Best Exchange Rates

Home pages - full list (A-Z)

Foreign Exchange Guide to Canada

Read this currency guide to Canada with money transfer and travel tips.   [USD/CAD=1.3423]

 
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

A fantastic January that took the Canadian dollar away from long-term lows against the US dollar was followed by a steady February and then a weak first-half of March.

In the first week of March, traders reacted badly to news of Canada’s economy growing at a dismal quarterly rate of just 0.1 percent (the slowest rate of quarterly growth in 2 ½ years), and they sold the loonie to account for a lower probability of future interest rate hikes by Canada’s central bank.

Against the US dollar, the loonie recovered slightly in the second week of March and stabilised at levels near C$1.333 per USD, although another notable exchange rate at the time of writing, GBP/CAD, rose to an 8-month high (CAD low) of C$1.78.

Per researchers at CIBC and TD Securities, fair value in USD/CAD is currently C$1.4, indicating potential CAD depreciation worth 5 percent. A move to C$1.4 would take the loonie to its lowest level against its US cousin since early 2016.

The interactive chart below shows the USD to CAD exchange rate for the previous 3 months with rate alerts for days when the exchange rate moved up or down significantly or for 30 day highs and lows.


USD-CAD 3 Month chart
USD-CAD 3 Month chart
USDCAD currency converter

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? Shop-around with multiple providers: Get Quotes
Travel Money Providers
Ratings & Reviews
Amount CAD($)Exchange RateFee USDTotal CostCurrency ServicesDelivery/CollectDeal Links
U.S. Bank Foreign Currency
U.S. Bank logo
1,256.5 CAD
1.256506.39%Branch-
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
1,244 CAD
12 CAD
1.2565$107.33%Branch-
Wells Fargo Bank logo
1,231.37 CAD
25 CAD
1.2565$208.26%Branch-
 
Travelex Online US logo
1,189.6 CAD
67 CAD
1.18960^11.38%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:1.2565 (6.39% from mid-rate)
CAD amount:1,256.5 CAD
Total Cost:6.39%
Time:6:06 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:1.1745 (12.5% from mid-rate)
CAD amount:1,244 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:1.2565 (6.39% from mid-rate)
CAD amount:1,231.37 CAD
Total Cost:8.26%
Time:6:06 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:1.1896 (11.38% from mid-rate)
CAD amount:1,189.6 CAD
Total Cost:11.38%
Time:
Rate Fetched: Sat Mar 23 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:
 
 

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? Shop-around with multiple providers: Get Quotes

USD-CAD Foreign Transfers - Compare

Foreign Transfer Providers
Ratings & Reviews
Receive CAD($)Exchange RateFee USDTotal CostTransfer ServicesTransfer SpeedDeal Links
 
TransferWise logo
13,288 CAD
Best Overall
1.3356$511.01%Bank Transfers - Online, Foreign Currency Accounts1-2 days
 
OFX logo
13,222 CAD
66 CAD
1.32220^1.5%Bank Transfers - Online & Phone, Foreign Currency Accounts1-2 days
Wells Fargo Bank logo
12,947 CAD
341 CAD
1.297183.55%Online, Branch, Bank Transfers2-3 days
HSBC logo
12,938 CAD
350 CAD
1.2957$153.61%Online, Branch, Bank Transfers2-3 days
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
12,859 CAD
429 CAD
1.2934154.2%Online, Branch, Bank Transfers2-3 days
Bank of America International Money Transfers
Bank of America logo
12,775 CAD
513 CAD
1.2904$1004.83%Online, Branch, Bank Transfers2-3 days
U.S. Bank International Money Transfers
U.S. Bank logo
12,775 CAD
513 CAD
1.2904$1004.83%Online, Branch, Bank Transfers2-3 days
TransferWise: Foreign Transfer USD→CAD
USD amount:$10,000 USD
Fee:$51 USD (0.5% + $1)
Exchange Rate:1.3356 (0.5% from mid-rate)
CAD amount:13,288 CAD
Total Cost:1.01%
Time:6:06 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:1.3222 (1.5% from mid-rate)
CAD amount:13,222 CAD
Total Cost:1.5%
Difference:
66 CAD less than using TransferWise
Time:
Rate Fetched: Sat Mar 23 2019 04:02:29 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:1.2970 (3.37% from mid-rate)
CAD amount:12,947 CAD
Total Cost:3.55%
Difference:
341 CAD less than using TransferWise
Time:6:06 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:1.2957 (3.47% from mid-rate)
CAD amount:12,938 CAD
Total Cost:3.61%
Difference:
350 CAD less than using TransferWise
Time:6:06 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:1.2878 (4.06% from mid-rate)
CAD amount:12,859 CAD
Total Cost:4.2%
Difference:
429 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:1.2904 (3.87% from mid-rate)
CAD amount:12,775 CAD
Total Cost:4.83%
Difference:
513 CAD less than using TransferWise
Time:6:06 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:1.2904 (3.87% from mid-rate)
CAD amount:12,775 CAD
Total Cost:4.83%
Difference:
513 CAD less than using TransferWise
Time:6:06 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
 

Popular CAD cross rates


CAD/USD - Canadian Dollar to United States Dollar - 10 Year History

DateExchange RatePeriodChange
22 Mar 20190.7459Latest
15 Mar 20190.74951 Week-0.48%
20 Feb 20190.75921 Month-1.75%
23 Sep 20180.77436 Months-3.67%
22 Mar 20180.77331 Year-3.54%
22 Mar 20170.75002 Years-0.55%
23 Mar 20140.89085 Years-16.27%
24 Mar 20090.814710 Years-8.44%

CAD/EUR - Canadian Dollar to Euro - 10 Year History

DateExchange RatePeriodChange
22 Mar 20190.6609Latest
15 Mar 20190.66131 Week-0.06%
20 Feb 20190.66911 Month-1.23%
23 Sep 20180.65906 Months+0.29%
22 Mar 20180.62751 Year+5.32%
22 Mar 20170.69512 Years-4.92%
23 Mar 20140.64595 Years+2.32%
24 Mar 20090.603710 Years+9.47%

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

DateExchange RatePeriodChange
22 Mar 20190.5642Latest
15 Mar 20190.56321 Week+0.18%
20 Feb 20190.58201 Month-3.06%
23 Sep 20180.59206 Months-4.7%
22 Mar 20180.54801 Year+2.96%
22 Mar 20170.60132 Years-6.17%
23 Mar 20140.54055 Years+4.38%
24 Mar 20090.554610 Years+1.73%

CAD/JPY - Canadian Dollar to Japanese Yen - 10 Year History

DateExchange RatePeriodChange
22 Mar 201981.9218Latest
15 Mar 201983.51181 Week-1.9%
20 Feb 201984.08501 Month-2.57%
23 Sep 201887.13256 Months-5.98%
22 Mar 201881.16631 Year+0.93%
22 Mar 201783.52462 Years-1.92%
23 Mar 201491.07435 Years-10.05%
24 Mar 200979.825410 Years+2.63%

CAD/AUD - Canadian Dollar to Australian Dollar - 10 Year History

DateExchange RatePeriodChange
22 Mar 20191.0520Latest
15 Mar 20191.05701 Week-0.47%
20 Feb 20191.05911 Month-0.67%
23 Sep 20181.06426 Months-1.15%
22 Mar 20181.00501 Year+4.68%
22 Mar 20170.97812 Years+7.56%
23 Mar 20140.97945 Years+7.41%
24 Mar 20091.166310 Years-9.8%

More BestExchangeRates Country Guides


Country Guides (A-Z)

A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
Y
Z