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Foreign Exchange Guide to Canada

Read this currency guide to Canada with money transfer and travel tips.   [USD/CAD=1.2926]

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

Developments on trade continue to dominate among the drivers of Canadian dollar FX rates.

In mid-September, Washington and Ottawa apparently made breakthroughs in negotiations and a trade deal was looking likely. MUFG warned, however, not to expect too much from the Canadian dollar upon any deal being struck. With the loonie outperforming since July, MUFG “wouldn’t expect a huge move in CAD.”

In September, an average of three banks’ 12-month forecasts for USD/CAD had the pair at 1.32—it was trading at 1.303 at the time of this report.

An interesting forecast came from Citibank, which predicted EUR/CAD at 1.425 in Q3 2019, from 1.516 at the time of writing.

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.

 

Compare Travel Money Exchange Rates vs the Banks

USD $1,000 → Spend Canadian dollar (CAD)

ProviderSpend Amount USDExchange RateCostReviewsLinks to Offers
Travelex Online US logoTravelex Online US
$1157.30 CAD
Top Provider
1.157310.59%
 
HSBC logoHSBC
$1145.70 CAD
$12 less
1.145711.49%
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo HSBC logo
$1130.36 CAD
$27 less
1.138012.67%
Wells Fargo Bank logoWells Fargo Bank
$1122.79 CAD
$35 less
1.145713.26%
U.S. Bank logoU.S. Bank
$1122.60 CAD
$35 less
1.122613.27%
Travelex Online US: rate, rating & reviews
From amount:$1,000 USD
To amount:$1157.30 CAD
Exchange Rate:1.1573
Total Cost:10.59% (against USD/CAD mid-rate: 1.2944)
Fees:$0
Timestamp:
Rate Fetched: Wed Sep 19 2018 14:00:04 GMT+0000 (UTC)
Rating:
 
: 4.3/5.0
Reviews:
HSBC: rate, rating & reviews
From amount:$1,000 USD
To amount:$1145.70 CAD
Exchange Rate:1.1457
Total Cost:11.49% (against USD/CAD mid-rate: 1.2944)
Fees:$0
Timestamp:15:07 Local
Rating:
: /5.0
Reviews:
 

Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo HSBC logo

Banks - Average Rate :
From amount:$1,000 USD
To amount:$1130.36 CAD
Exchange Rate:1.1326
Total Cost:12.67% (against USD/CAD mid-rate: 1.2944)
Fees:$10
Wells Fargo Bank: rate, rating & reviews
From amount:$1,000 USD
To amount:$1122.79 CAD
Exchange Rate:1.1457
Total Cost:13.26% (against USD/CAD mid-rate: 1.2944)
Fees: Minimum 20 USD
Timestamp:15:07 Local
Rating:
: /5.0
Reviews:
U.S. Bank: rate, rating & reviews
From amount:$1,000 USD
To amount:$1122.60 CAD
Exchange Rate:1.1226
Total Cost:13.27% (against USD/CAD mid-rate: 1.2944)
Fees:$0
Timestamp:15:07 Local
Rating:
: /5.0
Reviews:
 
Sending a LARGER foreign transfer? Request a free multiple-vendor quote: Get Quotes
* Cost = exchange rate margin + fees vs USD/CAD mid-rate: 1.2944
Rates @ 09/19/2018
 

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!

 

Compare Foreign Transfers vs the Banks

Send USD $10,000 → Receive CAD

ProviderReceive Amount CADExchange RateCostReviewsLinks to Offers
OFX logoOFX
$12,844 CAD1.28440.77%
 
Wells Fargo Bank logoWells Fargo Bank
$12,551 CAD1.25743.04%
HSBC logoHSBC
$12,543 CAD1.25623.1%
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
$12,466 CAD1.25393.69%
Bank of America logoBank of America
$12,385 CAD1.2514.32%
U.S. Bank logoU.S. Bank
$12,385 CAD1.2514.32%
 
OFX: rate, rating & reviews
From amount:$10,000 USD
To amount:$12,844 CAD
Exchange Rate:1.2844
Total Cost:0.77% (against USD/CAD mid-rate: 1.2944)
Timestamp:
Rate Fetched: Wed Sep 19 2018 14:03:24 GMT+0000 (UTC)
Rating:
 
