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Foreign Exchange Guide to Canada

Read this currency guide to Canada with money transfer and travel tips.   [USD/CAD=1.3393]

 
Canada
Country Code:
CA
Domestic Currency:
Canadian Dollar
Symbol - Code:
$ CAD
Telephone Prefix:
+1

This is a foreign exchange guide to Canada, the Canadian Dollar currency plus CAD transfers and travel tips.


In this Canada currency guide we take a look at :

  1. Canadian Dollar info - general info about the Canadian Dollar
  2. Canadian Dollar in the markets - recent CAD moves and predictions from the FX markets
  3. Travelling in Canada - currency & money saving tips
  4. Buying Canadian Dollar cash online - travel money for Canada
  5. Sending money to Canada - save on Canadian Dollar bank transfers to Canada
  6. Canadian Dollar exchange rates - latest & historic exchange rates.
  7. CAD News - the latest Canadian Dollar related articles from our blog.

Canadian Dollar (CAD) general currency information


What is the Canadian Dollar currency code and symbol?

The three letter currency code for the Canadian Dollar is CAD and the symbol is $.


Which countries use the Canadian Dollar?

It is the domestic currency in Canada.

Representing a little more than 5% of the foreign exchange market daily turnover, the Canadian dollar (ISO: CAD) is the world’s sixth most traded currency.

Frequently called the ‘loonie’ by foreign exchange traders due to the image of a loon (an aquatic bird) on Canada’s one-dollar coin, the currency’s value is heavily influenced by commodities prices, particularly oil. For this reason, the Canadian dollar is often labelled a ‘petro-currency’. Canada currently has the world’s third largest oil reserves and is the world’s fourth largest oil exporter.

Canadians are mostly concerned with the value of their currency against the US dollar, since nearly 80% of Canadian exports go south of the border. In the past two decades, the Canadian dollar lowest value against its US counterpart occurred in January 2002 when the CAD/USD exchange rate traded at just 0.6178. The currency’s two-decade high occurred in November 2007 (following a boom in the oil price) when CAD/USD reached 1.1041.


Canadian Dollar (CAD) in the markets

The Canadian dollar got a boost in the first half of May when jobs growth of 106,000 (for the month of April) was the best in 40 years. This drove the loonie away from multi-month lows near US$0.74 to US$0.746.

Other notable exchange rates in May included CAD/NZD, which rose to a 6-month high of NZ$1.13.

For more details read the full article Canadian Dollar Forecasts.

The interactive chart below shows the USD to CAD exchange rate and trend for the previous 3 months:

Travel, Currency and Money saving tips for Canada

 

Accessing ATMs and banks is not a problem in Canada with any major credit card.

Getting around by train is a popular way of travel in Canada as it is a big place. Booking a sleeper car can be comfortable for long distance overnight stretches. VIA Rail Canrailpass gives you 12 days of unlimited rail travel in Canada during a 30-day period, check VIA Rail's website for current prices. Bus travel in Canada is an economic and comfortable way to travel, Canada's system of intercity bus routes spans the entire country. Some cities also offer flexible transit passes so you can have unlimited all-day, multi-day, or monthly travel.

 

Travel money for Canada

 

Save money and time by Ordering your Canadian Dollar online from Travelex, you get better rates and can pick up the CAD cash locally or even on travel day at the airport.

Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.

For card purchases if offered a choice of currencies always select to Pay in Canadian Dollar otherwise you may get much worst exchange rates.

