Loading...
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=1.3257]

 
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

31-December-18: In late December, the Canadian dollar traded at C$1.364 per USD — its weakest level in 19 months. It weakened to an 8-month low versus the euro, at C$1.562 per EUR.

The loonie fell sharply in the third-quarter following a 40-percent collapse in the price of Canada’s largest export, oil, and following dovish remarks from the Bank of Canada, which had traders trimming expectations for future Canadian interest rates.

Risks to the Canadian dollar include, of course, oil, and the return of global trade tensions. On the latter, investors were spooked in late December after President Trump reportedly threatened to ban US telecoms companies from using products made by Chinese technology giants Huawei and ZTE.

In December, Citibank offered a 6-month forecast for USD/CAD of 1.3, representing potential CAD appreciation of 5 percent from end-of-year rates.

Towards the end of 2018, Goldman Sachs predicted a strong energy market rebound in 2019. If realised, this would underpin Canada’s currency.

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.

 

Travel Money - Exchange Rate Comparison

Travel Money Providers
Ratings & Reviews
Amount CAD($)Exchange RateFee USDTotal CostCurrency ServicesDelivery/CollectDeal Links
Wells Fargo Bank logo
1,239.7 CAD
Value & Rating
1.265$206.37%Branch-
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
1,240 CAD
$0.3 more
1.2522$106.39%Branch-
U.S. Bank
U.S. Bank logo
1,239.4 CAD
$0.3 less
1.239406.4%Branch-
 
Travelex Online US logo
1,204.9 CAD
$35 less
1.20490^9%Online order, Branch pickup, Home delivery2-3 days
Wells Fargo Bank: Travel Money USD→CAD
USD amount:$1,000 USD
Fee:$20 USD (Minimum fee)
Exchange Rate:1.2650 (4.46% from mid-rate)
CAD amount:1,239.7 CAD
Total Cost:6.37%
Time:18:07 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 

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

Travel Money USD→CAD
USD amount:$1,000 USD
Fee:$10 USD (1%)
Exchange Rate:1.1586 (12.5% from mid-rate)
CAD amount:1,240 CAD
Total Cost:6.39%
Currency Services:Branch
Delivery/Collect:-
U.S. Bank: Travel Money USD→CAD
USD amount:$1,000 USD
Fee:0
Exchange Rate:1.2394 (6.4% from mid-rate)
CAD amount:1,239.4 CAD
Total Cost:6.4%
Time:18:07 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:1.2049 (9% from mid-rate)
CAD amount:1,204.9 CAD
Total Cost:9%
Time:
Rate Fetched: Wed Jan 16 2019 16:00:04 GMT+0000 (UTC)
Currency Services:Online order, Branch pickup, Home delivery
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes
 

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!

 

Foreign Transfers - Exchange Rate Comparison

Foreign Transfer Providers
Ratings & Reviews
Receive CAD($)Exchange RateFee USDTotal CostTransfer ServicesTransfer SpeedDeal Links
 
OFX logo
13,111 CAD
Value & Rating
1.31110^0.98%Bank Transfers - Online & Phone1-2 days
 
WorldFirst logo
13,188 CAD
$77 more
1.318800.4%Bank Transfers - Online & Phone1-2 days
Wells Fargo Bank logo
12,839 CAD
$272 less
1.2862183.04%Online, Branch, Bank Transfers2-3 days
HSBC logo
12,829 CAD
$282 less
1.2848$153.11%Online, Branch, Bank Transfers2-3 days
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
12,751 CAD
$360 less
1.2826153.7%Online, Branch, Bank Transfers2-3 days
Bank of America
Bank of America logo
12,668 CAD
$443 less
1.2796$1004.33%Online, Branch, Bank Transfers2-3 days
U.S. Bank
U.S. Bank logo
12,668 CAD
$443 less
1.2796$1004.33%Online, Branch, Bank Transfers2-3 days
 