: 4.8/5.0
Reviews:
Wells Fargo Bank: rate, rating & reviews
From amount:$10,000 USD
To amount:$12,551 CAD
Exchange Rate:1.2574
Total Cost:3.04% (against USD/CAD mid-rate: 1.2944)
Difference:
$293 CAD less than using OFX
Timestamp:15:07 Local
Rating:
: /5.0
Reviews:
HSBC: rate, rating & reviews
From amount:$10,000 USD
To amount:$12,543 CAD
Exchange Rate:1.2562
Total Cost:3.1% (against USD/CAD mid-rate: 1.2944)
Difference:
$301 CAD less than using OFX
Timestamp:15:07 Local
Rating:
: /5.0
Reviews:
 

Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo

Banks - Average Rate :
From amount:$10,000 USD
To amount:$12,466 CAD
Exchange Rate:1.2485
Total Cost:3.69% (against USD/CAD mid-rate: 1.2944)
Difference:
$378 CAD less than using OFX
Bank of America: rate, rating & reviews
From amount:$10,000 USD
To amount:$12,385 CAD
Exchange Rate:1.2510
Total Cost:4.32% (against USD/CAD mid-rate: 1.2944)
Difference:
$459 CAD less than using OFX
Timestamp:15:07 Local
Rating:
: /5.0
Reviews:
U.S. Bank: rate, rating & reviews
From amount:$10,000 USD
To amount:$12,385 CAD
Exchange Rate:1.2510
Total Cost:4.32% (against USD/CAD mid-rate: 1.2944)
Difference:
$459 CAD less than using OFX
Timestamp:15:07 Local
Rating:
: /5.0
Reviews:
 
Sending a LARGER foreign transfer? Request a free multiple-vendor quote: Get Quotes
* Cost = exchange rate margin + fees vs USD/CAD mid-rate: 1.2944
Rates @ 09/19/2018
 

Major CAD cross rates


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

DateExchange RatePeriodChange
19 Sep 20180.7733Latest
12 Sep 20180.76911 Week+0.55%
20 Aug 20180.76681 Month+0.85%
23 Mar 20180.77446 Months-0.14%
19 Sep 20170.81341 Year-4.93%
19 Sep 20160.75742 Years+2.1%
20 Sep 20130.97215 Years-20.45%
21 Sep 20080.945910 Years-18.25%

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

DateExchange RatePeriodChange
19 Sep 20180.6614Latest
12 Sep 20180.66161 Week-0.03%
20 Aug 20180.66721 Month-0.87%
23 Mar 20180.62666 Months+5.55%
19 Sep 20170.67831 Year-2.49%
19 Sep 20160.67742 Years-2.36%
20 Sep 20130.71875 Years-7.97%
21 Sep 20080.659110 Years+0.35%

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

DateExchange RatePeriodChange
19 Sep 20180.5874Latest
12 Sep 20180.58961 Week-0.37%
20 Aug 20180.59881 Month-1.9%
23 Mar 20180.54796 Months+7.21%
19 Sep 20170.60191 Year-2.41%
19 Sep 20160.58082 Years+1.14%
20 Sep 20130.60715 Years-3.24%
21 Sep 20080.519110 Years+13.16%

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

DateExchange RatePeriodChange
19 Sep 201886.7515Latest
12 Sep 201885.53501 Week+1.42%
20 Aug 201884.30691 Month+2.9%
23 Mar 201881.10686 Months+6.96%
19 Sep 201790.76951 Year-4.43%
19 Sep 201677.19512 Years+12.38%
20 Sep 201396.49795 Years-10.1%
21 Sep 2008101.450010 Years-14.49%

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

DateExchange RatePeriodChange
19 Sep 20181.0631Latest
12 Sep 20181.07251 Week-0.88%
20 Aug 20181.04511 Month+1.72%
23 Mar 20181.00616 Months+5.67%
19 Sep 20171.01611 Year+4.63%
19 Sep 20161.00442 Years+5.84%
20 Sep 20131.03375 Years+2.84%
21 Sep 20081.148210 Years-7.41%

CAD News and Forecasts