 
Sending a LARGER foreign transfer? Request a Multi-Vendor Quote ▾
Travel Money ProvidersAmount CAD($)Exchange RateFee USDTotal CostCurrency ServicesDelivery/CollectDeal Links
U.S. Bank Foreign Currency
U.S. Bank logo
1,255.3 CAD
Compare
1.255306.4%Branch-
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
1,243 CAD
12 CAD
1.2553$107.33%Branch-
Wells Fargo Bank logo
1,230.19 CAD
25 CAD
1.2553$208.27%Branch-
Travelex Online US logo
1,192.1 CAD
63 CAD
1.19210^11.11%Online order, Branch pickup, Home delivery2-3 days
 

U.S. Bank logoU.S. Bank

U.S. Bank: Travel Money USD→CAD
USD amount:$1,000 USD
Fee:0
Exchange Rate:1.2553 (6.4% from mid-rate)
CAD amount:1,255.3 CAD
Total Cost:6.4%
Time:6:00 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 

Banks - Average Rate

Travel Money USD→CAD
USD amount:$1,000 USD
Fee:$10 USD (1%)
Exchange Rate:1.1735 (12.5% from mid-rate)
CAD amount:1,243 CAD
Total Cost:7.33%
Currency Services:Branch
Delivery/Collect:-
 

Wells Fargo Bank logoWells Fargo Bank

Wells Fargo Bank: Travel Money USD→CAD
USD amount:$1,000 USD
Fee:$20 USD (Minimum fee)
Exchange Rate:1.2553 (6.4% from mid-rate)
CAD amount:1,230.19 CAD
Total Cost:8.27%
Time:6:00 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
Travelex Online US: Travel Money USD→CAD
USD amount:$1,000 USD
Fee:$0 - No fees for Debit & Credit Cards
Exchange Rate:1.1921 (11.11% from mid-rate)
CAD amount:1,192.1 CAD
Total Cost:11.11%
Time:
Rate Fetched: Wed May 22 2019 04:00:04 GMT+0000 (UTC)
Currency Services:Online order, Branch pickup, Home delivery
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Reviews:
 
05/22/2019
 

Canada Trip Checklist    

 
  1. Compare CAD travel cash rates - probably why you are here!
  2. Search Hotel deals - Save on your accomodation in Canada
  3. Lonely Planet - world's best travel guide (coupon and deals)

Sending money to Canada

When searching around for information on how to get a good exchange rate when sending money to Canada you need to start with finding out the latest Canadian Dollar foreign-transfer exchange rate.

Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save (we make that calculation easy here).


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 :

  1. Open an account with a BER reviewed FX provider (id docs may be required)
  2. You specify the local or Canadian Dollar amount you want to transfer
  3. Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
  4. Once your funds are received by the provider the converted CAD amount will be transfered to the recipient account you specify in Canada.

Use our Send to CAD 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!

 
Sending a LARGER foreign transfer? Request a Multi-Vendor Quote ▾
Foreign Transfer ProvidersReceive CAD($)Exchange RateFee USDTotal CostTransfer ServicesTransfer SpeedDeal Links
TransferWise logo
13,330 CAD
Best Overall
1.3398$510.6%Bank Transfers - Online, Foreign Currency Accounts1-2 days
OFX logo
13,263 CAD
67 CAD
1.32630^1.1%Bank Transfers - Online & Phone, Foreign Currency Accounts1-2 days
Wells Fargo Bank logo
12,987 CAD
343 CAD
1.301183.16%Online, Branch, Bank Transfers2-3 days
HSBC logo
12,978 CAD
352 CAD
1.2997$153.23%Online, Branch, Bank Transfers2-3 days
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
12,899 CAD
431 CAD
1.2974153.82%Online, Branch, Bank Transfers2-3 days
Bank of America International Money Transfers
Bank of America logo
12,815 CAD
515 CAD
1.2944$1004.44%Online, Branch, Bank Transfers2-3 days
U.S. Bank International Money Transfers
U.S. Bank logo
12,815 CAD
515 CAD
1.2944$1004.44%Online, Branch, Bank Transfers2-3 days
TransferWise: Foreign Transfer USD→CAD
USD amount:$10,000 USD
Fee:$51 USD (0.5% + $1)
Exchange Rate:1.3398 (0.1% from mid-rate)
CAD amount:13,330 CAD
Total Cost:0.6%
Time:6:00 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online, Foreign Currency Accounts
Rating:
 
: 4.6/5.0
Reviews:
 