OFX: Foreign Transfer USD→CAD
USD amount:$10,000 USD
Fee:0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:1.3111 (0.98% from mid-rate)
CAD amount:13,111 CAD
Total Cost:0.98%
Time:
Rate Fetched: Wed Jan 16 2019 16:02:32 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 4.8/5.0
Reviews:
WorldFirst: Foreign Transfer USD→CAD
USD amount:$10,000 USD
Fee:
Exchange Rate:1.3188 (0.4% from mid-rate)
CAD amount:13,188 CAD
Total Cost:0.4%
Difference:
$77 more than using OFX
Time:18:07 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 4.6/5.0
Reviews:
Wells Fargo Bank: Foreign Transfer USD→CAD
USD amount:$10,000 USD
Fee:18
Exchange Rate:1.2862 (2.86% from mid-rate)
CAD amount:12,839 CAD
Total Cost:3.04%
Difference:
$272 less than using OFX
Time:18:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
HSBC: Foreign Transfer USD→CAD
USD amount:$10,000 USD
Fee:$15 USD (.15%)
Exchange Rate:1.2848 (2.97% from mid-rate)
CAD amount:12,829 CAD
Total Cost:3.11%
Difference:
$282 less than using OFX
Time:18:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

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

Foreign Transfer USD→CAD
USD amount:$10,000 USD
Fee:15
Exchange Rate:1.2770 (3.56% from mid-rate)
CAD amount:12,751 CAD
Total Cost:3.7%
Difference:
$360 less than using OFX
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Bank of America: Foreign Transfer USD→CAD
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:1.2796 (3.36% from mid-rate)
CAD amount:12,668 CAD
Total Cost:4.33%
Difference:
$443 less than using OFX
Time:18:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
U.S. Bank: Foreign Transfer USD→CAD
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:1.2796 (3.36% from mid-rate)
CAD amount:12,668 CAD
Total Cost:4.33%
Difference:
$443 less than using OFX
Time:18:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes
 

Popular CAD cross rates


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

DateExchange RatePeriodChange
16 Jan 20190.7545Latest
09 Jan 20190.75681 Week-0.3%
17 Dec 20180.74551 Month+1.21%
20 Jul 20180.76046 Months-0.78%
16 Jan 20180.80481 Year-6.25%
16 Jan 20170.75892 Years-0.58%
17 Jan 20140.91265 Years-17.32%
18 Jan 20090.804210 Years-6.18%

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

DateExchange RatePeriodChange
16 Jan 20190.6619Latest
09 Jan 20190.65501 Week+1.05%
17 Dec 20180.65681 Month+0.78%
20 Jul 20180.64826 Months+2.11%
16 Jan 20180.65581 Year+0.93%
16 Jan 20170.71582 Years-7.53%
17 Jan 20140.67405 Years-1.8%
18 Jan 20090.605310 Years+9.35%

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

DateExchange RatePeriodChange
16 Jan 20190.5866Latest
09 Jan 20190.59131 Week-0.79%
17 Dec 20180.59101 Month-0.74%
20 Jul 20180.57906 Months+1.31%
16 Jan 20180.58331 Year+0.57%
16 Jan 20170.63032 Years-6.93%
17 Jan 20140.55575 Years+5.56%
18 Jan 20090.542110 Years+8.21%

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

DateExchange RatePeriodChange
16 Jan 201982.0922Latest
09 Jan 201981.87571 Week+0.26%
17 Dec 201884.12431 Month-2.42%
20 Jul 201884.72006 Months-3.1%
16 Jan 201888.84601 Year-7.6%
16 Jan 201786.63242 Years-5.24%
17 Jan 201495.24865 Years-13.81%
18 Jan 200972.814510 Years+12.74%

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

DateExchange RatePeriodChange
16 Jan 20191.0508Latest
09 Jan 20191.05481 Week-0.38%
17 Dec 20181.03881 Month+1.16%
20 Jul 20181.02586 Months+2.44%
16 Jan 20181.00971 Year+4.07%
16 Jan 20171.01572 Years+3.46%
17 Jan 20141.03935 Years+1.11%
18 Jan 20091.199710 Years-12.41%

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

Currency News and Forecasts - United States Dollar

Pound Fights Back on Hopes for Soft Brexit; Thai Baht at Long-Term Highs
Sterling at 7-Week High Ahead of Important Brexit Vote
Euro Fails in Breakout Attempt, Has Mixed Outlook in 2019
Australian Dollar, Canadian Dollar to Outperform; Yuan at 5-Month High
Outlook for Singapore Dollar Is Bright; Swiss Franc Strong In Spite of ...
USD Nears Peak; Oil Rebound to Send CAD Higher, INR to Record Low