Currency in Canada: CAD Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Canada with the Canadian dollar.
What's in this Canada currency guide?
What currency is used in Canada?
The official currency of Canada (country code: CA) is the Canadian dollar, with symbol C$ and currency code CAD.
What is a good Canadian dollar exchange rate?
The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:
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Good things to know about the Canadian dollar
Here are some key facts about the Canadian dollar (CAD) that are particularly useful for travelers, expats, and business owners:
- Currency Code and Symbol: The official currency code is CAD, and the symbol is $. (en.wikipedia.org)
- Common Nicknames: The CAD is often referred to as the "loonie" (for the $1 coin featuring a common loon) and the "toonie" (for the $2 coin). (en.wikipedia.org)
- Coins in Circulation: Canada's coin denominations include 5¢ (nickel), 10¢ (dime), 25¢ (quarter), $1 (loonie), and $2 (toonie). (en.wikipedia.org)
- Banknotes in Circulation: The banknotes in circulation are $5, $10, $20, $50, and $100. (en.wikipedia.org)
- Exchange Rate Trends: As of June 2025, the CAD has been strengthening against the U.S. dollar, reaching an eight-month high in early June. (reuters.com)
- Interest Rates: The Bank of Canada has maintained its benchmark interest rate at 2.75% since April 2025, with market expectations of potential rate cuts in the near future. (reuters.com)
- Economic Indicators: Canada's GDP grew at an annualized rate of 2.2% in Q1 2025, surpassing forecasts and contributing to the CAD's appreciation. (reuters.com)
- Global Reserve Currency: The CAD is the fifth-most held reserve currency globally, accounting for approximately 2% of all global reserves as of 2024. (en.wikipedia.org)
- Inflation Rate: Canada's inflation rate was 1.7% as of April 2025, indicating moderate price increases. (en.wikipedia.org)
- Trade Balance: In April 2025, Canada recorded a trade deficit of C$7.1 billion, primarily due to reduced demand for exports amid U.S. tariffs. (reuters.com)
Recent Developments in the Canadian Dollar:
For more CAD information check out our selection of Canadian dollar news and guides.
Frequently Asked Questions
What currency should I use in Canada?
The domestic currency in Canada is the Canadian dollar.
What is the Canadian dollar currency code and symbol?
The three letter currency code for the Canadian dollar is CAD — symbol is C$.
What does the Canadian dollar look like?
Here is an example Canadian dollar banknote:
Which countries use the Canadian dollar?
It is the domestic currency in Canada.
Is the Canadian dollar a closed currency?
No, the Canadian dollar is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of HKD and CAD?
Here are some popular conversion amounts for HKD to CAD (Hong Kong dollar to Canadian dollar)*.
| HKD | CAD |
|---|---|
| HK$ 1,000 | C$ 174.40 |
| HK$ 5,000 | C$ 872.00 |
| HK$ 20,000 | C$ 3,488 |
| HK$ 100,000 | C$ 17,440 |
| HKD | CAD |
|---|---|
| HK$ 5,735 | C$ 1,000 |
| HK$ 28,675 | C$ 5,000 |
| HK$ 114,700 | C$ 20,000 |
| HK$ 573,500 | C$ 100,000 |
More amounts
*Converted at the current HKDCAD interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for Canada
Using Wise for Canadian dollar travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in Canadian dollar otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want Canadian dollar cash before departure, you can save money by ordering online. You generally get better rates and can pick up the CAD cash locally or even on travel day at the airport.
Canada: Travel Guide
Traveling to Canada requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
Canada is a vast country with a lot to see and do, so it's a good idea to spend some time planning your trip to make the most of your time there. Here are some things you might consider when planning a trip to Canada:
Planning a trip to Canada
Timing: Canada is a large country with a wide range of climates, so it's important to consider the best time to visit based on your destination and what you want to do there. For example, if you want to go skiing in the Rocky Mountains, you'll want to visit in the winter. If you want to spend time on the beach in British Columbia, you'll want to visit in the summer.
Obtain any necessary travel documents: If you're not a Canadian citizen, you may need a visa to enter Canada. You should also ensure that your passport is valid for the duration of your stay in Canada.
Budget: Canada is a relatively expensive country, so it's important to budget accordingly. Consider the cost of flights, accommodation, activities, and meals when planning your trip.
Transportation: Canada is a large country, so you'll need to consider how you'll get around. Options include flying, taking the train, or renting a car. Keep in mind that distances can be long and the roads can be challenging in some parts of the country, so plan your route carefully.
Accommodation: Canada has a wide range of accommodation options, from hotels and motels to bed and breakfasts, campsites, and vacation rentals. Consider your budget and what type of experience you're looking for when choosing your accommodation.
Activities: Canada has a wide range of activities to suit all interests, from outdoor adventures like hiking, skiing, and fishing to cultural experiences like visiting museums and galleries. Make a list of the things you want to do and plan your trip accordingly.
Top Things to do in Canada
Visit Niagara Falls: Niagara Falls is one of the most famous waterfalls in the world, and it's a must-see destination when visiting Canada. There are several observation points where you can get a great view of the falls, and you can also take a boat tour to get up close to the action.
Explore the Rocky Mountains: The Rocky Mountains are a breathtaking mountain range that stretches through western Canada. Take a drive through the mountains and stop at scenic viewpoints along the way, or go hiking, biking, or skiing in the park.
Visit Toronto: Toronto is the largest city in Canada and it's a great place to visit for its vibrant arts and culture scene, great restaurants, and iconic landmarks like the CN Tower.
Go whale watching: Canada is home to a variety of whale species, and you can spot them in many different parts of the country. Head to the coast and join a whale-watching tour to see these majestic creatures up close.
