0
Reviews:
 

 

The below table shows an example of the margins and possible savings when you order travel money online with a currency specialist versus the average bank, kiosk or post office rate to buy foreign cash.

Sending a LARGER foreign transfer? Request a Multi-Vendor Quote ▾
Travel Money Providers
Ratings & Reviews
Amount USD($)Exchange RateFee CADTotal CostCurrency ServicesDelivery/CollectDeal Links
 
Travelex Online CA logo
718.50 USD
Best Overall
0.7185$03.51%Online order, Branch pickup, Home delivery2-3 days
 
Royal Bank of Canada logo
702.70 USD
16 USD
0.702705.63%Branch-
TD Canada Trust logo
695.50 USD
23 USD
0.695506.59%Branch-
Banks - Average Rate
Scotiabank logo Royal Bank of Canada logo TD Canada Trust logo
693.75 USD
25 USD
0.6984$106.83%Branch-
Scotiabank logo
683.06 USD
35 USD
0.697$208.26%Branch-
Travelex Online CA: Travel Money CAD→USD
CAD amount:$1,000 CAD
Fee:$0 - No fees for Debit & Credit Cards
Exchange Rate:0.7185 (3.51% from mid-rate)
USD amount:718.50 USD
Total Cost:3.51%
Time:
Rate Fetched: 0:02 Local
Currency Services:Online order, Branch pickup, Home delivery
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Reviews:
 

Royal Bank of Canada logoRoyal Bank of Canada

Royal Bank of Canada: Travel Money CAD→USD
CAD amount:$1,000 CAD
Fee:
Exchange Rate:0.7027 (5.63% from mid-rate)
USD amount:702.70 USD
Total Cost:5.63%
Time:0:02 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
 
: 1/5.0
Reviews:
 

TD Canada Trust logoTD Canada Trust

TD Canada Trust: Travel Money CAD→USD
CAD amount:$1,000 CAD
Fee:
Exchange Rate:0.6955 (6.59% from mid-rate)
USD amount:695.50 USD
Total Cost:6.59%
Time:0:02 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 

Banks - Average Rate

Travel Money CAD→USD
CAD amount:$1,000 CAD
Fee:$10 CAD (1%)
Exchange Rate:0.6515 (12.5% from mid-rate)
USD amount:693.75 USD
Total Cost:6.83%
Currency Services:Branch
Delivery/Collect:-
 

Scotiabank logoScotiabank

Scotiabank: Travel Money CAD→USD
CAD amount:$1,000 CAD
Fee:$20 CAD (Minimum fee)
Exchange Rate:0.6970 (6.39% from mid-rate)
USD amount:683.06 USD
Total Cost:8.26%
Time:0:02 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 
 

Market Outlook for the Canadian dollar

CAD/USD – 3 month chart

In the March-April period (to April-20), the Canadian dollar traded mostly sideways relative to USD, between C$1.33 and C$1.34; it was stable against EUR, at C$1.50, but against AUD it neared 15-week lows, at C$0.957.

Unlike other oil-sensitive currencies, the Canadian dollar has failed to take advantage of a thriving oil market, with the market’s attention instead turned towards the global economic slowdown and the Canadian housing market, which, according to the IMF, is now as risky as it was during the 2007-08 financial crisis.

Forecasters at RBC expect further sideways price action until mid-year, after which the loonie probably weakens modestly towards C$1.36 to the USD by year-end. 

CIBC is also predicting C$1.36 per USD in December, and sees further weakness to C$1.40 sometime in 2020 C$1.40 is an exchange rate last seen in February 2016.


 

Foreign Exchange News

Swiss Franc Slumps to 6-Month Low Versus Euro

The Swiss franc continued its shocking run of form on Tuesday, slipping against the euro to its weakest level in 6 months.

Updated: 23 Apr, 2019

8 Percent Drop Coming Soon for Australian Dollar; RBA “Wants a Weaker Currency”

HSBC has reaffirmed its US66¢ year-end forecast for the Australian dollar, thereby signalling an upcoming 8 percent slide in the world’s fifth most traded currency.

Updated: 22 Apr, 2019

SGD/MYR at 17-Month High; Ringgit Slumps on FTSE Index Deselection

What is arguably Southeast Asia’s most important exchange rate, Singapore dollar-Malaysian ringgit, leapt on Thursday to its highest level since November 2017, driven by FTSE Russell’s decision to reconsider Malaysia’s inclusion in an important bond index.

Updated: 18 Apr, 2019

Commodities Boom Will Take Australian Dollar to US$0.74

The Australian dollar is forecast to climb to US$0.74 in the coming months, supported by a commodities boom that has seen the price of Australia’s largest export, iron ore, climb to a 5-year high.

Updated: 15 Apr, 2019

 

Market Outlook for the US dollar

USD/CAD – 3 month chart

In the third week of April the Dollar Index was rallying strongly towards the mid-97s, slightly below major resistance at 97.70, a break of which would be massively positive for the greenback. The index was up 1.7 percent year-to-date.

The dollar’s strength comes in spite of a dovish surprise in March from the Federal Reserve, which ditched two interest rate hikes from its 2019 projections. Fortunately for dollar holders, the rest of the world has problems and other important central banks also turned dovish, removing much of the incentive for selling USD.