OFX: Foreign Transfer USD→CAD
USD amount:$10,000 USD
Fee:0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:1.3263 (1.1% from mid-rate)
CAD amount:13,263 CAD
Total Cost:1.1%
Difference:
67 CAD less than using TransferWise
Time:
Rate Fetched: Wed May 22 2019 04:02:28 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
 

Wells Fargo Bank logoWells Fargo Bank

Wells Fargo Bank: Foreign Transfer USD→CAD
USD amount:$10,000 USD
Fee:18
Exchange Rate:1.3010 (2.99% from mid-rate)
CAD amount:12,987 CAD
Total Cost:3.16%
Difference:
343 CAD less than using TransferWise
Time:6:00 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

HSBC logoHSBC

HSBC: Foreign Transfer USD→CAD
USD amount:$10,000 USD
Fee:$15 USD (.15%)
Exchange Rate:1.2997 (3.09% from mid-rate)
CAD amount:12,978 CAD
Total Cost:3.23%
Difference:
352 CAD less than using TransferWise
Time:6:00 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Banks - Average Rate

Foreign Transfer USD→CAD
USD amount:$10,000 USD
Fee:15
Exchange Rate:1.2918 (3.68% from mid-rate)
CAD amount:12,899 CAD
Total Cost:3.82%
Difference:
431 CAD less than using TransferWise
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
 

Bank of America logoBank of America

Bank of America: Foreign Transfer USD→CAD
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:1.2944 (3.48% from mid-rate)
CAD amount:12,815 CAD
Total Cost:4.44%
Difference:
515 CAD less than using TransferWise
Time:6:00 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

U.S. Bank logoU.S. Bank

U.S. Bank: Foreign Transfer USD→CAD
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:1.2944 (3.48% from mid-rate)
CAD amount:12,815 CAD
Total Cost:4.44%
Difference:
515 CAD less than using TransferWise
Time:6:00 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
05/22/2019
 

CAD/USD - Canadian Dollar to United States Dollar - Historical Rates

PeriodChange*CAD/USDDate
1 Day+0.17%0.744720 May 2019
1 Week+0.42%0.742914 May 2019
1 Month-0.17%0.747321 Apr 2019
6 Months-1.6%0.758122 Nov 2018
1 Year-4.69%0.782721 May 2018
5 Years-18.71%0.917722 May 2014
10 Years-16.18%0.890023 May 2009

*For period to 21-May 21UTC when CAD/USD was 0.7460

CAD/EUR - Canadian Dollar to Euro - Historical Rates

PeriodChange*CAD/EURDate
1 Day+0.22%0.666920 May 2019
1 Week+0.8%0.663114 May 2019
1 Month+0.57%0.664621 Apr 2019
6 Months+0.54%0.664822 Nov 2018
1 Year+0.68%0.663921 May 2018
5 Years-0.54%0.672022 May 2014
10 Years+5.08%0.636123 May 2009

*For period to 21-May 21UTC when CAD/EUR was 0.6684

CAD/GBP - Canadian Dollar to British Pound Sterling - 10 Year History

PeriodChange*CAD/GBPDate
1 Day+0.32%0.585120 May 2019
1 Week+1.98%0.575614 May 2019
1 Month+2.07%0.575121 Apr 2019
6 Months-0.29%0.588722 Nov 2018
1 Year+0.74%0.582721 May 2018
5 Years+7.9%0.544022 May 2014
10 Years+4.95%0.559323 May 2009

*For period to 21-May 21UTC when CAD/GBP was 0.5870

CAD/AUD - Canadian Dollar to Australian Dollar - Historical Rates

PeriodChange*CAD/AUDDate
1 Day+0.69%1.076220 May 2019
1 Week+1.2%1.070814 May 2019
1 Month+3.65%1.045421 Apr 2019
6 Months+3.63%1.045622 Nov 2018
1 Year+4.97%1.032321 May 2018
5 Years+8.94%0.994722 May 2014
10 Years-4.48%1.134423 May 2009

*For period to 21-May 21UTC when CAD/AUD was 1.0836


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