Explore the outdoors: Canada is home to a vast and diverse natural landscape, and there are countless opportunities for outdoor adventures. Go hiking, camping, or fishing in one of the country's many national parks, or take a trip to the boreal forest to see the Northern Lights.
Is it expensive to ski in Canada?
The cost of lift tickets for skiing in Canada can vary depending on the location, time of year, and type of ticket. Prices typically range from around $50 to $150 per day for an adult ticket, although deals and discounts may be available. Some resorts also offer multi-day and season passes, which can be more cost-effective for frequent skiers. It is best to check with individual ski resorts for the most up-to-date prices and any deals they may be offering.
Read our guide to finding the best value global destinations for skiing, there are countries where skiing may be more affordable due to favourable exchange rates or lower costs of living.
Everyday Costs in in Canada
How much does it really cost to live, work, or travel in Canada? Here's what to expect for daily expenses and expat living.
Currency Guide for Canada (CA)
Canada is a vibrant country with a diverse culture and stunning landscapes. For a traveler planning a one-week mid-range stay, it's advisable to budget around CAD 1,500–2,000 per person. While the costs can vary depending on the region and activities, this estimate should cover accommodation, meals, transportation, and leisure activities. Here’s what you can expect for typical daily expenses:
- 🍽️ Meal at a local restaurant: CAD 20–30
- ☕ Coffee: CAD 4–6
- 🚍 Public transport fare: CAD 3–4
- 📱 Prepaid SIM card: CAD 40–60
- 🏨 Budget hotel or Airbnb: CAD 100–150 per night
In general, Canada can be considered an average to slightly more expensive destination compared to the United States and the UK. While dining and transportation might come at a similar price point to the U.S., accommodation can be pricier, particularly in tourist-heavy cities like Toronto and Vancouver. Compared to the UK, many expenses in Canada, especially food, are generally more affordable, making it a great option for travelers looking to manage their budget.
Insights for Expats in Canada
For expats moving to Canada, the typical monthly living costs can range from CAD 2,500 to CAD 4,000, depending on lifestyle choices and the city of residence. This estimate includes rent, utilities, groceries, and transportation. It’s essential to note that major cities like Toronto and Vancouver might push your costs higher compared to other regions. When it comes to banking, most locals prefer to rely on major banks and credit unions, which offer comprehensive services. Using debit or credit cards is widely accepted, but ensure to notify your bank of travel plans to avoid any issues with overseas transactions.
For sending or receiving money, whether it's better to exchange locally or use online transfer services can depend on the needs of the individual. The exchange rates offered by banks can often be less favorable, and their fees can add up quickly. Services like Wise or OFX usually offer better rates and lower fees, making them more cost-effective for transferring larger sums. As a general tip, for everyday expenses, it’s often worthwhile to withdraw local cash using a debit card for small transactions, while using online services for larger remittances or payments.
USD/CAD Market Data
The below interactive chart displays the USD/CAD change and UP📈 DOWN📉 trends over the past 1 Year.
Recent Canadian dollar Market News
Recent developments influencing the Canadian dollar (CAD):
- Political Leadership Change: In January 2025, Prime Minister Justin Trudeau resigned amid political instability, leading to Mark Carney's appointment as the new Prime Minister. (en.wikipedia.org)
- Trade Tensions with the U.S.: In March 2025, the U.S. imposed 25% tariffs on Canadian steel and aluminum, prompting Canada to retaliate with matching tariffs on U.S. vehicles. (en.wikipedia.org)
- Bank of Canada Policy Shift: In April 2025, the Bank of Canada paused its interest rate cuts, maintaining the benchmark rate at 2.75%, which supported the CAD. (reuters.com)
- Oil Price Fluctuations: In April 2025, oil prices rose by 1.8% to $62.45 per barrel, benefiting Canada's oil-exporting economy and providing support for the CAD. (reuters.com)
- U.S. Trade Policy Uncertainty: In January 2025, potential U.S. trade tariffs raised concerns about the CAD's outlook, with analysts predicting limited upside due to these uncertainties. (reuters.com)
Recent Developments Affecting the Canadian Dollar:
For more CAD information read our News and guides to the Canadian dollar.
Send Money to Canada - Best Rates
To get a good (and fair) exchange rate when sending money to Canada you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Canada
When sending money to Canada it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Canadian dollar amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted CAD amount will be transfered to the recipient account you specify in Canada.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Canadian dollar deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working in Canada
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
Understand Canadian dollar currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the CAD exchange rate and consider using a money transfer specialist or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Canadian dollar bank account: A local CAD bank account can make it easier for you to manage your finances and pay bills while you are in Canada. It may also be more convenient to use a local CAD bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Canada. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Canada. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Canada, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
We have put together some key points to help managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Canada.
Here are a few things to consider when sending money to Canada:
Fees: Different banks and money transfer services charge different fees for international money transfers. Shop around to find the best deal and compare the fees charged by different providers.
Exchange rate: The exchange rate is the rate at which one currency is converted into another. Keep an eye on the exchange rate when sending money to Canada, as it can fluctuate and impact the amount of money you receive.
Transfer speed: Some money transfer providers offer faster transfer speeds than others. If you need the money to arrive in Canada quickly, consider a provider that offers expedited transfer speeds for an additional fee.
Transfer limits: Most banks and money transfer providers have limits on the amount of money you can send in a single transaction. Check with your provider to find out what the limits are and whether you'll need to send multiple transactions to send the amount you need.
Security: Make sure to use a reputable and secure provider when sending money to Canada. Look for a provider that uses encryption to protect your personal and financial information.
You can read about the best providers and compare the latest deals for international money transfers to Canada in our Send Money to Canada guide.