Bloomberg research warned in April of potential for a large upcoming move in the US dollar, up or down. Over the past quarter-century, three prominent troughs in the JPMorgan Global FX Volatility Index were followed by dollar moves over 6-month periods worth 10-15 percent. The index was trading in mid-April at a 5-year low.

Compare CAD-USD Exchange Rates

 

Money Saving Guides

Best exchange rates sending money from Canada

The holy grail when you send money abroad is finding an organisation that you can trust and one that offers the best exchange rates along with transparent, smart and straightforward customer service.

Updated: 28 Feb, 2019

OFX & BestExchangeRates – Zero fee offer

OFX has partnered with BestExchangeRates to offer you fee free money transfers. If you register with OFX using the below BestExchangeRates FX partner deal promo code link you won’t pay the usual fees* for transfers. OFX – zero fee offer OFX is the new unified brand name for OzForex, USForex, UKForex, NZForex, and CanadianForex It […]

Updated: 23 Nov, 2018

Protect your International Currency Risk

Protect your International Currency Transfer from Events like Brexit, Grexit and ‘Black Mondays’ with Risk Management Strategies Just as financial markets began to recover from months of ‘Grexit’ fears and investors started focusing on rate hike speculation again, there was another asset-shaking shift in the form of ‘Black Monday’. The state of China’s economy and […]

Updated: 21 May, 2018

 

Market Outlook for the British pound

GBP/CAD – 3 month chart

Update 14-April: The pound hovered between US$1.30 and US$1.31 (in line with 3-month averages) after the EU granted the UK a Brexit extension until the end of October. No-deal risk is gone for now and anything is possible, including a new British prime minister, a general election and/or second referendum.

Experts at MUFG said in April that sterling would likely trade between US$1.30 and US$1.34 until more clarity emerged.

If an election is called, the pound could depreciate to US$1.24, a UBS analyst said, due to “heightened uncertainty” (the opposition Labour party is consistently ahead in the polls).

Goldman Sachs said in April that sterling was set for a “big finish” (higher) once the gridlock in the UK parliament ends and a deal is agreed and certainty found.

Earlier this year, currency analysts at HSBC estimated that the pound would be valued at levels near US$1.10 in the event of no-deal, near US$1.45 with a deal and at US$1.55 if Brexit is cancelled.

Compare CAD-GBP Exchange Rates

 

Foreign Exchange Provider Reviews

WorldFirst World Account – BER Review

WorldFirst World Account – Independent BER Review World Account: A Summary WorldFirst, a market leader in the international payments space, offers a multi-currency “World Account” that allows businesses to hold, send and receive funds in 8 major currencies (GBP, EUR, USD, AUD, CAD, JPY, SGD and NZD). With a World Account, businesses can invoice customers […]

Updated: 23 Apr, 2019

TransferWise Borderless Account – BER Review

TransferWise’s Borderless Account allows users to hold and convert funds in 40 different currencies and send and spend internationally, all at the “real” exchange rate and with exceptionally low service fees. Users can also receive major-currency payments free of charge.

Updated: 23 Apr, 2019

TransferWise – BER Review

TransferWise has been making waves in the global payments market since it came on the scene back in 2011 and is undoubtedly one of the best services for sending money across borders.

Updated: 7 Apr, 2019

Market Outlook for the Euro

EUR/CAD – 3 month chart

Against the dollar, the euro remains weak. At $1.12 in early April, the euro was barely above March’s 21-month low of $1.118. Against the pound, it traded at £0.86 (a level it never sank to in 2018), but it fared better against the Australian dollar, with EUR/AUD rates in line with 2018’s average, at A$1.578.

Euro weakness has been driven by Brexit uncertainties and has followed March’s meeting of the ECB, at which the central bank said it will not raise interest rates until 2020 as part of an effort to lift the eurozone economy out of this “period of continued [economic] weakness.”

Forecasts: ING analysts wrote in March that they expect the low-yielding euro to continue to depreciate against USD over the coming months; ANZ said it saw rates falling as low as $1.08 by mid-year; Danske Bank said the euro would trade between $1.12 and 1.16 at year-end.

For EUR/GBP, Nordea Research thinks a no-deal Brexit will put £0.95 in play, a Norway-type Brexit (“Norway plus”) or permanent customs union will lead to £0.81-0.83, and Theresa May’s deal should see £0.83-0.84.

Compare CAD-EUR Exchange Rates

 

Fintech FX News

Remittances Reach All-Time High

Remittances to low and middle-income countries reached a record high last year, the World Bank has said. Average transaction costs remain high, with an average of 7 percent paid to transfer $200 or equivalent.

Updated: 20 Apr, 2019

TransferWise Announces PayNow Funding Option

TransferWise is now officially offering PayNow as a funding option for users in Singapore, the company has announced.

Updated: 29 Mar, 2019

Banking Sector Fights Back Against Fintech Rivals

Citigroup’s announcement this week of plans to develop its own consumer-payments platform is the latest indication of a fightback by the banking establishment against fintech rivals that threaten its most lucrative markets.

Posted: 27 Mar, 2019

Revolut Steps Up Brexit Preparations

Revolut CEO Nikolay Storonsky

Fintech hotshot Revolut has written to millions of its customers to warn that new verification documents will be needed in the event of a no-deal Brexit; it has also called on the UK government to get serious about post-Brexit tech visas.

Updated: 25 Mar, 2019

 

Get a Better FX Deal when you Send and Spend Abroad.